Cancom's Head of Investor Relations, Lars Dannenberg, participated in mwb research’s well-attended ‘Focus on IT’ conference, providing insights into the company’s latest business developments. A recording of the presentation can be found here: research-hub.de/videos. While short-term headwinds from macroeconomic pressures persist, Cancom’s strategic investments in digital transformation and service diversification position Cancom well for sustainable long-term growth. The company's robust market position (#5 in DACH region), strong M&A track record, and focus on high-growth IT segments such as cloud computing, cybersecurity, and AI support our optimistic outlook. The preliminary FY24 numbers due on February 11 will provide more insight. mwb research’s analysts expect a cautious outlook for FY25, but in mwb research’s view, it is the long-term perspective that counts. BUY with an unchanged target price of EUR 28.50. The full update can be downloaded under https://www.research-hub.de/companies/Cancom%20SE

Hensoldt's stock fell 6.1% after news of an upcoming Trump-Putin meeting, but the company’s core value lies in supplying NATO countries, not Ukraine. Ukraine contributes just 5.4% to revenues (mwb est.), and a potential end to the conflict is already factored into mwb research’s base case. Hensoldt rebounded 30% from its September 2024 lows despite increasing ceasefire prospects, reflecting strong demand from NATO and German defense budgets. While mid-term growth remains solid, long-term challenges beyond 2030 could arise due to reliance on existing platforms like the TRML-4D radar. mwb research’s analysts maintain their BUY rating with price target of EUR 43.00. The full update can be downloaded under https://www.research-hub.de/companies/Hensoldt%20AG.

Rheinmetall's stock recently dropped by 5.6% after news emerged of a potential meeting between U.S. President Donald Trump and Russian President Vladimir Putin. However, the company's long-term value lies in supplying NATO countries, many of which have yet to meet the 2% defense spending target. Furthermore, in a newly released video, Elon Musk highlighted the critical role of drones and AI in modern warfare. Rheinmetall is well-positioned in this space, advancing drone technologies like the HERO and LUNA systems. The company also leads in AI and battlefield digitalization, having secured several key contracts in recent months. These developments support mwb research’s BUY rating and a price target of EUR 800.00. The full update can be downloaded under https://www.research-hub.de/companies/Rheinmetall%20AG

At mwb research’s "Focus on IT" conference, Markus Klahn, CEO of Intershop Communications AG, outlined the company’s transformation from a traditional license model to a cloud-based Platform-as-a-Service (PaaS) provider. Intershop, a leader in B2B e-commerce, leverages its partnership with Microsoft Azure and AI-driven personalization via Sparque.ai to enhance scalability and customer experience, earning recognition from IDC and Forrester. With a 26% CAGR in cloud business (2019-2023), Intershop is accelerating growth by migrating legacy customers to its Commerce Suite on Azure while expanding its client base. This shift boosts recurring revenues and margins, as cloud customers generate three times more revenue than on-premise users. Preliminary 2024 results, set for February 19 (register here for the earnings call: https://research-hub.de/events/registration/2025-02-19-13-30/ISHA-GR ), will shed light on this progress. mwb research’s analysts reiterate their BUY rating with a EUR 3.00 price target. The full update can be downloaded under https://www.research-hub.de/companies/Intershop%20Communications%20AG

Just days after Nagarro ruled out take-private plans and reaffirmed its stock market commitment, the company announced a EUR 70m share buyback starting February 6, 2025. This move follows two years of guidance downgrades and appears to be part of a broader effort to regain investor confidence. Coupled with a clearer FY25 outlook and plans for a dividend policy, Nagarro signals a strategic shift toward maximizing shareholder value while reinforcing its growth ambitions. mwb research’s analysts reiterate their PT of EUR 102.00 and maintain their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Nagarro%20SE

Company Name: Energiekontor AG ISIN: DE0005313506   Reason for the research: Update Recommendation: Buy from: 06.02.2025 Target price: 116,00 Euro Target price on sight of: 12 Monate Last rating change: 18.10.2022: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein [ … ]

Company Name: Beaconsmind AG (now Swissnet Group) ISIN: CH0451123589   Reason for the research: Update Recommendation: Buy from: 06.02.2025 Target price: €18.50 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research has published a research update on beaconsmind AG  [ … ]

Metro AG reported a 7.1% yoy sales increase (local currencies) in Q1 FY 24/25, driven by strong growth in Eastern Europe and its delivery segment. However, adjusted EBITDA rose only 1.2% due to inflation and FX headwinds. Despite confirming a cautious FY outlook, Metro expects long-term cost savings from ongoing transformation efforts. Concurrently, Metro and major shareholder EP Global Commerce (EPGC) announced a delisting offer at EUR 5.33 per share. mwb research’s analysts raise their PT to EUR 5.10 (old: EUR 5.00), and downgrade from BUY to HOLD following the surge in share price. In mwb research’s view, the offer undervalues the company, also compared to EPGC’s higher 2019 bid. The non-tender agreement of key shareholders Meridian/Beisheim and the management’s concerns in regard to the valuation underpin this view. Overall, the analysts see the possibility of a better offer emerging. The full update can be downloaded under https://www.research-hub.de/companies/research/Metro%20AG

Benefiting from typical year-end seasonality, Rational reported record Q4 sales of EUR 318m (+9% yoy), bringing FY24 revenues to EUR 1.19bn (+6% yoy), in line with expectations. Growth was driven by strong performances in North America and Europe (excluding Germany), while Latin America (+17%) and Rest of the World (+15%) outpaced from lower bases. iVario sales rebounded (+16% yoy), while iCombi growth slowed to 5%, indicating demand normalization. Margins exceeded expectations, with FY24 EBIT margin at 26.3% (+1.7pp yoy), reaching pre-covid crisis levels and Q4 hitting a record 27.5% (+1.1pp qoq), reflecting strong cost control despite elevated R&D. Management remains cautiously optimistic heading into 2025 amid mounting uncertainties, prompting mwb research’s analysts to adjust their estimates and upgrade their rating to HOLD (from SELL) with a new PT of EUR 850.00, reflecting a stretched valuation with capped upside, despite Rational’s undeniable operational excellence. The full update can be downloaded under https://www.research-hub.de/companies/research/RATIONAL%20AG

WashTec AG delivered a satisfactory performance in FY24, with Q4 showing particularly strong results. Despite a 2.5% yoy revenue decline to EUR 477m, Q4 sales grew 7% yoy to EUR 142m, marking the second-strongest quarter in company history. EBIT improved by 9% yoy to over EUR 45m, with the EBIT margin expanding 100 bps to 9.6%. This resilient earnings performance was attributed to the strong showing of the high-margin "Chemicals" division. Free cash flow decreased to EUR 39m due to increased trade receivables, but ROCE improved to 28.1% (24% by WashTec's definition), highlighting the company's efficient capital utilization. The stable year-end order book suggests improving demand dynamics, setting a positive tone for FY25E. mwb research’s analysts maintain their BUY rating with an upwards revised PT of EUR 55.00 (previously EUR 53.00), reflecting WashTec's improved operational execution and attractive dividend yield of 5.6%. The full update can be downloaded under https://www.research-hub.de/companies/WashTec%20AG