ATOSS Software’s Q1 2025 revenues grew 11% yoy to EUR 46.2m, broadly in line with consensus. However, EBIT of EUR 15.6m (+11% yoy) surpassed market expectations by 3%. Q1 performance was again driven by the SaaS business, with revenues from cloud/subscription up 30% yoy, now accounting for 46% of total revenues (vs 39% yoy in Q1 2024). Overall recurring revenues (subscription + maintenance) were up 20% yoy to EUR 31.3m. Despite the current global macro uncertainty, management left its 2025 guidance largely unchanged, targeting sales of “around” EUR 190m (vs >EUR 190m earlier), and reiterated its EBIT margin guidance of at least 31%. Medium-term targets include revenue growth at a minimum 13.0% yoy CAGR over 2025-2027 (c.18.0% CAGR thereafter until 2030) and the EBIT margin to improve to >35% by 2030, which were confirmed. With the medium-term outlook being more back-end loaded, mwb research’s analysts stick to their HOLD rating at a higher PT of EUR 125.00 (old: EUR 120.00). The full update can be downloaded under https://www.research-hub.de/companies/ATOSS%20Software%20SE

Bechtle AG reported preliminary results for Q1 2025, issuing a warning that earnings before tax for the quarter were significantly below consensus. Revenues of EUR 1.46bn were down c.3% yoy, coming in 1% behind consensus. However, EBT declined 33% yoy to EUR 55m in Q1 and missed market expectations by a wide 30%. Profitability was mainly impacted by increased personnel costs (in part due to last year’s acquisitions), as well as a marked rise in non-wage labour costs. Despite a lackluster start to 2025 and current macro challenges, management expects a pickup in demand in H2, particularly from public-sector clients. Against this backdrop, it reiterated its cautious outlook for FY 2025, guiding a weak 2.5% yoy business volume development with flat yoy revenue and EBT growth at the midpoint. While near-term uncertainty persists, Bechtle’s M&A-based expansion strategy and increasing demand for digital transformation among SME customers are likely to drive growth beyond 2025. mwb research’s analysts maintain their BUY rating on the stock but have slightly reduced their price target to EUR 46.00 (previously EUR 48.00). The full update can be downloaded under https://www.research-hub.de/companies/Bechtle%20AG

Ceconomy announced that CEO Dr. Karsten Wildberger will step down on May 5, 2025, to join Germany’s federal government. While CEO transitions often raise concerns, the analysts believe Ceconomy remains well positioned to continue its transformation without material disruption. Since 2021, Wildberger has reshaped the company’s strategy, moving Ceconomy toward a platform-based business model with five scalable, high-margin revenue streams, reducing dependency on cyclical consumer electronics sales. Succession planning is already underway, and with an Executive Committee in place, operational continuity appears secured. mwb research’s analysts view Wildberger’s appointment as external recognition of his achievements rather than a sign of instability. Transition risks are limited. The analysts reiterate their BUY rating on Ceconomy with a price target of EUR 3.75. The full update can be downloaded under https://www.research-hub.de/companies/Ceconomy%20AG

Viromed has entered into an exclusive distribution agreement with skin health specialist Landsberg First Class Aesthetic to commercialize its ViroCAP cold plasma device for cosmetic and aesthetic use across Europe, marking a significant expansion into the region following its recent entry into Asia through a deal with Korea-based UMECO Group. Landsberg, with a network of 7,500 B2B clients, aims to place 5,000 devices in the market over three years, generating double digit million Euro potential for annual spacer sales. ViroCAP offers broad cosmetic applications, including anti-aging, scar treatment, and hyperpigmentation, and may enhance the effectiveness of topical treatments. Combined with UMECO’s purchase commitments totaling over EUR 150m from 2026 to 2028, these developments support the strong commercial potential of Viromed’s CAP technology. mwb research’s analysts reaffirm their BUY rating with a target price of EUR 12.50. The full update can be downloaded under https://www.research-hub.de/companies/Viromed%20Medical%20AG

Pyramid AG made an important strategic move last week. With the acquisition of 100% of RNT Rausch GmbH, an established German IT specialist, from Securize IT Solutions AG, the company will strengthen its core business "Server and Storage" in the future. At the same time, Pyramid is selling non-core investments to Securize and now holds over 49% of the listed Securize IT Solutions. The realignment strengthens Pyramid as one of the top 3 providers of server and storage solutions from Germany. Synergies and the bundling of non-core investments in Securize will open up additional strategic options in the medium term. In the course of the integration of RNT, management raises the 2025 revenue guidance to EUR 88-92m and the EBITDA guidance to EUR 4.7-5.5m. mwb research’s analysts welcome the strategic shift and view the transaction as accretive based on their fair value assessment. Accordingly, mwb research raises the target price to EUR 1.80 (previously EUR 1.50) and confirms the BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/research/Pyramid%20AG

