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 [ … ]

Kontron reported a solid financial performance in 2024, with significant increases in revenues and profitability, mainly driven by contribution from the recently consolidated Katek SE. The top-line in Q4 witnessed a 22% yoy increase to EUR 477m, while EBITDA grew an impressive 67% yoy to EUR 50m (margin: +2.9ppt yoy to 10.6%), reflecting Kontron’s focus on high-margin segments such as Software + Solutions, as well as operational efficiencies achieved through streamlining and cost optimisation. Full-year order intake was strong with a book-to-bill ratio of 1.23x, while backlog stood at a notable EUR 2.1bn. Management confirmed its FY25 guidance, expecting revenues to grow to EUR 1.9bn-2.0bn (+16% yoy at the mid-point) and EBITDA to increase by at least 15% yoy. The company's strategic focus on IoT, synergies from Katek, impressive order book and emphasis on operating efficiency – including a reduction in unprofitable orders – are expected to drive further growth. mwb research’s analysts broadly maintain their estimates. The analysts reiterate their BUY rating at an unchanged price target of EUR 35.00. The full update can be downloaded under: https://www.research-hub.de/companies/research/Kontron%20AG

Mister Spex has released its final FY24 results, showcasing a period defined by the implementation of the "SpexFocus" transformation and restructuring program initiated in summer 2024. The program is strategically designed to bolster long-term cash generation through cost optimization, portfolio rationalization, and margin expansion. While FY24 reflects the transitional impact of these initiatives, the company anticipates a return to sustainable, profitable growth trajectory. mwb research incorporates the FY24 results into its model and introduces FY27 estimates. In addition, the analysts are aligning their FY25 estimates with company guidance. mwb research maintained their BUY rating with unchanged PT of EUR 4.00 largely due to improvements visible in executing its restructuring program and given the significant amount of cash the company has at hand. The full update can be downloaded under www.research-hub.de/companies/Mister%20Spex%20SE

Symrise's FY24 annual report reaffirms prelims and highlights yet another year of market outperformance, with organic sales growth of 8.7% exceeding its long-term targets of 5-7% and an EBITDA margin expansion of 1.6pp to 20.7%, all while continuing to deliver sustainable value to shareholders, marking the 15th consecutive year of increasing its dividend to EUR 1.20 (+9% yoy). The company’s 'ONE Symrise' strategy remains central to its approach, driving synergies across business units and focusing on high-growth areas like health & wellness. The 'ONE Innovation Ecosystem' will fuel product development, while 'ONE CARE' consolidates expertise to deliver holistic health and well-being solutions. Meanwhile, operational efficiencies and disciplined pricing are expected to continue supporting profitability. Looking ahead, Symrise has reaffirmed its FY25 outlook, targeting 5-7% organic sales growth and EBITDA margins of 21-23%, underpinned by a solid 14% business free cash flow. mwb research’s analysts believe that Symrise is primed to unlock further value in 2025, riding the momentum of its remarkable execution in 2024. The analysts reiterate their BUY rating and target price of EUR 110.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Symrise%20AG