mwb research’s analysts initiate coverage of Hamborner REIT AG with a BUY recommendation and a PT of 11.00 offering an upside potential of c. 75%. Hamborner is a German commercial real estate company with a diversified portfolio of retail and office properties across Germany. The company manages 66 properties with a current value of EUR 1.4bn and focuses on active portfolio management to generate stable cash flows and maintain an attractive dividend policy. The company's strengths include a geographically diverse portfolio, high-quality tenants with long-term leases and conservative financial ratios. Despite market challenges, the German real estate market is showing signs of stabilization, which mwb research’s analysts believe allows Hamborner to participate actively. Trading at a 35% discount to NAV and with a dividend yield of 5-6%, Hamborner represents an attractive investment opportunity. The full update can be downloaded under https://research-hub.de/companies/hamborner-reit-ag

mwb research’s earnings call with Intershop provided more context for the published Q1 results. The company reported improved profitability in Q1 2025 despite a 4% revenue decline, driven by a strategic shift away from service-led projects. EBITDA rose to EUR 0.84m with a 9% margin, and ARR grew 14% to EUR 20.4m. While cloud revenue expanded and AI monetization began, weak order intake (–17%) and Net New ARR (–43%) highlight near-term headwinds. Liquidity remains solid (EUR 7.8m), with refinancing largely secured for a maturing convertible bond. Management reiterated cautious FY2025 guidance, targeting slightly positive EBIT and modest cloud growth. Stronger sales pipeline activity and early AI adoption suggest medium-term upside potential. mwb research’s analysts maintain their BUY rating and EUR 3.00 price target. A recording of the event is available here: https://research-hub.de/events/video/2025-04-30-13-30/ISHA-GR. The full update can be downloaded under https://www.research-hub.de/companies/Intershop%20Communications%20AG

MS Industrie announced FY24 results, reporting sales of EUR 171.2m, a 31.5% yoy decline, mainly due to the sale of a 51% stake in MS Ultraschall and lower order volumes at MS XTEC. Adjusted EBITDA dropped 58.2% yoy to EUR 7.5m, while EBIT turned negative at EUR -1.4m. Despite a net loss of EUR -3.9m, MS Industrie improved its balance sheet, raising the equity ratio to 44.0% and reducing net debt to EUR 18m. MS XTEC, the group’s core, saw a 17.9% revenue decline but secured major contract extensions and continued investment in automation. With a positive outlook for FY25, MS Industrie is poised for long-term, capital-efficient growth, focusing on the heavy-duty segment and expanding into North America and new industries. mwb research’s analysts are maintaining their BUY rating with a target price of EUR 2.40. Join the earnings call on May 19 at 2:00 PM CEST, where CEO Dr. Andreas Aufschnaiter will provide insights into the FY24 results and Q1 25 performance. Register here to participate: https://research-hub.de/events/registration/2025-05-19-14-00/MSAG-GR. The full update can be downloaded under https://research-hub.de/companies/ms-industrie-ag

Wacker Chemie reported mixed results in Q1 2025. Silicones and BioSoultions reported good EBITDA performance on improving mix. However, Polysilicon remained a drag, reeling under pressure of weak solar-grade demand and Chinese oversupply, whereas the Polymers division was impacted by low-capacity utilization. Given the lack of visibility in the current uncertain macro-economic environment, management kept its FY 2025 guidance unchanged. mwb research’s analysts see FY 25 as a year of volatility and unpredictability and the analysts adjust their estimates in view of the tough market conditions. Nevertheless, from a long-term perspective, mwb research’s analysts continue to like Wacker’s capital-disciplined approach to position itself as a specialty chemicals and advanced materials player rather than a volume-driven industrial producer. The analysts reiterate their BUY rating at a revised target price of EUR 88.00 (old: EUR 95.00), supported by Wacker’s strategic pivot towards margin-enhancing, less cyclical businesses. The full update can be downloaded under https://www.research-hub.de/companies/Wacker%20Chemie%20AG

Fuchs reported decent Q1 25 results amid a challenging macro environment. Reported revenues grew 5% yoy to EUR 924m, led by 2% yoy organic sales growth (vs -1% yoy in Q4 24), a similar 2% yoy contribution from M&A, and a 1ppt yoy boost from FX. Higher volumes compensated for pricing pressure during the quarter. EBIT increased by mere 1% yoy to EUR 108m (margin: -50bps yoy to 11.7%), weighed down by higher general and administration expenses; EBIT trailed consensus by 6%, largely reflecting the revenue miss of 1%, as overall costs were broadly in line. Management has reiterated its outlook for FY25 – sales of EUR 3.70bn (+5% yoy) and EBIT of c. EUR 460m (+6% yoy) – notwithstanding the prevailing uncertainties amid geopolitical and tariff wars. Against the backdrop of escalating international trade tensions, Fuchs’ global operational footprint, diversified client base and product portfolio, and focus on bolt-on strategic M&As provide comfort. mwb research’s analysts maintain their HOLD rating, as valuations appear fair, with an unchanged PT of EUR 48.00. The full update can be downloaded under https://www.research-hub.de/companies/Fuchs%20Petrolub%20SE

Nemetschek (NEM) continued to experience positive business momentum in Q1 25. Revenues grew 26.3% yoy to EUR 282.8m, with a large part of the growth being organic (org.; +17.4% yoy in constant currencies [c.c.]) and the rest coming from the GoCanvas acquisition. Subscription and SaaS revenue increased at a robust 83.6% yoy (org.: +66.1% yoy c.c.) and took the overall recurring revenues up 39.6% yoy. EBITDA grew 18.2% yoy (+16.9% yoy org. c.c.), and excluding one-offs, the adj. EBITDA margin improved 90bps yoy to 31.4%. After a good start to FY25, management reiterated its full-year guidance for revenues to grow 17%-19% yoy in c.c. and EBITDA to reach c.31% (+80bps yoy), both including GoCanvas. NEM has steadily and successfully shifted towards stable and predictable recurring revenues (now at an impressive 92% of total revenues) and towards mobile and cloud-based software solutions, strengthening its business proposition. However, with mwb research’s expectations met, the analysts maintain their estimates and reiterate their HOLD rating with an unchanged price target of EUR 117.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Nemetschek%20SE

KION reported a reasonable set of numbers in Q1 2025. Revenues fell 2% yoy to EUR 2.8bn (-9% qoq) on declines at both the Industrial Trucks & Services (IT&S; -2% yoy) and Supply Chain Solutions (SCS; -4% yoy) businesses. Adj. EBIT came in at EUR 196m, down 14% yoy and the margin deteriorated 90bps yoy to 7.0% (-120bps qoq), dragged by IT&S (-23% yoy) where low new truck sales resulted in under absorption of fixed costs. However, both revenues and adj. EBIT were 2% ahead of consensus, while order intake (+11% yoy) beat consensus by 3%, led by strong service orders. Assuming no significant economic downturn, management confirmed its guidance for FY 2025, reiterating its expectation for revenues at EUR 10.9bn-11.7bn (-5% to +2% yoy) and adj. EBIT of EUR 720m-870m (-21% to -5% yoy) with lower adj. EBIT at IT&S, partly offset by higher results from SCS. Its efficiency programme is on track and should bring in annual cost savings of EUR 140m-160m from FY 26 onwards and provide some cushion till macro conditions see a meaningful turnaround and uncertainties recede. mwb research’s analysts maintain their estimates and their PT at EUR 46.00. The analysts confirm their BUY rating on the stock. The full update can be downloaded under https://www.research-hub.de/companies/Kion%20Group%20AG

123fahrschule (123fs) delivered a strong Q1 25, with revenues up 18% yoy to EUR 6.6m and EBITDA at EUR 0.65m, significantly above Q1 24. Growth was driven by increased demand in the Class B segment (car driving licenses) and new branch openings. Registrations surged 41%, highlighting market share gains. Q1 results align with full year guidance and mwb research’s estimates. Operational leverage and brand scale are improving, with further upside expected from simulator sales. In Q1, the EBITDA margin rose to 9.8%, indicating sustained profitability improvements. Therefore, mwb research’s analysts confirm their BUY rating and EUR 6.20 price target, reflecting continued growth potential. The full update can be downloaded under https://www.research-hub.de/companies/research/123fahrschule%20SE

Fielmann reported strong preliminary results for Q1 2025. Sales grew 13% yoy to an estimated EUR 598m during the quarter. Adj. EBITDA surged 28% yoy to EUR 146m, with the overall adj. EBITDA margin improving by c.2.64ppt yoy to 24.2%, and that in Europe coming at a stronger 25.6%, both surpassing margin targets under the company’s Vision 2025 strategy. Management remains confident of healthy business momentum continuing for the rest of FY 2025 and guides for sales of c.EUR 2.5bn, implying c.9% yoy growth. On the profitability front, Fielmann aims to reach c.24.0% in terms of the overall adj. EBITDA margin (+2.3ppt yoy), including c.25.0% in Europe (+2.2ppt yoy). The Q1 results once again underlines the strong competitive position of the group, backed by its dominant market share in the German and European optical retail market and its successful international expansion and cross-selling strategy. mwb research reiterates its BUY rating with a slightly raised PT of EUR 68.00 (previously EUR 66.00). The detailed Q1 results are due on 8 May. The full update can be downloaded under https://www.research-hub.de/companies/Fielmann%20AG

Company Name: MPC Energy Solutions N.V. ISIN: NL0015268814   Reason for the research: Update Recommendation: BUY from: 02.05.2025 Target price: NOK 15.50 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Good start into the year: Q1 EBIT turns positiveQ1 proportionate energy output increased sli [ … ]