mwb research’s analysts reiterate their BUY rating and PT of EUR 95.00 on Wacker Chemie (Wacker) following key takeaways from the German Select Conference, where management reinforced its strategic pivot toward higher-margin, less cyclical businesses. Semiconductor-grade polysilicon is emerging as the core growth engine (>30% EBITDA margin), set to overtake solar in volume by 2026, supported by strong demand from AI and advanced electronics. Silicones continue to recover on the back of a >50% specialty mix, while Polymers show early signs of stabilization, with strong traction in India and other emerging markets. Although Biosolutions remains in an early, volatile stage, its CDMO platform positions it well for long-term upside. Despite ongoing geopolitical headwinds, particularly in solar, management reaffirmed FY25 guidance. For more insights, please access the full Roundtable here: https://research-hub.de/videos. The full update can be downloaded under https://www.research-hub.de/companies/Wacker%20Chemie%20AG

FCR Immobilien AG looks back on a successful FY24. At EUR 54.1m, revenue remained almost at the previous year's level, driven by stable rental income (EUR 33m) and the sale of seven properties (EUR 20.8m). EBT, on the other hand, more than doubled to EUR 23.1m, primarily due to the exit of Immoware24, which contributed around EUR 15m to earnings. In addition, all property-related KPIs also improved: The occupancy rate rose slightly to 94.1% and the WAULT to 5.7 years, which should ensure long-term stability. Despite a moderate increase in interest expenses to EUR 16.1m, FFO was in line with mwb research’s expectations of EUR 7.0m. The dividend should almost double to EUR 0.45 per share, which would correspond to a yield of 3.8%. In mwb research’s view, FCR remains well positioned for further growth, which is why the analysts confirm their BUY recommendation with an unchanged PT of EUR 22.00. The previous full update can be downloaded under https://www.research-hub.de/companies/FCR%20Immobilien%20AG

Gerresheimer (GXI) delivered a mixed Q1 2025, with solid reported growth driven by the Bormioli Pharma acquisition but weak organic performance, particularly in syringes and cosmetics glass. Adjusted EBITDA met expectations, though organic margins declined. Segment results were uneven, with Plastics & Devices impacted by phasing delays, while Primary Packaging Glass showed margin improvement despite volume softness. Management reaffirmed its FY guidance and anticipates a Q2 rebound supported by strong order intake and resumed production. Meanwhile, KKR’s exit from the takeover consortium added pressure to the stock, introducing a new element of strategic uncertainty. However, long-term fundamentals remain intact. mwb research’s analysts maintain their BUY rating with unchanged PT of EUR 103.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Gerresheimer%20AG

tonies confirmed its final FY24 results, with revenues of EUR 480.5m (+33%) and an adjusted EBITDA margin of 7.5%, both in line with preliminary results. Positive surprises came from strong free cash flow of EUR 33m—well above expectations due to improved inventory management—and EPS of EUR 0.11, aided by a favorable tax effect. The DACH region continued to lead with a 23% EBITDA margin, while North America and RoW also turned profitable, supported by operating leverage and a favorable product mix shift toward higher-margin Tonies. Management gave no FY25 guidance due to tariff uncertainty but reiterated strong underlying momentum in Q1. mwb research’s analysts adjust their estimates, leading to a reaffirmed BUY rating and an unchanged EUR 11.00 price target. The full update can be downloaded under https://www.research-hub.de/companies/tonies%20SE

Formycon presented at mwb research’s 4th German Select Conference, highlighting progress across its biosimilar pipeline. FYB202 launched in the U.S. and FYB201 is set for reentry in 2026. FYB203 awaits patent clearance, while FYB206—now Phase III-exempt— targets a 2025 licensing deal. Management reaffirmed 2025 guidance (EUR 55–65m revenue; negative EBITDA) and emphasized that recent impairments reflect conservative assumptions. Despite U.S. pricing pressures, Formycon’s EU momentum, regulatory wins, and early-stage pipeline suggest substantial upside. The analysts reiterate their EUR 50.00 PT and BUY rating, with FYB206 alone potentially justifying the current market cap and early pipeline offering a Call option-like benefits. A recording of the event is available at research-hub.de/videos. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

Nordex reported its Q1 2025 order intake, showing continued momentum following the record year 2024. The company saw a 5% increase in the Projects segment compared to Q1 2024, reflecting strong market performance. The average sales price per megawatt also rose slightly. Orders for wind turbines were placed across 10 countries, with the largest markets being Turkey, Germany, Finland, Latvia, and Brazil. Despite geopolitical uncertainties and potential delays in US wind development, Nordex’s order flow from remains robust. For FY25, the company expects moderate revenue and EBITDA margin growth. With strong Q1 order intake and higher sales prices, Nordex is on track to meet the upper end of its guidance. mwb research’s analysts maintain their BUY rating and EUR 20.00 target price. Nordex will release its Q1 results on April 25. Key focus will be progress on the company’s margin targets, with the EBITDA margin likely to exceed last year’s Q1 level. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.

