Rubean achieved significant growth in FY24, almost doubling its revenues to EUR 1.94m. This success has been attributed to partnerships with major financial institutions, most notably Commerz-GlobalPay, a joint venture between Commerzbank and Global Payments. While this growth was impressive in itself and demonstrated Rubean's ability to hyperscale, it still fell some 10-15% short of the company's guidance and mwb research’s expectations. In addition, the company completed a capital increase, raising EUR 0.9m to fund its growth. Looking ahead to FY25, Rubean expects similarly strong growth, potentially doubling revenues again. Despite slightly lower-than-expected results, Rubean's performance points to a successful hyperscaling of its innovative payment solutions, positioning the company for profitability in the current fiscal year. mwb research’s analysts reiterate their BUY rating with a new PT of EUR 10.00 (old EUR 12.00). In addition, Rubean continues its discussions with a potential strategic partner initiated in ‘24. The full update can be downloaded under https://www.research-hub.de/companies/Rubean%20AG

While the market is buzzing with AI hype, mwb research’s analysts believe Infineon offers a steady, tangible opportunity rather than a quick game changer. Its role in AI is critical but less flashy—it powers energy-hungry infrastructure through its unmatched power semiconductor solutions (Si, SiC, GaN), which are essential for AI servers and data centers. With EUR 500m in expected AI-related revenue for FY25, representing 3.4% of total guidance, AI won’t redefine Infineon overnight. However, this revenue will sweeten the pot, helping to balance softness in Infineon’s core business, particularly in automotive and industrial markets. With revenue projected to double to EUR 1bn by 2027 and demand for AI infrastructure surging, Infineon is well-positioned to capitalize on this long-term growth opportunity and enhance its margins. mwb research’s analysts reiterate their BUY rating with an unchanged PT of EUR 37.00, confident in its ability to weather short-term headwinds and steadily benefit from rising AI adoption. The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

Company Name: MAX Automation SE ISIN: DE000A2DA588   Reason for the research: Update Recommendation: BUY Target price: EUR 7.00 Target price on sight of: 12 months Last rating change: Analyst: Konstantin Völk Mixed FY25e outlook due to restrained demand; chg. est. Topic: After an already muted FY24e, we expect the situation  [ … ]

Company Name: Rosenbauer International AG ISIN: AT0000922554   Reason for the research: Update Recommendation: BUY from: 09.01.2025 Target price: EUR 50.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Outlook into FY25e: another strong year ahead for Rosenbauer Topic: With a record high ord [ … ]

Company Name: NFON AG ISIN: DE000A0N4N52   Reason for the research: Update Recommendation: BUY from: 09.01.2025 Target price: EUR 11.70 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald NFON remains an Alpha pick after strong operations in FY24e Topic: After a strong operating performance in FY24 [ … ]

TeamViewer (TMV) closed FY24 with a remarkable performance, reporting preliminary revenue of c. EUR 671m (+9% cc yoy), exceeding the upper end of its guidance (EUR 662m-668m). Full-year billings reached EUR 700m, reflecting strong momentum in large Enterprise and Frontline deals in Q4. The adjusted EBITDA margin guidance of at least 44% remains unchanged, affirming operational efficiency. The BUY rating remains unchanged with a slightly raised price target from EUR 14.10 to EUR 14.80. The full update can be downloaded under https://www.research-hub.de/companies/research/TeamViewer%20AG

Shares in Suss MicroTec have been hit recently by doubts over the company's ability to continue its growth trajectory into 2025. Suss MicroTec supplies equipment for two key AI processes: the production of high-bandwidth memory (HBM), a key component for AI chips, and TSMC's CoWoS packaging process. Despite some recent concerns, such as weak order intake as HBM manufacturers focus on installation and production ramp-up, and TSMC's warning to equipment suppliers to temporarily pause 2026-related planning, the main growth driver, i.e. AI capacity expansion, remains intact: TSMC is aggressively ramping CoWoS capacity and major HBM producers are expected to increase capex in both 2025 and 2026. The recent weakness in the share price could therefore prove to be a good entry point, as the discount to a peer group on EV/EBITDA and EV/EBIT 25E has widened to around 50%, leaving a large margin of error. mwb research reiterates the BUY rating and confirms the target price of EUR 77.00. The full update can be downloaded under https://www.research-hub.de/companies/SUESS%20MicroTec%20SE

Company Name: Einhell Germany AG ISIN: DE000A40ESU3   Reason for the research: Update Recommendation: Buy from: 08.01.2025 Target price: EUR 86.00 Target price on sight of: 12 months Last rating change: Analyst: Konstantin Völk Another strong year ahead for Einhell; chg. est. Topic: After an already strong FY24e, Einhell s [ … ]

Company Name: R. Stahl AG ISIN: DE000A1PHBB5   Reason for the research: Update Recommendation: Buy from: 08.01.2025 Target price: EUR 25.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Mixed FY25e outlook due to low order books Topic: After a convincing FY24e, we see another solid year for [ … ]

Company Name: Borussia Dortmund GmbH & Co KGaA ISIN: DE0005493092   Reason for the research: Update Recommendation: Buy from: 08.01.2025 Target price: EUR 5.50 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald What lies ahead for BVB in 2025? After an eventful 2024, where BVB reached the UCL [ … ]