Activity Stream
NuWays AG: MLP SE: Kaufen
Original-Research: MLP SE - from NuWays AG
Classification of NuWays AG to MLP SE
Company Name: MLP SE
ISIN: DE0006569908
Reason for the research: Update
Recommendation: Kaufen
from: 04.06.2024
Target price: EUR 11.50
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Henry Wendisch
Only small impact from potential ECB rate reduction
On Thursday, June 6th, the ECB might reduce its main refinancing rate by
25bps to 4.25%, which would have only a small overall impact on MLP's
banking business while in return should allow for upswings in Wealth
Management and Real Estate. In detail:
Low impact on Banking: A potential rate reduction by 25bps is already
reflected in our estimates for the end of Q2. Now with Q2 only lasting for
three more weeks, we feel comfortable with our current estimates.
Therefore, the strong interest income experienced in Q1'24 (€ 22.3m)
should only decrease slightly to € 20m (eNuW) in Q2, before the potential
25bps rate drop takes a full effect for Q3 with € 19m of expected interest
income. For Q4, we conservatively model another 25bps rate reduction to
4.0% which would imply an interest income of € 18m. Accordingly, we expect
interest expenses to also decrease, as MLP would likely reduce rates for
customer deposits, however with some delay. In sum, FY'24e interest
income would still come in at € 80m, 22% above FY'23, while the interest
result should amount to € 49m, 4% above FY'23 levels. Should rate
reductions be postponed or completely abandoned this year, our estimates
would thus turn out to be conservative. (see p. 2 for details)
Upside for Wealth Management: As capital marktes usually react positively
to decreasing rates, the ongoing strong performance of FERI's funds could
yield further performance fees in the course of the year. As these are not
reflected in our estimates, there could be further upside from Wealth
Management for MLP. However, the main funds (EquityFlex and Optoflex) are
heavily focused on US markets, which is why the FED interest rate is more
relevant here.
Recovery of Real Estate from low levels: The newly introduced tax incentive
for new constructions coupled with the outlook of declining financing rates
(currently 3.7% for 10y fixed rate mortgages vs. 4.2% in Nov'23), could
give the still burdened real estate market a little push towards
normalization from muted levels.
All in all, MLP's well diversified business model should make investors
feel relaxed about potential rate reductions, especially as the business
segments are negatively correlated.
Against this backdrop, we reiterate our BUY recommendation with an
unchanged PT of € 11.50 (based on FCFY and SOTP) and confirm MLP's position
in our NuWays' AlphaList.
You can download the research here:
http://www.more-ir.de/d/29955.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
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The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
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Montega AG: Havila Kystruten AS: Kaufen
Original-Research: Havila Kystruten AS - from Montega AG
Classification of Montega AG to Havila Kystruten AS
Company Name: Havila Kystruten AS
ISIN: NO0011045429
Reason for the research: Update
Recommendation: Kaufen
from: 03.06.2024
Target price: 2,80 NOK
Target price on sight of: 12 Monaten
Last rating change: -
Analyst: Tim Kruse (CFA)
Havila Q1: good but not great (yet)
Havila Kystruten AS reported the figures for Q1 2024 last Thursday in
conjunction with its annual shareholder meeting. The company also held its
first quarterly earnings call, which as a further step in the managements
intention to increase capital market activities. Even if we had expected
Havila to break even on EBITDA level in Q1 we would not overrate this
quarter, as all relevant KPIs are moving in the right direction and there
were also some one-offs in Q1.
Overall sales in the first quarter amounted to 292.9 m NOK which fell short
of our expectation (312.2 m NOK) due to two reasons. Firstly, the
contractual revenue (Actual: 96.9 m NOK vs. MONe 102.7 m NOK) from the
government was lowered by 5.7 m NOK due to an accounting effect. The
contract with the Ministry of Transport includes an option to extend the
contract by one year after 2030. The option rate differs from the rate in
the fixed period so that this revenue loss is spread over the entire
contract period. We had not yet reflected this non-cash effect in our
estimates and have changed them accordingly. Secondly, the average cabin
rate (ACR) of 3.900 NOK came in slightly below expectation albeit having
increased considerably against the previous and last years Quarter (3.100
and 3.000 NOK respectively). The company sees good potential to increase
ACR, as realized prices are still influenced by ticket sales from the
previous years, where the company had to deal with several cancellations
and current trips sold are showing significantly better prices.
EBITDA came in at -17.5 m NOK which was below our expectation (+29 m NOK).
Apart from the above mentioned effects LNG cost as well as material
expenses where higher than expected, which we are reflecting in our lowered
full year expectations. Also personnel cost were inflated due training
expenses in the light of the ramp-up of operations. Havila will be facing
its first high season with full operations of all four ships this year.
Therefore the company is busy digesting the sacle-up in operations at the
moment but will increase attention to streamlining operations and occupancy
across the route. An indication of these efforts is the launch of the 'Pure
Northern Collection'. This specially curated package, which includes a
morning flight from Oslo as well as a variety of hand-picked excursions in
the Arctic wonderland of Kirkenes, should increase the occupancy of the
usually less populated southern route. We therefore remain confident that
margins will improve considerably from here on out albeit having lowered
our estimates to account for Q1 cost levels.
Industry parameters promising: In the past months the cruise line industry
has shown a strong booking development leading to record Q1 numbers and an
increased outlook for all of the the top three cruise line operators
(Carnival, Norwegian, Royal Caribbean). Although the direct overlap with
the coastal express should be limited it does reflect the overall demand
and appetite for cruise holidays which should also support the Coastal
Express and Havila.
Conclusion: Even if Havila did not quite achieve our expectation in Q1 we
are satisfied with the overall development. We believe this investment case
will unfold over several quarters and are certain their moat will widen as
time goes by. With significantly positive FCF and the new revolving credit
facility of 200 m NOK we see Havila well financed and have lowered our beta
to reflect the refinancing of the tranch a bond. We therefore reiterate
price target and recommendation.
+++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte. Bitte lesen Sie unseren RISIKOHINWEIS /
HAFTUNGSAUSSCHLUSS unter http://www.montega.de +++
Über Montega:
Die Montega AG ist eines der führenden bankenunabhängigen Researchhäuser
mit klarem Fokus auf den deutschen Mittelstand. Das Coverage-Universum
umfasst Titel aus dem MDAX, TecDAX, SDAX sowie ausgewählte Nebenwerte und
wird durch erfolgreiches Stock-Picking stetig erweitert. Montega versteht
sich als ausgelagerter Researchanbieter für institutionelle Investoren und
fokussiert sich auf die Erstellung von Research-Publikationen sowie die
Veranstaltung von Roadshows, Fieldtrips und Konferenzen. Zu den Kunden
zählen langfristig orientierte Value-Investoren, Vermögensverwalter und
Family Offices primär aus Deutschland, der Schweiz und Luxemburg. Die
Analysten von Montega zeichnen sich dabei durch exzellente Kontakte zum
Top-Management, profunde Marktkenntnisse und langjährige Erfahrung in der
Analyse von deutschen Small- und MidCap-Unternehmen aus.
