Category: Allgemein

PVA Tepla

Aug 15, 2024

Fair Value: 26.0€ – – – – – – Rating: Buy

On track for 2024 – order intake must still improve

PVA TePla has delivered a strong second quarter and remains on track to reach its guidance for FY24. While we have cut back on our even more ambitious estimates for FY24 and FY25 we remain confident that the company can accelerate growth from FY26 onwards. Our revised estimates yield a fair value of EUR26 which is still way ahead of the current share price. Against this background we believe that investors can take advantage of a current undershooting of the share.

Basler AG

Aug 12, 2024

Fair Value: €10.5 – – – – – Rating: Neutral

Q2 – earnings improve but order recovery delays

In Q2, Basler managed the expected earnings turnaround but there are still no signs of a broad recovery of demand. Management narrowed its FY24 targets to the lower end. This is in line with our estimates. We therefore keep our forecast and fair value unchanged. As this leaves little upside from the current share price our rating remains Neutral.

Schloss Wachenheim

May 8, 2024

Fair Value: 19.6€ – – – – – – Rating: Buy

Q3 shows signs of improvement

Q3 EBIT was slightly negative (€-2.2m) in this least important quarter, reducing 9M23/24 marginally to €20.7m (vs. €21.7m last year). However, the top line shows a qoq improvement and for the running quarter we expect SWA to be able to catch up on our FY2023/24 forecast. Therefore, we only adjust our working capital assumption moderately in our DCF model, which has a negligeable effect on our fair value (€19.6 vs. €19.9). The stock has thus still an upside of more than 30% and we keep our Buy rating unchanged.