Atoss Software reported Q4 and FY24 prelims. Revenues came in at EUR 44.7m during the final quarter, up 9.3% yoy, falling short of consensus by c.3%. However, EBITDA and EBIT surpassed consensus by 13% and 16%, respectively, on prudent cost management and the deferral of certain investments. Overall performance in Q4 was again driven by the SaaS business, with revenues from cloud/subscription up 35% yoy and maintenance increasing 8% yoy. Meanwhile, EBIT grew 17.2% yoy to EUR 17.7m in Q4, translating to a margin expansion of 2.7ppt yoy to 39.5%. Atoss’s revenue outlook for 2025 of EUR 170m has been reiterated. Beyond, revenue is expected to grow at a minimum 13.0% yoy CAGR over 2025-2027 and c.18.0% CAGR thereafter until 2030 to reach EUR 400m, driven by product innovation and international expansion. The EBIT margin is expected to be modest at >31.0% in 2025, owing to higher product development and sales resource costs, and thereafter gradually improve to >35%. With the medium-term outlook being more back-end loaded, mwb research’s analysts stick to their HOLD rating, however at a higher PT of EUR 120.00 (old: EUR 116.00). The full update can be downloaded under https://www.research-hub.de/companies/ATOSS%20Software%20SE

Starting this month, Claus Holst-Gydesen will join Circus as Co-CEO for Global Expansion and Strategy, working alongside founder and CEO Nikolas Bullwinkel. Holst Gydesen brings extensive international management experience, most recently for a decade as CEO of Viega, a global market and technology leader in the installation industry with locations worldwide and revenues of c. EUR 2bn. Given the scale and pace of Circus' planned international expansion, Holst-Gydesen's international experience and track record should be a great asset. As a reminder: Circus is transforming the food service industry with its fully autonomous robotic kitchen and proprietary AI software, driving significant cost savings and operational efficiency. With an estimated market opportunity of over 80 million locations and pre-orders worth EUR 1.8bn, demand is very strong, and growth will be dictated by manufacturing capacity. Circus offers investors a rare opportunity to back a true game-changer in an industry that is larger than the global automotive market and ripe for disruption. For a first-hand update, register here for mwb research’s online roundtable with CEO Nikolas Bullwinkel and CFO Fabian Becker this Wednesday: https://research-hub.de/events/registration/2025-02-05-13-30/CA1-GR. BUY, PT EUR 75.00. The full update can be downloaded under https://research-hub.de/companies/circus-se

Amadeus Fire has faced significant challenges in 2024 due to the prolonged recession in Germany, which was particularly evident in Q3. As a result, the company's 9M24 results were mediocre, leading to two downward revisions of its FY24 guidance. The economic downturn has severely impacted Amadeus Fire's core businesses, with temporary staffing and permanent placement down 6.7% and 9% yoy respectively. The company now expects consolidated operating EBITA for FY24 to be in the region of EUR 58m, down from the original guidance of EUR 74-80m. While Amadeus Fire is likely to meet its revised targets for 2024, upside surprises are unlikely. Looking ahead to FY25, the current estimates may be overly optimistic as the ongoing negative sentiment and lack of tangible improvement points to a challenging year ahead. As a result, mwb research’s analysts adjust their estimates and lower their PT to EUR 105.00 (previously EUR 110.00). However, the analysts reiterate their BUY rating based on a 30% upside to their new PT. The full update can be downloaded under https://www.research-hub.de/companies/Amadeus%20FiRe%20AG

With the approval of the Supervisory Board, the Management Board of Abo Kraft & Wärme has decided to terminate the listing of the shares on the open market of the Düsseldorf Stock Exchange as of July 30, 2025, without planning a follow-up listing on another stock exchange. Trading is expected to be severely restricted from August, as a theoretically possible continuation of trading by the Hamburg Stock Exchange is considered unlikely due to the low market capitalization and liquidity. Even if trading were to continue in Hamburg, low trading volumes and high volatility can be expected. In addition, transparency and disclosure obligations will no longer apply after delisting, meaning that investors will be less well informed. Due to these disadvantages, mwb research’s analysts recommend to SELL the shares, as the fair value the analysts have calculated (EUR 1.60) is hardly relevant after the delisting. Holding the share is only an option for investors who are prepared to accept the considerable restrictions after delisting. The full update can be downloaded under https://www.research-hub.de/companies/ABO%20Kraft%20&%20W%C3%A4rme%20AG

Company Name: Swissnet AG ISIN: CH0451123589   Reason for the research: Update Recommendation: Buy from: 03.02.2025 Target price: EUR 20.00 Last rating change: Analyst: Philipp Sennewald Merger finalized / Strong current trading Topic: In January, Swissnet finalized the merger and rebranding into Swissnet Group. Moreover, the com [ … ]

4Q 2024 organic (org.) revenue growth was dull at +0.9% yoy, 4.2ppt below consensus, and was severely impacted by hyperinflationary FX pricing-related accounting adjustments. However, excluding this, org. revenue growth was at 5.9% yoy. Full-year 2024 org. sales grew by 8.1% (ex-hyperinflation impact), in line with guidance of >7.0%. Strong sales momentum in fine fragrances, cosmetic ingredients, savory, sweet & beverages and pet food and recovery in aroma molecules contributed to the dynamic top-line increase. EBITDA grew 14% yoy to EUR 1.03bn (a 1% beat) on a normalised base (margin: 20.7%, +1.6ppt yoy), supported by growth in high-margin businesses and efficiency gains. Management reiterated its guidance for FY 2025, expecting org. revenue growth of 5%-7% yoy, an EBITDA margin of 20%-23%, and business FCF of c.14% of sales. Symrise’s growth targets are solid, building on 2024’s momentum, while its strong market position and high-margin portfolio back management’s upbeat outlook. That said, with the stock already fairly priced, the upside looks capped. mwb research’s analysts stick to their HOLD rating and EUR 105.00 PT. The full update can be downloaded under https://www.research-hub.de/companies/research/Symrise%20AG

TUI will release its FQ1 25 results on 11 February. mwb research’s analysts expect a 7.1% revenue increase to EUR 4,610m and a slightly positive underlying EBIT of EUR 22m (0.5% margin), driven by strong bookings and higher ASPs for Winter 24/25. While Markets & Airlines should benefit from strong demand in Germany post-FTI bankruptcy, Hotels & Resorts are expected to gain from rising occupancy and rates, while Cruises may see strong supply growth but weaker occupancy. As usual, FQ1 will have seasonally negative cash flow (~EUR -1.7bn FCF), but TUI remains on track to improve its net debt (EUR 1.6bn in FY24) and leverage (0.8x EBITDA), possibly leading to a credit rating upgrade soon. With positive momentum for FY25 mwb research’s analysts reiterate their BUY recommendation with a price target of EUR 16.00. The full update can be downloaded under https://www.research-hub.de/companies/TUI%20AG

Company Name: Borussia Dortmund GmbH & Co KGaA ISIN: DE0005493092   Reason for the research: Update Recommendation: Buy from: 31.01.2025 Target price: EUR 5.50 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Final TV marketing distribution released; New HC incomingTopic: Following the award [ … ]

Recent concerns regarding Aixtron have centered on the SiC market which is facing challenges due to overcapacity and weaker EV demand. However, the situation might be improving faster in the market for GaN power semiconductors, where Aixtron holds a 90% market share in epitaxy equipment (compared to 37% in SiC). According to a new study published by Infineon, GaN adoption is expected to accelerate in 2025 in diverse industries, including robotics, home appliances, residential solar and energy storage systems, 5G telecom base stations, AI data centers, and even EVs. With a projected 41% CAGR (2023-2029) for GaN power devices, a new investment cycle could be on the horizon, positioning Aixtron as a key beneficiary. mwb research reiterates the BUY recommendation with a target price of 20.50. On 08 April, we will host an online roundtable with Aixtron, register here: https://research-hub.de/events/registration/2025-04-08-12-00/AIXA-GR. The full update can be downloaded under https://www.research-hub.de/companies/AIXTRON%20SE

Mister Spex SE reported preliminary results for FY24, in line with mwb research’s expectations and its own guidance, despite a transformational year. The company's net revenues declined by 3% yoy to EUR 216m, with a notable 2% like-for-like growth in the core German market. The adjusted EBITDA margin also remained within the guidance range of +1% to -4%, ultimately turning negative due to ongoing transformation efforts and strategic cost management. Key highlights of the financial year included a year-end cash position of over EUR 70m and a 12% increase in average order value for prescription eyewear, with a remarkable 30% yoy jump in Q4. Looking ahead, Mister Spex will focus on improving the profitability of its German stores, streamlining operating costs, strengthening its brand expertise, and improving cash flow. mwb research’s analysts reiterate their BUY rating with a new PT of EUR 4.00 (old EUR 5.00), as they further adjust their estimates.The full update can be downloaded under www.research-hub.de/companies/Mister%20Spex%20SE