You can download the research here:
http://www.more-ir.de/d/29947.pdf
Contact for questions
Montega AG - Equity Research
Tel.: +49 (0)40 41111 37-80
Web: www.montega.de
E-Mail: research@montega.de
LinkedIn: https://www.linkedin.com/company/montega-ag
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
NuWays AG: UBM Development AG: Kaufen
Original-Research: UBM Development AG - from NuWays AG
Classification of NuWays AG to UBM Development AG
Company Name: UBM Development AG
ISIN: AT0000815402
Reason for the research: Update
Recommendation: Kaufen
from: 30.05.2024
Target price: EUR 27.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald
Market reopening still pending / chg.
Yesterday, UBM released muted Q1 results following the continued standstill
on the European real estate transaction market. Yet, the company was able
to dispose some smaller non-strategic assets.
Q1 sales increased on a low level by 14% yoy to € 20.4m (eNuW: € 25m) and
were predominantly driven by the progress on construction of previously
sold projects, which are recognized over time based on the percentage of
completion. Q1 EBITDA decreased yoy and came in at € -2.2m. The decline can
be mainly attributed to an increase in material expenses, mainly related to
construction costs, as well as slightly higher other OpEx, which was mainly
due to unfavorable FX-effects.
On a positive note, the company had a promising start to the year regarding
the disposal of non-strategic assets. In fact, UBM sold five slots of the
Arcus City to a Czech construction company, one building of the Poleczki
Business Park to Porr as well as a 15% stake of the Andaz hotel in Prague
to IGO, which now holds a 40% overall stake. While no further details were
disclosed, the net cash inflow from the transaction should amount to c. €
25m (eNuW). Overall, management is in advanced negotiations to sell further
non-strategic assets as it targets a total net volume of € 75m in FY ‘24e.
Importantly, no disposal was made below book value, which has to be seen as
a clear hint that the trough has been reached.
Despite this, management provided a rather conservative outlook for FY ‘24e
as it is expecting a pre-tax loss (eNuW new: € -7.7m), which is however
expected to be an improvement compared to FY ’23 (€ -39m). Given that a
sudden reopening of the market is still not in sight, we, however, regard
this as reasonable despite the positive trends mentioned above.
All in all, we continue to consider UBM to be well positioned for the
pending reopening of the transaction market, given its appealing product
offering, which is focussed on sustainable real estate projects. In fact,
as of Q1, 77% of the company’s € 1.9bn 4-year pro-rata pipeline consists of
timber-hybrid projects, which do not only significantly reduce the carbon
emissions but also offer cost advantages due to the modular and serial
construction. We hence expect UBM’s projects to be meet strong demand once
the market reopens, as investors become increasingly under pressure to
comply with the EU taxonomy.
The stock remains a BUY, new PT of € 27.00 based on DDM.
You can download the research here:
http://www.more-ir.de/d/29931.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
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The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
NuWays AG: EV Digital Invest AG: Kaufen
Original-Research: EV Digital Invest AG - from NuWays AG
Classification of NuWays AG to EV Digital Invest AG
Company Name: EV Digital Invest AG
ISIN: DE000A3DD6W5
Reason for the research: Update
Recommendation: Kaufen
from: 28.05.2024
Target price: EUR 3.60
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow
Strategic partnership to unlock renewable energy projects
Topic: EVDI announced to have entered a strategic partnership with Green
FOX Energy – a project developer and owner of renewable energy plants. The
cooperation enables EVDI to offer direct investments into renewable energy
projects to its customers via its platform. In detail:
With this cooperation, EVDI is further expanding its product range of
“Engel & Völkers Digital Invest” that is currently comprising real-estate
investments into residential, office and logistics. The added green
investment opportunities not only give investors the opportunity to
diversify their investments even more broadly, but also to directly
participate from the transformation of the energy infrastructure. The
offered projects should allow low minimum investments of € 100 and rather
short terms of only 12 months.
In our view, the partnership should bode well for EVDI as 1) renewable
energy is one of the current megatrends showing a steep growth trajectory,
2) it should further diversify the business by reducing the dependency from
the developments in the real-estate sector and 3) it should attract new
target investor groups. Even better, operational EVDI can build on its
established two-stage review process (internal and external analysis by
renowned experts) used for real-estate projects. As a result, the first
solar project (“Solarpark Eyendorf”) is already available on the platform.
Going forward, we expect more renewable projects to follow as Green FOX
Energy´s project pipeline is well filled with around 2GW peak and the
demand for electricity generation from renewable energy sources is expected
to increase by more than 60% until 2026 (according to the IEA).
In light of the promising strategic partnership with Green FOX Energy,
paired with first signs of revitalization of the real-estate market mainly
stemming from the anticipated reduction of interest rates, EVDI should
easily achieve its conservative guidance of € 4.9-5.8m in op. income (vs
eNuW: € 5.6m) and up to € -1.9m EBITDA, (eNuW: € -2m). While we see the
growth potential arising from the partnership, we play it safe, leaving our
estimates unchanged for now.
BUY on valuation with an unchanged PT of € 3.60, based on DCF.
You can download the research here:
http://www.more-ir.de/d/29921.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
NuWays AG: NFON AG: Kaufen
Original-Research: NFON AG - from NuWays AG
Classification of NuWays AG to NFON AG
Company Name: NFON AG
ISIN: DE000A0N4N52
Reason for the research: Update
Recommendation: Kaufen
from: 24.05.2024
Target price: EUR 11.70
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald
Strong Q1 displays ongoing operational improvements; chg.
NFON released Q1 results, showing a continuously strong recurring revenue
ratio as well as further profitability improvements. In detail:
Q1 recurring revenues increased by 2.8% yoy to € 19.9m (eNuW: € 20.4m) and
remained at a continuously strong ratio of 93.6% as total sales came in at
€ 21.1m. Sales growth was predominantly driven by an increased seat base
(+2% to 659k) as well as the cross-selling referring to the company’s
premiums solutions. This also becomes visible in the blended ARPU (adjusted
for SIP-Trunk sales), which improved to € 9.82 vs € 9.80 in Q1’23.
While we expect seat growth to remain at a stable pace throughout the year,
ARPU is seen to further improve driven by (1) premium solutions like CC
Hub, where ARPU levels of € 30-40 can be achieved, as well as (2) price
indexation effects which came into effect in April.
Profitability further improved, as adjusted EBITDA increased
disproportionately by 43% yoy to € 2.8m (eNuW: € 2.6m; reported EBITDA at €
2.7m). This was partly driven by a slightly improved gross margin of 84.1%
(+0.3pp yoy) but more importantly by ongoing improvements on the personnel
(-2pp yoy sales ratio) and other OpEx (-1.5pp yoy; mostly sales &
marketing) level. Q1 EBIT came in at € 0.7m while FCF was slightly positive
with € 0.2m.
Going forward, we expect continuous improvements based on the mentioned
development of the salesmix as well as further efficiency gains, especially
in connection with the integration of DTS, which is seen to crease
significant synergies from H2 onwards.
On this basis, management confirmed the FY guidance, targeting recurring
revenue growth in the midto upper-single-digit-% range (eNuW new: +5.3%) at
a recurring revenue ratio of >90% (eNuW new: 93.9%) as well as an adjusted
EBITDA in the range of € 10-12m (eNuW new: € 11.5m).
That said, valuation remains attractive, in our view, as shares are trading
on a mere 1.2 EV/Sales ‘24e (9.9x EV/EBITDA). We therefore reiterate BUY
with an unchanged PT of € 11.70 based on DCF. NFON remains part of our
NuWays Alpha List.
You can download the research here:
http://www.more-ir.de/d/29883.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
NuWays AG: Einhell Germany AG: Kaufen
Original-Research: Einhell Germany AG - from NuWays AG
Classification of NuWays AG to Einhell Germany AG
Company Name: Einhell Germany AG
ISIN: DE0005654933
Reason for the research: Update
Recommendation: Kaufen
from: 23.05.2024
Target price: EUR 227.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Mark Schüssler
Q1 in line with expectations // FY24e guidance confirmed
Einhell released Q1 results in line with expectations, showing healthy top
and bottom line growth versus Q1’23 and Q4’23. Despite an ongoing depressed
consumer sentiment, sales grew by 7.8% yoy to € 270m (eNuW: € 265m), driven
by higher demand for the company’s Power X-Change products (+9ppts yoy to
50% PXC share), particularly pronounced in DACH, where sales grew by 9.6%
yoy to € 110m (PXC share +13ppts to 62%). While Western Europe declined by
12% yoy, sales in in Eastern Europe continued to perform well, growing 16%
yoy after 18% growth in Q4’23; overseas market showed solid growth of 11%
yoy, while at the same time recovering sequentially (-17% in Q4).
EBT increased by 11% yoy to € 22.6m (eNuW: € 20.9m) with the margin
increasing 0.2ppts yoy to 8.4%, mainly due to operating leverage, offset by
PPA effects with regards to the company’s acquisitions in Canada and
Thailand. Furthermore, the gross margin decreased by 1ppt to 35.8% due to
easing but still noticeable cost inflation. Personnel expenses increased by
8.4% as an elevated employee base in combination with the acquisitions in
Thailand and Vietnam weighed on operating profitability. Having said that,
along with Q1’23, the Q1’24 EBT margin of 8.4% still marks a considerable
improvement to EBT margins pre-Covid (+2.4ppts from 6%) and Covid (+0.8ppts
from 7.6%) and a decent inventory management (c. -18% yoy to € 341m in Q1)
should indicate fewer promotional activities going forward.
With that, Einhell confirmed its FY24e guidance of 6% sales growth yoy to
around € 1,030m (eNuW: € 1,030m) and an EBT margin of 7.5-8% (eNuW: 7.9%).
In our view, this looks achievable as the healthy sales growth and solid
EBT profitability in Q1 should provide confidence, aided by a less
challenging H2’23 comparable base. The key margin drivers should be easing
freight costs and raw materials prices as well as long-term currency
hedging to avoid extreme fluctuations in purchase prices.
After two promising acquisitions in Thailand and Vietnam in 2023, Einhell
reiterated its commitment to further international expansion with a
particular focus on a potential US market entry that should provide the
company access to the largest DIY market globally. Given that Einhell has a
sound track record of expanding internationally via M&A, rolling-out its
leading Power X-Change platform in this market should drive further market
share gains. While short-term macro challenges continue to weigh on
operating performance in FY24e, Einhell remains a key beneficiary of the
structural transition towards cordless power tools. We reiterate our BUY
rating with an unchanged PT of € 227, based on DCF.
You can download the research here:
http://www.more-ir.de/d/29873.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
NuWays AG: Cloudberry Clean Energy ASA: Kaufen
Original-Research: Cloudberry Clean Energy ASA - from NuWays AG
Classification of NuWays AG to Cloudberry Clean Energy ASA
Company Name: Cloudberry Clean Energy ASA
ISIN: NO0010876642
Reason for the research: Update
Recommendation: Kaufen
from: 22.05.2024
Target price: NOK 19.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr
Strong Q1 // Odal shortfall covered by warranties
Topic: Cloudberry reported strong Q1 figures despite production shortfalls
at the Odal wind farm (covered by warranties). A final investment decision
for its transformative 175MW PV park in Denmark is expected until the end
of the year.
Q1 consolidated revenues grew by 89% yoy to NOK 129m, largely in line with
our estimates thanks to the strongly increased production volumes of 173GWh
(+93% yoy). This should, above all, be carried by the Danish wind portfolio
Odin (106MW net to Cloudberry), which was bought at the beginning of June
2023. While the average power price decreased yoy from NOK 118/MWh to NOK
73/MW/h it is largely in line with Q4 price levels of NOK 76/MWh.
Q1 consolidated EBTDA jumped by 190% yoy to NOK 58m. This was despite a
significant shortfall from the Odal wind farm (reported as income/loss from
associated companies) due to severe operational issues (EBITDA decreased
from NOK 29m to only NOK 7m).
To recap, Odal wind farm uses blades from Siemens Gamesa, which announced
severe issues with multiple series. Hence, only 50-60% of the Odal turbines
were operational in Q1. The related production shortfall is to be covered
by warranties. The claim at the end of Q1 (so far not booked) amounted to €
14-17m. With additional stand stills following a blade braking off in Q2,
claims should further increase.
The Subby windfarm in Sweden was successfully erected ahead of time and has
begun generating electricity. Under standard weather assumptions Sundby is
seen to produce 89 GWh per annum yielding annual revenues of c. NOK 56m by
assuming an avg. power price of c. NOK 640/MWh.
Pipeline remains strong. The two projects under construction are
progressing according to plan and cost. The 19 MW Munkhyttan wind farm
should be erected by the end of the year 2024 and the 8 MW hydro power
plant Ovre Kvemma is built and is expected to be connected to the grid in
the following weeks. Due to the recent significant price deflation of solar
panels, Cloudberry is speeding up development of the planned 175MW PV plant
in Denmark. The final investment decision is expected still this year. The
total backlog stands at 911 MW.
Cloudberry remains a BUY with an unchanged NOK 19 PT based on SOTP - change
of analyst -
You can download the research here:
http://www.more-ir.de/d/29847.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
First Berlin Equity Research GmbH: Grand City Properties SA: Kaufen
Original-Research: Grand City Properties SA - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Grand City Properties SA
Company Name: Grand City Properties SA
ISIN: LU0775917882
Reason for the research: Dreimonatsbericht
Recommendation: Kaufen
from: 17.05.2024
Target price: €13,70
Target price on sight of: 12 Monate
Last rating change: -
Analyst: Ellis Acklin
First Berlin Equity Research hat ein Research Update zu Grand City
Properties S.A. (ISIN: LU0775917882) veröffentlicht. Analyst Ellis Acklin
bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 12,90 auf
EUR 13,70.
