Cancom confirmed its preliminary FY24 results, reporting 14% revenue growth to EUR 1,74bn and EBITDA of EUR 113m, slightly below prior year. A strong performance in the International segment compensated for weak business in Germany, Cancom's core market, which was flat. The outlook for FY25 is cautious: management expects a weak first half of FY25 with potential declines in revenues and earnings, with recovery expected only in H2. The German government's stimulus package is not expected to support IT spending in FY25 and is only expected to have an impact from H2 FY26. mwb research’s analysts lower their FY25 estimates, introduce FY27 estimates and maintain their BUY rating with a lowered PT of EUR 27.20 (old EUR 29.00). The full update can be downloaded under https://www.research-hub.de/companies/Cancom%20SE

Aixtron has announced that it will supply its G10-AsP system to Nokia for the production of 6-inch indium phosphide (InP) wafers used in photonic integrated circuits (PICs). This is a strategic move as Nokia expands its InP-based PIC capabilities following its acquisition of Infinera in 2024. While current industry production is focused on 2-inch and 4-inch wafers, the move to 6-inch signals a push towards scalability. The PIC market, valued at USD 6.4bn in 2025, is forecast to grow to USD 54.5bn by 2035, driven by demand in AI data centres, telecoms, sensors and quantum computing. Although silicon currently dominates, InP is expected to gain significant share, providing a major growth opportunity for Aixtron. mwb research’s analysts reiterate their BUY rating with a price target of EUR 19.50. For more first-hand information from the company, mwb research invites you to register for the roundtable on 8 April with VP IR Christian Ludwig: https://research-hub.de/events/registration/2025-04-08-12-00/AIXA-GR. The full update can be downloaded under https://www.research-hub.de/companies/AIXTRON%20SE

Company Name: q.beyond AG ISIN: DE0005137004   Reason for the research: Update Recommendation: BUY from: 01.04.2025 Target price: EUR 1.30 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Final FY in line with prelims / Strong FCF highlights release; chg.FY24 sales came in at € 193m, up 1.7 [ … ]

Company Name: Samara Asset Group plc ISIN: MT0001770107   Reason for the research: Research report (Anno) Recommendation: Buy Target price: 3.17 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Matthias Greiffenberger, Marcel Goldmann Samara’s investment strategy is structured around three core pillar [ … ]

Company Name: Aroundtown SA ISIN: LU1673108939   Reason for the research: Jahresbericht 2024 Recommendation: Kaufen from: 31.03.2025 Target price: €4 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Aroundtown SA (ISIN: LU1673108939) ver& [ … ]

Drägerwerk (Dräger) has announced its final figures for FY24, reporting strong results in line with expectations. Order intake increased by 3.4% yoy at constant currency to EUR 3.38bn, slightly surpassing the previous year's figure. Revenues remained largely stable at EUR 3.37bn, showing a nominal decline of 0.1%, but a 0.5% increase in constant currency. EBIT rose by 16.6% yoy to EUR 194m, partly supported by nonrecurring net effects. Excluding these, EBIT grew by 3.4% yoy to EUR 172m, with a margin of 5.1%. The Safety division performed well, with a 6.4% rise in order intake, while the Medical division showed a modest recovery despite challenges in China. Looking ahead, Dräger anticipates moderate growth in FY25, with revenues expected to increase by 1%-5% and an EBIT margin of 3.5%-6.5%. The company remains focused on improving profitability, with a goal of reaching a 10% EBIT margin by 2030. mwb research’s analysts reiterate their BUY rating with a PT of EUR 72.00 (up from EUR 69.00). For more insights from the company, join our roundtable on April 8th with Head of Treasury & IR, Thomas Fischler: https://research-hub.de/events/registration/2025-04-08-12-30/DRW3-GR. The full update can be downloaded under https://www.research-hub.de/companies/Draegerwerk%20AG%20&%20Co.%20KGaA

secunet’s full-year results came in broadly as expected, with modest top-line growth (+3%) and a flat EBIT margin of 10.5%, impacted by R&D and a one-off inventory adjustment. While the Public Sector continued to drive performance, the Business Sector remained weak. The 2025 outlook signals another transition year, with only modest revenue growth forecast and no margin improvement expected. Despite investor optimism following government spending plans, this has not yet translated into upgraded guidance. Ongoing investments in cloud, cryptography, and service-based models continue to weigh on near-term profitability. mwb research lower their PT to EUR 175.00 (old: EUR 185.00) and downgrade from BUY to HOLD. The full update can be downloaded under https://www.research-hub.de/companies/secunet%20Security%20Networks%20AG

Friedrich Vorwerk Group (FVG) announced Q4 2024 results slightly above preliminary figures, with revenues increasing by 62.1% yoy to EUR 159m and EBITDA reaching EUR 31m, nearly tripling compared to the previous year. This resulted in an EBITDA margin of 19.3%. For FY24, FVG successfully returned to profitable growth, with revenues of EUR 498.4m, up 33.5% yoy, primarily driven by the Electricity segment. EBITDA increased to EUR 80.5m, with a margin of 16.2%. The company’s order backlog grew by 18.7% yoy to EUR 1.19bn, suggesting a positive outlook. Management expects continued growth in FY25, with projected revenues of EUR 540-570m and an EBITDA margin of 16-17%. As a result, the analysts have raised their estimates to the upper end of FY25 guidance and increased their projections for the coming years, raising their price target to EUR 45.00 (from EUR 38.00). However, given the 100% rise in the stock this year and concerns about the company’s ability to scale capacity rapidly in line with incoming orders, the analysts have downgraded their rating to HOLD. The full update can be downloaded under https://www.researchhub.de/companies/Friedrich%20Vorwerk%20Group%20SE

HWK 1365 SE has published preliminary figures for 2024, which are in line with expectations. Although revenue of EUR 17.6m was around 4% below our forecast, EBITDA before IPO costs was in line with expectations - a sign of solid cost control. Despite a challenging market environment, the trend is positive: the order backlog rose by EUR 1m to EUR 12.7m, laying the foundation for an expected increase in sales in 2025. Growth is also being driven by the expansion of the service business and new applications for high-tech rollers. In addition, the Board of Directors was reconstituted, meaning that the company can now focus fully on further developing its operating business. mwb research’s analysts resume their rating with BUY and a price target of EUR 45.00. The full update can be downloaded under https://www.research-hub.de/companies/HWK%201365%20SE

Company Name: Scandinavian Astor Group AB ISIN: SE0019175274   Reason for the research: Update Recommendation: BUY from: 31.03.2025 Target price: SEK 39.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Faster growth as Sweden ramps up defence spending; PT up Topic: Last Friday, we hosted an inve [ … ]