Equity Research

On this page you find the investment cases of our last equity research. Please read the disclaimer for our research products. Our products are written for institutional investors only. If you are an institutional investor and would like to receive our research, please send us a mail.

Verbio

Apr 25, 2022

Fair Value: €92.4 – – – – Rating: Strong Buy

Verbio’s operating development in Q3 has exceeded expectation and we now expect the company to beat the recently raised full year guidance. Moreover, we have increased our sustainable earnings expectations for coming years. In contrast, the share price has lost almost 50% due to political discussions, which we do not believe to have a material impact on the company’s earnings. Our Fair Value increases to EUR92.4 and now yields an upside of more than 100%. We thus raise our rating to Strong Buy.

Schloss Wachenheim

Apr 25, 2022

Fair Value: 22.6€ – – – – – – – Rating: Buy

Remaining on track to reach targets

Following a strong first half of the year, SWA reports stagnating sales and a slightly negative EBIT in Q3.  However, Q3 is the least important quarter so that 9M figures still show the company clearly on track to reach our forecasts and management guidance. Our fair value remains unchanged at €22.6, providing the share with an upside of more than 20%. This is backed by a similar upside to the share’s book value. We thus reiterate our Buy rating.

Basler

Mar 16, 2022

Fair Value: 110.3€ – – – – – Rating: Neutral

High order backlog secures FY22 forecast

Q1 results support our FY22 growth forecast and the high order backlog would even justify an increase in figures in normal times. However, as a result of the increased uncertainties arising from geopolitical tensions we keep our forecast constant for the time being. As a result, our fair value remains unchanged at €110.3, leaving the share fairly valued at the current price. We therefore keep our Neutral rating unchanged.