Zusammenfassung:
Der Dreimonatsbericht zeigte erneut eine gute operative Leistung, angeführt
von einem Mietwachstum auf vergleichbarer Basis (LFL) von 3,4%, während
sich der Anstieg der Finanzierungskosten abschwächt. Wir gehen davon aus,
dass sich diese operative Dynamik fortsetzen wird, da es keinerlei
Anzeichen dafür gibt, dass sich die akute Wohnungsknappheit in Deutschland
in absehbarer Zeit verbessern wird. Die Kapitalstruktur wurde im
vergangenen Jahr durch Maßnahmen zum Schuldenabbau, die Erhöhung der
Bankschulden und zuletzt durch das erfolgreiche Umtauschangebot für die
Perpetual Notes neu gestaltet. Das solidere Finanzprofil dürfte dazu
beitragen, das Unternehmen vor künftigen makroökonomischen Turbulenzen zu
schützen. Wir sind der Meinung, dass die scheinbar endlose Negativstory des
deutschen Immobilienmarktes so gut wie ausgestanden ist und erwarten, dass
sich die GCP-Aktie (+13% seit Jahresanfang) weiter erholen wird. Wir
bekräftigen unsere Kaufempfehlung mit einem Kursziel von €13,70 (zuvor:
€12,90).
First Berlin Equity Research has published a research update on Grand City
Properties S.A. (ISIN: LU0775917882). Analyst Ellis Acklin reiterated his
BUY rating and increased the price target from EUR 12.90 to EUR 13.70.
Abstract:
Q1 reporting again featured a good operating performance led by 3.4% LFL
rental growth, while the rise in financing costs is tailing off. We expect
operational momentum to continue with absolutely no sign of Germany's acute
flat shortage improving any time soon. The capital structure has been
revamped over the past year by deleveraging measures, increased secured
debt, and, most recently, the successful perpetual note exchange offer. The
more robust financial profile should help protect the company from any
future macro turbulence. We think the seemingly endless negative story of
the German property market has about played out, and we expect GCP shares
(+13% YTD) to continue to rebound. We remain Buy-rated on GCP with a €13.7
target price (old: €12.9).
Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses
siehe die vollständige Analyse.
You can download the research here:
http://www.more-ir.de/d/29805.pdf
Contact for questions
First Berlin Equity Research GmbH
Herr Gaurav Tiwari
Tel.: +49 (0)30 809 39 686
web: www.firstberlin.com
E-Mail: g.tiwari@firstberlin.com
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
NuWays AG: 123fahrschule SE: Kaufen
Original-Research: 123fahrschule SE - from NuWays AG
Classification of NuWays AG to 123fahrschule SE
Company Name: 123fahrschule SE
ISIN: DE000A2P4HL9
Reason for the research: Update
Recommendation: Kaufen
from: 17.05.2024
Target price: EUR 7.20
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald
Promising acquisition & strong start into the year
123fahrschule announced an agreement to acquire Foerst GmbH, a manufacturer
of driving simulators for cars, trucks, and buses, which are primarily used
for driver education. The acquisition price, a mid-six-figure amount (eNuW:
€ 500k; c. 0.5x act. EV/sales), will be paid fully or partially in shares
at the discretion of 123fahrschule. The payment is to be made in several
tranches by the end of 2026. The shares will be issued at a price close to
the stock exchange price. The transaction is intended to be closed on July
1st.
The acquisition appears sensible, in our view, as the use of driving
simulators in driver training is expected to become increasingly important
in the future. In fact, the market is seen to triple in the coming years
especially as simulators are set to become part of the driving license
category B197 in the context of the current amendment of the learner driver
training regulations. According to the amendment, it should then be
permitted to complete the mandatory manual driving lessons (10) on a
simulator. This would be of particular importance, as the availability of
manual driving school cars is already very limited today, but novice
drivers often have to resort to manual vehicles initially due to limited
financial resources. Moreover this is set to at least partly eliminate
capacity constraints for 123f. In yesterday’s CC, CEO Polenske stated that
the company intends to equip its driving schools with a total of 90
simulators once the amendment has been passed, which is seen to happen in
2025. While the acquisition looks set to significantly reduce CapEx for the
roll-out of driving simulators across its own branches, it also opens up a
further source of revenue. In fact, 123f intends to expand the product
portfolio of Foerst with its own software elements to offer an improved
product to other driving schools. However, as there is still limited
visibility while the amendment has not been passed, we do not yet include
this in our model.
Besides this, management also provided an update on current trading,
stating an EBITDA of > € 0.5m for the first four months of the year as well
as the expectation of positive cash flow thanks to an improved
cash-collection cycle. While this underpins continuous operational
improvements, boding well for managements outlook of positive EBITDA for FY
‘24, we continue to conservatively estimate a neutral EBITDA due to the
seasonally weak Q4, where we observed a general reluctance of customers to
take driving lessons during Christmas season in the past.
The stock remains a BUY, unchanged PT of € 7.20 based on DCF.
You can download the research here:
http://www.more-ir.de/d/29795.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
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The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
NuWays AG: INDUS Holding AG: Kaufen
Original-Research: INDUS Holding AG - from NuWays AG
Classification of NuWays AG to INDUS Holding AG
Company Name: INDUS Holding AG
ISIN: DE0006200108
Reason for the research: Update
Recommendation: Kaufen
from: 15.05.2024
Target price: EUR 36.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr
Mixed Q1 results // strong FCF generation; chg. est.
Topic: INDUS reported a mixed Q1 with sales below but EBIT above estimates
as well as strong free cashflow supported by a lower seasonal working
capital increase.
Q1 sales decreased by 9% yoy to € 410m (eNuW: € 434m) due to customers’
current reluctance to buy and spend as a result of the weak German economy.
Q1 EBIT was down 40% yoy to € 26.7m (eNuW: € 25.3m), implying a margin of
6.5% (-3.4pp) driven by neg. op. leverage as well as pressure from
significantly higher wages and salaries. Mind you Q1 FY23 was an
exceptionally strong quarter, which also benefited from decreased material
costs within the Materials segment. Positive, while sales in the
Infrastructure segment declined 6.8% yoy to € 132m, EBIT rose to € 11.4m
(Q1 FY23: € 10.7m) supported by internal efficiency gains.
Strong cash generation: Free cashflow in the first quarter came in at €
6.1m (Q1 FY23: € 7.5) driven by a lower seasonal working capital increase
due to the stabilization of supply chains and lower procurement prices.
Mind you, last years’ FCF includes a € 14.4m one-time cash inflow from a
property sale.
FY guidance confirmed. Management confirmed its FY24e guidance of €
1.85-1.95m (eNuW: € 1.85m) revenue and € 145-165m EBIT (eNuW: € 157m),
despite the challenging start into the year, which was largely anticipated
by the market. In our view, the guidance seems plausible, however we expect
sales to come in at the lower end of the guidance range due to an
increasing pressure on selling prices in the Materials segment. In
addition, the outlook for the construction sector remains cautious, as the
German construction industry federation (HDB) expects a 3.5% decline in
real-term sales in 2024.
INDUS remains an attractive investment case and dividend-stock for the
mid-term. Mind you, management proposed a dividend of € 1.20 per share (AGM
on 22 May), making INDUS an attractive dividend stock with a yield of 4.4%
based on yesterday’s closing price. Due to the divestment of the lossmaking
automotive business in FY23 and an ongoing solid operating business, we
expect a further dividend rise for the current fiscal year (eNuW: € 1.40).
INDUS remains a BUY with an unchanged € 36 PT based on FCFY 2024e as (1)
shares seem attractively valued trading at 4.7x EV/EBITDA 2024e, which is
23% below the 10-year historical average, (2) INDUS is generating
double-digit ROCEs and (3) has a strong future dividend yield potential.
You can download the research here:
http://www.more-ir.de/d/29747.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
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The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
NuWays AG: MAX Automation SE: Kaufen
Original-Research: MAX Automation SE - from NuWays AG
Classification of NuWays AG to MAX Automation SE
Company Name: MAX Automation SE
ISIN: DE000A2DA588
Reason for the research: Update
Recommendation: Kaufen
from: 15.05.2024
Target price: EUR 8.20
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Konstantin Völk
Muted start into the year but solid order intake; chg. est.
Topic: MAX released mixed Q1 results with muted sales and slight pressure
on margins in line with expectations. However, order intake moderately
improved qoq from a low level in the last three quarters
supported by continuous follow-up orders from ELWEMA.
Q1 group sales declined slightly by 6.1% yoy to € 91m (eNuW: € 92m)
reflecting the low order backlog compared to last year. Q1 EBITDA fell by
18% yoy to € 7.9m (eNuW: € 7.6m) due to the lower top-line, wage inflation
and a product mix shift within bdtronic. Hence, the margin declined by
1.2pp yoy to 8.8%.
After three weaker quarters, order intake in Q1 showed first signs of a
recovery. Q1 group order intake increased 26% qoq to € 90m but decreased
21% yoy compared to the exceptionally strong Q1 FY23. Order intake in the
second half of FY23 suffered from investment restraints reflecting a
challenging macroeconomic environment, restrictive financing conditions and
persistently high price levels. The ongoing weakness of the global economy
was in particular delt in the German mechanical and plant engineering
sector. We expect the situation to improve modestly in the second half of
FY24e, which should translate to increasing revenue in FY25e.
bdtronic continued its growth story and increased sales by 50% yoy to €
29.6m supported by a high order backlog and strong service business.
However, EBITDA stayed unchanged yoy at € 3.3m along with a margin decrease
of 5.6pp to 11.1%. This was largely influenced by a product mix shift to
the lower margin impregnation business as well as wage inflation and an
increase in personnel.
Vecoplan’s revenues came in at € 38.7m, a 16.2% decrease yoy. EBITDA fell
by 27% to € 4.1m with a slight margin reduction of 1.6pp to 10.5% due to
investment reluctance in the recycling/waste division and positive one-offs
from the reversal of provisions in the previous year. We expect Vecoplan to
stabilize on a plateau this year with a flat development in sales and a
slight decrease in EBITDA.
MAX confirmed its FY24e guidance of € 390-450m sales (eNuW: € 411m) and €
31-38m EBITDA (eNuW: € 33m). This appears sensible in our view as it
implies a 5.7% top-line increase and a flat development in EBITDA at
midpoint.
We reiterate BUY with an unchanged PT of € 8.20, based on DCF.
You can download the research here:
http://www.more-ir.de/d/29745.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
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The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
NuWays AG: q.beyond AG: Kaufen
Original-Research: q.beyond AG - from NuWays AG
Classification of NuWays AG to q.beyond AG
Company Name: q.beyond AG
ISIN: DE0005137004
Reason for the research: Update
Recommendation: Kaufen
from: 14.05.2024
Target price: EUR 1.10
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald
Strong Q1 figures hint towards successful transformation/ chg.
Yesterday, q.beyond released a strong set of Q1 figures, which exceeded
ours and streets profitability estimates as efficiency measures bore fruit
despite rather muted top-line growth. In detail:
Q1 sales increased slightly by 1.1% yoy to € 47.1m (eNuW: €47.5m, eCons: €
47.6m), of which 74% were recurring revenues. The muted growth momentum was
predominantly due to the Consulting segment, which declined by 8% yoy to €
14.2m, which was mainly due to the reduction in low-margin project sales.
This also allowed for an improved segment gross margin (+6.3pp to 8.4%). In
the mid-term, management aims to continuously improve the Consulting margin
driven among others by an increasing offand near-shoring ratio (target: 20%
vs 12% after Q1), an improved utilizitation rate as well as higher daily
rates. In contrast, the Managed Services segment grew by 5.7% yoy to €
32.9m at an improved margin of 21.5%. Hence, q.beyond was able to improve
its gross profit by 38.5% to € 8.2m (eNuW: € 7.8m, eCons: € 7.9m), implying
a margin of 17.5% (+4.7pp yoy).
On this basis, Q1 EBITDA also significantly improved to € 2.0m at an
implied margin of 4.2% (eNuW: € 1.4m, eCons: € 1.4m), which compares to
negative € 1.3m in the previous year's quarter. Next to the improved gross
margin, EBITDA was driven by significantly reduced sales & marketing
(-1.5pp yoy sales ratio) and G&A expenses (-0.3pp) as well as the effects
of “One q.beyond” strategy (i.e. eliminating duplicate structures). FCF
came in at € 1.4m (company definition: € 0.6m), leading to a continuously
comfortable net cash position of
You can download the research here:
http://www.more-ir.de/d/29737.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
NuWays AG: LION E-Mobility AG: Kaufen
Original-Research: LION E-Mobility AG - from NuWays AG
Classification of NuWays AG to LION E-Mobility AG
Company Name: LION E-Mobility AG
ISIN: CH0560888270
Reason for the research: Update
Recommendation: Kaufen
from: 13.05.2024
Target price: EUR 7.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr
CMD underpins promising mid-term prospects; chg
Q1 sales came in at a mere € 1.2m with an EBITDA of € -2.6m. This is a
significant decrease compared to the particularly strong Q4 last year with
roughly € 26m sales and € 1m EBITDA. As pointed out during the earnings
call, this should mainly be driven by the seasonal distribution of the
company‘s current sales pipeline, which is seen to be similar to last
year‘s (H2 dependent). Management hence also confirmed its FY24 guidance of
€ 60-65 sales and € 0.5-1m EBITDA. Importantly, the current fix cost base
should only slightly increase going forward (mainly due to ramping sales
efforts, i.e. growing sales headcount and trade shows), providing plenty of
room for operating leverage as sales increase.
