Company Name: Vectron Systems AG ISIN: DE000A0KEXC7   Reason for the research: GBC Management Interview Recommendation: - Target price: - Last rating change: Analyst: Cosmin Filker You can download the research here: http://www.more-ir.de/d/32326.pdf Contact for questions: GBC AGHalderstraße 2786150 Augsburg0821 / 241133  [ … ]

Company Name: MHP Hotel AG ISIN: DE000A3E5C24   Reason for the research: Initiation Recommendation: BUY from: 23.04.2025 Target price: EUR 3.00 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald A good time to check-in – initiate MHP with BUY MHP Hotel AG (MHP) is the leading white-label hot [ … ]

secunet reported a strong preliminary Q1 2025, with revenue up 35.9% yoy to EUR 78.3m and EBIT turning positive at EUR 1.8m. The performance was driven by high Public Sector deliveries, supported by a strong order backlog of EUR 205.3m at year-end 2024, following full-year order intake of EUR 421.5m. Despite the solid start, the company maintained its 2025 guidance of EUR 425m in revenue and an EBIT margin of 9.5–11.5%. Strategic investments in areas such as cloud security and cryptography continue to weigh on near-term profitability. A leadership transition is also underway, with Marc-Julian Siewert set to join the Management Board in July as successor to the current CEO. mwb research’s analysts maintain their HOLD rating and EUR 175.00 price target, awaiting more clarity on earnings trajectory. secunet’s CEO and CFO will present at mwb research’s virtual A&D conference on 20 May, 2025. Check https://research-hub.de/events/registration/2025- 05-20-14-30/YSN-GR to register for the event. The full update can be downloaded under https://www.research-hub.de/companies/secunet%20Security%20Networks%20AG

Company Name: Advanced Blockchain AG ISIN: DE000A0M93V6   Reason for the research: Research Comment Recommendation: Buy Target price: 5.58 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Matthias Greiffenberger, Cosmin Filker The new leadership team is placing strong emphasis on transparency, governance, a [ … ]

Company Name: PNE AG ISIN: DE000A0JBPG2   Reason for the research: Update Recommendation: Buy from: 22.04.2025 Target price: 19,00 Euro Target price on sight of: 12 Monate Last rating change: 02.02.2023: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein Research U [ … ]

Cicor has closed the acquisition of Éolane France, adding CHF 125m in profitable sales, seven sites, and nearly 900 employees to its EMS platform. The transaction strengthens Cicor’s presence in France and supports its nearshoring strategy via Moroccan sites. While Éolane currently operates below group margins, Cicor plans to lift profitability through its proven decentralised integration model. This deal is a key milestone toward the 2028 revenue target of CHF 1bn. Additional upside is expected from two pending acquisitions (Mercury, MADES), not yet included in mwb research’s forecasts. The analysts upgrade to BUY (from HOLD) and raise their price target to CHF 120.00 (from CHF 100.00). Cicor will present at mwb research’s virtual A&D conference on 20 May, 2025. Check https://researchhub.de/events/registration/2025-05-20-11-30/CICN-SW to register. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

Company Name: Cenit AG ISIN: DE0005407100   Reason for the research: Research Study (Anno) Recommendation: BUY Target price: 19.00 € Target price on sight of: 31.12.2025 Last rating change: Analyst: Cosmin Filker, Marcel Goldmann You can download the research here: http://www.more-ir.de/d/32282.pdf Contact for questions:  [ … ]

With Q2 expected to come in line with company guidance and consensus, supported by seasonal strength in Automotive and continued AI momentum, the near-term setup looks achievable. However, With FX rate nearing 1.15 USD/EUR — 10 cents above the assumed 1.05 — Infineon’s disclosed sensitivity implies a potential EUR 500m revenue and EUR 200m Segment Result headwind in H2, assuming spot levels persist. While hedging should soften the blow, the scale of the move raises the bar for FY25 guidance delivery, particularly amid additional uncertainty from potential tariffs that could shave 1-1.5% off global light-vehicle production (mwb est.). Thus, mwb research’s analysts revise their estimates again. That said, even if Infineon falls modestly short of its FY25 guidance, the analysts continue to view the recent share price weakness as a compelling entry opportunity to build exposure to an undisputed leader in power semis. Thus, mwb research reiterates their BUY rating with a revised price target of EUR 34.00 (old: EUR 35.00). The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

Sartorius reported a solid set of Q1 results, with sales growing 7.7% yoy (6.5% yoy in constant currency) to EUR 883m, 2.4% ahead of consensus and supported by a continued recovery in consumables sales. Its underlying (adj.) EBITDA grew by 12.2% yoy to EUR 263m, a solid 4.6% consensus beat, while the book-to-bill ratio stayed well above 1.0x. Sartorius tabled a cautious but detailed guidance for 2025, with topline growth of c. 6% (+/-2%; Bioprocess Solutions [BPS] +7% and Lab Products & Services [LPS] +1%), with adj. EBITDA margins of 29%-30% (BPS 31%-32% and LPS 22%-23%). Both its current growth trajectory and 2025 guidance fall well below its ambitious mid term targets, leaving it open for potential market disappointment. Therefore, mwb research’s analysts continue to maintain their SELL rating at unchanged price target of EUR 182.00. The full update can be downloaded under research-hub.de/companies/Sartorius%20AG

FCR Immobilien AG ended the financial year with a significant increase in profits and confirmed its preliminary figures. Earnings before taxes (EBT) rose to EUR 23.1m (previous year: EUR 10.1m), driven by strategic property sales, stable portfolio development and consistent digitalisation. FFO was solid at EUR 7.0m despite higher interest costs, with an FFO margin of around 21%. The quality of the portfolio remained high: the occupancy rate increased to 94.1% and the WAULT to 5.7 years. The Management Board and the Supervisory Board propose to increase the dividend to EUR 0.45 per share. FCR thus confirms the sustainable profitability and stability of its business model, which is why the analysts reiterate their BUY recommendation with an unchanged price target of EUR 22.00. The previous full update can be downloaded under https://www.research-hub.de/companies/FCR%20Immobilien%20AG