At mwb research’s “New Food Investor Conference,” Peter Vogt, Head of Investor Relations at KWS, shared insights into the company’s strategy and future outlook. He emphasized KWS’s strengths and answered questions about its position in the seed breeding market, particularly highlighting its growing vegetables segment. KWS is a leading European seed breeder with a strong global presence and a focus on non-GMO crops such as sugarbeet, corn, cereals, and vegetables. The company’s profitable growth is driven by innovation and a strong R&D platform. With rising global demand for premium seeds, KWS is well positioned for long-term success. The vegetables segment, though small, shows strong potential, with new varieties expected soon. KWS’s strategic investments and innovation pipeline support a compelling long-term growth outlook. mwb research’s analysts maintain their BUY rating and PT of EUR 83.00 based on conservative estimates. You can find the recording here: https://research-hub.de/events/video/2025-06-03-09-30/KWS-GR. The full update can be downloaded under https://research-hub.de/companies/kws-saat-se-co-kgaa

Geratherm’s FY24 results showed a 33% revenue decline to EUR 14.0m, primarily due to sharp drops in Healthcare Diagnostics and Incubator Systems, as well as the sale of the Cardio/Stroke (apoplex) business. However, strong 30% growth in the Respiratory division, which now accounts for over half of total revenues, partially offset this decline. EBIT fell 42% but the margin remained in double digits, helped by cost reductions and gains from the apoplex sale. While Diagnostics remains challenged by market saturation and price pressure, Respiratory and Incubator Systems are positioned for growth in FY25, following new certifications and product launches. With a strengthened balance sheet and positive segment momentum, mwb research’s analysts maintain a BUY rating, albeit with a revised price target of EUR 6.00 (old: EUR 7.00). The full update can be downloaded under https://www.research-hub.de/companies/Geratherm%20Medical%20AG

Swiss Estates AG reported disappointing FY24 results, with a net loss of CHF 7.0m (mwb est.: CHF 4.5m profit), mainly due to one-off impacts from the sale of a Zurich asset and CHF 5.8m in tax charges. EBITDA dropped 81.6% to CHF 0.7m, reflecting high transaction costs and legal fees. Despite stable rental income and a sound strategy shift toward residential assets, recurring earnings remain weak. NAV per share fell 17.1% to CHF 11.74 but at the same time, leverage remains manageable with an LTV of 62.5%. Due to reduced earnings visibility, mwb research’s price target is lowered from CHF 7.50 to CHF 5.00, but mwb research’s analysts maintain a BUY rating based on long-term upside potential. The full update can be downloaded under https://www.research-hub.de/companies/Swiss%20Estates%20AG

Viscom is emerging from a cyclical downturn in its core automotive segment, supported by restructuring efforts and a leaner cost base that restored profitability in Q1’25. While the broader auto market remains uneven across regions, early signs of stabilizing inventories, plateauing input costs, and rising EV demand, particularly in Asia, suggest that the market is likely in the late stages of a cyclical trough. Management anticipates a stable performance for 2025, with a return to growth expected in 2026, in line with broader OEM expectations. Although the recovery is likely to be gradual and bumpy due to ongoing geopolitical and trade uncertainties, mwb research’s analysts believe Viscom is well positioned to benefit from the next wave of automotive capex cycle, supported by its technological edge and exposure to industry megatrends. In parallel, the company is actively diversifying its revenue base, with early aerospace revenues, progress in defense, and commercial rollout efforts in the back-end semiconductor segment. mwb research’s analysts reiterate to BUY and price target of EUR 4.80. The full update can be downloaded under https://research-hub.de/companies/viscom-se

HWK 1365 SE (HWK) reported final FY24 results with sales of EUR 17.6m in line with expectations, but profits below estimates due to higher-than-expected personnel costs, along with goodwill amortization not previously modeled. Despite a slightly negative free cash flow of EUR -1.7m, HWK remains debt-free and can fund operations internally. The company’s EUR 12.7m order backlog supports management’s expectation of 10– 20% revenue growth in FY25, ahead of previous estimates, though EBITDA and net profit guidance are below expectations due to rising personnel costs and goodwill amortization. mwb research’s analysts confirm their BUY rating with a revised target price of EUR 41.00 (old: EUR 45.00). The full update can be downloaded under https://www.research-hub.de/companies/HWK%201365%20SE

