United Internet (UI) published detailed Q4/FY 24 results that were in line with its preliminary release. FY 24 revenues of EUR 6.3bn (+2% yoy) were in line with consensus expectations and guidance, while adj. EBITDA of EUR 1.3bn (flat yoy) missed consensus by c.5% and guidance of EUR 1.38bn. Profitability was impacted by increased customer churn, with a temporary network outage in May, higher spending to address capacity bottlenecks and increased network roll-out costs. Meanwhile, additional depreciation on network investments further weighed on UI’s profitability, with EBIT down 15% yoy to EUR 639m during the year. Despite these setbacks, the core business remains sound, with resilient customer demand across its segments. mwb research’s analysts confirm their BUY rating on the stock, and their PT remains at EUR 23.00, having adjusted their estimates to account for recent challenges. The full update can be downloaded https://www.research-hub.de/companies/United%20Internet%20AG

Westwing SE (Westwing) reported solid Q4 results despite being impacted by its product assortment shift. This was supported by a strong increase in average basket size (+24% yoy). Moreover, adjusted (adj.) EBITDA was 32% above market estimates and grew by 75% yoy to EUR 10m (margin: +3.2ppt yoy to 7.7%), driven by improved gross margin on higher Westing Collection mix, coupled with other cost efficiencies. FY24 results landed at the upper end of guidance, with both revenue and adj. EBITDA growing 4% and 35% yoy to EUR 444m and EUR 24m, respectively. Meanwhile, the company provided a cautious stance for FY25, expecting a revenue decline of 1% yoy at the midpoint of the guidance, while product transformation benefits are expected to help adj. EBITDA grow by 25% yoy (guidance: EUR 25-30m). Top-line growth is expected to return to upper-single to double-digit rates in 2026, which, together with its strategic focus on a high-margin product assortment, is likely to drive profitability growth, securing its medium-term growth potential. With a revised PT of EUR 11.00 (old: EUR 10.00), mwb research maintains the BUY rating. The full update can be downloaded under https://research-hub.de/companies/Westwing%20Group%20SE

Dermapharm Holding SE (DMP) reported resilient FY24 financial results, increasing revenues by 4.0% yoy to EUR 1,181m and adjusted EBITDA by 1.7% yoy to EUR 316m, exceeding guidance. Growth was mainly driven by robust performance in the branded pharmaceuticals segment, offsetting declines in other healthcare products and profitability pressures in parallel imports. For FY25, management expects moderate growth and margin improvement, supported by strategic initiatives and international expansion. Dermapharm maintains financial strength for targeted acquisitions, proposing a higher dividend of EUR 0.90 per share. mwb research’s analysts incorporate the final figures, introduce their estimates 27E and only fine-tune their assumptions. With an unchanged PT of EUR 45.00 the rating remains BUY. The full update can be downloaded under research-hub.de/companies/Dermapharm%20Holding%20SE

CTS Eventim reported final Q4/FY 2024 results that were in line with its solid prelims, with strong growth momentum in both the Ticketing and Live Entertainment segments in Q4, driving revenues of EUR 781m (+29% yoy), 5% ahead of consensus, and adjusted EBITDA of EUR 219m (+40% yoy). Surpassing the disappointing 9M results, a strong Q4 resulted in better-than-consensus expected FY 2024 revenues of EUR 2.8bn, up 19% yoy, and adjusted EBITDA of EUR 542m (+22% yoy), with the margins improving 40bps yoy to 19.3%. Meanwhile, CTS Eventim provided a cautious outlook for FY 2025, expecting a moderate increase in top-line and adjusted EBITDA, with Q1 anticipated to be softer and gradual improvement throughout the year. mwb research’s analysts believe CTS Eventim’s dominant market position in Europe, promising partnerships (including for ticketing services for the 2026 Winter Olympics and 2028 Summer Olympics and Paralympics), and strategic acquisitions are already reflected in valuation. mwb research’s analysts maintain their HOLD rating with a price of EUR 96.00.The full update can be downloaded under https://www.research-hub.de/companies/CTS%20Eventim%20AG%20&%20Co%20KGaA

Rational released final Q4/FY 2024 results, in line with its preliminary numbers. The company reported record-high sales of EUR 318m (+9% yoy) in Q4, benefitting from typical year-end seasonality and bringing FY 2024 revenues to EUR 1.19bn (+6% yoy). Except Asia, which witnessed a decline, and North America, where growth was modest at 4% yoy, most regions reported healthy double-digit sales growth in Q4. iVario sales performed strongly (Q4: +26% yoy), while iCombi (+6%) experienced more normalised demand trends. EBIT’s margin expanded by roughly 2pp yoy, reaching an all-time high of 27.6% on improved gross margins and strong cost control despite elevated R&D. Consequently, full-year EBIT grew 13% yoy to EUR 314m (margin of 26.3% [+1.7pp yoy]). Management remains cautiously optimistic heading into 2025 amid mounting uncertainties, guiding mid-single-digit sales growth and an EBIT margin of c.26%. While Rational’s business model is undeniably strong, mwb research’s analysts still see a limited upside from current levels, waiting for further growth catalysts to emerge. The analysts maintain their HOLD rating with a slightly lower PT of EUR 835.00. The full update can be downloaded under https://www.research-hub.de/companies/research/RATIONAL%20AG