Recent CMD confirmed the company‘s promising prospects as underpinned by a
mid-term guidance. Until the end of FY28e, management expects to grow sales
to more than € 150m, implying a sales CAGR of at least 25%, despite an
expected annual price decline of 9%. Mind you, its production site should
be capable of significantly higher sales (assuming three shifts a day).
As part of the mid-term guidance, LION re-aligned its sales efforts,
focusing on three key end markets, namely city buses in Europe (>8t),
electric trucks (light and medium duty) in Northern America and stationary
storage (uninterrupted power supply and industrial/commercial
applications). One of the key enablers, especially for the expected growth
within the storage market, should be the upcoming product update (planned
for H2), which will feature a LFP battery pack alongside a higher energy
density NMC pack (both enabled by the SVOLT partnership).
With its immersion cooled pack, LION would add hybrid/sports cars as fourth
end market. In fact, the project is developing as planned and LION expects
a first RFQ (request for quotations) until the end of the year. A positive
outcome would notably increase the likely hood of it becoming a notably
sales driver during the mid-term (currently not part of our revenue model).
Valuation remains attractive. Shares trade on roughly 0.5 EV/Sales FY24e,
which is notably below the industry‘s average of around 1x, while the
company is expected to show strong growth during the next few years.
We reduce our PT to € 7 (based on SOTP) per share but reiterate out BUY
rating.
You can download the research here:
http://www.more-ir.de/d/29709.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
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The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
NuWays AG: Multitude SE: Kaufen
Original-Research: Multitude SE - from NuWays AG
Classification of NuWays AG to Multitude SE
Company Name: Multitude SE
ISIN: FI4000106299
Reason for the research: Update
Recommendation: Kaufen
from: 13.05.2024
Last rating change:
Analyst: Frederik Jarchow
Solid Q1 figures ahead // Multitude to continue on growth path
On Thursday, Multitude will report Q1´24 figures that should come in solid,
but with room for sequential improvements until YE. Here is what to expect:
Sales should come in at € 59m (+9% yoy, -6% qoq), mainly driven by the
strong growth of the net loan book (NAR) to € 636m in FY23 (including c. €
576 loan to customer and c. € 60m attributable to warehouse lending)
unfolding its full effect in Q1. We expect ferratum to have contributed
some 84%, CapitalBox 13% and the new segment wholesale banking 3% to total
sales.
EBIT is anticipated at € 10.3m (+7% yoy, -16.3% qoq), following the higher
topline and rather stable S&M expenses and personnel expenses as well as
other operating expenses, compensating for impairments on loans (19% yoy,
-15% qoq), that should come in higher than in Q1´23 due increased loan
book. As interest expenses should should have increased by c. 10% yoy to €
7.7m (eNuW; -1% qoq), EBT should come in at € 2.8m (-4% yoy).
While our estimates for Q1 imply a solid yoy growth in a challenging
economic phase, further significant sequential improvements throughout the
year are necessary to reach the FY24 EBIT guidance of € 67.5m (vs eNuW: €
57m). In our view, the guidance looks ambitious, but is not out of range
assuming 1) further growth of the loan book, partially materializing
throughout the remainder of 2024, 2) the strong growth momentum of
CapitalBox as well as 3) opportunities around the new segment wholesale
banking that already gained traction in FY23. That, paired with ongoing
tight cost control, that the company already showed in FY23, unlocking
scale effects (assuming ongoing topline growth as a result of the growing
loan book and stable margins) as well as the fact that Multitude reached
its guidance for the 3 rd consecutive year in FY23 give us additional
confidence.
As the stock is still trading at negative EV and a 3.4x PE´24, the growing,
highly profitable, resilient and dividend paying company to look
undebatable cheap.
BUY with an unchanged PT of € 12 PT, based on our residual income model.
Mind you that Multitude is one of our NuWays' Top Picks for FY24.
You can download the research here:
http://www.more-ir.de/d/29713.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
NuWays AG: R. STAHL AG: Kaufen
Original-Research: R. STAHL AG - from NuWays AG
Classification of NuWays AG to R. STAHL AG
Company Name: R. STAHL AG
ISIN: DE000A1PHBB5
Reason for the research: Update
Recommendation: Kaufen
from: 10.05.2024
Target price: EUR 29.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Christian Sandherr
Final Q1 out // Good start into 2024; chg. est.
Topic: R. Stahl reported a solid final Q1 underpinning the strong demand
for electrical explosion protection solutions, which should continue due to
favorable structural trends. Management confirmed FY24e guidance, which
looks well in reach (eNuW).
To recap, Q1 sales grew 8.5% yoy to € 84.7m, driven by a strong order
backlog of € 115m at the end of FY23. Further, while global supply chains
remained partially disrupted in the previous year, there were no
significant restrictions in Q1 FY24. Q1 adj. EBITDA decreased 19% to € 8.4m
with a lower but still solid margin of 9.9% (-3.4 pp) due to inflationary
effects from personnel costs, a higher material expense ratio and a € 2m
one-off from the implementation of the EXcelerate strategy program; 12.3%
adj. EBITDA margin excluding one-offs.
After a subdued order intake of € 74.5m in the fourth quarter, order intake
came in surprisingly positive at € 92.3m, only slightly below the
exceptionally strong order intake of last year’s Q1 (€ 96.7m). Driven by an
increasing stabilization of global supply chains, the order intake in Q4
2023 was negatively affected by active destocking activities from customers
in addition to a soft chemical industry in the DACH region. While demand in
the chemical industry remained muted, the LNG, and petrochemical industry
as well as the nuclear sector showed positive momentum during Q1. Due to
the strong order intake, order backlog increased 6% to a solid level of €
122m (end of FY23: € 115m).
Management confirmed its FY24e guidance with sales in the range of € 335 –
350m and adj. EBITDA between € 35 – 45m. Thanks to the good start into the
year and a solid order backlog, the guidance seems to be well in reach
(eNuW sales: € 347m; adj. EBITDA: € 39.7m). Even more importantly, R.
Stahl’s mid-term prospects remain bright as the company strongly benefits
from (1) its superior market share along the LNG value chain (liquefaction
and shipping: 75%, natural gas production: 50% and regasification 25%), (2)
a rising need for production automation across offshore oil and gas rigs,
and production plants of several industries and (3) the ongoing nuclear
renaissance across Europe.
With that, R. Stahl is well positioned to gradually improve margins,
returns and cash flow generation. As shares are trading on only 5.9x
EV/EBITDA 2024e we confirm our BUY rating with an unchanged € 29 PT, based
on DCF.
You can download the research here:
http://www.more-ir.de/d/29655.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
First Berlin Equity Research GmbH: Media and Games Invest SE: Kaufen
Original-Research: Media and Games Invest SE - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Media and Games Invest SE
Company Name: Media and Games Invest SE
ISIN: SE0018538068
Reason for the research: Dreimonatsbericht
Recommendation: Kaufen
from: 08.05.2024
Target price: €4,10
Target price on sight of: 12 Monate
Last rating change: -
Analyst: Ellis Acklin
First Berlin Equity Research hat ein Research Update zu Media and Games
Invest SE (ISIN: SE0018538068) veröffentlicht. Analyst Ellis Acklin
bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 3,80 auf EUR
4,10.
Zusammenfassung:
Der Dreimonatsbericht setzte die Reihe positiver Nachrichten im Jahr 2024,
wie die Rückkehr zu einem soliden Wachstum und positive strukturelle
Veränderungen durch die Google-Partnerschaft, fort. Der Dreimonatsbericht
setzte die Reihe positiver Nachrichten im Jahr 2024, wie die Rückkehr zu
einem soliden Wachstum und positive strukturelle Veränderungen durch die
Google-Partnerschaft, fort. Letztere versetzt MGI in die Lage, das
Ertragswachstum zu maximieren und die KI-Initiativen voranzutreiben. Die
Ergebnisse übertrafen unsere Schätzung und wurden von einem organischen
Wachstum von 21% J/J angeführt, das zu einem Rekord-Q1 führte. Das
Management ist weiterhin zuversichtlich, dass sich der Werbemarkt erholen
wird, was durch verbesserte operative KPIs untermauert wird. Die erste
Guidance für das Geschäftsjahr 24 sieht einen Umsatz zwischen €350 Mio. und
€370 Mio. und ein AEBITDA zwischen €100 Mio. und €110 Mio. vor. Das
angenommene Wachstum von 9% bis 15% könnte sich als konservativ erweisen,
wenn: (1) die CPM-Preise anziehen und/oder (2) die Wahlkampfausgaben in den
USA einen fieberhaften Anstieg erreichen. Wir stufen MGI weiterhin mit
Kaufen ein bei einem Kursziel von €4,10 (zuvor: €3,80).
First Berlin Equity Research has published a research update on Media and
Games Invest SE (ISIN: SE0018538068). Analyst Ellis Acklin reiterated his
BUY rating and increased the price target from EUR 3.80 to EUR 4.10.
Abstract:
Q1 reporting extended the run of positive news flow in 2024 highlighted by
the return of solid growth and positive structural changes via the Google
partnership. The latter sets up MGI to maximise earnings growth and ramp up
AI initiatives. Results topped FBe and were led by 21% Y/Y organic growth
that drove a record first quarter. Management remain upbeat about the
recovery of the ad market; a view underpinned by improving operating KPIs.
The initial FY24 guide calls for sales between €350m to €370m and AEBITDA
ranging €100m to €110m. The implied 9% to 15% growth may prove conservative
if: (1) CPM pricing rebounds; and / or (2) US election spending reaches a
fever pitch. Our TP moves to €4.1 (old: €3.8) on the Q1 report, and we
remain Buy-rated on MGI.
Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses
siehe die vollständige Analyse.
You can download the research here:
http://www.more-ir.de/d/29629.pdf
Contact for questions
First Berlin Equity Research GmbH
Herr Gaurav Tiwari
Tel.: +49 (0)30 809 39 686
web: www.firstberlin.com
E-Mail: g.tiwari@firstberlin.com
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
First Berlin Equity Research GmbH: M1 Kliniken AG: Kaufen
Original-Research: M1 Kliniken AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to M1 Kliniken AG
Company Name: M1 Kliniken AG
ISIN: DE000A0STSQ8
Reason for the research: vorläufige Ergebnisse 2024
Recommendation: Kaufen
from: 30.04.2024
Target price: €18
Target price on sight of: 12 Monate
Last rating change: -
Analyst: Ellis Acklin
First Berlin Equity Research hat ein Research Update zu M1 Kliniken AG
(ISIN: DE000A0STSQ8) veröffentlicht. Analyst Ellis Acklin bestätigt seine
BUY-Empfehlung und bestätigt sein Kursziel von EUR 18,00.
Zusammenfassung:
Die vorläufigen Ergebnisse für das Jahr 2023 zeigten erneut ein starkes
Ergebnis im Segment Beauty. Angeführt wurde das Zwölf-Monats-Ergebnis im
Beauty-Bereich vom deutschen Kliniknetzwerk, das €56 Mio. Umsatz und eine
EBIT-Marge von 28% beisteuerte, einschließlich einer Marge von 24% im
Zeitraum von Oktober bis Dezember. Die internationale Klinikgruppe
verfehlte mit €-0,2 Mio. (2022: €-2,4 Mio.) ein erstmals positives
EBIT-Ergebnis auf Jahresbasis nur knapp. M1 eröffnete im Jahr 2023 vier
neue Schönheitszentren in drei Ländern und zwei weitere im laufenden Jahr,
womit sich die Gesamtzahl auf 60 erhöht. Weitere Eröffnungen sind für
dieses Jahr geplant. Wir haben kürzlich unsere Prognosen erhöht, um die
Performance des Beauty-Bereichs besser widerzuspiegeln, und bleiben weiter
optimistisch für das Segment. Wir bekräftigen unsere Kaufempfehlung bei
einem unveränderten Kursziel von €18.
First Berlin Equity Research has published a research update on M1 Kliniken
AG (ISIN: DE000A0STSQ8). Analyst Ellis Acklin reiterated his BUY rating and
maintained his EUR 18.00 price target.
Abstract:
Preliminary 2023 results again featured a strong showing by the Beauty
segment. Twelve month Beauty performance was led by the German clinic
network that contributed €56m in turnover with a 28% EBIT margin, including
a 24% margin in the October-to-December period. The group of international
clinics narrowly missed a first-time positive EBIT result on an annualised
basis, reporting €-0.2m (2022: €-2.4m). M1 opened four new beauty centres
in three countries in 2023 and a further two YTD bringing the tally to 60.
More openings are in the hopper for this year. We recently upped our
forecasts to better reflect Beauty segment performance and see no reason to
rein in our optimism. We are Buy-rated on M1 with an unchanged €18 TP.
Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses
siehe die vollständige Analyse.
You can download the research here:
http://www.more-ir.de/d/29571.pdf
Contact for questions
First Berlin Equity Research GmbH
Herr Gaurav Tiwari
Tel.: +49 (0)30 809 39 686
web: www.firstberlin.com
E-Mail: g.tiwari@firstberlin.com
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
NuWays AG: MAX Automation SE: Kaufen
Original-Research: MAX Automation SE - from NuWays AG
Classification of NuWays AG to MAX Automation SE
Company Name: MAX Automation SE
ISIN: DE000A2DA588
Reason for the research: Update
Recommendation: Kaufen
from: 29.04.2024
Target price: EUR 8.20
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Konstantin Völk
MAX achieved attractive sales price for MA micro; chg. est.
Topic: MAX Automation has come to an agreement on the divestment of its
subsidiary MA micro with an attractive purchase price, sale of MA micro
anticipated in the second half of FY24e.
MAX Automation announced the sale of MA micro (intention was announced in
September 2023), which was already part of discontinued operations at the
end of FY23 to the Japanese conglomerate, Hitachi Ltd. The purchase price
of € 71.5 - 76.5m is still subject to the FY24e performance of MA micro.
