Company Name: Einhell Germany AG ISIN: DE000A40ESU3   Reason for the research: Update Recommendation: BUY from: 27.02.2025 Target price: EUR 90.00 Target price on sight of: 12 months Last rating change: Analyst: Konstantin Völk Strong prel. FY24 and promising FY25e guidance; chg. est. & PT Topic: Einhell released strong [ … ]

energenta AG continues its strategic transformation by shifting its focus more on the "Regranulates & Compounds" segment. With the successful sale of its 50% stake in Energenta Ersatzbrennstoffe GmbH (EBS) and the associated real estate in Ochtrup, the company is sharpening its profile as a pure play in plastics recycling. The proceeds (c. EUR 19m mwb est.) from the transaction will be used 1) to significantly reduce debt and 2) for targeted expansion in high-margin recycling segments. energenta aims to triple capacity from currently 4,000 tons annually to 12,000 tons annually to benefit from the EU regulatory framework (kicking in at least in 2030) and the increasing market demand for sustainable plastics solutions. Mwb research reiterates the BUY recommendation with a slightly lower price target of EUR 3.60 (old EUR 4.30), due to lower profitability (EBIT margin 4% in FY26 vs 8% in FY23) in the mid-term, which, however, should recover in the long-term. The full update can be downloaded under https://www.research-hub.de/companies/energenta%20AG

Gerresheimer (GXI) delivered final FY24 results, with organic revenue growth of 2.9% to EUR 2.04bn and an adjusted EBITDA increase of 4.1% to EUR 419m, in line with expectations. The destocking headwinds in the vial business continued but showed signs of easing, while strong demand in medical devices partially offset this impact. The integration of Bormioli Pharma is progressing well and is expected to significantly contribute to both revenue and margin expansion in the coming years. While the FY25 outlook is softer than previously assumed, mid-term guidance remains intact, targeting 8-10% CAGR in revenue and an EBITDA margin of 23-25%. mwb research maintains the BUY rating with a slightly higher price target of EUR 103.00 (previously EUR 96.00). The full update can be downloaded under https://www.research-hub.de/companies/research/Gerresheimer%20AG

Company Name: EasyMotion Tec AG ISIN: LI1147158318   Reason for the research: Management interview Recommendation: Management interview Last rating change: Analyst: Matthias Greiffenberger, Marcel Goldmann GBC AG: EasyMotion Tec AG aims to become a global health solutions corporation. What successes have you already achieved, and [ … ]

Company Name: Cenit AG ISIN: DE0005407100   Reason for the research: Research Comment Recommendation: BUY Target price: 19.00 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Cosmin Filker, Marcel Goldmann You can download the research here: http://www.more-ir.de/d/31851.pdf Contact for questions: ++++++++ [ … ]

BP is reportedly considering the sale of its lubricants business, Castrol, following pressure from activist investor Elliott Management, which recently acquired a nearly 5% stake in BP. Castrol, the world's third-largest lubricants company, generated FY24 adjusted EBITDA of USD 1.0 billion on USD 7 billion in sales, with a 14.4% EBITDA margin similar to Fuchs' 13.8%. The rumored valuation of around USD 10 billion implies an EV/EBITDA multiple of 9.9x, aligning with Fuchs' valuation. The competitive impact will depend on the type of transaction—whether a sale to a strategic buyer, private equity, or an IPO/spin-off —though private equity seems the most likely given Castrol's stable cash flow. Overall, the rumored valuation of Castrol does not suggest a significant upside for Fuchs as a cross-read. After a strong performance of +19% since mid-January, Fuchs has reached mwb research’s price target of EUR 48.00. The analysts downgrade the stock to HOLD. The full update can be downloaded under https://www.research-hub.de/companies/Fuchs%20Petrolub%20SE

Despite a second consecutive year of sales decline in 2024, Siltronic’s downturn moderated, hinting at a potential inflection point as the broader industry grapples with elevated inventories and sluggish end-market demand. While stabilization is expected in 2025, driven by AI and smartphones alongside a gradual recovery in automotive and PC markets in H2, the real story unfolds in 2026. With inventory headwinds finally dissipating, a new growth cycle is expected to emerge, propelled by structural tailwinds in high yield 300mm leading edge wafers and a long-awaited rebound in 200mm wafers. With a compelling valuation and historical patterns of early market pricing of growth cycles, mwb research views 2025 as a prime entry point ahead of the expected upswing in 2026. Analysts maintain their BUY rating with a PT of EUR 65.00. The full update can be downloaded under https://research-hub.de/companies/Siltronic%20AG

Company Name: ad pepper media International N.V. ISIN: NL0000238145   Reason for the research: Update Recommendation: Buy from: 25.02.2025 Target price: 2,90 EUro Target price on sight of: 12 Monate Last rating change: 20.07.2020: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity  [ … ]

Fresenius Medical Care (FME) delivered a stable performance in FY24, with revenue declining slightly by 1% but remaining stable in constant currency. Operating income improved by 18% due to the FME25 program, driving margin growth and a successful turnaround in Care Enablement. The company met its guidance, demonstrating resilience despite currency and portfolio headwinds. Looking ahead to FY25, FME expects revenue growth in the low-single digits and significant profitability improvements, driven by efficiency gains from the FME25 program. With a raised price target of EUR 47.00 (old EUR 38.00) and improved earnings potential, mwb research upgrades its recommendation from SELL to HOLD. The full update can be downloaded under https://www.research-hub.de/companies/Fresenius%20Medical%20Care

Prosus, Delivery Hero’s main shareholder, is set to shake-up Europe’s food delivery landscape with its EUR 4.1bn acquisition of Just Eat Takeaway.com (JET), offering a 49% premium over its 3-month VWAP. With this move, Prosus strengthens its already extensive food delivery portfolio, which also includes iFood and Swiggy. However, regulatory scrutiny could be a key obstacle, particularly regarding market concentration concerns. Given Prosus’ 28% stake in Delivery Hero, authorities may require divestments before approving the deal. If completed, the transaction could drive consolidation in key markets. Despite these uncertainties, mwb research maintains the EUR 49.00 price target and BUY rating for Delivery Hero, seeing limited near-term impact on its core business. The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE