At mwb’s New Food Conference, Schloss Wachenheim AG (SWA) highlighted its strategic focus on the growing alcohol-free segment. Board Member Boris Schlimbach emphasized the strength of its Light Live brand in Germany’s retail space and growing consumer interest across select European markets. The company is innovating with convenient formats like canned alcohol-free wine, targeting new demographics and regions. Marketing remains cost-conscious, leveraging social media and POS strategies. Regional growth varies, with Germany, the Netherlands, and Scandinavia leading, while France and Italy lag. Sourcing remains stable despite weather risks. Overall, SWA’s clear strategy, innovation, and regional momentum underpin the analysts’ continued BUY rating and EUR 22.00 price target. Recording available under: https://research-hub.de/events/video/2025-06-03-11-00/SWA-GR. The full update can be downloaded under https://www.research-hub.de/companies/Schloss%20Wachenheim%20AG

Koenig & Bauer (SKB) has successfully completed the proof-of-concept phase for its dry-coating system in partnership with Volkswagen’s PowerCo, marking a key milestone in its diversification into battery technology. The validated system now moves into pilot-scale testing, with industrial rollout targeted for 2026. This breakthrough confirms SKB’s ability to transfer core engineering expertise to highgrowth sectors like e-mobility. While mwb research’s analysts do not yet factor potential revenues into their model, the commercial upside could reach several hundred million euros. Given PowerCo’s EUR 20bn investment plan and SKB’s exclusivity window, the analysts see substantial long-term optionality. With the stock trading at just 6x 2026E P/E and EBITDA set to grow tenfold by 2027, mwb research reiterates the BUY rating and maintains the EUR 21.00 PT. The full update can be downloaded under https://www.research-hub.de/companies/research/Koenig%20&%20Bauer%20AG

Leifheit has announced its entry into the EUR 200m European dusting market—an important strategic move to reinforce its position in sustainable mechanical cleaning. The launch of SUPERDUSTER supports the company’s innovation agenda and strengthens its core Household portfolio, aligning with growing consumer demand for reusable, eco-friendly products. Early market feedback has been positive, suggesting solid commercial potential. This development should enhance brand differentiation, support cross-selling, and contribute to margin improvement via favorable product mix and scaling benefits. While near-term consumer demand remains soft, Leifheit’s long-term growth strategy continues to progress. mwb research’s analysts make no changes to their estimates or valuation but view the new product line as a supportive factor for delivering on guidance. The analysts maintain their BUY rating and EUR 30.00 price target, seeing this as a value-accretive step in the company’s strategic execution. The full update can be downloaded under: https://research-hub.de/companies/leifheit-ag

At mwb research’s “New Food Investor Conference,” Peter Vogt, Head of Investor Relations at KWS, shared insights into the company’s strategy and future outlook. He emphasized KWS’s strengths and answered questions about its position in the seed breeding market, particularly highlighting its growing vegetables segment. KWS is a leading European seed breeder with a strong global presence and a focus on non-GMO crops such as sugarbeet, corn, cereals, and vegetables. The company’s profitable growth is driven by innovation and a strong R&D platform. With rising global demand for premium seeds, KWS is well positioned for long-term success. The vegetables segment, though small, shows strong potential, with new varieties expected soon. KWS’s strategic investments and innovation pipeline support a compelling long-term growth outlook. mwb research’s analysts maintain their BUY rating and PT of EUR 83.00 based on conservative estimates. You can find the recording here: https://research-hub.de/events/video/2025-06-03-09-30/KWS-GR. The full update can be downloaded under https://research-hub.de/companies/kws-saat-se-co-kgaa

Geratherm’s FY24 results showed a 33% revenue decline to EUR 14.0m, primarily due to sharp drops in Healthcare Diagnostics and Incubator Systems, as well as the sale of the Cardio/Stroke (apoplex) business. However, strong 30% growth in the Respiratory division, which now accounts for over half of total revenues, partially offset this decline. EBIT fell 42% but the margin remained in double digits, helped by cost reductions and gains from the apoplex sale. While Diagnostics remains challenged by market saturation and price pressure, Respiratory and Incubator Systems are positioned for growth in FY25, following new certifications and product launches. With a strengthened balance sheet and positive segment momentum, mwb research’s analysts maintain a BUY rating, albeit with a revised price target of EUR 6.00 (old: EUR 7.00). The full update can be downloaded under https://www.research-hub.de/companies/Geratherm%20Medical%20AG