After the acquisition is completed, MA micro will join JR Automation
Technologies, a Hitachi group company, and market leader in providing
advanced automation solutions and digital technologies in the robotics
systems integration business. The transaction is subject to various
customary conditions, in particular the granting of merger control
approvals and is expected to be closed in the second half of FY24e. MAX
intends to use the proceeds from the sale primarily to reduce financial
liabilities by partially repaying the syndicated loan (end of FY23: €
120.8m).
The sale has no influence on our financial estimates of FY24e as MA micro
was already part of discontinued operations. However, as the proceeds will
be used to partially repay the syndicated loan (eNuW: 10% interest rate),
annual interest expenses should decline by € 7.4m, potentially boosting EPS
by 40% (eNuW), not reflected in our estimates until the transaction closed.
Taking into account the weak operating performance of MA micro during the
last year (-28% revenue yoy, -17% EBITDA yoy) and a likely further
deterioration in FY24 due to the subdued order momentum (eNuW), the
purchase price looks attractive in our view (eNuW FY24e: Sales € 40m, €
6.6m EBITDA). The implied sales multiple of 11x EV/EBITDA is 30% above the
group’s current valuation of 8.5x, which underpins the undervaluation of
the stock. Mind you, the crown jewel bdtronic and Vecoplan have bright
business prospects and should be worth considerably more than 8.0x
EV/EBITDA.
We reiterate BUY with an unchanged € 8.20 PT based on DCF.
You can download the research here:
http://www.more-ir.de/d/29553.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
NuWays AG: NFON AG: Kaufen
Original-Research: NFON AG - from NuWays AG
Classification of NuWays AG to NFON AG
Company Name: NFON AG
ISIN: DE000A0N4N52
Reason for the research:
Recommendation: Kaufen
from: 26.04.2024
Target price: EUR 11.70
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald
Final FY no surprise after strong prelims / chg.
NFON published final FY 2023 figures, which were in line with the
preliminary results published in early March. FY recurring revenues stood
at € 77.1m, up 4.8% yoy at a continuously strong recurring revenue ratio of
93.7%. This was particularly driven by further key account gains as well as
cross and upselling at existing clients. Total seats stood at 656k at YE,
up 3.4% yoy. Despite the disproportionate increase in recurring revenues,
the blended ARPU, which is adjusted for recurring sales from SIP-Trunks,
remained stable at € 9.71, which was caused by a decline in voice minutes
sold resulting from the fading out of Covid effects. Going forward, we
expect ARPU to rise again driven by (1) price increase, which the company
started to impose at the end of last year, and (2) from selling premium
solutions like CC Hub, were ARPU levels are seen at € 30-40, eNuW.
FY profitability significantly improved yoy, visible in an adjusted EBITDA
of € 8.4m (2022: € -1.0m; reported EBITDA of € 6.8m vs € -5.3m). Main
drivers for this have been an improved gross margin (+2pp yoy) resulting
from the higher recurring ratio, but more importantly the imposed
efficiency measures in relation to personnel (personnel ratio -3.9pp yoy)
as well as marketing (marketing ratio -5.2pp yoy), which already beard
fruit. A further highlight was clearly FCF, which came in at € 1m (2022: €
-12.4m), thus being positive for the first time since the IPO in 2018.
In FY '24, management aims to achieve recurring revenue growth in the midto
upper-single-digit-% range paired with an adjusted EBITDA improvement to
€ 10-12m. This looks achievable in our view, driven by several effects like
an improved sales-mix as well as further efficiency improvements,
particularly the integration of DTS, which is seen to create significant
synergies from H2 onwards.
M&A as possible further catalyst. CEO Heider indicated in yesterday’s
earnings call that inorganic growth climbed up the agenda and that the
company is already screening the market for possible targets. Here, the
focus should be on strengthening existing markets or tapping new ones, on
our view. Yet, given the ongoing organizational transformation, newsflow in
this regard seems unlikely during FY '24e.
Although NFON shares slightly recovered recently after a sluggish start to
the year, valuation remains attractive, as the stock is trading at only
1.1x EV/Sales ‘24e. We hence continue to recommend to BUY at with an
unchanged PT of € 11.70 based on DCF and keep the stock in our Alpha List.
You can download the research here:
http://www.more-ir.de/d/29527.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
NuWays AG: EV Digital Invest AG: Kaufen
Original-Research: EV Digital Invest AG - from NuWays AG
Classification of NuWays AG to EV Digital Invest AG
Company Name: EV Digital Invest AG
ISIN: DE000A3DD6W5
Reason for the research: Update
Recommendation: Kaufen
from: 26.04.2024
Target price: EUR 3.60
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow
Better than feared FY23; New product launch; chg
Topic: EVDI reported better than feared final FY23 figures and published a
guidance for FY24. Further, the company announced the launch of a new
attractive call money product for both, existing and new clients. In
detail:
Sales of € 4.1m (-20% yoy) stemming from 13 financed projects (vs eNuW: 14)
with an aggregated financed volume of € 39m (vs eNuW: € 39m) is below
previous years figure (FY22: € 5.2m) due to the overall weak industry, but
better than expected (eNuW: € 3.5m). Positively, the number of projects and
average volume per project improved significantly in H2 (vs H1) resulting
in € 2.6m sales (vs € 1.5m in H1), clearly demonstrating the ability to
deliver in challenging times.
EBITDA came in at negative € 3.9m (vs € -3.4m in FY22), slightly better
than expected (eNuW: € -4.2m), thanks to the stronger than anticipated
topline and lower personnel expenses, compensating for higher other
operating expenses that were burdened by one-offs stemming from
insolvencies and delays.
Attractive new product. Apart from FY23 figures, EVDI announced to have
launched a new call money account for new and existing customers with a
very attractive interest rate of 3.2% for up to € 5m per customer. This
offering is by far better than the comparable offering of most online banks
and brokers, especially for wealthy customers. Even better, we expect EVDI
to earn 0.2-0.25% on the volume (eNuW). With the new product, the company
is adding a low-risk alternative to its overall offering consisting of
property and ETF investments as well as wealth management. Due to the
attractiveness of the call-money offering, we expect significant customer
and asset inflows within the next quarters, allowing for a promising
cross-selling and conversion potential.
For FY24, management expects a revitalizing real-estate market mainly
driven by the anticipated reduction of interest rates. Due to the
uncertainty around that topic, management provides a rather conservative
guidance of € 4.9-5.8m in op. income (vs eNuW old: € 6.3m) and up to €
-1.9m EBITDA, (eNuW old: € -2m in EBITDA).
BUY (old: HOLD) on valuation with a reduced PT of € 3.60 (old: € 4.80),
based on DCF.
You can download the research here:
http://www.more-ir.de/d/29533.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research.
The result of this research does not constitute investment advice
or an invitation to conclude certain stock exchange transactions.
Showing 1 to 20 of 148 entries