Circus has announced a capital increase with subscription rights, issuing 1.33m new shares (approximately 5.9% of current share capital) at EUR 16.00 per share, targeting gross proceeds of EUR 21.3m. A majority of existing shareholders, holding 78.6%, have waived their rights. The corresponding 1.0m shares have already been preplaced with new and existing high-profile investors, including Co-CEO Claus Holst-Gydesen, raising EUR 16m. The remaining shares will be offered in April 2025. Proceeds will support Circus' growth, including a major rollout of 500 CA-1 robotic units through a partnership with food franchise Mangal which is about to start with production beginning in May at a new facility in China. The capital increase should put Circus in a position to meet funding requirements throughout 2025. mwb research’s analysts reiterate their BUY recommendation with a target price of EUR 75.00. The full update can be downloaded under https://research-hub.de/companies/circus-se

Nemetschek (NEM) reported solid topline growth of 32.5% yoy to EUR 291m in Q4 24, driven by an organic (org.) increase of 25.9% yoy in constant currencies (c.c.) and the rest coming from GoCanvas acquisition. The company registered solid subscription/SaaS business growth of 102% yoy to EUR 187m during the quarter (org. c.c.: +86.8% yoy). At the same time, EBITDA grew at a higher pace of 37.4% yoy, resulting in a margin improvement of 1.2ppt yoy (org.: +2.6ppt yoy to 34.1%). The cost discipline and improvements to operating leverage, together with the transition to SaaS/subscription model, offset a lower profitability development at GoCanvas. Management expects the strong growth momentum to extend into 2025, at midpoint guiding a topline growth of 18% yoy in c.c. (including +3.5ppt from GoCanvas) and an EBITDA margin expansion to c. 31% (inclusive of GoCanvas). NEM’s solid results and its successful shift towards stable and predictable recurring revenues and SaaS models underscore its leadership in its markets. mwb research’s analysts only fine-tune their estimates and confirm their PT of EUR 117.00, reiterating their HOLD recommendation. The full update can be downloaded under https://www.research-hub.de/companies/research/Nemetschek%20SE

Amadeus Fire's FY25 outlook disappoints, signaling a challenging year ahead. The company projects revenue of EUR 387-417m, an 8% yoy decline, and operating EBITA of EUR 36-44m, a 28% yoy decrease. This underperformance is attributed to Germany's economic stagnation, with GDP growth near zero since Q3 2021 and rising unemployment. The staffing services segment faces headwinds from cautious hiring practices and slowing demand in commercial and IT sectors. However, the Training and Education segment provides stability, expecting slight growth in B2G and stable to increasing revenues in B2B and B2C segments. Despite the disappointing outlook, Amadeus Fire's ability to maintain double-digit margins in difficult markets is encouraging. The recent clarity on Germany's political direction and investment program may eventually improve sentiment. mwb research’s analysts maintain their BUY rating with a revised PT of EUR 97.00, as the current weakness appears priced in. The full update can be found on https://www.research-hub.de/companies/Amadeus%20FiRe%20AG

Backed by its innovative solutions, Elmos wrapped up FY24 with modest yet solid results, outperforming peers in an industry battling with customer inventory overhang and geopolitical uncertainty. On top of that, the company hiked its dividend by 18% to a record EUR 1.00 per share. For FY25, management anticipates a flat topline at midpoint, with muted demand persisting in H1 and a pick-up expected in H2. With 40 years of niche expertise, Elmos enters a new era as a fabless powerhouse, enhancing its flexibility, agility, and focus on innovation. Trading at the lower end of key valuation multiples despite above-median margins reinforces its appeal as an undervalued asset, while long-term growth remains compelling, supported by structural automotive megatrends pushing for a +8% industry CAGR (2023-2030E). Meanwhile, management remains strategically aligned with shareholders, focused on unlocking long-term value. Amid short-term headwinds, mwb research’s analysts refine their model and reiterate their BUY rating with an unchanged PT of EUR 98.00. The full update can be downloaded under https://research-hub.de/companies/Elmos%20Semiconductor%20SE

Company Name: MAX Automation SE ISIN: DE000A2DA588   Reason for the research: Update Recommendation: Buy from: 21.03.2025 Target price: E'UR 7.00 Target price on sight of: 12 months Last rating change: Analyst: Konstantin Völk Mixed FY24 due to investment reluctance in automotive; Chg. Topic: MAX published mixed FY24 numbe [ … ]

Knorr-Bremse’s final Q4/FY24 results align with the previously announced preliminary figures. Q4 revenue dropped 4% yoy to EUR 1.99bn, and EBIT fell 12.7% yoy to EUR 217m. EPS dropped sharply to EUR 0.11 from EUR 1.17 in Q4 of the previous year. Free cash flow remained stable in Q4, with a 32.3% yoy increase for FY24. Despite challenges in the Commercial Vehicle Systems (CVS) segment, customer demand remained strong, particularly in the rail sector. Knorr-Bremse’s BOOST 2026 program is progressing well, with 60% of the EUR 700m divestment goal achieved. Due to this faster progress, estimates for 2025 have been slightly revised upward, aligning with the company’s guidance. Given ongoing uncertainties, geopolitical risks, and the stock's 30% rise, mwb research’s analysts reiterate their SELL rating but raising the price target slightly to EUR 79.00 (from EUR 76.00). The full update can be downloaded under https://www.research-hub.de/companies/Knorr%20-%20Bremse%20AG

Company Name: DEMIRE AG ISIN: DE000A0XFSF0   Reason for the research: Update Recommendation: Buy from: 21.03.2025 Target price: EUR 1.30 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Softer profitability in FY25 and going forward; chg. Topic: DEMIRE released FY24 results, showing rental inco [ … ]

Company Name: Netfonds AG ISIN: DE000A1MME74   Reason for the research: Update Recommendation: Buy from: 21.03.2025 Target price: EUR 78.00 Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow Strong FY24 prelims // Growth to continue; chg Topic: Netfonds reported strong FY24 prelims beating our exp [ … ]

Company Name: Knaus Tabbert AG ISIN: DE000A2YN504   Reason for the research: vorläufige Ergebnisse 2024 Recommendation: Kaufen from: 20.03.2025 Target price: €29 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Knaus Tabbert AG (ISIN [ … ]

Performance One (PO1) announced a rights issue of up to 522,292 new shares at EUR 1.60 each, raising up to EUR 0.84m (44% of existing capital). The funds will support the restructuring into a holding company focused on digital health and AI, thereby increasing strategic flexibility. The service business (~EUR 10m revenue) will be separated, possibly preparing a sale of the unit and providing a special dividend to investors. Due to the dilution (~31%) and execution risks related to the capital increase and the new strategy, the PT is lowered from EUR 6.20 to EUR 4.40, but the BUY rating is reiterated. The full update can be downloaded under https://www.research-hub.de/companies/research/Performance%20One%20AG