Vossloh ended 2024 on a positive note, with rebounding sales growth and improving EBIT in Q4. The top-line grew 21% yoy to EUR 350m (9M: -7% yoy) and the EBIT surged 30% yoy to EUR 28m, with the margin improving 54bps yoy to 8.0%. Order inflows were robust at EUR 339m during the quarter, up 25% yoy, and took the full-year order intake to a record high of EUR 1.36bn (+12% yoy, book-to-bill: 1.13x), leaving the company with a comfortable order backlog of EUR 836m by end-2024. For the full year, the company reported stable yoy sales of EUR 1.21bn and 7% yoy higher EBIT at EUR 105m, both within its guidance range. Given favourable demand dynamics across most key markets, management is optimistic of delivering c. 6% yoy growth in revenues and c.9% yoy increase in EBIT for its existing business in 2025 at the mid-point of its guidance range. This is expected to be further augmented from the acquisition of French Sateba Group (consolidation likely from May). mwb research’s analysts are raising their estimates to reflect the consolidation, resulting in a higher PT of EUR 65.00 (up from EUR 60.00). However, given ongoing geopolitical risks and the stock's 23% rise since the beginning of the year, the analysts are downgrading their rating to HOLD. The full update can be downloaded under https://www.research-hub.de/companies/research/Vossloh%20AG

Formycon published its FY24 report, delivering revenues of EUR 69.7m, above guidance despite a 10% yoy decline. EBITDA stood at EUR -13.7m and adjusted EBITDA at EUR -1.6m. The bottom line was impacted by severe impairments totalling EUR 134m, tied to revised U.S. expectations for FYB202 and FYB201. FYB202 launched in the U.S. amid steep discounts, still it is seen as the key revenue driver in 2025. Meanwhile, FYB201’s U.S. marketing will pause for a year. FYB203’s launch is delayed to 2026. Revenue guidance for 2025 remains steady at EUR 55–65m. Based on these developments, mwb analysts lowered their growth projections and come to a revised PT of EUR 50.00 (prev. EUR 60.00). At this share price level the analysts maintain their BUY rating. A potential license deal for FYB206 in 2025 could trigger upfront revenues, which would generate a significant upside to the company’s outlook. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

TAKKT AG faced a challenging FY24, with organic sales down 15.4% yoy, although revised guidance was met. Adjusted EBITDA margin also declined due to diseconomies of scale and destocking. Despite this, strong cash generation was a highlight. The company is implementing its "TAKKT Forward" strategy, focusing on the Industrial & Packaging division to drive future growth. However, 2025 is expected to remain difficult due to challenging market conditions and necessary investments. While long-term potential exists, a strong near-term catalyst is lacking. Therefore, mwb research’s analysts reiterate their HOLD recommendation with an unchanged PT of EUR 8.50, as it is still too early to BUY. The full update can be downloaded under https://www.research-hub.de/companies/research/TAKKT%20AG

Suss MicroTec supported the release of its final FY24 figures with a conference call. Overall FY25 revenue growth of 10% expected at the midpoint of guidance is driven by continued strength in Photomask Solutions (10-20% growth) and moderate growth in Advanced Backend Solutions. In the latter, demand for CoWoS-related equipment remains robust, while order activity for temporary bonders for HBM continues at a lower level. Overall gross margins are expected to stabilize, with a slight pressure on the EBIT margin due to R&D and transformation costs of up to EUR 7m, including the ERP migration to SAP S/4HANA. The company remains confident on its growth trajectory, supported by a solid order book and sustained demand in Q1. mwb research’s analysts reiterate their BUY rating and price target of EUR 77.00, also supported by a significant valuation discount to peers. For more first-hand information from the company, mwb invites you to register for a roundtable on 8 April with VP IR & Communication Sven Köpsel here: https://research-hub.de/events/registration/2025-04-08-10-30/SMHN-GR. The full update can be downloaded under https://www.research-hub.de/companies/SUESS%20MicroTec%20SE

Company Name: Westwing Group SE ISIN: DE000A2N4H07   Reason for the research: Update Recommendation: BUY from: 28.03.2025 Target price: EUR 18.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Q4 review: Profitabilty gains + return to growth in FY’26e; PT up WEW released solid FY’24 r [ … ]