Gevorkyan has completed a 7.2% capital increase through an accelerated bookbuilding, issuing 1.2m shares at CZK 192 (~EUR 7.86) and raising about EUR 9.0m net to fund expansion, innovation, automation, and international growth. The deal included a share-lending arrangement with majority shareholder Artur Gevorkyan, who is subject to a 180-day lock-up. The funds will support the recently acquired Bologna-based factory, which strengthens Gevorkyan’s global customer base (including Ducati and Piaggio) and positions it for growth in defense and aerospace markets. The acquisition is expected to drive revenues through 2029, but lacking any disclosure on purchase price or financial figures, we leave our estimates unchanged for now. The dilution then results in a new price target of EUR 12.80 (old: EUR 13.70) and confirmation of our BUY recommendation. We recently initiated coverage of Gevorkyan, the full note can be downloaded here: https://research-hub.de/companies/gevorkyan-as. The full update can be downloaded under https://research-hub.de/companies/gevorkyan-as

Company Name: ZEAL Network SE ISIN: DE000ZEAL241   Reason for the research: Update Recommendation: BUY Target price: EUR 80 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller Marketing unlocks more growth potential, chg. Q4 results, the FY’26 guidance and the new mid-term ambition all point to the [ … ]

Stratec’s FY25 preliminary results confirm a weak year, with Q4 failing to deliver the expected recovery. In 2025, sales declined by 2.6% and margins reached only the lower end of guidance. Additionally, EUR 10.5m in impairments related to a product family reflect delayed launches and reduced growth potential. While management guides for mid- to high-single-digit growth in 2026, visibility remains limited due to ongoing supply chain disruptions and cost pressures. Despite reduced estimates and the lower price target to EUR 24.30 (before EUR 27.10), we maintain our BUY rating given the recently weak share price performance. The full update can be downloaded under https://research-hub.de/companies/stratec-se

Yesterday’s earnings call confirmed the company’s resilient outlook and strategic discipline. The company reported a strong FY25, with revenue of EUR 158m and record EBITDA of EUR 126.7m, supported by vessel sales but underpinned by solid operations and a strong balance sheet. For 2026, management guided conservatively, with most revenue already secured via charters, ensuring high visibility despite planned dry dockings for class renewal. The company continues to streamline its structure through minority buyouts and remains disciplined in capital allocation, focusing on various shipping segments while avoiding high-risk investments. Its niche positioning and flexible divestment strategy help mitigate risks, supporting a resilient outlook and reinforcing confidence in its medium-term growth trajectory. We maintain our BUY stance with unchanged PT of EUR 12.50. The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

Verbio has raised its FY26 EBITDA guidance, reflecting strong biofuel demand, improving spreads, and a more supportive regulatory and geopolitical backdrop. The company also expects further deleveraging by year-end. This confirms our more constructive view outlined earlier this week, particularly regarding improving market conditions driven by geopolitical tensions and energy-market tightness similar to 2022. Following the upgrade, we raise our FY26 estimates and position ourselves at the upper end of guidance, which we still view as conservative. We also slightly increase capex assumptions and lift estimates for the following years, reflecting higher confidence in the outlook. Improving spreads, higher GHG quota prices, and stronger policy support reinforce our positive view. We raise our price target to EUR 50.00 (from EUR 44.00) and reiterate our BUY rating. On April 14, the company will provide first-hand insights at our German Select online conference. Register here: https://research-hub.de/conference/german-select-vii The full update can be downloaded under https://research-hub.de/companies/verbio-se

ZEAL delivered a mixed Q4, with weak Eurojackpot dynamics sharply reducing engagement and billings, partly cushioned by resilient 6aus49 and strong momentum in newer verticals like Games and raffles. While revenue slightly beat on product mix, profitability missed due to higher marketing spend and investments in new verticals. Looking ahead, 2026 guidance points to solid double-digit growth driven by product diversification, but with continued margin pressure as ZEAL leans into marketing and scaling initiatives. The company proposed a dividend of EUR 1.40 per share for FY25, flat yoy if we exclude the special dividend. We adjust our model and estimates, resulting in a higher price target of EUR 72.00 (old 67.00) and maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/zeal-network-se

Ernst Russ’ FY25 results confirm exceptional profitability and cash generation, with revenue of EUR 158.1m and EBIT of EUR 96.4m (61% margin), driven by high utilization and strong charter rates, alongside gains from vessel disposals. Net income rose significantly to EUR 73.5m. The company maintains a strong balance sheet with net cash, a 79% equity ratio, and EUR 114m liquidity, supporting flexibility and shareholder returns. A 61% increase in backlog to EUR 449m and longer contract durations enhance earnings visibility and stability. While FY26 guidance reflects normalization, Ernst Russ remains profitable, with its shift toward contract-backed, diversified operations underpinning long-term value and supporting a positive investment outlook. We therefore reiterate to BUY, PT unchanged at EUR 12.50. The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

Leifheit’s FY26 guidance came in below expectations at the EBIT level, with only modest revenue growth and EBIT broadly in line with FY25. The company is entering its new strategic phase in a challenging environment marked by continued consumer caution. To expand its market share in Europe, the company is increasing investments in marketing and innovation, which are expected to weigh on near-term EBIT margins, partly offset by ongoing production efficiency gains. Free cash flow is projected to remain broadly stable, albeit below our expectations. The FY25 dividend proposal offers an attractive yield of over 8%, supported by a solid liquidity position. In light of the soft outlook, we lower our estimates for FY26 and beyond and reduce our PT to EUR 20.00 (from EUR 23.00) but reiterate our BUY rating. We continue to see the stock as an attractive long-term dividend investment with further upside if the strategy succeeds. The full update can be downloaded under https://research-hub.de/companies/leifheit-ag

Company Name: Northwest Biotherapeutics Inc. ISIN: US66737P6007   Reason for the research: Initiation of coverage Recommendation: Buy from: 24.03.2026 Target price: USD 1.00 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research on 24/03/2026 initiated coverage on Northw [ … ]

Against this backdrop, mwb research is hosting an online earnings call on April 1, 2026, at 10:00 a.m. with Carsten Salewski (CSO/COO) and Dirk Schwingel (CFO). Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional retail investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-04-01-10-00/VC6-GR.