Masterflex SE presents Annual Report 2024 + Dermapharm increases revenue and exceeds EBITDA forecast + Demand remains unbroken at CTS EVENTIM + Secunet Security Networks plans further growth

Masterflex SE $MZX (-6,92 %)presents annual report 2024

• Record operating result achieved despite challenging economic environment
• Group revenue at EUR 98.1 million (previous year: EUR 101.1 million)
• Record EBITDA of EUR 18.2 million (previous year: EUR 17.9 million) and operating EBIT of EUR 12.7 million (previous year: EUR 12.6 million) achieved
• Operating EBIT margin improved again to 13.0% (previous year: 12.4%)
• Balance sheet quality significantly improved with an equity ratio of 67.7% (previous year: 61.5%)
• Dividend of EUR 0.27 per share planned for 2024 (previous year: EUR 0.25)
• Liabilities to banks reduced by 25%
• Forecast for 2025: sales of EUR 100 million to EUR 105 million and EBIT of between EUR 12 million and EUR 15 million expected

Dermapharm $DMP (-1,73 %)increases sales and exceeds EBITDA forecast

• Group sales increase by 4.0 % to EUR 1,180.8 million
• Group EBITDA (unadjusted) increases by 10.2 % to EUR 308.9 million, unadjusted EBITDA margin is 26.2
• EBITDA (adjusted) of EUR 315.6 million corresponds to an adjusted EBITDA margin of 26.7 %, the adjustments of EUR 6.7 million are significantly lower than in 2023
• For the current financial year, Dermapharm expects further adjusted EBITDA growth at Group level to EUR 322 million to EUR 332 million with revenue of EUR 1,160 million to EUR 1,200 million and an improved EBITDA margin
• The Management Board will propose to the Annual General Meeting the payment of a dividend of 90 cents per share for the past financial year

At CTS EVENTIM $EVD (-2,57 %)demand is unbroken

• Demand is unbroken, says Eventim CEO Klaus-Peter Schulenberg to the Frankfurter Allgemeine Zeitung (FAZ).
• "Eventim will continue to grow this year and is aiming for double-digit growth."
• With an adjusted EBITDA margin of 6.4 percent in the live sector, the company is a leader among global providers.
• "A year-on-year comparison is always difficult.
• Fluctuations are also related to the fact that event expenses are booked as costs long before the events.
• Income, on the other hand, is only booked after the event has taken place.
• Fluctuations are therefore inevitable.
• As a rule, however, we should achieve a margin of between 6 and 8 percent."
• The cost curve is flattening somewhat, while on the revenue side, efforts are being made to keep the base prices for group tickets stable.

Secunet Security Networks $YSN (-9,92 %)wants to grow further

• The IT security company Secunet Security Networks wants to continue to grow in the current year.
• The company, which has been listed on the small-cap index SDax since the beginning of the week, announced on Friday that turnover is set to increase by just under five percent to around 425 million euros.
• The profit margin before interest and taxes should be between 9.5 and 11.5 percent.
• The market environment remains challenging, particularly in the public sector in Germany, due to the formation of a government following the federal elections.
• However, the order backlog at the beginning of the year is already higher than in the previous year.
• In addition, Secunet CEO Axel Deininger expects demand for security solutions to remain strong, "which should be particularly visible in the second half of the year."
• Secunet confirmed preliminary figures for the past year.
• Turnover rose from 393.7 million euros in the previous year to 406.4 million euros.
• At 42.5 million, earnings before interest and taxes (EBIT) were just below the previous year's level.
• The operating margin amounted to 10.5 percent.
• Below the line, Secunet earned 27.9 million euros after 29.0 million euros in 2023.
• Secunet had already announced a change of CEO in the coming year last Wednesday.
• Deininger's contract will not be extended beyond the regular expiry date of December 31, 2025.
• Marc-Julian Siewert is to be appointed to the Management Board from July and will then also be Deininger's designated successor.
• Secunet claims to be Germany's leading cybersecurity company and specializes in cloud security, among other things.
• Secunet's customers include federal ministries and more than twenty DAX-listed companies.

Friday: Stock market dates, economic data, quarterly figures

• ex-dividend of individual stocks
• Sartorius Vz. 0.74 EUR
• Sartorius St. EUR 0.74
• Swisscom 22.00 CHF
• British American Tobacco USD 0.75

• Quarterly figures / Company dates Europe
• 06:45 Basler annual result
• 07:30 Dermapharm | Dürr | GFT Technologies | Sixt Annual results
• 07:55 Energiekontor annual results
• 08:00 Secunet Security | Wüstenrot & Württembergische Annual results/
• 09:00 Wüstenrot & Württembergische Analyst Conference
• 11:00 Basler Investor Conference | HSBC Holdings Extraordinary General Meeting
• 13:00 Holcim Capital Markets Day
• 18:00 Deutsche Euroshop Annual Results

• Economic data

08:00 DE: GfK consumer climate indicator FORECAST: -22.5 points previously: -24.7 points | Employment February

08:00 UK: GDP (2nd release) 4Q PROGNOSE: +0.1% yoy/+1.4% yoy | Trade Balance January PROGNOSE: n.a. previous: -17.4 bn GBP

08:45 FR: Private consumption February FORECAST: n/a previous: -0.5% yoy/+0.4% yoy | Consumer prices (preliminary) March FORECAST: +0.4% yoy/+1.0% yoy previous: 0.0% yoy/+0.8% yoy

09:00 ES: HICP and consumer prices (preliminary) March HICP PROGNOSIS: n/a previous: +2.9% yoy

09:55 DE: Labor market data March seasonally adjusted unemployment rate FORECAST: +10,000 yoy previously: +5,000 yoy Unemployment rate seasonally adjusted FORECAST: 6.2% previously: 6.2%

10:00 EU: ECB, February consumer survey results

11:00 EU: Economic Sentiment Index March Eurozone Economic Sentiment Forecast: 97.0 Previous: 96.3 Industrial Confidence Eurozone Forecast: -10.6 Previous: -11.4 Consumer Confidence Eurozone Advance Estimate: -14.5 Previous: -13.6| Business Climate Index Eurozone March

13:30 US: Personal Spending and Income February Spending / Income FORECAST: +0.5% yoy/+0.4% yoy previous: -0.2% yoy/+0.9% yoy PCE Price Index / Total Rate FORECAST: +0.3% yoy/+2.5% yoy previous: +0.3% yoy/+2.5% yoy PCE price index / core rate PROGNOSE: +0.3% yoy/+2.7% yoy PREV: +0.3% yoy/+2.6% yoy

14:00 DE: ECB Governing Council member Nagel, participation in panel discussion on "Inflation expectations and reality: implications for the last mile of disinflation"

15:00 US: Consumer Sentiment Index Uni Michigan (2nd survey) March PROGNOSIS: 57.9 1st survey: 57.9 previous: 64.7

The ticket seller and concert organizer CTS Eventim
$EVD (-2,57 %)
is increasing its dividend sharply and expects only moderate revenue and profit growth for the current year. Net profit after minority interests rose by 16 percent to 318.9 million euros in 2024, as the company announced in Munich on Thursday. The dividend is to be increased by the same percentage to 1.66 (1.43) euros.

In 2025, the highly profitable ticket business in particular is expected to boost sales: "Assuming stable overall economic development", moderate growth in sales and adjusted operating profit is expected in the Group. The number of individual tickets sold - 147.2 million in 2024 - is expected to increase significantly. In live entertainment, i.e. concerts, festivals and musicals, revenue and profits are expected to stagnate after last year's boom. CTS Eventim had already announced preliminary figures for 2024 in January: Revenue rose by 19 percent to 2.81 billion euros and adjusted EBITDA by 22 percent to 542.2 million.

Source: Handelsblatt

Berenberg downgrades BASF to 'Hold' + Norma needs new CEO + Valneva expects sales between EUR 180-190m for 2025 + CTS EVENTIM with record earnings in 2024

Berenberg downgrades BASF $BAS (-5 %)to 'Hold' because 'peace is almost priced in'

• The private bank Berenberg has raised its price target for BASF from EUR 50 to EUR 52, but downgraded the shares from "Buy" to "Hold".
• Peace in Ukraine would be favorable for falling gas prices, but is already largely priced in after the rally of recent weeks, wrote analyst Sebastian Bray in his reassessment on Monday evening.
• There would also not necessarily be a rapid return to the price level before Russia's attack.
• In addition, the silence of the weapons would not change the sluggish growth in China, where the Ludwigshafen-based company is particularly active

Norma $NOEJ (-12,21 %)needs a new boss - Grandi resigns over strategy differences

• The automotive supplier and fastening technology specialist Norma Group has to look for a new boss.
• CEO Guido Grandi has resigned from his position on the Management Board at the end of February 17, 2024 due to strategic differences regarding the future direction of the company, the company announced late Monday evening.
• The current Chairman of the Supervisory Board, Mark Wilhelms, will lead Norma for the transitional period of a maximum of one year.
• His position will be temporarily filled by Kerstin Müller-Kirchhofs.

Valneva $VLA (-16,42 %)expects sales of between EUR 180-190 million for 2025

• Reports preliminary unaudited revenues and cash for 2024 and provides outlook for 2025
• Has achieved growth targets for 2024 with revenues (+13% vs. 2023) and total revenues (+10% vs. 2023)
• Outlook for 2025: revenue to increase to EUR 170-180 million
• Reports cash and cash equivalents of EUR 168.3 million at the end of the year
• Total revenue amounted to EUR 169.6 million for the year ending December 31, 2024
• Cash and cash equivalents of EUR 168.3 million as at December 31, 2024
• Outlook 2025: Total revenue expected to be between EUR 180 million and EUR 190 million, investments in research and development between EUR 90 million and EUR 100 million
• Expected research and development investments between 90-100 million in 2025

CTS EVENTIM $EVD (-2,57 %): Record result 2024

• Based on the preliminary figures for the 2024 financial year, CTS EVENTIM AG & Co. KGaA continues to record dynamic growth in all business segments.
• The very strong fourth quarter of 2024 ensured that the Group achieved new record figures for revenue and earnings.
• Group sales increased by 19.1% to EUR 2.809 billion in the 2024 financial year compared to the previous year (EUR 2.359 billion).
• This strong growth was driven by both the Ticketing and Live Entertainment segments.
• Adjusted Group EBITDA for 2024 amounted to EUR 542.2 million, compared to EUR 444.8 million in the same period of the previous year.
• A significant increase of 21.9%.

Tuesday: Stock market dates, economic data, quarterly figures

• ex-dividend of individual stocks
• Archer Daniels Midland Company USD 0.51
• EQT USD 0.16
• United Parcel Service Registered (B) USD 1.64

• Quarterly figures / company dates USA / Asia
• 00:30 BHP Group half-year figures

• Quarterly figures / Company dates Europe
• 07:00 Capgemini | Elmos Semiconductor Quarterly figures
• 08:00 Jost Werke preliminary annual results
• 10:00 Siemens Healthineers AGM

• economic data

08:00 UK: Labor market data January unemployment rate 3 months (ILO) FORECAST: 4.5% previous: 4.4%

11:00 DE: ZEW Economic Sentiment Index February FORECAST: 20.0 points previously: 10.3 points Economic situation FORECAST: -89.2 points previously: -90.4 points

14:30 US: Empire State Manufacturing Index February FORECAST: -1.0 previous: -12.6

15:00 EU: ECB Director Cipollone, speech at MNI conference on "The ECB's Balance Sheet Policies and Implications" in the Current Economic Context

19:00 US: Fed Vice-Chairman Barr, interview on "Artificial Intelligence in the Economy and Financial Stability"

Bitcoin briefly below $90,000 again + UBS launches CTS Eventim with 'Buy' and target of 100 euros + PORSCHE with declines in China business

The Bitcoin $BTC (+0,42 %)continues recovery

• Bitcoin has continued its recovery from the previous evening, clearly rebounding from Monday afternoon's low.
• On the Bitstamp trading platform, the oldest and best-known cryptocurrency was trading at around 95,000 dollars on Tuesday morning.
• On Monday afternoon, the price had temporarily fallen to almost 89,000 dollars, but was already able to recover in the course of the evening.

CTS Eventim $EVD (-2,57 %)with a target price of €100 (currently €86)

• The major Swiss bank UBS has issued a "buy" rating for CTS Eventim shares with a target price of €100.
• "The show can go on," said analyst Olivier Calvet on Monday evening in his buy recommendation for the event organizer and ticket retailer.
• Three years of strong recovery from the coronavirus pandemic made for ambitious comparative figures.
• However, the UBS Live Event Ticket Transaction Monitor continues to signal enormous demand for music events, especially in Germany.
• And prices are continuing to rise.

PORSCHE $P911 (-4,36 %)with declines in business in China

• Parallel launches of several models and problems with suppliers are presenting the luxury sports car manufacturer Porsche with a massive cost problem.
• As Handelsblatt has learned from Group circles, Porsche had to save more than 1.5 billion euros in 2024 alone, originally estimated internally at 600 million euros.
• This enabled Porsche to absorb some of the additional costs, which according to insiders amounted to at least 4 billion euros compared to the previous year.
• Share price continues to rise

Tuesday: Stock market dates, economic data, quarterly figures

• ex-dividend of individual stocks

Kering EUR 2.00

• Quarterly figures / company dates Europe

07:30 Südzucker quarterly figures | OMV trading update 4Q | Lindt & Sprüngli annual sales

11:00 VW sales figures 2024 and 4Q

18:00 Repsol annual results and trading statement 4Q

• Economic data

14:30 US: Producer prices December FORECAST: +0.3% yoy previous: +0.4% yoy Core rate (excluding food and energy) FORECAST: +0.3% yoy previous: +0.2% yoy

16:00 US: Fed President Schmid, speech at Central Exchange

21:05 US: New York Fed President Williams, speech at "An Economy That Works for All" event

Analyst updates, 05.12.

⬆️⬆️⬆️

• HSBC upgrades SIEMENS to Hold. Target price EUR 185. $SIE (-7,45 %)
• DEUTSCHE BANK RESEARCH raises the price target for MUNICH RE from EUR 450 to EUR 535. Hold. $MUV2 (-6,68 %)
• DEUTSCHE BANK RESEARCH raises the price target for HANNOVER RÜCK from EUR 255 to EUR 294. Buy. $HNR1 (-5,85 %)
• DEUTSCHE BANK RESEARCH raises the price target for TALANX from EUR 70 to EUR 76. Hold. $TLX (-7,19 %)
• JEFFERIES raises the price target for ORACLE from 190 USD to 220 USD. Buy. $ORCL (-5,9 %)
• HAUCK AUFHÄUSER IB raises the target price for MTU from EUR 264 to EUR 280. Sell. $MTX (-9,58 %)
• BARCLAYS upgrades AUTO1 from Equal-Weight to Overweight and raises target price from EUR 9 to EUR 19. $AG1 (-14,21 %)
• JPMORGAN raises the price target for HELLOFRESH from EUR 14 to EUR 16. Overweight. $HFG (-6,83 %)
• JPMORGAN raises the target price for DELIVERY HERO from EUR 42 to EUR 55. Overweight. $DHER (-3,15 %)
• JPMORGAN raises the price target for CTS EVENTIM from EUR 104 to EUR 112. Overweight. $EVD (-2,57 %)
• JPMORGAN raises the target price for SCOUT24 from EUR 92 to EUR 105. Overweight. $G24 (-5,81 %)
• JPMORGAN raises the target price for JUST EAT TAKEAWAY from GBP 16.02 to GBP 18.32. Overweight. $TKWY (-1,68 %)
• JPMORGAN upgrades DELIVEROO from Neutral to Overweight and raises target price from GBP 1.70 to GBP 1.92. $ROO (-2,79 %)
• JPMORGAN raises the price target for HEIDELBERG MATERIALS from EUR 150 to EUR 151. Overweight. $HEI (-6,75 %)
• JPMORGAN raises the price target for FRAPORT from EUR 49 to EUR 59. Neutral. $FRA (-2,89 %)

⬇️⬇️⬇️

• METZLER lowers the price target for HYPOPORT from EUR 220 to EUR 185. Sell. $HYQ (-7,49 %)
• ODDO BHF lowers the target price for SCHOTT PHARMA from EUR 38 to EUR 37. Outperform. $1SXP (-6,44 %)
• BARCLAYS lowers the target price for RIO TINTO from GBP 61 to GBP 60. Overweight. $RIO (-6,32 %)
• JPMORGAN downgrades STRÖER from Overweight to Neutral and lowers target price from EUR 79 to EUR 57. $SAX (-7,66 %)

Analyst updates, 28.11.

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- HAUCK AUFHÄUSER IB raises the price target for ECKERT & ZIEGLER from EUR 55 to EUR 56.50. Buy. $EUZ (-11,31 %)

- EXANE BNP raises the target price for FREENET from EUR 30 to EUR 34. Outperform. $FNTN (-5,99 %)

- HAUCK AUFHÄUSER IB raises the price target for NORTHERN DATA from EUR 45 to EUR 52. Buy. $NB2 (-3,03 %)

- WARBURG RESEARCH raises the price target for PATRIZIA from EUR 9.80 to EUR 9.90. Buy. $PAT (-6,36 %)

- DEUTSCHE BANK RESEARCH raises the price target for EASYJET from GBP 6.70 to GBP 7.15. Buy. $EZJ (-3,86 %)

- EXANE BNP upgrades TRATON to Outperform. Target price EUR 35. $8TRA (-8,68 %)

- JPMORGAN raises the price target for CTS EVENTIM from EUR 101 to EUR 104. Overweight. $EVD (-2,57 %)

⬇️⬇️⬇️

- BRYAN GARNIER lowers the price target for LVMH from EUR 800 to EUR 770. Buy. $MC (-4,14 %)

- KEPLER CHEUVREUX lowers the price target for PORSCHE SE from EUR 48 to EUR 47. Buy. $PAH3 (-3,65 %)

- DEUTSCHE BANK RESEARCH lowers the price target for SYMRISE from EUR 130 to EUR 125. Buy. $SY1 (+0,31 %)

- WARBURG RESEARCH lowers the price target for ABO ENERGY from EUR 114 to EUR 110. Buy. $AB9 (-2,14 %)

- EXANE BNP lowers the target price for 1&1 from EUR 15 to EUR 12. Neutral. $1U1 (-9,33 %)

- EXANE BNP lowers the price target for UNITED INTERNET from EUR 20 to EUR 17. Neutral. $UTDI (-7,38 %)

- STIFEL downgrades COMPUGROUP from Buy to Hold and lowers target price from EUR 64 to EUR 18. $COP (-1,79 %)

- BARCLAYS lowers the price target for SCHOTT PHARMA from EUR 33 to EUR 27. Equal-Weight. $1SXP (-6,44 %)

- UBS lowers the price target for VESTAS from DKK 245 to DKK 175. Buy. $VWS (-10,01 %)

Analyst updates, 25.11.

⬆️⬆️⬆️

- MORGAN STANLEY upgrades ROBINHOOD to Overweight. Target price USD 55. $HOOD (-9,32 %)

- BARCLAYS raises the price target for DEUTSCHE TELEKOM from EUR 37 to EUR 39.50. Overweight. $DTE (-4,46 %)

- BERENBERG raises the target price for SIEMENS ENERGY from EUR 35 to EUR 70. Buy. $ENR (-9,65 %)

- UBS raises the target price for RHEINMETALL from EUR 570 to EUR 630. Neutral. $RHM (-10,98 %)

- BARCLAYS raises the price target for 1&1 from EUR 17 to EUR 20. Equal-Weight. $1U1 (-9,33 %)

- DEUTSCHE BANK RESEARCH upgrades VESTAS from Hold to Buy. $VWS (-10,01 %)

- DEUTSCHE BANK RESEARCH raises the price target for VONOVIA from EUR 33 to EUR 38. Buy. $VNA (-2,32 %)

- DEUTSCHE BANK RESEARCH raises the price target for TAG IMMOBILIEN from EUR 16 to EUR 18. Buy. $TEG (+1,56 %)

- DEUTSCHE BANK RESEARCH upgrades AROUNDTOWN from Sell to Hold. Target price EUR 2.80. $AT1 (-8,29 %)

- DEUTSCHE BANK RESEARCH raises the price target for LEG IMMOBILIEN from EUR 90 to EUR 105. Buy. $LEG (-0,28 %)

- DEUTSCHE BANK RESEARCH upgrades DEUTSCHE WOHNEN from Hold to Buy and raises target price from EUR 19 to EUR 28. $DWNI (-2,64 %)

- STIFEL raises the price target for NOVARTIS from CHF 106 to CHF 109. Hold. $NUVN

- DEUTSCHE BANK RESEARCH upgrades JD SPORTS FASHION from Sell to Hold. $JD. (+1,61 %)

- DEUTSCHE BANK RESEARCH raises the price target for ALSTOM from EUR 22 to EUR 25. Buy. $ALO (-7,91 %)

- MORGAN STANLEY raises the price target for DEUTSCHE BÖRSE from EUR 213 to EUR 232. Equal-Weight. $DB1 (-7,96 %)

- KEPLER CHEUVREUX raises the target price for ECKERT & ZIEGLER from 57.30 EUR to 60.30 EUR. Buy. $EUZ (-11,31 %)

- BARCLAYS raises the target price for UNITED INTERNET from EUR 23 to EUR 26. Equal-Weight. $UTDI (-7,38 %)

- JEFFERIES raises the price target for HEIDELBERG MATERIALS from 142.10 EUR to 145.50 EUR. Buy. $HEI (-6,75 %)

⬇️⬇️⬇️

- DEUTSCHE BANK RESEARCH lowers the price target for KION from EUR 55 to EUR 50. Buy. $KGX (-13,09 %)

- DEUTSCHE BANK RESEARCH lowers the price target for CTS EVENTIM from EUR 114 to EUR 106. Buy. $EVD (-2,57 %)

- GOLDMAN downgrades ORSTED from Buy to Neutral and lowers target price from DKK 520 to DKK 445. $ORSTED (-7,25 %)

- DEUTSCHE BANK RESEARCH lowers the price target for H&M from SEK 200 to SEK 190. Buy. $HM B (-4,8 %)

- MORGAN STANLEY lowers the price target for MERCK KGAA from EUR 200 to EUR 190. Overweight. $MRK (-4,87 %)

- BARCLAYS lowers the target price for THYSSENKRUPP from EUR 4.40 to EUR 4. Underweight. $TKA (-15,03 %)

- MORGAN STANLEY downgrades ING to Equal-Weight. Target price EUR 17.50. $ING (-7,27 %)

- JPMORGAN lowers target price for RWE from EUR 48 to EUR 47.50. Overweight. $RWE (-6,04 %)

Analyst updates, 22.11.

⬆️⬆️⬆️

- WARBURG RESEARCH raises the price target for SYMRISE from EUR 115 to EUR 116. Hold. $SY1 (+0,31 %)

- HAUCK AUFHÄUSER IB upgrades SECUNET from Hold to Buy and raises target price from EUR 102 to EUR 123. $YSN (-9,92 %)

- CITIGROUP raises the price target for ALSTOM from EUR 22 to EUR 26. Buy. $ALO (-7,91 %)

- BERENBERG upgrades BRENNTAG from Hold to Buy. Target price EUR 76. $BNR (-5,98 %)

⬇️⬇️⬇️

- WARBURG RESEARCH lowers the price target for PROSIEBENSAT.1 from EUR 8 to EUR 6.50. Hold. $PSM (-1,62 %)

- WARBURG RESEARCH lowers the price target for RTL from EUR 40 to EUR 34. Buy. $RTLL (-6,87 %)

- LBBW lowers the price target for LANXESS from EUR 29 to EUR 28. Buy. $LXS (-9,26 %)

- HAUCK AUFHÄUSER IB lowers the price target for CTS EVENTIM from EUR 107 to EUR 105. Buy. $EVD (-2,57 %)

- HAUCK AUFHÄUSER IB lowers the price target for BEFESA from EUR 38 to EUR 35. Buy. $BFSA (-8,75 %)

- BERENBERG lowers the target price for RENK from EUR 35 to EUR 33. Buy. $DE000RENK730 (-12,52 %)

- UBS lowers target price for RWE from EUR 49 to EUR 45. Buy. $RWE (-6,04 %)

22.11.2024

Snowflake rises up to 25% + Bitcoin almost at $100,000 + Rotation in MDax + Carl Zeiss Meditec falls to low since 2018 + Berenberg rates CTS Eventim a 'Buy' - target 100 euros

The Snowflake $SNOW (-6,11 %) shares rose 25% after the data analytics provider raised its full-year product revenue guidance and announced that it has partnered with AI company Anthropic to expand its cloud services.

The Bitcoin $BTC (+0,42 %) reached just under $100,000 overnight and currently stands at $99,000.

What do you think, will Bitcoin reach $100,000 in November, or even today?

The US bank JPMorgan expects only a few changes for the next index review by Deutsche Börse at the beginning of December. While everything should remain the same in the leading Dax index, analyst Pankaj Gupta expects a swap in the mid-cap index below it, the MDax, where, according to him, industrial recycler Befesa will probably make way for drug researcher Evotec $EVT (-6,42 %) will have to give way. Befesa $BFSA (-8,75 %) would be relegated to the SDax, the index of smaller stocks. In the TecDax, Gupta expects that SMA Solar $S92 (-5,01 %) will make way for the internet service provider Ionos $IOS (-0,65 %) Deutsche Börse will review the indices of the Dax family (Dax, MDax, SDax and TecDax) on Wednesday, December 4, and announce any changes after the close of trading in the US. The changes will come into effect on Monday, December 23.

The downturn in the share price of Carl Zeiss Meditec $AFX (-6,58 %) continued on Thursday with a new six-year low. The trend at the medical technology manufacturer has been pointing downwards since 2021, and this trend has intensified in the current year since March. At that time, the shares were still trading above 123 euros. On Thursday, the drop of over four percent pushed them down to 54.45 euros. This marks the lowest level since April 2018. With brief exceptions in August and late October and early September, the shares have been trading below the 200-day line, which is a popular long-term indicator for chart-oriented investors, for months. Jack Reynolds-Clark from RBC Research did not paint a good picture for the company at the beginning of November, downgrading it to "Sector Perform" due to uncertain demand in the various end markets. He emphasized that the consensus for 2025 depicts a rather optimistic scenario that is difficult to justify.

The private bank Berenberg has raised its rating for CTS Eventim $EVD (-2,57 %) to "Buy" with a target price of 100 euros. The event organizer presented mixed quarterly figures, wrote analyst Gerhard Orgonas on Thursday evening. He cut his earnings estimates until 2026, taking into account integration costs and a slightly lower ticketing margin.

• CTS Eventim increased its consolidated revenue by 15.8 percent to EUR 2.027 billion in the first nine months of 2024. Adjusted EBITDA grows by 12.1 percent to EUR 322.7 million in the same period. The company's management is sticking to its forecast and expects a significantly higher Adjusted EBITDA for the full year compared to the previous year.
• CTS Eventim records a 22.9 percent increase in revenue to EUR 564.6 million in the Ticketing segment and a 13.6 percent increase to EUR 1.494 billion in the Live Entertainment segment. The company is also awarded the contract for the construction and operation of a new large arena by Wien Holding.

Friday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Schloss Wachenheim EUR 0.60

Cummins Inc. USD 1.82

CRH 0.35 GBP

Quarterly figures / company dates Europe

No time specified: Vinci Investor Day | Unilever Capital Markets Day

Economic data

• 08:00 DE: GDP (2nd release) 3Q calendar and seasonally adjusted yoy FORECAST: +0.2% yoy 1st release: +0.2% yoy 2nd quarter: -0.3% yoy calendar-adjusted yoy FORECAST: -0.2% yoy 1st release: -0.2% yoy 2nd quarter: -0.3% yoy
• 09:15 FR: Purchasing Managers' Index/PMI non-manufacturing (1st release) November FORECAST: 49.0 PREV: 49.2 Total Purchasing Managers' Index (1st release) FORECAST: 48.1 PREV: 48.1
• 09:15 FR: Purchasing Managers' Index/PMI manufacturing (1st release) November FORECAST: 44.0 PREVIOUS: 44.5
• 09:30 DE: Purchasing Managers' Index/PMI non-manufacturing (1st release) November PROGNOSE: 51.8 PREVIOUS: 51.6 Total Purchasing Managers' Index (1st release) PROGNOSE: 48.3 PREVIOUS: 48.6
• 09:30 DE: Purchasing Managers' Index/PMI manufacturing (1st release) November FORECAST: 43.0 PREVIOUS: 43.0
• 10:00 EU: Purchasing Managers' Index/PMI non-manufacturing Eurozone (1st release) November FORECAST: 51.5 previously: 51.6
• 10:00 EU: Purchasing Managers' Index/PMI manufacturing Eurozone (1st release) November PROGNOSE: 46.0 PREVIOUS: 46.0 Total Purchasing Managers' Index (1st release) PROGNOSE: 49.8 PREVIOUS: 50.0
• 10:30 UK: Purchasing Managers' Index/PMI non-manufacturing (1st release) November FORECAST: 52.0 PREVIOUS: 52.0
• 10:30 UK: Purchasing Managers' Index/PMI Manufacturing (1st release) November FORECAST: 50.0 PREVIOUS: 49.9
• 15:45 US: Purchasing Managers' Index/PMI Services (1st release) November FORECAST: 55.0 PREVIOUS: 55.0
• 15:45 US: Purchasing Managers' Index/PMI Manufacturing (1st release) November FORECAST: 48.8 PREVIOUS: 48.5
• 16:00 US: Consumer Sentiment Index Uni Michigan (2nd survey) November FORECAST: 73.5 1st survey: 73.0 previous: 70.5

$EVD (-2,57 %) CTS-Eventim: Yesterday's figures 🚀

The event organizer and ticket marketer CTS Eventim accelerated its growth in the second quarter.

CTS benefited from a strong ticket business. However, the event sector also grew with the start of the festival and open-air season. The Munich-based company is therefore more confident about the rest of the year.

In the second quarter, revenue increased by more than a fifth to just under 794 million euros, as CTS announced on Thursday. The company was thus able to almost double its growth compared to the first quarter. The ticket business grew by 28.5 percent. Three of the five best-selling events came from other European countries and South America, including the Italian rap superstar Ultimo and the South American reggae stars Natiruts, it said. Preparations for the Olympic and Paralympic Games in Paris, for which CTS acts as a ticket service provider, were also successful during the quarter.

The live business, the largest revenue driver, grew by 19.7 percent - with Bruce Springsteen in Spain as a highlight and the Rock am Ring, Rock im Park, Hurricane, Southside and Nova Rock festivals. CTS also reported "very good" advance festival sales for the coming year.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 23.3 percent to 110 million euros. The figures exceeded analysts' expectations. Below the line, CTS earned 57.7 million euros, compared to 41.7 million a year earlier.

CTS Eventim raised its earnings forecast for 2024 and now expects a "significant" increase in adjusted operating profit. Previously, the company had forecast a 'moderate' increase. Many summer shows, open airs and various festivals are taking place in the third quarter and will therefore provide further positive impetus in the live segment, it said. In addition, the acquired See Tickets has been fully consolidated since the beginning of June.

CTS Eventim strong after raised outlook

The profit target raised by CTS Eventim brought the shares of the event organizer and ticket marketer to a record high on Thursday. It jumped to 91.15 euros shortly after the start of trading.

It then traded slightly lower via XETRA, rising 7.46 percent to 88.60 euros, but remained a top performer among the 50 MDAX-companies. At the same time, the mid-cap index rose only moderately. In a year-on-year comparison, the share has performed best so far. The share price has currently gained 42 percent, while the MDAX has fallen by around 8 percent in the same period.

Analyst Annick Maas from Bernstein Research was impressed by the strong increase in revenue and operating profit in the second quarter and the higher forecast. For 2024, CTS Eventim now expects a "significant" increase in adjusted operating profit, after previously forecasting a "moderate" increase.

The company has "clearly exceeded" market expectations, Maas wrote. With her price target of EUR 95, she still sees some potential. She also refers to the pricing of CTS, the FanSale division launched in Germany in January, where tickets can be sold from fan to fan, and potential takeovers.

JPMorgan-Analyst Lara Simpson spoke of "another strong quarter" and a "continued reassuring development at CTS, which points to a healthy pipeline of business opportunities and further strong earnings momentum going forward"

Source: finanzen.net