SUSS MicroTec delivered an overall strong Q1 with order intake in line with guidance and top-line outperformance, underscoring solid execution and sustained demand in AI-exposed segments. Free cash flow also improved meaningfully, supported by better working capital discipline, reinforcing the underlying operational quality beneath the top-line growth. That said, gross margin softness and a notably more cautious tone from management signal rising external pressure, with FX swings and US tariffs posing real risks to profitability in the second half. While fundamentals remain intact and long-term growth drivers compelling, mwb research’s analysts are nudging their margin assumptions toward the lower end of guidance to reflect a more risk-aware stance. mwb research’s analysts maintain their BUY rating, as the stock offers an attractive upside despite a more volatile near-term setup. The full update can be downloaded under https://www.research-hub.de/companies/SUESS%20MicroTec%20SE

Company Name: EV Digital Invest AG ISIN: DE000A3DD6W5   Reason for the research: Update Recommendation: Under Review from: 08.05.2025 Target price: n.a. Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow Weak FY24 // Clouded outlook and tense liquidity situation; chg Topic: EVDI published weak fina [ … ]

Company Name: q.beyond AG ISIN: DE0005137004   Reason for the research: Update Recommendation: BUY from: 08.05.2025 Target price: EUR 1.30 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Q1’25e set for further profitability improvements Topic: Next Tuesday, q.beyond is going to release it [ … ]

Company Name: Global Fashion Group S.A. ISIN: LU2010095458   Reason for the research: Initiation Recommendation: BUY from: 08.05.2025 Target price: EUR 0.80 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Turnaround play in global fashion, Initiate GFG with BUY Emerging markets are poised for grow [ … ]

Knorr-Bremse’s final Q1 2025 results align with preliminary figures, reflecting a mixed performance. Group revenue reached EUR 1.958bn, slightly down from EUR 1.974bn last year. Operating EBIT was EUR 236m, matching preliminary data, and the EBIT margin remained at 12.1%. Net income of EUR 143m and EPS of EUR 0.84 were slightly below the previous year, due to EUR 23m in restructuring charges under the BOOST 2026 program. Cash flow improved significantly, with free cash flow rising to EUR 15m from a negative EUR 95m in Q1 2024. Divisional performance was mixed: Rail Vehicle Systems showed strong growth, while Commercial Vehicle Systems faced pressure. Order intake exceeded the prior year’s Q1, driven by strong demand in Rail and Trucks Europe. Despite this, the outlook remains cautious, mwb research’s analysts maintain their HOLD rating with a PT of EUR 80.00. The full update can be downloaded under https://www.research-hub.de/companies/Knorr%20-%20Bremse%20AG

Rheinmetall's final Q1 2025 results confirm the strong momentum reported with preliminary numbers, with group sales up 46% yoy to EUR 2.3bn and operating profit rising 49% to EUR 199m, driven by robust military demand (+73% yoy). The order backlog reached a record EUR 62.6bn, supported by major German contracts including TaWAN and IdZ-ES. Defense segments led the growth, while Power Systems lagged due to a weak auto market. Cash flow rebounded, net debt fell, and the equity ratio improved. The FY25 guidance was reiterated, but mwb research’s analysts see potential for upward revisions later in the year. The analysts maintain their EUR 2,000 price target and reiterate their BUY rating.The full update can be downloaded under https://www.research-hub.de/companies/Rheinmetall%20AG

Hamborner REIT AG reported Q1 2025 results that highlight continued operational stability in a cautious market. Rental income declined slightly to EUR 23.0m (-1.7% yoy), impacted by property disposals and timing of rental sales. FFO came in at EUR 11.9m (- 15.2%), broadly in line with the company’s FY25 FFO guidance. Leasing momentum slowed, but tenant retention remained high at 87%, and only 2.5% of annual rents are subject to re-letting in 2025. Overall, key portfolio metrics remained solid: occupancy at 97.0%, WALT at 5.7 years, and NAV per share rose 1.4% to EUR 9.93. Additionally, balance sheet ratios strengthened with a lower LTV of 41.1%. With a proposed dividend of EUR 0.48/share (~7.6% yield) and shares trading at a discount to NAV, mwb research’s analysts maintain their BUY rating and EUR 11.00 price target. Join mwb research’s roundtable on May 15 at 2:00 PM CEST, where CEO Niclas Karoff and Head of IR Christoph Heitmann will provide firsthand insights. Register here to participate: https://research-hub.de/events/registration/2025-05-15-14-00/HABA-GR. The full update can be downloaded under https://research-hub.de/companies/hamborner-reit-ag

GEA delivered a solid Q1 2025 with soft revenues but stronger-than-expected profitability. Sales of EUR 1,258m came in just below consensus, with organic growth slowing to 0.9%, reflecting continued macro pressures and mixed divisional performance. However, adjusted EBITDA rose 9.8% yoy to EUR 198m—5% above consensus—driven by gross profit gains. Order intake grew 3.4% organically, supported by large orders and a healthy book-to-bill ratio of 1.12x, maintaining a robust EUR 3.2bn backlog. While free cash flow remained negative, it improved yoy on better working capital management. With guidance reaffirmed and profitability tracking well, mwb research’s analysts maintain their HOLD rating and DCF-based target price of EUR 55.00. The full update can be downloaded under https://www.research-hub.de/companies/GEA%20Group%20AG

INDUS Holding AG has lowered its FY25 guidance due to geopolitical disruptions. Revenue is now expected at EUR 1.70–1.85bn (prev. EUR 1.75–1.85bn), and adjusted EBITA at EUR 130–165m (prev. EUR 150–175m), with a reduced margin of 7.5–9.0%. The downgrade (mid-point reduction of sales -1.4% / adj. EBITA -9.2%) stems from weakened demand in the Materials Solutions segment following new U.S. tariffs and Chinese export controls on tungsten, which impact key subsidiary BETEK. Potential H2 revenue losses of EUR 20–40m and EBITA impact of EUR 8–15m are possible – according to the company. Despite near-term headwinds, management has responded quickly, and the diversified portfolio provides resilience in the view of mwb research’s analysts. The analysts cut their PT to EUR 33.00 (prev. EUR 34.00) but maintain their BUY rating based on INDUS’ long-term value potential. The full update can be downloaded under https://www.research-hub.de/companies/INDUS%20Holding%20AG

Hugo Boss delivered soft but better-than-expected Q1 2025 results, highlighting resilience in a tough environment. Sales declined 2% yoy in constant currency to EUR 999m, beating expectations despite weaker consumer sentiment. Gross profit also fell 2% yoy to EUR 613m, with margins stable at 61.4%. EBIT dropped a steeper 12% yoy to EUR 61m (margin: 6.1%), though this exceeded estimates by 22%, reflecting effective cost control amid inflationary pressures. Despite ongoing macro uncertainty, Hugo reaffirmed its FY 2025 guidance, expecting flat sales (at the mid-point) and EBIT growth of 5–22% yoy (EUR 380m–440m; margin ~9.5%). While the return to growth may take time, the outlook remains robust. mwb research maintains their EUR 52.00 target and reiterate their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/research/Hugo%20Boss%20AG