Amadeus Fire's FY24 results were in line with its pre-release. Sales declined moderately by 1.2% to EUR 437m, impacted by weak demand in the cyclical Personnel Services segment, where revenues were down almost 5% yoy. In contrast, the Training segment grew, with revenues up almost 10% yoy. While these results look reasonable, especially given the dismal economic situation in Germany, momentum deteriorated further towards the end of the year, which mwb research’s analysts believe will set the tone for FY25, where Amadeus expects challenging conditions to persist. A key highlight in mwb research’s view remains the company's FCF generation. Although down from FY23, EUR 45m reflects healthy cash generation, supporting a generous dividend of EUR 4.03 per share (yield >5%). The analysts remain positive based on the expected medium-term growth driven by shortage of skilled workers, and therefore maintain their BUY rating with an unchanged PT of EUR 97.00. The full update can be found on https://www.research-hub.de/companies/Amadeus%20FiRe%20AG

Company Name: INDUS Holding AG ISIN: DE0006200108   Reason for the research: Update Recommendation: BUY from: 27.03.2025 Target price: EUR 34.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Solid FY24 numbers and promising mid-term outlook; chg.Topic: INDUS released solid final FY24 numbers [ … ]

Company Name: ZEAL Network SE ISIN: DE000ZEAL241   Reason for the research: Update Recommendation: BUY from: 27.03.2025 Target price: EUR 61.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Q4 beating all odds and strong shareholder returns; chg. PTTopic: Following an unprecedented jackpot situa [ … ]

Company Name: Knaus Tabbert AG ISIN: DE000A2YN504   Reason for the research: Update Recommendation: Kaufen from: 26.03.2025 Target price: €29 Target price on sight of: 12 Monate Last rating change: -- Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Knaus Tabbert AG (ISIN: DE000A2YN504) verö [ … ]

ZEAL delivered extraordinary FY24 results, surpassing expectations with record KPIs. Sales for the year reached EUR 188.2m (+62% yoy), while EBITDA surged to EUR 61.9m (+88% yoy), driven mainly by improved billing margins, an exceptionally favorable jackpot environment and thus increased engagement, as well as efficient customer acquisition. On top of that, ZEAL announced a dividend of EUR 2.40 per share (special dividend of EUR 1.10), highlighting its commitment to shareholders. Looking ahead to 2025, ZEAL expects sales to reach EUR 195-205m (+6% yoy at midpoint), surpassing consensus of EUR 194m. Meanwhile EBITDA may face some pressure, anticipated at EUR 55-60m (-7% yoy at midpoint), which is slightly below consensus, primary due to higher marketing expenses and investments in the new segments. mwb research’s analysts refine their model and maintain their BUY rating with unchanged PT of EUR 60.00. For additional firsthand insights on ZEAL from the CFO, please register for the upcoming roundtable under: https://research-hub.de/events/registration/2025-04-08-11-30/TIMA-GR. The full update can be downloaded under https://www.research-hub.de/companies/ZEAL%20Network%20SE

Vulcan Energy Resources has achieved a significant milestone with its Phase One Lionheart Project being granted Strategic Project status under the EU’s Critical Raw Materials Act (CRMA). This designation strengthens Vulcan’s position in Europe’s raw materials strategy and enhances its ability to secure financing. The CRMA framework, designed to reduce EU dependency on external sources for critical materials, provides benefits such as accelerated permitting, improved access to EU funding, and a pathway to favorable financing terms. Vulcan’s strong institutional backing, including support from ECAs and the EIB, positions it well to advance the Zero Carbon Lithium project. On this basis, mwb research’s analysts remain bullish and maintain their BUY rating with a PT of EUR 12.50. The previous update can be downloaded under https://www.research-hub.de/companies/research/Vulcan%20Energy%20Resources

HMS Bergbau presented at an investor roundtable hosted by mwb research. HMS Bergbau's CEO Dennis Schwindt and CFO Jens Moir provided valuable insights into the company’s growth trajectory and strategic direction. The following discussion highlighted HMS's positioning in the coal trading market, along with its efforts in vertical integration, including investments in coal and critical minerals projects. Despite ongoing decarbonization trends, HMS remains well-positioned in markets where coal demand is expected to grow. The event underscored the company’s resilient operational model and robust financing position, providing a solid foundation for future growth. mwb research’s analysts reiterate their BUY rating and price target of EUR 39.00. Access the recording here: https://research-hub.de/events/video/2025-03-25-13- 00/HMU-GR. The full update can be downloaded under https://www.research-hub.de/companies/HMS%20Bergbau%20AG

Koenig & Bauer's FY24 results showed a mixed performance characterized by challenges and signs of recovery. Despite a 4% yoy decline in sales to EUR 1.27bn, Q4 showed robust growth and set a new quarterly record. For the full year, the company's order intake increased by 8.9% to EUR 1.4bn, indicating that SKB is poised for growth in FY25 and beyond. While one-off costs led to a net loss, free cash flow improved significantly, suggesting effective restructuring efforts. Management's guidance for FY25 projects modest revenue growth and improved operating EBIT, subject to macroeconomic conditions. The revised medium-term outlook for 2026, while slightly tempered, still offers significant upside potential to mwb research’s estimates. The analysts maintain their optimistic stance and emphasize the need to monitor the company's implementation of restructuring initiatives as a key factor in achieving the stated financial targets. BUY with an unchanged PT of EUR 21.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Koenig%20&%20Bauer%20AG

Company Name: 123fahrschule SE ISIN: DE000A2P4HL9   Reason for the research: Update Recommendation: BUY from: 26.03.2025 Target price: EUR 7.90 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Final FY EBITDA even ahead of prelims; Chg. Topic: 123f released a strong set of FY24 results, where sa [ … ]

Company Name: mVISE AG ISIN: DE0006204589   Reason for the research: Update Recommendation: BUY from: 26.03.2025 Target price: EUR 1.30 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald FY24 in line as profitabilty strongly increases; chg. Topic: mVISE released a sound set of FY24 figures, were s [ … ]