Sartorius’ Q4 24 preliminary numbers were strong, supported largely by normalizing consumables demand and good traction in advanced therapeutic products. Revenues came in at EUR 906.8m, up 6.7% yoy and order intake was strong at EUR 1.05bn, up 21.4% yoy in Q4. Underlying EBITDA grew 12.9% yoy to EUR 258.8m (a margin of c. 28.5%, +1.6ppt yoy), where capacity underutilization was offset by efficiency gains. These Q4 numbers were above consensus estimates, with revenues and adj. EBITDA ahead by 2% and 5%, respectively, and order intake beating consensus by a handsome 23%. Despite a better-than-expected close to FY24, management issued a cautious and only qualitative outlook for 2025, expecting a moderate increase in sales and above average profit growth. If mwb research’s analysts weigh the management’s long-term targets against its conservative 2025 guidance, Sartorius’s ability to deliver many strong quarters of sales growth to meet its ambitious 2028 projections appears an uphill road. Therefore, the analysts reiterate their SELL rating on the stock, however at a slightly increased TP of EUR 182 (old: EUR 173.00). The full update can be downloaded under research-hub.de/companies/Sartorius%20AG

Nordex shares dropped nearly 9% after news of Germany’s planned energy law reform, sparking fears that over 1,000 wind projects could be canceled. However, the reform mainly aims to manage renewable energy expansion by adjusting regulations rather than blocking growth. The proposed changes focus on controlling feed-in tariffs during periods of negative electricity prices and aim to give the states more control over onshore expansion without significantly disrupting national planning. Despite market concerns, approved wind projects remain unaffected, and Germany’s energy transition still relies heavily on onshore wind. Nordex has a strong order book and continues to grow. In mwb research’s view, the market overreacted to political uncertainties, ignoring Nordex’s record order intake and improving profitability. The analysts reiterate their BUY rating with an unchanged PT of EUR 20.00, which represents an upside of 85% based on already conservative estimates. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.

mwb research hosted a well-attended roundtable discussion with MHP's CEO Jörg Frehse and IR Maximilian Michaelsen. A recording of the event is available at https://research-hub.de/videos. MHP has grown significantly since its IPO in 2021, more than doubling its hotel portfolio and expanding into the luxury segment. Prestigious additions such as the Koenigshof Munich and the Conrad Hamburg reflect the growing trust major hotel brands are putting in MHP. Notably, MHP's first non-Marriott franchise signals greater flexibility for future expansion, with the potential to add suitable and promising projects from all major hotel groups to the pipeline. The strong operating performance (including record Q4 revenues) is not fully reflected in the financials as the amortization of goodwill and capitalized leases following the reverse IPO artificially depresses earnings. A potential dividend could be a key catalyst for an overdue re-rating - the stock remains highly attractive at 2.5x EV/EBITDA 2025E. mwb research’s analysts reiterate their BUY rating with a target price of EUR 3.30. The full update can be downloaded under https://research-hub.de/companies/MHP%20Hotel%20AG

Growing uncertainty across Infineon’s key markets, exacerbated by subdued automotive demand, elevated inventories, and Trump’s rollback of EV targets, casts a shadow over its 2025 outlook. Weak order backlog trends and the risk of margin compression from idle capacity further heighten concerns, while AI power solutions, though supportive, remain insufficient to drive a turnaround just yet. While Q1 guidance appears achievable due to its already weak yoy basis, Infineon’s subdued FY25 outlook raises doubts about the gradual recovery management anticipates. With the increasing risk of near-term underperformance, mwb research’s analysts revised their estimates, lowered their price target to EUR 33.00 (old: EUR 37.00), and downgrade Infineon to HOLD until positive trends emerge. The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

Stabilus reported weak organic (org.) results for Q1 FY 2025, with revenue and adjusted (adj.) EBIT down 5.8% and 11.1% yoy, respectively, organically, due to challenging market conditions, especially in the automotive sector. However, some of this downward pressure was relieved by the consolidation of Destaco, and an org. rise in the demand for spare parts. This resulted in an overall yoy revenue growth, coming in at EUR 326m (up 6.7% yoy) and adj. EBIT at EUR 37.8m (up 13.5% yoy), with the margin expanding 70bps yoy to 11.6%. Revenues in all geographies declined organically, due to weak automotive powerise and gas spring demand. Given the tough macro environment and persistent geopolitical tensions, management has maintained its guidance range for full-year FY25. Stabilus’s stable but still high leverage of 2.8x may limit M&A potential, but management expects a turnaround in macroeconomic conditions in the later part of FY25, potentially bringing back organic growth to a positive trajectory. For now, mwb research’s analysts broadly maintain their estimates and reiterate their BUY recommendation on the stock at an unchanged target price of EUR 42.00. The full update can be downloaded under https://www.research-hub.de/companies/Stabilus%20SE

Wacker’s preliminary 2024 results marked a second year of contraction, with sales down 11% yoy to EUR 5.72bn, as weak solar-grade polysilicon demand outweighed gains in chemicals. EBITDA fell 7% yoy to EUR 770m, beating consensus of EUR 735m, but was weighed down further by high energy costs and scaled-back production. Despite these challenges, the chemicals business, including silicones and polymers, showed some resilience, while Biosolutions delivered impressive growth. Polysilicon, however, remained a drag, hit by weak solar-grade demand and Chinese oversupply. Looking ahead, mwb research’s analysts believe Wacker is well-positioned to navigate near-term headwinds through its cost-saving initiatives and strategic investments in high-margin specialty chemicals and semi polysilicon. mwb research expects 2025 to be a mixed but gradually improving year. Consequently, the analysts remain conservative in their estimates. With stock trading at attractive valuation levels, the analysts see a compelling entry opportunity offering a favorable risk-reward profile. Thus, the analysts maintain their BUY rating with a revised PT of EUR 97.00. The full update can be downloaded under https://www.research-hub.de/companies/Wacker%20Chemie%20AG

secunet reported preliminary Q4 2024 and full-year numbers that were broadly as expected. Sales were down 1.7% yoy to EUR 152.0m in Q4, but up 37.6% qoq, due to a strong momentum in the Public Sector segment business and with Q4 traditionally being the strongest quarter. While EBIT was down 27.9% yoy, due to R&D investments and inventory adjustments, it improved 48.1% qoq on a higher revenue number and supply chain tweaks. Together with a strong Q3, Q4 results carried full-year 2024 results over targets, with revenue coming in EUR 7.0m above the target of EUR 400.0m and EBIT coming in line with the target of EUR 42.0m. secunet’s investments in new products and efforts to future-proof existing products continue to weigh on margins, with a focus on recovery beyond 2026. Therefore, mwb research’s analysts maintain their target price at EUR 185.00 and reiterate their BUY recommendation on the stock. The full update can be downloaded under https://www.research-hub.de/companies/secunet%20Security%20Networks%20AG

Suss MicroTec, a key supplier of equipment for AI chip production, faced a share price dip following concerns sparked by the launch of DeepSeek, a highly efficient Chinese AI model. Investors worried that the demand for AI infrastructure may decline as training processes become more resource-efficient. However, this is offset by the rising computational demands of AI reasoning models, which require significantly more inference power, and the potential for cheaper training costs to drive AI adoption. Suss MicroTec's strong preliminary Q4 results, record revenues, and robust order momentum signal continued growth, making the recent share price correction a buying opportunity. mwb research’s analysts confirm their BUY recommendation with a price target of EUR 77.00. The full update can be downloaded under https://www.research-hub.de/companies/SUESS%20MicroTec%20SE

Siemens Energy (SE) announced strong preliminary Q1 25 results, with a significant increase in revenue driven by Grid Technologies and Siemens Gamesa. Total income before special items exceeded expectations and free cash flow improved significantly. However, Siemens Gamesa continued to report a loss. Order intake increased, with Gas Services and Siemens Gamesa contributing significantly. The share price has recently been volatile, mainly due to developments in the AI infrastructure, which may lead to exaggerated market reactions. Given the high expectations already priced in, mwb research’s analysts slightly raise their estimates and upgrade their rating from SELL to HOLD, while maintaining their PT at EUR 45.00. The full update can be downloaded under https://www.research-hub.de/companies/Siemens%20Energy%20AG

BASF’s preliminary FY24 results paint a mixed performance amid industry challenges. Sales fell for the second consecutive year to EUR 65.3bn (-5.2% yoy), pressured by lower average prices yoy and currency effects, though volumes improved and prices recovered steadily throughout the year. EBITDA before special items of EUR 7.9bn matched consensus but missed guidance, reflecting weakness in Chemicals, partially offset by strong gains in Agricultural Solutions. Free cash flow of EUR 0.7bn exceeded expectations and guidance but remained well below 2023 levels. Competition and subdued demand in key markets like agriculture, chemicals, automotive and construction continues to weigh. Looking ahead to 2025, mwb research’s analysts expect modest low single digit growth as stabilizing prices, easing macro pressures, and BASF’s refined strategy drive resilience. The analysts maintain their BUY rating with a revised PT of EUR 58.00 (old: EUR 62.00). The full update can be downloaded under https://www.research-hub.de/companies/BASF%20SE