LANXESS continues to navigate a tough industry environment, with sluggish demand in agrochemicals and construction, relatively weak margins, and slow deleveraging. However, its transformation into a pure specialty chemicals leader is gaining traction, with the Urethane Systems sale marking its final polymer exit and sharpening focus on high-margin, less cyclical businesses. A stronger U.S. presence, volume growth in 90% of segments, and potential geopolitical easing in Europe add further potential upside. While challenges may persist into 2025, we see LANXESS as an opportunity to capitalize on its transformation into specialty chemical leader. mwb research reiterates the BUY rating with revised PT of EUR 33.00 (old: EUR 30.00), confident in LANXESS’ long-term gradual recovery and margin expansion. The full update can be downloaded under https://www.research-hub.de/companies/Lanxess%20AG

Knorr-Bremse's preliminary Q4/FY24 results show mixed performance. The Rail Vehicle Systems (RVS) division performed well, with higher orders and revenue, while the Commercial Vehicle Systems (CVS) division faced significant market challenges. Q4 results underperformed expectations, with declines in revenue and EBIT, and a sharp drop in EPS. However, free cash flow remained stable, showing strong growth for the full year. Despite the weak Q4, customer demand, especially in the rail sector, remained solid. For FY25, Knorr-Bremse expects stable growth, supported by the BOOST 2026 program, which is progressing faster than expected. Given short-term challenges, mwb research maintain their HOLD rating, with an unchanged PT of EUR 76.00. The full update can be downloaded under https://www.research-hub.de/companies/Knorr%20-%20Bremse%20AG

INDUS announced preliminary results for FY24, demonstrating resilience in a challenging economic environment. Revenues reached EUR 1.72bn, down 4.6% yoy, but within the company's guidance of EUR 1.70-1.80bn. EBIT fell disproportionately to EUR 126.7m, down 15% yoy but above the guidance range of EUR 115-125m. By segment, Engineering remained stable despite the weakness in the sector, while Materials faced volume declines and price pressure. Infrastructure reported a slight decline in sales but an increase in EBIT. INDUS continued its M&A strategy and acquired several companies in FY24. A further three acquisitions had already been made by the beginning of FY25, demonstrating INDUS' continued focus on external growth. Overall, INDUS met or exceeded its FY24 guidance, showed improving quarterly sales trends and maintained a solid financial position for future growth. mwb research maintains its BUY rating with an unchanged PT of EUR 34.00. The full update can be downloaded under https://www.research-hub.de/companies/INDUS%20Holding%20AG

Ceconomy, one of Europe’s leading electronics retailers, is undergoing a major transformation. At the recent mwb research roundtable, CFO Dr. Kai-Ulrich Deissner highlighted the company’s shift from a traditional retailer to an omnichannel platform. This strategy focuses on high-margin segments like Service & Solutions, Retail Media, and private label brands, driving profitability despite moderate revenue growth. Financially, Ceconomy is in a strong position with an EBITDA leverage ratio of 1.7x, well below its target. While dividends will not be paid for 2023/24, they are expected to resume in 2026. With a clear roadmap and robust expansion into new business areas, Ceconomy remains on a sustainable growth trajectory. Watch the full discussion with Dr. Deissner here: https://research-hub.de/videos. mwb research confirms their PT and rating (EUR 3.75, BUY). The full update can be downloaded under https://www.research-hub.de/companies/Ceconomy%20AG

The Hönle Group develops innovative UV solutions for a wide range of industrial applications. Following the publication of the Q1 results, mwb research will host an online Earnings Call with on February 25, 2025, at 3:00 PM (CET) with Dr Markus Arendt, CEO, and Robert Stark, CFO. 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. Participation is free of charge, and access details will be provided upon registration at https://research-hub.de/events/registration/2025-02-25-15-00/HNL-GR.

Intershop Communications AG released its preliminary FY24 results, highlighting strong cloud growth and a return to profitability. Revenues reached EUR 38.8m (+2%), driven by a 27% surge in cloud revenues, now 53% of total sales. Service revenues declined 35%, aligning with the partner-first strategy. Despite a soft Q4 (EUR 9.0m revenue, EBIT EUR -0.5m), full-year EBIT improved from EUR -2.5m to EUR 0.1m by high margin cloud services and headcount cost reductions. Looking ahead, the company expects moderate cloud growth but forecasts a 5%-10% revenue decline in 2025. Register for the earnings call on 19 Feb at 13:30 CET here: https://research-hub.de/events/registration/2025-02-19-13-30/ISHA-GR The full update can be downloaded under https://www.research-hub.de/companies/Intershop%20Communications%20AG

CTS Eventim delivered strong FY24 results, with revenues up 19% to EUR 2.8bn, surpassing expectations and accelerating from 9M growth. Adjusted EBITDA rose 22% to EUR 542m, with margins improving to 19.3%. Ticketing revenues grew 23%, with Q4 EBITDA margins rebounding to 55.8%, reversing earlier cost pressures. Live Entertainment performed exceptionally well, with Q4 revenues up 32% and EBITDA surging nearly 140% yoy, driven by a strong event lineup. mwb research raises the price target to EUR 96.00 (from EUR 91.00) but maintains the HOLD rating, as CTS Eventim’s dominant market position is already reflected in valuation. The full update can be downloaded under https://www.research-hub.de/companies/CTS%20Eventim%20AG%20&%20Co%20KGaA

123fahrschule SE (123fs) has successfully completed the issuance of a convertible bond with a nominal value of up to EUR 3.4m, divided into 1,027,723 units at a nominal value of EUR 3.30 each. The bond carries an annual interest rate of 7.5% and a duration of 5 years. The offer was fully subscribed by existing shareholders and institutional investors, securing the capital raising to finance the company’s growth plans. For FY25, 123fs projects revenues of EUR 28-30m and an EBITDA of EUR 1.5-2.5m, with simulators expected to drive growth. Legislative changes and an expanding branch network bolster the outlook. mwb research’s analysts maintain their EUR 6.20 target price and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/research/123fahrschule%20SE

During mwb research’s roundtable yesterday, Dr. Andreas Aufschnaiter, CEO of MS Industrie, outlined the company’s transformation and strategic focus. In mid-2024, MS Industrie sold 51% of MS Ultraschall to concentrate on its core business, MS XTEC, which primarily supplies mechanical parts for heavy-duty trucks. Dr. Aufschnaiter also discussed the challenges in the truck market, noting that the 17.5% yoy decline in the order backlog in 2024 was driven by market uncertainty, causing truck manufacturers to reduce their inventories. Despite this, he highlighted early signs of recovery, with the order backlog increasing 8.9% yoy in January 2025. The potential for catch-up effects and higher demand is not yet reflected in mwb research’s conservative estimates. mwb research’s analysts maintain their BUY rating with an unchanged PT of EUR 2.40, offering a 64% upside, as the analysts look for further signs of a sustainable recovery in demand. You can find the roundtable recording here: https://research-hub.de/events/video/2025-02-18-13-30/MSAG-GR. The full update can be downloaded under https://research-hub.de/companies/ms-industrie-ag

Elmos delivered a resilient Q4, with sales of EUR 146m (-6.9% qoq) and a strong operating EBIT margin of 24.8% (-0.7pp qoq), showcasing its ability to navigate ongoing inventory overhang and subdued demand. This brought FY24 revenue to EUR 581.1m (+1.1% yoy) and a stable EBIT margin of 25.1% (-1pp yoy), outperforming many peers facing sales declines. Operating cash flow for FY24 came in at EUR 16.3m (2023: EUR 102.6m), significantly impacted by a tax payment of EUR 100m in Q4. The outlook for 2025 remains cautious yet in line, with flat sales guidance of EUR 580m ±30m and an EBIT margin of 23% ± 3pp, though adjusted FCF is set to improve significantly to +7% ±2pp of sales (2024: 0.9%) due to strategic initiatives. With a leading market position in automotive applications, disciplined execution, and record design wins, Elmos remains well-positioned for long-term structural growth. mwb research’s analysts reiterate their BUY rating with a PT of EUR 98.00. The full update can be downloaded under https://research-hub.de/companies/Elmos%20Semiconductor%20SE