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First Berlin Equity Research has published a research update on Diversified Energy PLC (ISIN: GB00BYX7JT74). Analyst Simon Scholes reiterated his BUY rating and decreased the price target from GBp 3600.00 to GBp 2800.00. AbstractDEC is trading at a 44% discount to its peer group based on 2024E EV/adjusted EBITDA, but has a superior growth track record. We expect DEC's adjusted EBITDA to have grown at a five-year CAGR of 10.5% by the end of this year compared with 8.3% for its peers. Recovering commodity prices and a pick-up in acquisition activity by DEC (three transactions completed since June) suggest the [...]

First Berlin Equity Research has published a research update on ABO Energy KGaA (ISIN: DE0005760029). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and decreased the price target from EUR 110.00 to EUR 102.00. AbstractABO Energy has lowered 2024 net result guidance from €25m - €31m to €20m - €25m. This is mainly attributable to delays in wind and PV projects in several countries. For 2025E, management is guiding towards net income of €29m to €39m, in particular owing to positive developments in France and Germany. We have lowered our net income forecast for the current year from €28m [...]

First Berlin Equity Research has published a research update on Enapter AG (ISIN: DE000A255G02). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and decreased the price target from EUR 11.00 to EUR 6.00. AbstractEnapter has lowered 2024 sales guidance from €34m to between €22m and €24m. The reasons for this are delays in the production of Nexus electrolysers and postponements of customer projects. Despite the significant reduction in sales guidance, Enapter is maintaining its EBITDA guidance (€-7m - €-8m). We attribute this to a higher gross margin and cost discipline. Following the 2024 sales warning, we have significantly lowered [...]

First Berlin Equity Research has published a research update on The Platform Group AG (ISIN: DE000A2QEFA1). Analyst Alexander Rihane reiterated his BUY rating and maintained his EUR 16.00 price target. AbstractThe Platform Group reported strong Q3 results, with revenue and adjusted EBITDA numbers exceeding our forecasts. Revenue rose 44% y/y to €140m and was 9% above our estimate (FBe: €128m) due to a 22% increase in the number of orders as well as a 5% increase in average order value. Adjusted EBITDA rose more than fivefold to €7.0m, bringing 9M adjusted EBITDA to €24.6m, slightly above our 9M forecast of [...]

First Berlin Equity Research has published a research update on ParTec AG (ISIN: DE000A3E5A34). Analyst Simon Scholes reiterated his BUY rating and maintained his EUR 170.00 price target. AbstractH1 results exceeded our estimates, with sales 15% above FBe at €10.7m, as revenues from Mare Nostrum V and Jupiter materialized earlier than anticipated (FBe: €9.3m). Stronger sales and a much stronger gross margin than modelled, led to positive EBIT of €3.6m (FBe: €-7.6m). A tax refund on the receivables written down in 2023 brought ParTec's net income to €5.7m. We expect 2024 to be tail-loaded, with H2 accounting for 86% of [...]

First Berlin Equity Research has published a research update on ad pepper media International N.V. (ISIN: NL0000238145). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 2.90 price target. Abstractad pepper media (APM) reported final Q3/24 figures which matched preliminary numbers. Revenue was roughly stable (€5.2m) and EBITDA improved significantly y/y from €101k to €485k. EBIT turned around from €-111k to €275k and even net income was positive (€178k). For Q4, APM is guiding towards stable revenue y/y (Q4/23: €5.9m) and an improved EBITDA figure. We model Q4 revenue of €6.0m and EBITDA of €739k versus [...]

First Berlin Equity Research hat ein Research Update zu Deutsche Effecten- und Wechsel- Beteiligungsgesellschaft AG (ISIN: DE0008041005) veröffentlicht. Analyst Christian Orquera bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 1,80 auf EUR 1,50. ZusammenfassungDie Deutsche Effecten- und Wechsel- Beteiligungsgesellschaft (DEWB) hat ihren H1/24-Bericht veröffentlicht. Bereinigt um nicht zahlungswirksame Erträge fielen die Ergebnisse wie erwartet aus. Das Unternehmen erzielte ein operatives Ergebnis aus Exits in Höhe von €0,4 Mio. (FBe: €0,4 Mio.; H1/23: €0,2 Mio.). Das derzeit schwierige Kapitalmarktumfeld war das Haupthindernis für den Abschluss einer größeren Exit-Transaktion zu einer angemessenen Bewertung. Das Management arbeitet weiterhin an potenziellen Ausstiegsoptionen, aber [...]

First Berlin Equity Research hat ein Research Update zu Deutsche Rohstoff AG (ISIN: DE000A0XYG76) veröffentlicht. Analyst Simon Scholes bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 51,00 auf EUR 48,00. ZusammenfassungAuf Öl entfielen 58 % des Volumens der DRAG in H1/24 und 87% ihres Umsatzes. Seit unserer letzten Studie vom 2. August sind die Durchschnittswerte der Öl-Futures für Q4/24 und FY/25 um 10 % bzw. 9 % gefallen. Seit April hat die DRAG für 2025 Investitionen in Höhe von €100 Mio. bis €110 Mio. in Aussicht gestellt (2024: €145 Mio. bis €165 Mio.). Aus unseren jüngsten Gesprächen mit der [...]

