TeamViewer (TMV) closed FY24 with an impressive set of numbers. Revenues of EUR 671m (+9% c.c. yoy) for the full-year exceeded slightly the upper end of its guidance (EUR 662m-668m), reflecting strong momentum in large Enterprise and Frontline deals in Q4, and the adjusted (adj.) EBITDA margin reached its guided 44% (+3ppt yoy), reflecting operational efficiency and scaled down Manchester United (MU) partnership. Following the closure of 1E acquisition on 31 January, management has guided for FY 25 proforma revenues to reach EUR 778m-797m (+5.1% to +7.7% yoy on like-for-like) basis: of which 1E: EUR 81m-85m) and adj. EBITDA margin of c.43% (flat yoy). The FY 26-FY28 targets signal to a more positive revenue trajectory, and the adj. EBITDA margin gradually reverting to 44%-45%. mwb research’s analysts include the FY24 figures, introduce their FY27 estimates and the updated mid-term targets. The analysts reiterate their BUY rating with a slightly higher PT of EUR 15.50 (old EUR 14.80). The full update can be downloaded under https://www.research-hub.de/companies/research/TeamViewer%20AG

Siemens Energy (SE) announced strong Q1 25 results that were in line with its preliminary release. The company reported a robust 17% yoy increase in revenues, driven by Grid Technologies (GT), Siemens Gamesa, and Transformation of Industry (TI). Profit excluding special items (ex-SI) more than doubled yoy, with margin improvements across all segments and narrowing losses at Simens Gamesa. The book-to-bill ratio of 1.53x was highly impressive. Also, robust free cash flow (pre-tax) generation of over EUR 1.5bn during the quarter was encouraging. Following a solid start to the year, management reiterated its guidance for FY 25 and confirmed its medium-term targets. That said, the share price has recently been highly volatile, mainly due to developments in the AI infrastructure and news surrounding it. mwb research’s analysts believe the high expectations are already priced in. mwb research’s analysts slightly adjust their estimate and increase their price target to EUR 50.00 (old: EUR 45.00) but downgrade their rating to SELL from HOLD. The full update can be downloaded under https://www.research-hub.de/companies/Siemens%20Energy%20AG

tk nucera delivered strong Q1 24/25 results (FY ending September 30), with revenue growing by 27%, driven by solid performance in both the Green Hydrogen (AWE) and Chlor-Alkali (CA) segments. EBIT surpassed consensus expectations but was in line with mwb research’s forecasts, reflecting efficient project execution. While order intake declined yoy due to weaker green hydrogen demand, it was slightly above consensus expectations. Management reaffirmed its full-year 24/25 guidance, anticipating growth from the existing order backlog. With a strong pipeline of projects in Oman, the US, and Spain, the company is well-positioned for long-term expansion. Additionally, its solid cash position and continued investments in R&D provide a strong foundation to capitalize on the expected market rebound and future growth in green hydrogen. mwb research’s analysts remain confident in its long-term prospects and reiterate their BUY rating with an unchanged PT of EUR 14.50, based on conservative estimates. The full update can be downloaded under https://www.researchhub.de/companies/thyssenkrupp%20nucera%20AG%20&%20Co%20KGaA

Cancom released its preliminary FY24 numbers, with revenues and EBITDA coming near the higher-end and at the lower-end of the guidance range, respectively. The top line grew 14% yoy to EUR 1.74bn during the year (Q4: +5% yoy at EUR 484m), registering a slight 1% beat vs consensus. However, EBITDA declined 2% yoy to EUR 113m and fell 5% short of market expectations, which translates to an 18% miss on Q4’s EUR 27m EBITDA (-32% yoy). For FY24, the EBITDA margin deteriorated by 1.1ppt yoy to 6.5% (Q4: -3ppt yoy to 5.5%), indicating to persistent inflationary pressure and high operating overheads. Macro and political uncertainties in key markets are likely to keep results under pressure in the near term and mwb research’s analysts expect a cautious outlook for FY25. That said, the analysts believe, Cancom’s strong position - being the #5 in the DACH region, good M&A track record, strategic investments in high-growth IT sectors such as cloud computing, cybersecurity, and AI and an improving revenue mix should support its long-term growth story. mwb research’s analysts are just fine-tuning their model assumptions with only marginal impact. Hence, the analysts reiterate their BUY rating with a slightly higher PT of EUR 29.50 (old EUR 28.50). The full update can be downloaded under https://www.research-hub.de/companies/Cancom%20SE

At mwb research’s “Focus on IT” conference, CFO Marlene Carl presented CHAPTERS Group’s sharpened focus on mission-critical digital solutions, with digital revenues growing from 41% in 2022 to 86% per 2024, targeting 100% by 2027. Carl highlighted the “Manuscript Method”, a decentralized management strategy that empowers platform heads while maintaining alignment across the group. This approach, paired with a disciplined M&A strategy, positions CHAPTERS for sustained growth. In line with this, the announced acquisition of PSI Transcom expands CHAPTERS’ footprint in mobility solutions. With a revised price target of EUR 34.00 (old: EUR 28.00), the analysts maintain their BUY recommendation, recognizing the company’s strong growth trajectory. You can access a recording here: https://research-hub.de/events/video/2025-02-04-15-30/CHG-GR. The full update can be downloaded under https://www.research-hub.de/companies/CHAPTERS%20Group%20AG

Bayer received EU marketing authorization for Beyonttra (acoramidis) to treat transthyretin amyloidosis with cardiomyopathy (ATTR-CM), following positive Phase III results showing reduced mortality and hospitalizations. This oral drug stabilizes transthyretin and slows disease progression, complementing its U.S. FDA approval in November 2024. Bayer holds exclusive marketing rights for Beyonttra in Europe, with a launch expected in early 2025. The approval strengthens Bayer’s pharma portfolio amid revenue pressures, positioning it to compete with Pfizer’s Vyndaqel and capture share in the growing ATTR-CM market, projected to reach EUR 5bn by 2030 in EU alone. Despite financial challenges, Bayer’s successful R&D execution with Beyonttra underscores its strategic focus on high-margin specialty and rare diseases, positioning the company for a strong return to growth in its pharmaceutical segment by 2027. mwb research’s analysts maintain their BUY with an unchanged PT of EUR 31.00. The full update can be downloaded under https://www.research-hub.de/companies/Bayer%20AG

Verbio SE announced better-than-expected Q2 24/25 results, with revenues down yoy but EBITDA exceeding forecasts. The Biodiesel segment showed stable sales and strong EBITDA growth, driven by favorable rapeseed oil margins. In contrast, the Bioethanol/Biomethane segment saw a revenue drop and a larger EBITDA loss, impacted by lower prices and changes in financial assets. Verbio revised its FY24/25 EBITDA guidance in January due to technical issues at its US facility and ongoing pressure from low GHG prices. The company now expects mid-double-digit EURm in EBITDA. Despite these hurdles, management remains optimistic about a 2025 recovery, driven by growing demand for CO2 savings and stricter regulations outside Europe. Verbio’s long-term outlook remains positive, with US expansion a key growth driver. mwb research’s analysts maintain their BUY rating with a PT of EUR 16.00. Register here to join the earnings call today at 14:00 (MEZ): https://research-hub.de/events/registration/2025-02-12-14-00/VBK-GR. The full update can be downloaded under https://www.research-hub.de/companies/Verbio%20SE

Ceconomy began FY24/25 with strong momentum, outperforming the market. While underlying growth was fueled by solid performances in brick-and-mortar and online channels, with Retail Media and Marketplace scaling rapidly, new Xpress and Smart stores and acquisitions in Germany and Switzerland expanded the company’s footprint. Operating profit improved through better cost control, with DACH leading and Italy showing recovery. Despite challenges in Poland, Ceconomy is addressing competitive pressures. Effective inventory management boosted free cash flow, supporting strong holiday sales. While the FY outlook has been confirmed, Ceconomy remains on a solid path. mwb research’s analysts raise their price target to EUR 3.75 (EUR 3.50) and maintain their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Ceconomy%20AG

Amadeus Fire reported prelim. results for Q4/FY24, showing resilience (FY revenues down only 1.2% yoy) in the face of challenging economic conditions. However, Q4 showed a more pronounced decline of 11% yoy, highlighting the ongoing (and deteriorating) negative sentiment among German businesses and political uncertainties. The operating gross profit margin declined by 80 bps to 54.2%, resulting in a 3% yoy decline in operating gross profit. Nevertheless, EBITA declined by c. 21% yoy to EUR 55.5m, slightly below the company's guidance of EUR 58m, as Amadeus has limited scope to adjust costs, and if so, only with a time lag. Looking ahead, the negative sentiment in Germany is likely to persist, potentially setting the company up for another weak financial year. However, bold investors should be able to capture some upside optionality, as the analysts of mwb research believe most of the weaknesses are already priced into Amadeus' share price. The analysts therefore reiterate their BUY rating with an unchanged PT of EUR 105.00. The full update can be found on https://www.research-hub.de/companies/Amadeus%20FiRe%20AG

Nemetschek’s Investor Relations manager, Patrick Horch, participated in mwb research’s well-attended ‘Focus on IT’ conference, providing insights into the company’s latest business developments. A recording of the presentation can be found here: mwb research | Digital ResearchHub | Equity Research. Nemetschek is capitalizing on the digital transformation of the construction and design software industry, leveraging AI integration and a diversified revenue base across key segments. Preliminary FY24 results show a 17% yoy revenue increase to EUR 996m, driven by strong organic growth and the GoCanvas acquisition, with recurring revenues now exceeding 86% due to the transition to SaaS. The successful integration of GoCanvas reduces the dependency on European markets and is expected to improve profitability in the medium term. Despite the price target increase to EUR 117.00 (old EUR 110.00), the HOLD rating is maintained due to limited near-term catalysts and a rich valuation. The full update can be downloaded under https://www.research-hub.de/companies/research/Nemetschek%20SE