Mayr-Melnhof Karton AG (MM) has reported the closing of the sale of the TANN Group, which specializes in tipping paper for cigarettes, to an Indonesian company for an enterprise value of EUR 360m. The TANN Group, which represents 12% of MM's Food & Premium Packaging division sales and 5% of total sales, has few synergies with MM's core cartonboard and packaging businesses. The deal, valued at an attractive EV/sales multiple of 1.5x and EV/EBITDA of 7x (mwb est.), helps MM to deleverage and reduce net debt/EBITDA by 0.5x (mwb est.). With these steps and ongoing cost-cutting and cash protection initiatives, MM remains a strong long-term investment. Adjusting their estimates to reflect the transaction, mwb research’s analysts still come to a target price of EUR 115. BUY. The full update can be downloaded under https://www.research-hub.de/companies/Mayr-Melnhof%20Karton%20AG

Gerresheimer (GXI) has issued a second FY25 guidance cut following weak Q2 prelims, now expecting 1–2% organic growth and a ~20% EBITDA margin. Continued weakness in cosmetics and oral liquids, coupled with execution delays, undermines near-term visibility. A sharp dividend cut to EUR 0.04 per share signals balance sheet caution. Despite management's confidence in a stronger H2, repeated downgrades raise doubts about the credibility of mid-term targets (8–10% CAGR, 23–25% margin). While structural growth potential in biopharma remains, mwb research lowers the price target to EUR 71 (from EUR 103) but maintains the BUY rating given valuation support. The full update can be downloaded under https://www.research-hub.de/companies/research/Gerresheimer%20AG

Stratec SE reported a 12.0% yoy revenue increase in Q1 25 to EUR 60.4m, driven by strong demand for service parts and development services. In contrast, system sales declined and remain a structural weakness. Reported EBIT improved to EUR 3.1m with a margin of 5.1%. Strategically, Stratec benefits from its shift toward higher-margin, service-based revenues but continues to face uncertainties due to volatile customer ordering and weak system demand. Nevertheless, management confirmed its FY25 guidance. mwb research’s analysts maintain their BUY rating with a EUR 32.50 target price, supported by improving profitability and mid-term margin strength despite muted industry momentum. The full update can be downloaded under https://research-hub.de/companies/research/Stratec%20SE

Scout24 entered 2025 with strong operational momentum and strategic clarity. In Q1, both Professional and Private segments posted robust customer growth, supported by strong ARPU expansion and continued success of subscription products like Living+ and Buyer+. As transaction activity begins to recover in a stabilizing market, Scout24 remains well-positioned through its integrated platform and growing Homeowner ecosystem. Its market leadership, disciplined execution, and scalable business model continue to support margin expansion. Based on recent performance and improved visibility, mwb research’s analysts have adjusted their model assumptions to reflect stronger long-term fundamentals. With potential DAX inclusion as an additional catalyst, the analysts raise their price target to EUR 127.00 (old: EUR 100.00), while maintaining a HOLD rating given the recent share price strength. The full update can be downloaded under https://www.research-hub.de/companies/research/Scout24%20SE

The rise of the "Bitcoin treasury strategy," popularized by MicroStrategy's aggressive Bitcoin accumulation and resulting premium market valuation, has inspired a wave of imitators—firms like Twenty One and SharpLink Gaming—structured primarily to acquire cryptocurrencies as core business assets. While these U.S. companies often trade at significant premiums to their crypto holdings, coinIX stands out by trading at a discount to its net asset value (NAV), despite holding substantial amounts of Bitcoin and Ethereum and boasting a strong investment track record. This valuation discrepancy presents a compelling opportunity, with coinIX offering a lower-risk entry point into the crypto space via a diversified and professionally managed portfolio. With recent crypto market gains, particularly in Ethereum, mwb research’s analysts arrive at a new fair value for coinIX of EUR 2.95 (old: EUR 2.50), supporting a continued BUY recommendation. The full update can be downloaded under research-hub.de/companies/coinIX%20GmbH%20&%20Co%20KGaA