Swiss Estates AG reported disappointing FY24 results, with a net loss of CHF 7.0m (mwb est.: CHF 4.5m profit), mainly due to one-off impacts from the sale of a Zurich asset and CHF 5.8m in tax charges. EBITDA dropped 81.6% to CHF 0.7m, reflecting high transaction costs and legal fees. Despite stable rental income and a sound strategy shift toward residential assets, recurring earnings remain weak. NAV per share fell 17.1% to CHF 11.74 but at the same time, leverage remains manageable with an LTV of 62.5%. Due to reduced earnings visibility, mwb research’s price target is lowered from CHF 7.50 to CHF 5.00, but mwb research’s analysts maintain a BUY rating based on long-term upside potential. The full update can be downloaded under https://www.research-hub.de/companies/Swiss%20Estates%20AG

Viscom is emerging from a cyclical downturn in its core automotive segment, supported by restructuring efforts and a leaner cost base that restored profitability in Q1’25. While the broader auto market remains uneven across regions, early signs of stabilizing inventories, plateauing input costs, and rising EV demand, particularly in Asia, suggest that the market is likely in the late stages of a cyclical trough. Management anticipates a stable performance for 2025, with a return to growth expected in 2026, in line with broader OEM expectations. Although the recovery is likely to be gradual and bumpy due to ongoing geopolitical and trade uncertainties, mwb research’s analysts believe Viscom is well positioned to benefit from the next wave of automotive capex cycle, supported by its technological edge and exposure to industry megatrends. In parallel, the company is actively diversifying its revenue base, with early aerospace revenues, progress in defense, and commercial rollout efforts in the back-end semiconductor segment. mwb research’s analysts reiterate to BUY and price target of EUR 4.80. The full update can be downloaded under https://research-hub.de/companies/viscom-se

HWK 1365 SE (HWK) reported final FY24 results with sales of EUR 17.6m in line with expectations, but profits below estimates due to higher-than-expected personnel costs, along with goodwill amortization not previously modeled. Despite a slightly negative free cash flow of EUR -1.7m, HWK remains debt-free and can fund operations internally. The company’s EUR 12.7m order backlog supports management’s expectation of 10– 20% revenue growth in FY25, ahead of previous estimates, though EBITDA and net profit guidance are below expectations due to rising personnel costs and goodwill amortization. mwb research’s analysts confirm their BUY rating with a revised target price of EUR 41.00 (old: EUR 45.00). The full update can be downloaded under https://www.research-hub.de/companies/HWK%201365%20SE

Mayr-Melnhof Karton AG (MM) has reported the closing of the sale of the TANN Group, which specializes in tipping paper for cigarettes, to an Indonesian company for an enterprise value of EUR 360m. The TANN Group, which represents 12% of MM's Food & Premium Packaging division sales and 5% of total sales, has few synergies with MM's core cartonboard and packaging businesses. The deal, valued at an attractive EV/sales multiple of 1.5x and EV/EBITDA of 7x (mwb est.), helps MM to deleverage and reduce net debt/EBITDA by 0.5x (mwb est.). With these steps and ongoing cost-cutting and cash protection initiatives, MM remains a strong long-term investment. Adjusting their estimates to reflect the transaction, mwb research’s analysts still come to a target price of EUR 115. BUY. The full update can be downloaded under https://www.research-hub.de/companies/Mayr-Melnhof%20Karton%20AG

Gerresheimer (GXI) has issued a second FY25 guidance cut following weak Q2 prelims, now expecting 1–2% organic growth and a ~20% EBITDA margin. Continued weakness in cosmetics and oral liquids, coupled with execution delays, undermines near-term visibility. A sharp dividend cut to EUR 0.04 per share signals balance sheet caution. Despite management's confidence in a stronger H2, repeated downgrades raise doubts about the credibility of mid-term targets (8–10% CAGR, 23–25% margin). While structural growth potential in biopharma remains, mwb research lowers the price target to EUR 71 (from EUR 103) but maintains the BUY rating given valuation support. The full update can be downloaded under https://www.research-hub.de/companies/research/Gerresheimer%20AG