Recent concerns regarding Aixtron have centered on the SiC market which is facing challenges due to overcapacity and weaker EV demand. However, the situation might be improving faster in the market for GaN power semiconductors, where Aixtron holds a 90% market share in epitaxy equipment (compared to 37% in SiC). According to a new study published by Infineon, GaN adoption is expected to accelerate in 2025 in diverse industries, including robotics, home appliances, residential solar and energy storage systems, 5G telecom base stations, AI data centers, and even EVs. With a projected 41% CAGR (2023-2029) for GaN power devices, a new investment cycle could be on the horizon, positioning Aixtron as a key beneficiary. mwb research reiterates the BUY recommendation with a target price of 20.50. On 08 April, we will host an online roundtable with Aixtron, register here: 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

Mister Spex SE reported preliminary results for FY24, in line with mwb research’s expectations and its own guidance, despite a transformational year. The company's net revenues declined by 3% yoy to EUR 216m, with a notable 2% like-for-like growth in the core German market. The adjusted EBITDA margin also remained within the guidance range of +1% to -4%, ultimately turning negative due to ongoing transformation efforts and strategic cost management. Key highlights of the financial year included a year-end cash position of over EUR 70m and a 12% increase in average order value for prescription eyewear, with a remarkable 30% yoy jump in Q4. Looking ahead, Mister Spex will focus on improving the profitability of its German stores, streamlining operating costs, strengthening its brand expertise, and improving cash flow. mwb research’s analysts reiterate their BUY rating with a new PT of EUR 4.00 (old EUR 5.00), as they further adjust their estimates.The full update can be downloaded under www.research-hub.de/companies/Mister%20Spex%20SE

Kima is a blockchain-based platform that meets the growing need for interoperability between decentralized web3 and traditional financial systems. In 2022, coinIX invested in the KIMA project as part of a SAFE (Simple Agreement for Future Equity) and later received a token warrant. The KIMA token was first listed on several trading platforms in November last year and mwb research’s analysts are now including it in their valuation for the first time. The listings of KIMA and most recently PEAQ illustrate that coinIX can open up lucrative investment opportunities in the blockchain value chain that would otherwise remain closed to investors. mwb research’s analysts reiterate their BUY recommendation with a new price target of EUR 4.60 (old: EUR 5.00). The full update can be downloaded under research-hub.de/companies/coinIX%20GmbH%20&%20Co%20KGaA

Preliminary FY24 results met expectations, with sales up 4% yoy and EBITDA rising 21% yoy to EUR 19.0m. Expanded shipping capacity helped offset lower coal prices, while higher taxes impacted net income growth. The new Vietcombank trade finance line is set to support expansion in 2025. mwb research’s analysts raised their earnings estimates and increased their price target to EUR 39.00 (prev. EUR 36.00), maintaining their BUY rating. With improved liquidity and expanded trading volumes, HMS is well-positioned for growth in key Asian markets next year. The full update can be downloaded under https://www.research-hub.de/companies/HMS%20Bergbau%20AG

Verbio SE is a German-based company active in the bioenergy sector. The company focuses on the production and distribution of biofuels. It operates through two business segments: The Biodiesel segment, which produces biodiesel, and the Bioethanol segment, which produces bioethanol and biomethane. The company also supplies sterols and pharmaceutical glycerin to the consumer goods. It sells its products directly to oil companies, oil traders, independent service stations, trucking companies, municipal utilities and vehicle fleets. Against this background, mwb research will host an online earnings call on February 12, 2025, at 2:00 PM (CET) with Claus Sauter, CEO, and Olaf Tröber, CFO of Verbio SE. Following a presentation, participants will have the opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will be conducted online in English. Participation is free of charge, and access details will be provided upon registration at https://research-hub.de/events/registration/2025-02-12-14-00/VBK-GR.

Westwing SE reported FY24 GMV of EUR 497m (+3% yoy), with Q4 GMV up 1%, as its shift to a premium assortment constrained topline growth. Despite this, margin expansion remained strong, with adjusted EBITDA expected at the upper end of guidance and Westwing Collection reaching 55% of GMV for the full year (58% in Q4). The company generated EUR 9m in positive free cash flow over the full year, boosting net cash to EUR 69m. Based on revised estimates, mwb research’s analysts increase their PT to EUR 10.00 (old: EUR 9.50), maintaining their BUY rating ahead of the full FY24 report in March. The full update can be downloaded under https://research-hub.de/companies/Westwing%20Group%20SE

Sartorius’ Q4 24 preliminary numbers were strong, supported largely by normalizing consumables demand and good traction in advanced therapeutic products. Revenues came in at EUR 906.8m, up 6.7% yoy and order intake was strong at EUR 1.05bn, up 21.4% yoy in Q4. Underlying EBITDA grew 12.9% yoy to EUR 258.8m (a margin of c. 28.5%, +1.6ppt yoy), where capacity underutilization was offset by efficiency gains. These Q4 numbers were above consensus estimates, with revenues and adj. EBITDA ahead by 2% and 5%, respectively, and order intake beating consensus by a handsome 23%. Despite a better-than-expected close to FY24, management issued a cautious and only qualitative outlook for 2025, expecting a moderate increase in sales and above average profit growth. If mwb research’s analysts weigh the management’s long-term targets against its conservative 2025 guidance, Sartorius’s ability to deliver many strong quarters of sales growth to meet its ambitious 2028 projections appears an uphill road. Therefore, the analysts reiterate their SELL rating on the stock, however at a slightly increased TP of EUR 182 (old: EUR 173.00). The full update can be downloaded under research-hub.de/companies/Sartorius%20AG

Nordex shares dropped nearly 9% after news of Germany’s planned energy law reform, sparking fears that over 1,000 wind projects could be canceled. However, the reform mainly aims to manage renewable energy expansion by adjusting regulations rather than blocking growth. The proposed changes focus on controlling feed-in tariffs during periods of negative electricity prices and aim to give the states more control over onshore expansion without significantly disrupting national planning. Despite market concerns, approved wind projects remain unaffected, and Germany’s energy transition still relies heavily on onshore wind. Nordex has a strong order book and continues to grow. In mwb research’s view, the market overreacted to political uncertainties, ignoring Nordex’s record order intake and improving profitability. The analysts reiterate their BUY rating with an unchanged PT of EUR 20.00, which represents an upside of 85% based on already conservative estimates. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.

mwb research hosted a well-attended roundtable discussion with MHP's CEO Jörg Frehse and IR Maximilian Michaelsen. A recording of the event is available at https://research-hub.de/videos. MHP has grown significantly since its IPO in 2021, more than doubling its hotel portfolio and expanding into the luxury segment. Prestigious additions such as the Koenigshof Munich and the Conrad Hamburg reflect the growing trust major hotel brands are putting in MHP. Notably, MHP's first non-Marriott franchise signals greater flexibility for future expansion, with the potential to add suitable and promising projects from all major hotel groups to the pipeline. The strong operating performance (including record Q4 revenues) is not fully reflected in the financials as the amortization of goodwill and capitalized leases following the reverse IPO artificially depresses earnings. A potential dividend could be a key catalyst for an overdue re-rating - the stock remains highly attractive at 2.5x EV/EBITDA 2025E. mwb research’s analysts reiterate their BUY rating with a target price of EUR 3.30. The full update can be downloaded under https://research-hub.de/companies/MHP%20Hotel%20AG

Growing uncertainty across Infineon’s key markets, exacerbated by subdued automotive demand, elevated inventories, and Trump’s rollback of EV targets, casts a shadow over its 2025 outlook. Weak order backlog trends and the risk of margin compression from idle capacity further heighten concerns, while AI power solutions, though supportive, remain insufficient to drive a turnaround just yet. While Q1 guidance appears achievable due to its already weak yoy basis, Infineon’s subdued FY25 outlook raises doubts about the gradual recovery management anticipates. With the increasing risk of near-term underperformance, mwb research’s analysts revised their estimates, lowered their price target to EUR 33.00 (old: EUR 37.00), and downgrade Infineon to HOLD until positive trends emerge. The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG