Enapter delivered better-than-anticipated FY24 results, with revenues of EUR 21.3m and EBITDA of EUR –6.9m, EUR 1.7m above preliminary figures due to post-closing adjustments. Product revenues rose 18.8% yoy, offsetting the absence of a EUR 15m one-off from FY23. FY24 order intake doubled to EUR 50m, driving a record EUR 42m backlog, led by strong demand for multi-core systems in Italy and progress in China via the Wolong Joint Venture. For FY25, Enapter guides for EUR 39–42m in revenue and up to breakeven EBITDA, though mwb research’s analysts see breakeven more likely in 2026. A high 2.35x book-to-bill ratio highlights strong positioning despite market uncertainty. With 136% upside to mwb research’s unchanged EUR 7.00 PT, the analysts reiterate their Spec. BUY. The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG

tonies will report Q1 headline figures on 15 May. mwb research’s analysts expect revenues of EUR 96m, up 22% yoy, driven by strong performances in the US (+40% to EUR 39m) and Rest of World (+65% to EUR 17m), while DACH remains flat at EUR 40m due to Easter timing effects. While Q1 results are expected to show healthy growth, new US tariffs on Chinese exports - where tonies has significant production - pose a risk from Q2 onwards. The company is exploring alternative production in Vietnam and Tunisia, although cost implications limit flexibility. A price increase of around USD 2.00 for a Tonies figurine may offset the tariffs but could dampen US growth somewhat. However, this is already reflected in mwb research’s current estimates and the analysts reiterate their BUY rating with a price target of EUR 11.00. The full update can be downloaded under https://www.research-hub.de/companies/tonies%20SE

Airbus posted mixed Q1 2025 results, with revenues up 6% yoy to EUR 13.5bn, beating consensus by 5%, helped by favourable FX despite a 4% decline in commercial aircraft deliveries. Reported EBIT fell 22% yoy to EUR 473m (cons.: EUR 605m), weighed down by EUR -151m in adjustments, mostly from Defence & Space restructuring; adjusted EBIT was broadly in line. Net income rose 33% to EUR 793m, driven by favourable financial results linked to the revaluation of Airbus’s 10.5% stake in Dassault Aviation. Segment-wise, Helicopters (+10% EBIT) and Defence (+30% order intake) outperformed, while Commercial Aircraft EBIT declined 9% despite an 11% R&D cut. With a high COGS ratio (~82%) and increasing tariff exposure, mwb research’s analysts see growing margin risk. As the stock hits mwb research’s prior target, the analysts upgrade to HOLD but reduce their PT to EUR 142 (from EUR 144). The full update can be downloaded under https://www.research-hub.de/companies/Airbus%20SE

Intershop reported a 4% yoy revenue decline in Q1 2025 to EUR 9.1m, driven by an 18% drop in service revenues amid its partner-first transition. Cloud & Subscription revenue rose 5% to EUR 5.2m, now 56% of total revenue. Profitability improved: EBITDA rose 7% to EUR 0.84m, and EBIT reached EUR 73k, supported by cost control and project completions. ARR grew 14% to EUR 20.4m, but cloud orders and Net New ARR declined 17% and 43% yoy, respectively. FY 2025 guidance is unchanged: 5–10% revenue decline, slightly positive EBIT, and modest ARR growth. Margin gains are promising, but soft order momentum clouds near-term growth. mwb research’s analysts maintain their PT (EUR 3.00) and BUY rating. An earnings call will be held on 30 April at 13:30 CEST. Follow the link to register: https://research-hub.de/events/registration/2025-04-30-13-30/ISHA-GR. The full update can be downloaded under https://www.research-hub.de/companies/Intershop%20Communications%20AG

Siltronic delivered mixed Q1 results, with sales exceeding expectations but margins under pressure mainly due to weaker volumes and an unfavorable product mix. Elevated customer inventories and low demand visibility continue to weigh on performance, while macro risks—particularly tariffs and currency volatility—add further uncertainty to the near-term outlook. mwb research’s analysts have revised their estimates to reflect the constrained profitability outlook and the risk of a delayed recovery, resulting in a new price target of EUR 60.00 (previously EUR 65.00). Nevertheless, the analysts maintain their BUY rating, supported by intact long-term structural growth drivers and Siltronic’s stable market share, signaling that the current pressure is industry-wide rather than company-specific. The full update can be downloaded under https://research-hub.de/companies/Siltronic%20AG