Bayer’s 2025 will be a rough year, marked by flat sales, margin pressure, and elevated litigation uncertainty. While the near term will test investor patience, Bayer is building momentum beneath the surface as management pushes ahead with new pharma launches, aggressive cost actions, and a multi-pronged legal strategy to lay the groundwork for a 2026–2027 recovery. Although execution risks remain high, mwb research’s analysts believe the current valuation already reflects a highly bearish scenario, and credible progress on strategic priorities could trigger a material re-rating. The analysts revised their estimates slightly to reflect a conservative stance with no material impact on valuation. Thus, mwb research’s analysts maintain their BUY rating and EUR 29.00 price target, emphasizing the importance of disciplined execution through the volatility. The full update can be downloaded under https://www.research-hub.de/companies/Bayer%20AG

LM Pay specializes in providing consumer loans designed to pre-finance medical and dental treatments, including hospitalization expenses. These loans cover a wide range of medical procedures. In addition, the company’s business model includes financing for veterinary services. Against this backdrop, mwb research will host an online earnings call on May 7, 2025, at 2:00 PM (CEST) with Jakub Czarzasty, CEO of LM Pay. Following the presentation, there will be an opportunity for Q&A. 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 after registration at the following link: https://research-hub.de/events/registration/2025-05-07-14-00/Y00-GR

Vossloh reported reasonable Q1 2025 results. While revenues were down 7% yoy to EUR 251.1m, due to declines at Core Components and Customized Modules, and EBIT fell 59% yoy to EUR 7.4m, due to mix effects and Sateba acquisition-related costs, order trends were encouraging. The company’s order intake fell a mere 3% yoy to EUR 339.2m, with the book-to-bill ratio at a robust 1.35x. This took the order backlog to a record-high EUR 926.4m (+15% yoy) by end-Q1, providing good visibility through the rest of 2025. Moreover, management is optimistic of seeing an uptick in sales in Q2, mainly at Core Components. Vossloh also confirmed its FY 2025 outlook for its existing business, expecting revenue growth of 6% yoy and EBIT to increase 9% yoy at the midpoint of its guidance range. This is expected to be further topped up by the French Sateba Group acquisition (consolidation likely from May). mwb research’s analysts broadly maintain their estimates and reiterate their HOLD rating on the stock at an unchanged price target of EUR 65.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Vossloh%20AG

Nordex announced Q1 25 revenue of EUR 1.4bn, an 8.8% decline yoy, primarily due to seasonality, weather, and customer delays. However, this shortfall is not a major concern given the solid order book. Gross profit increased to 27.3%, up 800 bps yoy, and EBITDA margin rose to 5.5%, surpassing consensus expectations. Positive FCF of EUR 4m marks a significant improvement from the negative EUR 254m in Q1 last year. The order intake remains strong, with a 7.1% increase in the Projects segment and a 27.4% rise in Service orders. The book-to-bill ratio stands at 1.59x, with an order backlog of EUR 13.46bn. Nordex reaffirmed its 2025 guidance, expecting revenue between EUR 7.4bn and EUR 7.9bn, with an EBITDA margin of 5.0% to 7.0%. mwb research’s analysts remain confident in Nordex’s ability to achieve sustained profitable growth and maintain their BUY rating with an unchanged price target of EUR 20.00. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.

Delivery Hero’s FY24 report highlights operational progress, with GMV up 8% yoy and Total Segment Revenue rising 22% yoy. Adjusted EBITDA increased sharply to EUR 693m (from EUR 254m), and the company generated positive free cash flow of EUR 100m. While reported figures were impacted by higher legal provisions, net loss narrowed. Q1 2025 results confirm continued momentum, with GMV up 8% yoy in constant currency (excluding hyperinflation effects) and revenue up 22% yoy. Performance was driven by strong growth in MENA and the Americas, and improved monetization in Europe. Segment growth was broad-based. FY25 guidance was reaffirmed, targeting GMV growth of 8–10% yoy and adj. EBITDA of EUR 975m 1.025bn. mwb research’s analysts maintain their EUR 45.00 price target and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE