Stratec SE reported a 12.0% yoy revenue increase in Q1 25 to EUR 60.4m, driven by strong demand for service parts and development services. In contrast, system sales declined and remain a structural weakness. Reported EBIT improved to EUR 3.1m with a margin of 5.1%. Strategically, Stratec benefits from its shift toward higher-margin, service-based revenues but continues to face uncertainties due to volatile customer ordering and weak system demand. Nevertheless, management confirmed its FY25 guidance. mwb research’s analysts maintain their BUY rating with a EUR 32.50 target price, supported by improving profitability and mid-term margin strength despite muted industry momentum. The full update can be downloaded under https://research-hub.de/companies/research/Stratec%20SE

Scout24 entered 2025 with strong operational momentum and strategic clarity. In Q1, both Professional and Private segments posted robust customer growth, supported by strong ARPU expansion and continued success of subscription products like Living+ and Buyer+. As transaction activity begins to recover in a stabilizing market, Scout24 remains well-positioned through its integrated platform and growing Homeowner ecosystem. Its market leadership, disciplined execution, and scalable business model continue to support margin expansion. Based on recent performance and improved visibility, mwb research’s analysts have adjusted their model assumptions to reflect stronger long-term fundamentals. With potential DAX inclusion as an additional catalyst, the analysts raise their price target to EUR 127.00 (old: EUR 100.00), while maintaining a HOLD rating given the recent share price strength. The full update can be downloaded under https://www.research-hub.de/companies/research/Scout24%20SE

The rise of the "Bitcoin treasury strategy," popularized by MicroStrategy's aggressive Bitcoin accumulation and resulting premium market valuation, has inspired a wave of imitators—firms like Twenty One and SharpLink Gaming—structured primarily to acquire cryptocurrencies as core business assets. While these U.S. companies often trade at significant premiums to their crypto holdings, coinIX stands out by trading at a discount to its net asset value (NAV), despite holding substantial amounts of Bitcoin and Ethereum and boasting a strong investment track record. This valuation discrepancy presents a compelling opportunity, with coinIX offering a lower-risk entry point into the crypto space via a diversified and professionally managed portfolio. With recent crypto market gains, particularly in Ethereum, mwb research’s analysts arrive at a new fair value for coinIX of EUR 2.95 (old: EUR 2.50), supporting a continued BUY recommendation. The full update can be downloaded under research-hub.de/companies/coinIX%20GmbH%20&%20Co%20KGaA

For FY25, KWS expects flat sales on a comparable basis and guides for an EBIT margin of 14–16%, with R&D investments remaining high. mwb research’s forecast is in line, anticipating a slight decline in reported sales due to portfolio effects and EBIT margin to come in at around 15%, supported by solid Q3 FY25 results (published on May 13), which contribute approximately 60% of full-year sales and around 150% of annual EBIT. KWS is well positioned to benefit from rising global food demand, backed by strong seed portfolio and stable financials. With declining net debt and an attractive valuation, the company presents an appealing investment opportunity. mwb research’s analysts reiterate their BUY rating with an unchanged PT of EUR 83.00. Additional insights into the company’s strategy and outlook are expected during mwb research’s “New Food Investor Conference” on June 3, where KWS will open the event with a presentation and Q&A. Follow this link for conference details and registration: https://research-hub.de/conference/new-food. The full update can be downloaded under https://research-hub.de/companies/kws-saat-se-co-kgaa

With the launch of the XBC300 Gen2 die-to-wafer system, SUSS has completed its end-to-end hybrid bonding offering, establishing itself as a one-stop shop at a pivotal point of market inflection. This milestone enhances the company’s position at the EUR 4– 5bn+ hybrid bonding market, a key enabler of AI, HBM, and 3D chip architectures. While SUSS has not yet received AI or HBM-related orders for hybrid bonding and broader industry adoption remains gradual, the company confirmed active engagement with 5– 10 potential hybrid bonding customers and will ship an evaluation unit to its U.S.-based demo site in Q3. The next critical step will be to agree on HBM customer evaluations. In the view of mwb research’s analysts, the company is emerging as one of Europe’s unique plays in advanced semiconductor packaging. Thus, the analysts reiterate their BUY and price target of EUR 68.40, implying a substantial upside as advances its hybrid bonding strategy.The full update can be downloaded under https://www.research-hub.de/companies/SUESS%20MicroTec%20SE

At the mwb Defense & Security Conference, Cicor reaffirmed its position as Europe’s leading EMS provider for aerospace and defense, with EUR 200m in pro-forma 2025 A&D sales (28% of revenue). Cicor’s growing pan-European footprint and strong M&A execution support scalable, sovereign manufacturing. The company targets CHF 1bn in sales by 2028, driven by 7–10% organic growth and selective acquisitions. While the EUR 800bn Readiness 2030 initiative and a likely decade-long European rearmament cycle present material upside, tenders and order flow remain limited for now. Following a 32% share price rally, we prefer to wait for further catalysts. We maintain our CHF 120.00 price target and move to HOLD (from BUY). Check https://research-hub.de/events/video/2025-05-20-11-30/CICN-SW for a recording. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

TAKKT reported signs of operational stabilization in Q1 25, with organic sales declining 7.6% yoy — an improvement over prior quarters. While profitability remains burdened by freight costs and tariffs, cost control measures are proving effective. With around 40% of revenue from North America, TAKKT stands to benefit significantly from any easing in U.S.–EU trade tariffs. The stock currently trades ~20% below our fair value and at a single-digit forward P/E for FY27, not reflecting its solid fundamentals, strong cash generation, and medium-term recovery potential. Management confirmed FY25 guidance, and operational momentum in key segments supports a cautiously optimistic outlook. mwb research’s analysts upgrade the stock to BUY (from HOLD), maintaining their price target of EUR 8.50, offering over 20% upside. The full update can be downloaded under https://www.research-hub.de/companies/research/TAKKT%20AG

ABO Kraft & Wärme will delist from the Düsseldorf Stock Exchange by July 30, 2025. mwb research’s analysts downgraded the shares in February, reflecting the restricted liquidity and lower transparency following a delisting. However, the Hamburg stock exchange, following requests by investors, has decided to continue trading of the shares, maintaining some liquidity for investors even after a Düsseldorf delisting. Unrelated, ABO Kraft & Wärme reported FY24 results. Revenues of EUR 14.7m were in line, up 54% yoy driven by gas feed-in and the acquisition of the Brandenburg portfolio. The net loss of EUR 5.2m was in line with guidance, with losses driven by write-downs on receivables against insolvent Landwärme, higher maintenance, and higher substrate costs. For FY25, revenue is expected to remain flat, with a marginally positive EBITDA and a net loss of EUR 3–4m. Given continued tradability in Hamburg and long-term potential in biogas, the analysts upgrade the shares to a Spec. BUY with a new price target of EUR 1.15 (old: EUR 0.80). The full update can be downloaded under https://www.research-hub.de/companies/ABO%20Kraft%20&%20W%C3%A4rme%20AG

Viscom SE is a European leader in 3D optical and X-ray inspection systems, with a strong legacy in the automotive sector. Its dual-platform solutions are renowned for their unmatched speed and precision, powered by AI-driven features. While historically constrained by heavy automotive exposure, a high fixed-cost base in Germany, and competition from lower-cost Asian rivals, the narrative is shifting. The company is emerging with a leaner cost structure post-restructuring and a sharper focus on less price-sensitive markets such as batteries, semiconductors, and aerospace. While automotive remains a core business, this strategic shift is expected to enhance the business mix and pave a clearer path toward consistent profitability as the company scales and expands. mwb research’s analysts initiate with a BUY rating and a price target of EUR 4.80. The full update can be downloaded under https://research-hub.de/companies/viscom-se

CTS Eventim reported mixed results in Q1 2025. The top-line beat consensus expectations by a notable 14%, growing 22% yoy to EUR 499m, led by 17% yoy and 25% yoy growth in Ticketing and Live Entertainment revenues, respectively. Top-line growth was led by the underlying demand for events and live entertainment, as well as contributions from See Tickets Group and France Billet, which were acquired/consolidated in H2 2024. However, adj. EBITDA grew at a slower 9% yoy to EUR100m, and the margin deteriorated 2.5ppt yoy to 20.1%, with lower margins at the Ticketing segment. Given no significant changes in the business environment since the Q4 results, CTS reaffirmed its cautious guidance for FY 2025, expecting moderate yoy increases in revenues and adj. EBITDA. Favourable demand dynamics, recent acquisitions, and promising ticketing deals should further fortify CTS’ market position in Europe. However, near-term macro-uncertainties persist, and therefore, mwb research’s analysts maintain their HOLD rating, albeit at a higher target price of EUR 105.00 (old: EUR 96.00). The full update can be downloaded under https://www.research-hub.de/companies/CTS%20Eventim%20AG%20&%20Co%20KGaA