CHAPTERS Group AG is strategically consolidating its fintech assets by merging Fintiba, Expatrio, and Coracle into a new Financial Technologies segment, significantly expanding its footprint in financial services for international students and professionals in Germany. The segment’s pro-forma 2024 revenue doubles to approximately EUR 42m, with management projecting sustained low double-digit organic growth in 2025 and accelerated expansion post-2026 driven by synergies and new banking products via Frankfurt International Bank. mwb research’s preliminary 2026 valuation estimates suggest the segment could generate EUR 55.5m revenue with a 40% EBITDA margin, implying an equity value of EUR 220m–285m and adding roughly EUR 9.00–12.00 per share. While these are initial estimates due to limited reporting detail, the move unlocks significant value aligned with the analyst’s investment thesis. With a revised PT of EUR 49.00 (old: EUR 36.00), the analysts maintain their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/CHAPTERS%20Group%20AG

CGRE AG continues to execute its strategic transformation, focusing on the development and divestment of de-risked, high-quality real estate assets. The recent EUR 39m sale (mwb est.) of a retail property in Leipzig to REWE demonstrates strong execution and market relevance, enabling the repayment of EUR 30m in debt and boosting liquidity. With a growing pipeline of over 1,000 residential units and additional transactions underway (mwb est.), CGRE is well-positioned to capitalize on a recovering German real estate market. With these sales, CGRE is likely to aim for EUR 63–70m in 2025 revenue, supported by efficient capital recycling and asset rotation. mwb research’s analysts reiterate their BUY rating with a price target of EUR 14.60, offering > 20% upside. Note: A model overhaul will be done with the release of CGRE’s FY24 results. The full update can be downloaded under https://www.research-hub.de/companies/CGRE%20AG

Stratec SE reported a 4.7% yoy decline in FY24 revenues to EUR 257.6m, missing expectations amid post-pandemic normalization, elevated inventories, and slower system ramp-ups, including Roche collaborations (mwb est.). Despite top-line pressures, adjusted EBIT grew 10.1% to EUR 33.5m, driven by improved gross margins and accounting policy adjustments. The company reinforced its service-oriented strategy, strengthening its presence in Asia-Pacific and realizing synergies from the Natech acquisition. For FY25, management forecasts modest revenue growth with a slight margin contraction due to normalized development contributions and higher investments. While industry recovery remains gradual, Stratec’s margin resilience and operational discipline support a BUY rating and a revised EUR 32.50 target. The full update can be downloaded under https://research-hub.de/companies/research/Stratec%20SE

AIXTRON stands to be a key beneficiary of NVIDIA’s 800V HVDC transition, which puts GaN at the core of next-generation AI data center power delivery. As ecosystem partners scale up GaN production to support 1 MW+ racks, with commercial adoption set to begin in 2027, and system integration demands raise the bar on efficiency and thermal performance, mwb research’s analysts expect increased tool adoption across both volume and quality-driven applications. With an estimated ~90% market share in GaN epitaxy tools and a newly opened 300mm Innovation Center, AIXTRON is very likely to benefit from the strategic asset and a first-mover advantage as the industry as the industry shifts to HVDC. This architecture change not only validates the long-term outlook for GaN but also reinforces management’s view that the tool market could triple by 2030. Only a few toolmakers are prepared for this shift, and mwb research’s analysts believe that AIXTRON has the edge. The analysts reiterate their BUY rating with a slightly higher price target of EUR 20.00. The full update can be downloaded under https://www.research-hub.de/companies/AIXTRON%20SE

Multitude AG reported strong Q1 2025 results, with net operating income stable at EUR 55.8m (+0.6% yoy) and net profit rising 181% yoy to EUR 7.2m, exceeding mwb research’s forecast of EUR 5.8m. Improved asset quality, reflected in a 21.5% drop in impairment losses, drove profitability. Management raised its FY25 net profit guidance to EUR 24–26m (previously EUR 23m). Wholesale Banking showed dynamic growth, while the acquisition of a 24.49% stake in Lea Bank supports strategic scaling. With total assets up 11.3% and a stronger equity base, Multitude’s outlook has improved. mwb research’s analysts raise their target price to EUR 12.80. BUY. The full update can be downloaded under https://www.research-hub.de/companies/investment-case/Multitude%20SE

