Drägerwerk (Dräger) participated in the well-attended mwb research conference German Select, where Head of Treasury & IR, Thomas Fischler provided further insight into FY24 performance and the company’s strategic trajectory. The discussion focused on profitability levers, divisional dynamics, and the path to long-term margin improvement. A replay of the session is available here: https://researchhub.de/events/video/2025-04-08-12-30/DRW3-GR. Looking ahead, Dräger anticipates moderate growth in FY25, with revenues expected to increase by 1%-5% and an EBIT margin of 3.5%-6.5%. The company remains focused on improving profitability, with a goal of reaching a 10% EBIT margin by 2030. mwb research’s analysts reiterate their BUY rating with an unchanged PT of EUR 72.00. The full update can be downloaded under https://www.research-hub.de/companies/Draegerwerk%20AG%20&%20Co.%20KGaA

Daimler Truck (DTG) announced Q1 25 unit sales of 99,812 vehicles, reflecting an 8% yoy decline and a 20% qoq drop. This follows a challenging FY24, with a 12% yoy decrease in total sales. Trucks North America, once a stabilizing force, saw a sharp 16% yoy decline in Q1 25, raising concerns about demand. Other segments also posted declines, with Trucks Asia down 13% yoy, but Mercedes-Benz (Europe) grew 5%. Despite these challenges, the growth in Europe signals a potential recovery, offering hope after a tough 2024. External pressures, including US tariffs and recession risks, continue to weigh on the outlook, potentially delaying Europe's recovery and further impacting sales and margin. As a result, the mwb analysts lower the PT to EUR 29.00 (from EUR 34.00) and reiterate their SELL rating, despite the 30% drop in the share price, as the analysts believe it reflects many risks from US tariffs, but not the significant unit sales decline and potential prolonged demand slowdowns. The full update is available at https://www.research-hub.de/companies/Daimler%20Truck%20Holding%20AG

mwb research’s analysts upgrade Infineon to BUY from HOLD following the recent pullback driven by the tariff saga, which undeniably poses indirect risks, particularly via exposed end-markets like automotive, and weighs on near-term sentiment. However, the analysts see this weakness as a compelling entry point into a structurally sound, long-term growth story. mwb research believes that Infineon remains better positioned than peers to weather this volatility, supported by its leading product portfolio and strong execution on strategic priorities, underpinned by a 13.5% global share in auto semis (TechInsights). The recently announced USD 2.5bn acquisition of Marvell’s Automotive Ethernet business not only strengthens Infineon’s U.S. footprint but also reinforces its No. 1 position in microcontrollers (now at 32% market share), while expanding its system offering for software-defined vehicles. With secular drivers like electrification, automation, and zonal E/E architectures intact, the analysts see long term value. The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

Cicor’s announced acquisition of MADES marks another step in expanding exposure to Aerospace & Defense (A&D), aligning with strategic goals of growing in stable, missioncritical markets. With ~EUR 29m in revenue and margins above group average, MADES adds scale and earnings potential while posing low integration risk. This transaction fills a geographic gap by entering Spain and reinforces Cicor’s pan-European ambitions. Cicor’s limited U.S. exposure (4% of revenue) tempers direct tariff risk, though its Industrial and Healthcare footprint still requires monitoring amid global trade tensions. Management views the company as “not immune but hedged,” also thanks to nearshoring efforts. Overall, mwb research’s analysts consider the planned MADES acquisition a well-aligned, accretive move that supports long-term value creation. mwb research reiterates their BUY rating and CHF 100.00 target price. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

Puma SE has announced a major leadership change: CEO Arne Freundt will step down on April 11, 2025, following strategic disagreements with the Supervisory Board. He will be succeeded by Arthur Hoeld, a seasoned Adidas executive, effective July 1. The move follows a period of persistent underperformance, margin stagnation, and loss of investor confidence. Puma’s near-term outlook is clouded by both internal transition and external risks, including newly announced U.S. import tariffs. While short-term uncertainty is high, Hoeld’s appointment brings potential for strategic reset. mwb research’s analysts adjust their equity beta upward to reflect higher company-specific risk, leading to a revised price target of EUR 27.65 (from EUR 35.00). Nevertheless, the analysts maintain their BUY rating, anticipating rerating potential as clarity improves. The full update can be downloaded www.research-hub.de/companies/research/Puma%20SE

