Company Name: Swissnet AG (formerly Beaconsmind AG) ISIN: CH0451123589   Reason for the research: Update Recommendation: BUY from: 14.03.2025 Target price: €18.50 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research has published a research update on swissnet AG ( [ … ]

HelloFresh (HF) reported detailed Q4 2024 results in line with its prerelease. Revenues declined 2.7% yoy (-3.3% yoy in constant currency [c.c.]) to EUR 1.81bn amid contrasting trends between ready-to-eat and meal-kit business, with former witnessing robust growth and latter reporting a decline. Adjusted EBITDA (AEBITDA) beat market estimates by 14%, climbing by 45% yoy to EUR 164m (margin: +3.0ppt to 9.1%), largely from a stable contribution margin of c.27.1% and controlled marketing spend across segments. Despite a good close to FY24, the outlook for FY 25 is disappointing. Management confirmed its recently issued guidance for FY 25 – sales to decline 3% 8% c.c., while AEBITDA to improve by 19% yoy at midpoint. Weak consumer sentiment and macro uncertainty, particularly in North America, its largest region of operation (66% of FY 24 sales), could worsen the situation further. Hence, mwb research’s analysts maintain a cautious stance on HF. However, share prices have plummeted over 20% since its prelims, prompting mwb research to upgrade the stock to BUY from HOLD, confirming PT of EUR 11.00. The full update can be downloaded under https://www.research-hub.de/companies/research/HelloFresh%20SE

cyan AG reported strong preliminary 2024 results, with revenue increasing 50% yoy to EUR 7.1m, aligning with the upper half of guidance. Growth was driven by an 86% expansion in the subscriber base, while EBITDA losses narrowed significantly from EUR -4.5m to EUR -1.6m to -1.5m, supported by cost optimizations and the sale of the OSS/BSS business. For 2025, cyan targets EUR 8.4 - 9.2m in revenue and break-even EBITDA, supported by continued telecom expansion. While mwb research’s short-term growth expectations have been adjusted due to a mix of factors, such as slower new product ramp-up and customer onboarding delays in the telecom business, the analysts see stronger mid-to-long-term potential, partially offsetting downward revisions in their model. mwb research’s analysts reiterate their BUY rating with a revised price target of EUR 3.65 (previously EUR 3.85). The full update can be downloaded under https://www.research-hub.de/companies/cyan%20AG

Enapter is expanding its product offering by integrating battery solutions from its joint venture with Wolong Group, which improves energy stability, optimizes hydrogen production, and enhances renewable energy utilization. Furthermore, the management has recently increased its stake in the company, signaling insider confidence, particularly in light of the challenging hydrogen market conditions. This move reflects management's commitment to the company’s long-term success, which mwb research’s analysts see as a reassuring signal. Despite current market challenges, Enapter’s solid order intake and low Price/Book ratio of 1.3x make its shares an attractive investment. The analysts maintain their Spec. BUY rating with an unchanged PT of EUR 7.00 based on cautious estimates. For firsthand insights from the CEO and CFO, register for the online roundtable March 19, here: https://research-hub.de/events/registration/2025-03-19-14-00/H2O-GR. The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG

Company Name: Scandinavian Astor Group AB ISIN: SE0019175274   Reason for the research: Update Recommendation: Buy from: 14.03.2025 Target price: SEK 30.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Scandiflash in full swing; stock back at BUYing levels Topic: Astor announced another strong  [ … ]

Circus SE has announced the appointment of Kasper Rørsted to its Board of Advisors, further strengthening its leadership as the company scales its autonomous food production systems. Rørsted, a highly accomplished executive with extensive experience in global business transformation, previously led Adidas (2016–2022) and Henkel (2008–2016) as CEO and held senior roles at Hewlett-Packard, Compaq, and Oracle. His strategic expertise in technology and operational excellence is expected to be instrumental in Circus’ global expansion. Today’s press release marks the second high-profile addition to Circus’ roster, following the appointment of Claus Holst-Gydesen as Co-CEO in February. First significant revenues expected in H2 should boost confidence in Circus’ ability to disrupt the global foodservice industry. mwb research’s analysts reiterate to BUY with a EUR 75.00 target price. For a recent first-hand update, please see the recording of the recent roundtable with the management here: https://researchhub.de/events/video/2025-02-05-13-30/CA1-GR. The full update can be downloaded under https://research-hub.de/companies/circus-se

Company Name: ASMALLWORLD AG ISIN: CH0404880129   Reason for the research: Update Recommendation: Buy from: 14.03.2025 Target price: CHF 2.80 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch FY'24 out, focus on member growth; chg. est & PT Topic: ASW reported mixed FY'24 results and provided a [ … ]

Company Name: Flughafen Wien AG ISIN: AT00000VIE62   Reason for the research: Update Recommendation: Hold from: 14.03.2025 Target price: EUR 60.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Summer flight plan with strong demand & Feb' traffic results Topic: Yesterday, FWAG published a su [ … ]

Company Name: MLP SE ISIN: DE0006569908   Reason for the research: Update Recommendation: Buy from: 14.03.2025 Target price: EUR 13.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Q4 in line; dividend and new mid-term targets out; chg. est & PT Q4 in line: Q4 total sales stood at € 30 [ … ]

Wacker Chemie reported detailed Q4 and 2024 numbers that were in line with its preliminary release. Topline in Q4 and 2024 declined yoy and fell short of consensus, mainly due to weaker volumes, while 2024 EBITDA of EUR 763m (-7% yoy; Q4 EBITDA: +106% yoy, aided by one-offs) beat consensus of EUR 735m, with yoy decline was weighed down 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. The analysts expect 2025 to be a mixed but gradually improving year. Consequently, mwb research remains conservative in their estimates. With stock trading at attractive valuation levels, offering a favorable risk-reward profile, the analysts maintain their BUY rating with a revised PT of EUR 95.00. The full update can be downloaded under https://www.research-hub.de/companies/Wacker%20Chemie%20AG