ZEAL energized its equity story at the German Select Conference, outlining a clear growth roadmap within the EUR 9bn German lottery market. With a 43.8% market share (+2.4pp yoy) in the online segment, ZEAL aims to capitalize on the digitalization of a legacy industry, as management anticipates an increase in online penetration from the current 29% (+5pp yoy) to 50–70% over time. ZEAL’s growth is underpinned by a scalable, high-margin model and strategic investments in jackpot-independent products such as social lotteries and games, which are broadening the customer base and driving long-term retention. Despite a lull in Q1 jackpots, management reaffirmed both its 2025 guidance and mid-term growth targets. ZEAL highlighted its insulation from geopolitical risks, noting the business has demonstrated resilience through past crises, with demand in some cases proving counter-cyclical. With a recession-proof, cash-generative model and no material threat in sight, execution remains a key. mwb research’s analysts see ZEAL as a “safe harbor” equity play in a structurally growing market and thus maintain their BUY rating with PT of EUR 60.00. Please watch the full Roundtable here: https://research-hub.de/videos. The full update can be downloaded under https://www.research-hub.de/companies/ZEAL%20Network%20SE

Traton announced a 10% yoy drop in Q1 25 unit sales to 73,100 vehicles, along with a weak preliminary adjusted operating result, down 42% yoy from Q1 last year and 26% below consensus. All major brands, including Scania, MAN, and International Motors, saw significant declines in unit sales and operating results, with the exception of Volkswagen Truck & Bus, which showed solid growth. North America is also showing signs of cyclical weakness, with International Motors posting a 12% yoy and 29% qoq drop in unit sales. Additionally, the ongoing uncertainty surrounding US tariffs could adversely affect global investment and the cyclical truck market, leading to hesitation among customers, even if the issue eventually subsides. While the company continues to uphold its FY25 guidance, the risk of a guidance cut is increasing. Given these challenges, mwb research’s analysts have reduced their price target to EUR 23.00 (from EUR 29.00) and maintain their SELL rating. The full update can be downloaded under https://www.research-hub.de/companies/Traton%20SE

At mwb research’s German Select Conference, Elmos energized its equity story and strategic positioning amid a complex macro environment. Management addressed US tariff concerns, noting limited direct exposure of 2% and manageable indirect impacts - roughly 1.5-2% decline in global car sales - thanks to its diversified customer base. While inventory destocking continues to weigh on short-term sales, particularly on Q1’25 which is confirmed as the trough, signs point to normalization by mid-2025 and a sequential recovery starting in Q2. Elmos also acknowledged its valuation discount, attributing it to historical FCF inconsistencies, which they are actively addressing. With strong design win momentum and leadership in high-growth niches like ultrasonic sensing, long-term growth drivers remain firmly intact, supported by automotive megatrends. Despite ongoing uncertainty, the analysts view the recent pullback as an entry opportunity. Thus, mwb research refined their model and reiterate their BUY rating, albeit with a revised price target of EUR 90.00, reflecting substantial upside potential. You can directly rewatch the Roundtable under: https://research-hub.de/videos. The full update can be downloaded under https://research-hub.de/companies/Elmos%20Semiconductor%20SE

Ceconomy CFO Dr. Kai-Ulrich Deissner provided a strategic update during mwb research’s 4th German Select online conference, highlighting the company’s ongoing transformation into a platform-led business. The focus remains on scaling five high-margin, non-retail revenue streams—Marketplace, Retail Media, Services & Solutions, Private Label, and partner models—targeting 40% gross profit contribution by FY25/26. Despite elevated interest expense in FY23/24, driven by refinancing and Turkish market dynamics, financial health remains intact. Management reaffirmed its EUR 500m EBIT target for FY25/26. Watch the full discussion with Dr. Deissner here: https://researchhub.de/videos . mwb research’s analysts confirm their PT and rating (EUR 3.75, BUY). The full update can be downloaded under https://www.research-hub.de/companies/Ceconomy%20AG