In a well-attended roundtable, Viromed Medical CEO Uwe Perbandt discussed the company's newly announced distribution agreement with UMECO, highlighting its strong potential especially in aesthetic applications of cold atmospheric plasma (CAP) technology. UMECO’s expertise in cosmetic device distribution suggests an initial focus on Viromed’s ViroCAP device, which can for example treat acne and rosacea, while also enhancing skin absorption of creams. With lower regulatory hurdles for aesthetic use and MDR Class 1 compliance in the EU, ViroCAP is well-positioned for rapid adoption, especially in Asia's large beauty market. The agreement includes a USD 5 million license fee (expected in 2025) and purchase commitments totaling EUR 152.5 million from 2026 to 2028. The recurring revenue from consumables and ongoing deal momentum supports a positive outlook. mwb research’s analysts reaffirm their BUY rating with price target EUR 12.50. The full update can be downloaded under https://www.research-hub.de/companies/Viromed%20Medical%20AG

Redcare Pharmacy kicked off FY25 with a solid first quarter, reporting group sales of EUR 717m, up 28% yoy and in line with consensus. Importantly, EBITDA margin turned positive, supported by improved marketing efficiency. Rx sales were the clear highlight, particularly in Germany where revenues rose 191% yoy to EUR 108m, driven by accelerating e-prescription adoption. Group-wide Rx sales grew 49.5%, with continued strength in non-Rx (+19.7%). The DACH region contributed EUR 582m, while International sales rose 26.3%. Management reiterated FY25 guidance, including over 25% sales growth and EBITDA margins between 2% and 2.5%. Following recent share price weakness, mwb research’s analysts upgrade from HOLD to BUY, maintaining their EUR 144.00 PT. The full update can be downloaded under https://www.research-hub.de/companies/Redcare%20Pharmacy%20N.V.

The Payments Group Holding (PGH) has agreed to improved terms for acquiring The Payments Group (TPG), featuring a variable purchase price based on PGH's share valuation. In addition, the purchase option now extends to January 31, 2027, with an expected improved valuation ratio favoring PGH shareholders. The deadlines for conditions have also been extended to March 2026 until which PGH intends to raise EUR 10m from private equity investors. Separately, PGH sold its stake in a Heritage VC portfolio company, generating approximately EUR 1.9m in cash but incurring a book value loss of EUR 1.7m. The new terms and extended deadlines increase the likelihood of acquisition success. However, selling below book value and ongoing legal issues currently weigh on PGH's stock. mwb research’s analysts value PGH using a conservatively calculated NAV, which is why the analysts reiterate their BUY rating with an unchanged PT of EUR 1.50. The full update can be downloaded under https://www.research-hub.de/companies/The%20Payments%20Group%20Holding

Nagarro SE has announced the takeover of the operations of Notion Edge France, an SAP consultancy with deep expertise in SAP Customer Experience (CX), BTP, and FSM. The move strengthens Nagarro’s SAP CX portfolio and expands its footprint in Europe and Francophone Africa. While the short-term financial impact is expected to be modest, the deal enhances Nagarro’s ability to deliver integrated digital transformation services and opens additional cross-selling opportunities. The transaction aligns with Nagarro’s 2025 outlook, which includes revenues between EUR 1,020–1,080m and an adjusted EBITDA margin of 14.5–15.5%. Additionally, recent upward revisions to Gartner’s global IT spending forecasts provide a favorable demand backdrop. mwb research’s analysts reiterate their BUY rating and maintain their price target of EUR 102.00. The full update can be downloaded under https://www.research-hub.de/companies/Nagarro%20SE

Staige One AG reported prelim. FY24 revenue of EUR 2.1m, slightly exceeding FY23's EUR 2.0m but falling short of expectations due to delayed client orders. The phasing out of EUR 0.6m in Sale & Lease Back revenues impacted year-over-year comparability. EBITDA improved significantly to EUR -3.4m (from EUR -5.5m in FY23) but missed internal targets by EUR 1m, reflecting operational inefficiencies and slower order conversion. For FY25, Staige projects over 90% revenue growth to ~EUR 4.3m, driven by international contracts and R&D in advanced camera systems, with EBITDA improving by up to EUR 2m yoy. A planned capital increase will inject up to EUR 2.18m, supporting growth initiatives while diluting shares by 16.7%. mwb research’s analysts maintain their speculative BUY recommendation with an unchanged PT of EUR 3.70. The full update can be found under https://www.research-hub.de/companies/Staige%20One%20AG