First Berlin Equity Research has published a research update on Deutsche Rohstoff AG (ISIN: DE000A0XYG76). Analyst Simon Scholes reiterated his BUY rating and decreased the price target from EUR 51.00 to EUR 48.00. AbstractOil accounted for 58% of DRAG's volume in H1/24 and 87% of its revenue. Since our most recent note of 2 August the average levels of the Q4/24 and FY/25 oil futures strips have fallen by 10% and 9% respectively. DRAG has been guiding towards investment of €100m-€110m for 2025 (2024: €145-€165m) since April. Our recent discussions with management indicate that the €100m-€110m investment plan for 2025 [...]

First Berlin Equity Research hat ein Research Update zu Knaus Tabbert AG (ISIN: DE000A2YN504) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 69,00. ZusammenfassungWir haben den Caravan Salon 2024 besucht, um die neuesten Wohnmobile aus erster Hand zu sehen, den Puls der Verbraucher zu fühlen und uns mit der Unternehmensführung der KTA zu treffen. Die Besucherzahl überstieg erneut eine Viertelmillion, und in 16 Messehallen präsentierten sich 778 Aussteller. Wir sahen keine Anzeichen dafür, dass die Nachfrage nachlässt. Der Höhepunkt unseres Besuchs war ein Blick hinter den Vorhang der mit Spannung erwarteten neuen Marke Xperian von [...]

First Berlin Equity Research has published a research update on Knaus Tabbert AG (ISIN: DE000A2YN504). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 69.00 price target. AbstractWe attended the 2024 Caravan Salon to get a first-hand look at the latest RVs, take the pulse of consumers, and meet with KTA brass. Attendance again topped a quarter million, and 16 exhibition halls showcased 778 exhibitors. We saw no signs that demand is flagging. The highlight of our trip was a peek behind the curtain of KTA's much anticipated new brand, Xperian. KTA's vision for Xperian is that it [...]

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 28,00. ZusammenfassungDer Q2-Bericht hat erneut die wachsende Stärke des Injectables-Geschäfts von M1 gezeigt. Umsatz und EBIT des Beauty-Segments übertrafen FBe bei weitem, während die Ergebnisse des Handelssegments nahe an unseren Schätzungen lagen. In der Zwischenzeit verzeichneten die M1-Aktien am Dienstag einen beträchtlichen Kursanstieg, als das Management ein kurzes Update über das zuvor kommunizierte Interesse von Private Equity (PE) am Beauty-Geschäft von M1 gab und feststellte, dass sechs namhafte PE-Unternehmen Interesse an "einer Beteiligung [...]

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 28.00 price target. AbstractQ2 reporting once again showcased the growing strength of M1's injectables business. Beauty segment sales and EBIT overshot FBe by a wide margin, while Trade segment results were close to our estimates. Meanwhile, M1 shares caught a sizable bid on Tuesday when management gave a brief update on previously communicated private equity (PE) interest in M1's Beauty business, noting that six well-known PE outfits have expressed interest in "investing in or [...]

First Berlin Equity Research has published a research update on ABO Energy KGaA (ISIN: DE0005760029). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 110.00 price target. AbstractABO Energy presented convincing half-year figures and confirmed guidance. The company increased its net result by 28% y/y to €11.4m, exceeding our forecast by 19%. The main reason for the good result was milestone payments for Spanish projects that have already been sold. Given that the second half of the year is usually seasonally stronger, we believe that net income guidance of €25m - €31m is well within reach. [...]

First Berlin Equity Research has published a research update on CEL-SCI Corporation (ISIN: US1508376076). Analyst Christian Orquera reiterated his BUY rating and maintained his USD 6.20 price target. AbstractCEL-SCI's 9M 23/24 financial results (as of 30 June 2024) were roughly as expected. The company reported no revenue and reduced its OPEX compared to the previous year. EBIT came in at USD-20.2m (9M 22/23: USD-24.0m) and the cash position dropped to just USD385k (FY 22/23: USD22.7m). However, in July 2024, CEL-SCI carried out a capital increase of USD10.85m. The company's cash position should now be sufficient to finance operations into Q1 [...]

First Berlin Equity Research hat ein Research Update zu ad pepper media International N.V. (ISIN: NL0000238145) veröffentlicht. Analyst Dr. Karsten von Blumenthal bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 6,20 auf EUR 4,60. Zusammenfassung: ad pepper media (APM) hat ihre Umsatzprognose für Q2 auf €5,9 Mio. gesenkt (zuvor: €6,3 Mio. bis €6,5 Mio.) und erwartet für Q3 und Q4 niedrigere Umsätze als in den Vorjahreszeiträumen. Ein sich verschlechterndes makroökonomisches Umfeld (anhaltend hohe Inflation, steigende Zinssätze, langsameres Wachstum und eine drohende Rezession, schwindendes Verbrauchervertrauen, Unterbrechungen der Lieferketten) senkt die Nachfrage nach Werbung, was zu niedrigeren Umsätzen und Gewinnen für [...]