Veganz has confirmed its strategic entry into the U.S. market through a partnership with Jindilli Beverages, the company behind the milkadamia brand. Initial exports of Mililk-based oat and almond milk from Germany are about to start this year, and plans are for a U.S. production facility to start production by early 2026. This collaboration, backed by nearly a year of preparation and strong market interest, targets both foodservice giants like McDonald's and Starbucks as well as major U.S. retailers. Financial contributions are expected from Q3 2025 and are yet to be factored into guidance, indicating potential upside. The North American plant-based milk market is huge and projected to grow strongly. mwb research’s analysts reiterate their Spec. BUY rating and EUR 18.00 price target, reflecting conservative assumptions on Orbifarm’s value. At the mwb research New Food Conference, CEO Jan Bredack will provide more insights into current developments, please register here: https://research-hub.de/events/registration/2025- 06-03-11-30/VEZ-GR. The full update can be downloaded under https://research-hub.de/companies/veganz-group-ag

At the mwb Defense & Security Conference, secunet reiterated its strategic relevance in sovereign cybersecurity, supported by product strength in SINA Cloud, mobile encryption, and public-sector infrastructure. While the FY2025 outlook was confirmed, the presentation lacked detail on commercialization strategy, international expansion, and budget visibility, likely a reflection of the ongoing leadership transition. The upcoming appointment of Marc-Julian Siewert as CEO introduces potential for renewed strategic focus. Having led Veridos through significant international growth and complex government projects, his track record positions him well to shape the next chapter. With the stock trading above mwb’s fair value estimate, the analysts maintain their HOLD rating and EUR 180.00 target, pending greater clarity on execution and leadership direction. Recording available under: https://research-hub.de/events/video/2025-05-20-14-30/YSN-GR The full update can be downloaded under https://www.research-hub.de/companies/secunet%20Security%20Networks%20AG

KWS is a global leader in seed breeding, with a portfolio covering 11 of the world’s 13 most important crops, including sugarbeet, corn, cereals, and vegetables. KWS differentiates itself through a strong emphasis on non-genetically modified organisms (non-GMO) breeding and innovative, crop-specific solutions, competing with major players like Bayer and Corteva. Profitable growth is driven by high-value seed varieties that command premium prices, as well as strategic realignment. The recent divestment of its corn operations in China and South America reinforces this shift and further reduces debt. The outlook for KWS remains promising, driven by its expanding portfolio of seed varieties that increase yields and provide sustainable solutions to farmers. This is key to boosting global food production and keeping prices low. With a projected CAGR of 2.2% in a cautious scenario, ~16% EBIT margins and a 6.5x EV/EBIT for FY27, KWS offers a solid investment opportunity. mwb research initiates coverage of KWS with a BUY rating and a PT of EUR 83.00, offering an upside potential of 42.9%. The full update can be downloaded under https://research-hub.de/companies/kws-saat-se-co-kgaa

Infineon has partnered with NVIDIA to co-develop the industry’s first 800V high-voltage direct current (HVDC) power delivery system for next-gen AI server racks, replacing today’s less efficient, decentralized AC architectures. This collaboration is expected to unlock value by embedding Infineon’s technologies deeper into the AI server power chain, from centralized HVDC distribution to chip-level delivery. The shift also structurally increases semiconductor content per rack, positioning Infineon to benefit from higher volumes and pricing, especially in SiC and GaN. Leveraging its unique grid-to-core capabilities across all semi-material, Infineon continues to innovate and shape the future of data center power delivery. The HVDC initiative adds a strategic depth to the AI narrative, creating optionality well beyond the embedded AI guidance and strengthens the case for upward revisions to mid-term revenue/margin expectations. mwb research analysts reiterate BUY with a new price target of EUR 37.00. The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

HMS Bergbau’s final FY 2024 results confirm strong operational performance and solid financials, with revenue of EUR 1,364m (+5.2% yoy) and EBIT of EUR 20.1m (+28% yoy), slightly above the preliminary report. Despite softer coal prices, high trading volumes and firm demand in Asia supported results. HMS advanced its vertical integration strategy and expanded its international reach, while trade finance lines grew to USD 400m. The group generated EUR 7.8m in free cash flow and proposed a higher dividend of EUR 1.05/share. For 2025, HMS guides for revenue of ~EUR 1,500m and stable margins. The analysts from mwb research have rolled forward their valuation, adjusting EPS for upcoming bond-related interest. Their revised PT is EUR 41.00 (old: 39.00); rating: BUY. The full update can be downloaded under https://www.research-hub.de/companies/HMS%20Bergbau%20AG