The U.S. administration’s rollback of Biden’s 50% EV sales target, removal of subsidies, and eased emissions standards marks a significant shift, easing pressure on traditional automakers but risking slower EV adoption, higher prices, and a growing gap with global leaders like China. This slowdown could dampen demand for EV-centric innovations, such as Elmos’ sensor-intensive products, but the company’s almost drivetrain-agnostic IC portfolio ensures steady demand across both traditional and electric vehicles. Automakers may now pivot investments toward autonomous driving, vehicle digitalization, and premium features, aligning well with Elmos’ expertise in safety systems and advanced lighting, thus balancing demand. For 2025, mwb research’s analysts expect industry growth to remain elusive due to inventory pressures and subdued demand in major markets. Against this backdrop, mwb research’s analysts adjust their estimates, now projecting modest 1.5% sales growth and a slight EBIT margin decline to 23.5% (-1.5pp yoy) for 2025. Despite challenges, Elmos stock remains a top play with a revised price target of EUR 98.00 (previously EUR 105.00), supported by strategic initiatives expected to drive historic record free cash flow starting in 2025 and beyond. The full update can be downloaded under https://research-hub.de/companies/Elmos%20Semiconductor%20SE

123fahrschule SE (123fs) reported preliminary FY24 revenues of EUR 22.8m (+10% yoy) and an EBITDA of EUR 400k, reflecting significant operational improvements. Both figures are fully in line with mwb research’s estimates. Furthermore, 123fs reported on the issuance of a EUR 3.4m convertible bond, which will fund growth investments, especially in simulators and online training. For FY25, the company projects revenues of EUR 28-30m (EUR 27.8m mwb est.) and an EBITDA of EUR 1.5-2.5m (EUR 2.1m mwb est.), 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

MHP Hotel AG (MHP) reported strong Q4 KPI, with a 17% yoy increase in revenue per available room to EUR 185, driven by an 81% occupancy rate (+5PP yoy) and a 9% higher average daily rate of EUR 227. The company likely achieved its upgraded FY24 guidance of EUR 160m revenue and EUR 9m group EBITDA. Looking ahead, MHP is expecting FY25 revenues of EUR 180m, in line with mwb research estimates. As a positive surprise, MHP expects FY25 EBITDA of EUR 15m on anticipated stable demand and the opening of the Conrad Hamburg in summer 2025, well ahead of mwb research expectations. Adjusting estimates to reflect the updated guidance leads to a confirmed BUY recommendation with a new price target of EUR 3.30 (old: EUR 3.00). mwb research invites all interested investors to a roundtable tomorrow (28 January) at 14:00 with CEO Jörg Frehse and Senior Director Corporate Finance Maximilian Michaelsen. Please register here: https://research-hub.de/events/registration/2025-01-28-14-00/CDZ0-GR. The full update can be downloaded under https://research-hub.de/companies/MHP%20Hotel%20AG

Company Name: q.beyond AG ISIN: DE0005137004   Reason for the research: Update Recommendation: Buy from: 27.01.2025 Target price: EUR 1.10 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Profitable growth ahead after transitionary FY24e After a rather uninspiring operating performance in FY23,  [ … ]

Company Name: Cantourage Group SE ISIN: DE000A3DSV01   Reason for the research: Update Recommendation: Buy from: 27.01.2025 Target price: EUR 12.50 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr FY24 with explosive growth // new high(t)s in sight; PT Up Topic: Following the regulatory changes [ … ]

Redcare Pharmacy’s share price dip this week, triggered by DocMorris’ weaker-than-expected results, fails to reflect its superior performance and leadership in the e-prescription market. With 32% revenue growth and a strong financial foundation, Redcare remains well-positioned for sustained success in the competitive European online pharmacy sector. mwb research’s analysts confirm their PT of EUR 144.00 and maintain their BUY rating on the stock. The full update can be downloaded under https://www.research-hub.de/companies/Redcare%20Pharmacy%20N.V.

VARTA AG announced that the majority of voting groups approved its restructuring plan under StaRUG, with only free float shareholders opposing. The plan includes reducing share capital to zero, resulting in current shareholders exiting without compensation and delisting VARTA's shares. New equity of EUR 60m will be raised through a capital increase involving entities controlled by Michael Tojner and a Porsche AG subsidiary. The plan also reduces debt from EUR 485m to EUR 230m and secures a EUR 60m senior loan. These measures aim to ensure sustainable financing and future viability. The restructuring court in Stuttgart is expected to confirm the plan by year-end. Despite potential challenges, the intrinsic value is considered higher, but investment value remains low, leading to a maintained SELL rating with a EUR 0.00 target price. The full update can be downloaded under https://www.research-hub.de/companies/research/Varta%20AG

CVC has secured 17.5% of CGM shares, exceeding the 17% threshold, and extended its offer until February 11, aiming for 75% ownership to enable delisting. CGM’s management recommends shareholders accept the EUR 22.00 per share offer, deemed fair and reasonable. Risks for remaining shareholders include illiquid securities and limited reporting after delisting. CVC has pledged no control agreements for two years, but trust concerns remain in mwb research’s point of view. mwb research’s analysts suggest selling shares as trading opportunities may soon diminish, revising the target price to EUR 22.00 (old EUR 27.50.). SELL. The full update can be downloaded under https://www.research-hub.de/companies/CompuGroup%20Medical%20SE

Company Name: Borussia Dortmund GmbH & Co KGaA ISIN: DE0005493092   Reason for the research: Update Recommendation: BUY from: 24.01.2025 Target price: EUR 5.50 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Sahin released following 4 consecutive losses Topic: Following Tuesday’s loss [ … ]

Nagarro has abandoned its plans for a potential take-private transaction and instead outlined a strategy to enhance shareholder value. This includes a focus on organic and inorganic growth, share buybacks of up to EUR 400m over three years, and a dividend policy targeting 10-20% of EBIT distribution. The company provided a 2025 revenue guidance of EUR 1,020-EUR 1,080m with an adjusted EBITDA margin of 14.5-15.5%. 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