Friedrich Vorwerk (FVG) delivered good Q1 25 results, reinforcing its growth trajectory and solidifying its position in the market. Revenues increased by 73.4% yoy to EUR 133.0m, driven by favorable weather conditions, a high-quality project mix, and strong operational execution. EBITDA rose by 168.9% yoy to EUR 18.2m, with the margin expanding to 13.7%. The growth was primarily driven by the Electricity segment, which saw impressive revenues up 269% yoy to EUR 73.8m, while EBITDA margin growth was mainly fueled by Adjacent Opportunities. The order backlog remains strong at EUR 1.1bn, although order intake fell slightly due to project timing. Despite the company’s robust financial performance, the modest 2.7% yoy increase in workforce in Q1 25 suggests FVG may be approaching its capacity limits, making it harder to sustain such growth. Combined with the stock trading at a rich P/E of 28.7x, this bears the risk of potential setbacks. mwb research’s analysts maintain their SELL rating, with an unchanged PT of EUR 45.00. The full update can be downloaded under https://www.researchhub.de/companies/Friedrich%20Vorwerk%20Group%20SE

Company Name: 029 Group SE ISIN: DE000A2LQ2D0   Reason for the research: Update Recommendation: SELL from: 30.04.2025 Target price: EUR 15.80 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr FY24 out: Portfolio progressing as planned029’s net income stood at € 0.33m, comparing to pre [ … ]

HelloFresh delivered a mixed Q1, with revenues declining year-on-year due to weaker meal kit performance, particularly in North America. However, profitability surprised positively, with adjusted EBITDA more than tripling, driven by strong execution of efficiency initiatives across production, labor, procurement, and marketing. The company reaffirmed its full-year 2025 guidance, expecting further profitability gains despite ongoing sales pressure. Growth in the ready-to-eat and newer brands (like Good Chop) partly offset meal kit declines, though marketing cutbacks weighed on order volumes. Margin expansion was supported by improved productivity and disciplined marketing spend. As macroeconomic and regional challenges persist, mwb research’s analysts maintain a cautious stance on HF. The analysts broadly maintain their estimates and keep their PT unchanged at EUR 11.00, reiterating their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/research/HelloFresh%20SE

Aixtron delivered a solid Q1 sales beat with revenues of EUR 112.5m, exceeding both guidance and expectations, but gross margin fell sharply to 30% (or ~35% adjusted), missing forecasts due to product mix and G10 ramp-up costs. EBIT consequently dropped significantly, though net income was in line, aided by tax income. Free cash flow rebounded strongly on working capital reductions, and order intake of EUR 132.2m (+10% yoy) outpaced expectations, driven by strength in power electronics. With the FY25 outlook confirmed and Q2 guidance implying sequential growth, the margin setback seems temporary. Finetuning the model, mwb research’s analysts adjust the price target to EUR 19.00 (old: EUR 19.50) and reiterate their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/AIXTRON%20SE

Symrise delivered a solid Q1 2025 with organic sales growth of 4.2%, surpassing market expectations. The Taste, Nutrition & Health segment led with strong growth, while Scent & Care slightly underperformed due to challenges in cosmetic ingredients. However, reported sales (+2% yoy to EUR 1.32bn) continued to be impacted by FX headwinds. With a strong start in the year, Symrise has reaffirmed its FY 2025 outlook. The company is progressing well on its 'ONE Symrise' strategy, driving synergies across business units and focusing on product development and high-growth areas such as health & wellness. Strategic initiatives, including the ongoing review of its terpene ingredients business, could unlock additional value. Beyond this, operational efficiencies and disciplined pricing are also expected to continue supporting profitability. With an expected 4% FCF yield and 5-7% organic growth, mwb research’s analysts believe that Symrise still offers a decent investment opportunity. Therefore, analysts reiterate the BUY rating with an unchanged price target of EUR 110.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Symrise%20AG