METRO AG delists from the Frankfurt Stock Exchange and SDAX today, 16 April 2025, following EP Global Commerce’s (EPGC) public tender offer at EUR 5.33 per share. While the offer includes a premium, it falls short of reflecting METRO’s long-term potential under its sCore strategy. Management’s neutral stance on the offer, despite supporting the delisting, sends a conflicted signal. Claimed benefits like strategic focus and reduced regulation remain hard to quantify and primarily serve controlling shareholders. The loss of public oversight introduces long-term governance risks. With EPGC now firmly in control and little recourse for minority investors, this marks an opaque new chapter for METRO. SELL. The full update can be downloaded under https://www.research-hub.de/companies/research/Metro%20AG

MHP Hotel AG reported strong Q1 2025 KPIs with all indicators reaching record levels for the first quarter, including a 2 percentage point increase in occupancy to 67%, an 8% increase in ADR to EUR 203 and a 12% increase in RevPAR to EUR 137, boosted by the high yielding Koenigshof Munich opening in mid-2024. Revenue grew by 17% year-on-year to EUR 33.3m. Despite a challenging German hotel market, MHP is able to effectively manage costs and maintain pricing power in the premium and luxury segments. With an already promising development pipeline, including the Conrad Hamburg (summer 2025) and the Autograph Collection Stuttgart (2028), the company sees further potential from market consolidation in Europe. MHP reaffirms its 2025 guidance of EUR 180m in revenues and EUR 15m in EBITDA, assuming stable macroeconomic conditions. With mwb research’s analyst estimates unchanged, the analysts reiterate their BUY rating with a PT of EUR 3.30. The EV/EBITDA multiple of 2.6x in 25E leaves a large risk buffer should economic conditions deteriorate. The full update can be downloaded under https://research-hub.de/companies/MHP%20Hotel%20AG

Veganz Group AG has transformed from a vegan retailer into a food technology company, focusing on in-house production and distribution of innovative plant-based products, including Mililk (dairy alternatives), Peas on Earth (meat substitutes), and Happy Cheeze (plant-based cheese). Leveraging proprietary technology such as 2D food printing, the company enhances efficiency and sustainability while distributing through retail, food service, and online channels. In a highly competitive market, Veganz differentiates itself as a multi-category provider with a strong brand, innovative products, eco-friendly packaging, and cost-efficient logistics. While recent years have seen revenue declines and losses due to the business model pivot, the company is now at an inflection point, with strong growth prospects in plant-based milk and meat alternatives, which dominate the European market. With a strengthened balance sheet following a capital increase and bond restructuring, Veganz presents significant upside potential for long-term investors willing to accept above average risk. Coverage is initiated with a Spec. BUY rating and a EUR 11.00 price target, not including additional upside from vertical farming. The full update can be downloaded under https://research-hub.de/companies/veganz-group-ag

While short-term softness persists due to industry overcapacity and cyclical capex pauses, AIXTRON reasserted its long-term growth story at the German Select Conference, spotlighting structural tailwinds in SiC and GaN power markets. SiC demand is expected to rebound by 2026 with the accelerating shift to 800V EV platforms and GaN is on track to triple by decade’s end, fueled by energy efficiency and AI adoption. Meanwhile, with U.S. exposure below 10%, direct tariff risk remains limited, though the company acknowledges potential indirect headwinds should escalating trade tensions weigh on global macro conditions. The company is strategically rebuilding its cash buffer to EUR 200m to weather ongoing volatility. Q1 performance underpins confidence in FY25 guidance, and management remains focused on multiyear megatrends. In mwb research’s view, the recent share price pullback offers investors an opportunity to enter a potential long-term compounder at a cyclical trough. The analysts reiterate their BUY rating and price target of EUR 19.50. Please watch the full Roundtable here: https://researchhub.de/events/video/2025-04-08-12-00/AIXA-GR The full update can be downloaded under https://www.research-hub.de/companies/AIXTRON%20SE

Cicor reported solid Q1 2025 results, with sales up 22.2% yoy to CHF 131.1m, largely driven by recent acquisitions. Organic sales declined due to a one-off in Q1/24, while order intake grew 29.1% yoy. FY25 guidance was reaffirmed. Cicor also announced a strategic partnership with Mercury Mission Systems, including the takeover of a Swiss production site and a five-year high-value supply commitment. The collaboration could unlock further revenue upside. Combined with the pending MADES and Eolane acquisitions, Cicor continues to strengthen its position in aerospace and defense. Given recent strong share price performance, mwb research’s analysts move from BUY to HOLD, keeping their CHF 100.00 price target unchanged. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

Friedrich Vorwerk (FVG) is expected to replace Metro AG in the SDAX this week, ahead of the previously planned June inclusion, as Metro prepares for delisting. This accelerated promotion is set to boost FVG’s market visibility, potentially attracting more institutional investors and enhancing liquidity. The company is well-positioned for growth, driven by strong demand in the energy and infrastructure sectors, particularly with Germany’s ongoing energy transition and potential new infrastructure programs. However, following a remarkable share price increase of over 300% yoy, many positive factors already seem priced in. The stock now trades at a high P/E ratio of 28.7x for FY25E, leaving room for potential setbacks. As a result, the mwb analysts have downgraded their rating to SELL, while maintaining their price target at EUR 45.00.The full update can be downloaded under https://www.researchhub.de/companies/Friedrich%20Vorwerk%20Group%20SE

Delivery Hero increased legal provisions by EUR 183m following an Italian court ruling on rider employment status, bringing the total for Glovo Italy to EUR 253m. This follows similar regulatory action in Spain, where provisions of EUR 440–770m and a EUR ~100m EBITDA impact in FY25 have already been flagged. The Italian provision will be reflected retroactively in FY24, lowering adjusted EBITDA guidance from ~EUR 750m to EUR 693m. Despite the headwinds, FY25 guidance remains unchanged, with expected GMV growth of 8–10% and adjusted EBITDA of EUR 975m–1.025bn. mwb research’s analysts lower their earnings estimates and reduce their price target to EUR 45.00 (from EUR 49.00), while maintaining their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE

Photon Energy has made its third strategic investment in Australian clean tech firm RayGen Resources, contributing AUD 2m to a AUD 127m Series D round led by SLB, with participation from major players like Equinor Ventures, AGL Energy, and Oxy. This brings Photon Energy’s total investment to AUD 7m and its stake to approximately 5.5%. RayGen’s innovative PV Ultra technology, already validated at Photon’s Carwarp project, combines high-efficiency solar cells with thermal storage using water instead of batteries—offering cost and environmental advantages. Photon is deploying this technology in two major utility-scale projects: a 150 MW plant in South Australia and a 250 MW project in South Africa. The investment is strategically sound given RayGen’s importance in Photon’s pipeline and the potential value of its equity stake. mwb research’s analysts confirm their Spec. BUY rating with a target price of EUR 1.40 based on the DCF.The full update can be downloaded under https://www.research-hub.de/companies/Photon%20Energy%20NV

Südzucker ("SZU") announced that it expects a weak start to FY26 (running from 1 March to 28 February), with a significant yoy decline in both EBITDA and operating profit for Q1, following a challenging FY25. Despite this, the company maintained its FY26 forecast, expecting a modest decline in group revenue and EBITDA of around EUR 600m, which would reflect an 18% yoy decrease. Sugar prices remain under pressure, especially in Europe, presenting ongoing challenges. SZU anticipates a rebound in EU sugar prices starting in October 2025 with the beginning of the FY26 sugar marketing year. However, macroeconomic and geopolitical factors, such as tariffs and Ukrainian agricultural imports, add uncertainty. Given these conditions, mwb research’s analysts remain cautious, awaiting clear signs of a recovery in sugar prices. If prices fail to recover, the company may cut its FY26 guidance, which would prompt the analysts to revise their estimates. mwb research maintains the SELL rating with an unchanged PT of EUR 9.50. The full update can be downloaded under https://www.research-hub.de/companies/Suedzucker%20AG

mwb research’s analysts reiterate their BUY rating and PT of EUR 95.00 on Wacker Chemie (Wacker) following key takeaways from the German Select Conference, where management reinforced its strategic pivot toward higher-margin, less cyclical businesses. Semiconductor-grade polysilicon is emerging as the core growth engine (>30% EBITDA margin), set to overtake solar in volume by 2026, supported by strong demand from AI and advanced electronics. Silicones continue to recover on the back of a >50% specialty mix, while Polymers show early signs of stabilization, with strong traction in India and other emerging markets. Although Biosolutions remains in an early, volatile stage, its CDMO platform positions it well for long-term upside. Despite ongoing geopolitical headwinds, particularly in solar, management reaffirmed FY25 guidance. For more insights, please access the full Roundtable here: https://research-hub.de/videos. The full update can be downloaded under https://www.research-hub.de/companies/Wacker%20Chemie%20AG