HMS Bergbau (HMS) is signaling its future direction by exploring opportunities beyond coal, including green tech-critical materials. The company’s expressed interest in Surefire Resources’ Victory Bore Vanadium Project aligns with its long-term diversification strategy, though the agreement remains non-binding and subject to further evaluation. While the potential offtake is far from certain, it illustrates HMS’s intent to adapt its portfolio to support the energy transition. In the meantime, HMS’s core coal trading business continues to thrive, particularly in high-demand Asian markets, underpinning its strong financial outlook. mwb research’s analysts reiterate their DCF-based PT of EUR 36.00 per share. BUY. The full update can be downloaded under https://www.research-hub.de/companies/HMS%20Bergbau%20AG

David Einhorn’s Greenlight Capital has acquired a sizeable 5.06% stake in Lanxess AG, signaling untapped potential in the company’s valuation. With its diversified portfolio spanning regions and end markets, leading niche position in the specialty chemicals, and its successful transformation into asset-light, high-margin businesses, Lanxess is poised for stable growth. Ongoing initiatives, such as the "FORWARD!" program targeting EUR 150m in annual savings, disciplined deleveraging, and proceeds from non-core asset sales, have bolstered its financial strength, enabling it to navigate industry headwinds like geopolitical tensions, elevated energy costs, and potential tariffs. With clear operational improvements and volume growth hinting at a gradual recovery, it’s easy to see why Greenlight Capital is gaining exposure to Lanxess. mwb research’s analysts have adjusted their estimates to reflect industry trends and reiterate their BUY rating with a EUR 30.00 price target. The full update can be downloaded under https://www.research-hub.de/companies/Lanxess%20AG

Airbus has reached an agreement with engine supplier CFM to prioritize the delivery of engines for new aircraft. This strategic move is aimed at mitigating ongoing supply chain constraints and helping Airbus meet its revised 2024 delivery target of "around 770" aircraft—although mwb research’s analysts believe the company is likely to miss this goal. The deal offers temporary relief to Airbus’s assembly lines, which have faced pressure throughout the year. As of November, Airbus had delivered 640 aircraft, meaning the company must deliver 130 jets in December to meet its target, requiring near-perfect execution. While the CFM agreement increases confidence in meeting the revised goal, risks remain. At a 2024E P/E of 31x, Airbus’s valuation appears stretched, especially considering the persistent supply chain challenges, growing competition from COMAC, and the company’s struggle to convert revenue into profit, reflected in a low ROCE of 7.9%. mwb research’s anaysts maintain their SELL rating and an unchanged price target of EUR 127.00. The full update can be downloaded under https://www.research-hub.de/companies/Airbus%20SE

TUI is set to release its FY24/FQ4 results on December 11. FQ4 is its most critical quarter as it encompasses the peak European summer holiday season, contributing around 40% of annual revenue and nearly all operating profit. mwb research’s analysts expect TUI to post 8% yoy revenue growth in FQ4, driven especially by a strong performance in the Central Region of Markets & Airlines, buoyed by additional capacity after FTI’s insolvency. The underlying EBIT margin is estimated to decline slightly to 13.7% (from 14.2% last year) due to inflationary pressures and a minor shift towards less profitable segments. The analysts expect TUI to confirm its medium-term targets of 7-10% EBIT CAGR and net leverage reduction to significantly below 1.0x, alongside trading updates for Winter 24/25 and early indicators for Summer 25 bookings. The analysts confirm their BUY recommendation with a EUR 16.00 price target. The full update can be downloaded under https://www.research-hub.de/companies/TUI%20AG

Delivery Hero's subsidiary Glovo is transitioning from a freelance to an employment-based model for its delivery riders in Spain to address compliance risks amid ongoing litigation. This shift comes with significant financial impacts, including higher contingencies and incremental costs affecting EBITDA. In essence, increased costs can be expected due to salaries, benefits, payroll taxes, and compliance expenses while reducing operational flexibility. mwb research’s analysts updated their model to incorporate these costs. The analysts reiterate their BUY rating with a reduced PT of EUR 45.00 (old: EUR 49.00). The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE

MTU forecasts revenues of EUR 8.3–8.5bn in 2025, supported by increased GTF engine production, the GE9X ramp-up for Boeing’s 777X, and steady growth in military and spare parts segments. Adjusted EBIT is expected to grow in the low-to-mid-teens percentage range, with a 10% dividend increase to EUR 2.20 per share, signaling management’s confidence. However, FCF for 2025 remains limited at a low triple-digit million-euro figure due to GTF fleet management costs. These results match elevated expectations. Aerospace sector growth over the past three years reflects a recovery from pandemic lows, but this one-time effect is unsustainable. With most lost growth recovered, sector growth is likely to moderate post-2024. At 24x P/E on 2024E earnings and after a 65% share price gain this year, MTU appears fully valued, with ~38% revenue growth in 2024 representing a non-repeatable recovery effect. mwb research’s analysts raise their PT slightly to EUR 334 (from EUR 318) to reflect higher sales in 2025–2026 but maintain a HOLD rating, as elevated valuation multiples and cash flow constraints limit further upside. The full update can be downloaded under https://www.research-hub.de/companies/MTU%20Aero%20Engines%20AG

CTS Eventim has completed the acquisition of a 17% stake in France Billet from Fnac Darty, increasing its ownership to 65%, with Fnac Darty retaining a 35% stake. France Billet is the leading ticketing company in France, managing 36m tickets per year, compared to CTS Eventim's more than 300m. In 2023, the company reported revenues of EUR 385m and a net profit of EUR 15.2m. The purchase price was not disclosed. The acquisition strengthens CTS Eventim's position in the ticketing market, complementing its global portfolio and recent expansions in the UK, US and South America. Despite recent cost pressures impacting Q3 margins, CTS expects a strong Q4 performance and has reaffirmed its FY2024 guidance. mwb research analysts adjust their model to include the consolidation of France Billet, raise their target price to EUR 91.00 (before: EUR 90.00) and reiterate their HOLD recommendation. The full update can be downloaded under https://www.research-hub.de/companies/CTS%20Eventim%20AG%20&%20Co%20KGaA

Cicor Technologies announced that OEP 80 B.V. (One Equity Partners) has converted its Mandatory Convertible Notes, increasing its voting rights to 41%. This triggers a mandatory takeover offer under Swiss law, and the offer will be made at or near the minimum legally required price, which is currently estimated to be around CHF 54.35 per share, which is below the last close price and well below mwb research’s price target. Moreover, OEP confirms no intention of full ownership. Cicor’s Board is expected to recommend rejecting the offer, staying focused on its Strategy 2028 growth plan. mwb research’s analysts retain their CHF 83.00 PT and BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

At this week's EK Forum mwb research’s analysts discussed trading conditions and strategy with tonies. Despite household penetration in the US being modest at just 10%, significantly lagging behind Germany's 50%, the US was a key driver, contributing nearly two-thirds of the sales growth in 9M24. For Q4, increased points of sale (+23%) and improving consumer confidence support tonies’ EUR 200m US guidance. The company is also tapping into the Hispanic market, targeting up to 20m Spanish-speaking households in the US, with plans to double Spanish language content by 2025. The successful entry into Australia/New Zealand and resulting 52% Q3 RoW growth further strengthens the outlook. Given the expected acceleration in US penetration, mwb research’s analysts upgrade their estimates, raise their price target to EUR 11.00 (from EUR 8.70) and reiterate their BUY recommendation. Head of IR Manuel Bösing will provide further insights at the mwb research German Select online conference on 3 December; interested investors are invited to register here: https://research-hub.de/events/registration/2024-12-03-10- 30/TNIE-GR . The full update can be downloaded under https://www.research-hub.de/companies/tonies%20SE

Formycon AG's 9M 2024 results reflect significant pipeline investments and uplisting preparations, alongside increasing contributions from its commercialized FYB201 biosimilar. The company is nearing commercialization for its biosimilars FYB202 and FYB203, while continuing to advance and expand its development pipeline. Supported by a strong pipeline and a solid financial position, Formycon is well-positioned for its next phase of growth. mwb research’s analysts reiterate their BUY rating with a target price of EUR 89.00. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG