IONOS "Q2 preview - 'Momentum' building" (Neutral) Shah

研报英文原文证据摘录

IONOS "Q2 preview - 'Momentum' building" (Neutral) Shah

Forecast returns

Forecast price appreciation 4.8%

Forecast dividend yield 0.0%

Forecast stock return 4.8%

Market return assumption 7.7%

Forecast excess return -2.8%

Company Description

IONOS is a leading one-stop-shop European digitalisation partner and cloud enabler, primarily

serving small and medium-sized businesses (SMBs) across Europe and North America. The

majority of the business is subscription-based and it holds leading positions in a number of

key European markets. The company has three main business units: 1) Web Presence &

Productivity, offering a number of digital solutions, such as domain registration, web hosting,

website builders, e-mail and e-commerce; 2) Cloud, a high-growth unit; and 3) AdTech, a

low-margin domain trading and parking business subject to volatility.

Valuation Method and Risk Statement

key European markets. The company has two main business units: 1) Web Presence &

website builders, e-mail and e-commerce; 2) Cloud, providing cloud solutions to public and

private entities. We set our PT at the mid-point of our DCF and peer-based multiples valuation

methodologies.

Siemens Healthineers AG:

In addition to general healthcare industry risks (volume, pricing, regulatory) and the risks

associated with international operations (FX, geopolitical), Siemens Healthineers' business

mix is somewhat more exposed to the healthcare capex cycle. Company-specific risks include

(1) the failure of Attellica to drive a Diagnostics turnaround, (2) hospital, lab, and other

customer consolidation, (3) minority shareholder risks, given Siemens AG remains the

majority shareholder, and (4) inability to keep pace with industry innovation. Our price target