AUTO1 reported a strong set of results for 2024, marking its first full-year net profit since listing. Revenue grew 15% yoy to EUR 6.27bn, and gross profit rose 37% to EUR 724.7m. Both Merchant and Retail segments delivered double-digit volume growth, with notable margin expansion in Retail, where GPU increased by 26% to EUR 2,163. For 2025, the company guides for further growth, expecting total unit sales between 735k and 795k and adjusted EBITDA of EUR 135m to EUR 165m. Stabilizing used car prices support GPU visibility and margin confidence. mwb research’s analysts maintain their BUY rating and raise their price target to EUR 27.00 (previously EUR 25.00), reflecting the stronger profitability base and continued top-line momentum. The full update can be downloaded under https://www.research-hub.de/companies/AUTO1%20GROUP%20SE

Multitude released robust preliminary results FY24, underscore its strategic resilience and operational momentum, driven by higher loan volumes and debt investments, particularly in Wholesale Banking. Net interest income came in at EUR 220.2m, slightly below mwb research’s estimate of EUR 224.9m, nevertheless, EBIT of EUR 67.6m was better than mwb research’s forecast of EUR 66.1m, supported by strong underwriting, cost control and lower credit losses. Based on Multitude’s achieved growth and partnerships, management has confirmed its net profit guidance of EUR 23m for 2025 and EUR 30m for 2026. Given the positive earnings surprise and continued strategic progress, the analysts reiterate their BUY rating on Multitude with a price target of EUR 12.30. The full update can be downloaded under https://www.research-hub.de/companies/investment-case/Multitude%20SE

Dr. Hendrik Finger, Head of IR at tk nucera, presented at the SdK Investor Forum, focusing on the AWE (green hydrogen) growth segment and the stability of the CA segment. He outlined opportunities for tk nucera, particularly if the hydrogen market rebounds. The company has 25 GW in letters of intent, and even if only 30% materialize, it would result in an order intake of EUR 4.5bn (mwb est.). Despite the weak hydrogen market, tk nucera remains in a strong position, supported by a EUR 700m cash reserve that allows flexibility for R&D and potential expansions. The existing 2 GW annual production capacity already allows the company to handle large-scale orders, setting it apart from the competition. While order flow remains delayed, tk nucera is well positioned for both future growth and enduring market weakness. mwb research’s analysts maintain their BUY rating with a EUR 14.50 price target, offering a 67% upside potential. The full update can be downloaded under https://www.researchhub.de/companies/thyssenkrupp%20nucera%20AG%20&%20Co%20KGaA

Pyramid AG’s performance in early 2025 suggests that it has successfully navigated through a challenging period marked by declining revenues. The combination of topline growth, margin expansion, and strategic innovation in FY25 positions the company well for sustained improvement in its financial performance. With clear upside potential, Pyramid remains an attractive investment opportunity for equity investors seeking exposure to the technology hardware sector. At a one year forward P/E below 9x, downside risk looks limited in mwb research’s view. Consequently, the analysts reaffirm their BUY rating with an unchanged PT of EUR 1.50 per share. The full update can be downloaded under https://www.research-hub.de/companies/research/Pyramid%20AG

coinIX has published its annual financial statements for 2024, which confirm the positive preliminary figures. The pre-tax result increased by c. 270% compared to the previous year, and the hidden reserves as a measure of success in portfolio management grew to EUR 9.5m. However, the net asset value of coinIX has fallen by over 50% since the beginning of the year, mainly due to the weakness of Ethereum (ETH), which has a high weight in coinIX's portfolio. The ETH weakness results from several factors, including the largest crypto hack of all time at Bybit with 400,000 ETH stolen, doubts about Trump's planned crypto reserve, outflows from ETH ETFs and competition from faster blockchains such as Solana. Technical selling constraints such as margin calls further exacerbated the price slump. However, the Pectra upgrade expected for the end of April, which is intended to improve Ethereum technically and strengthen its competitiveness, offers hope. As the current price of coinIX is already below the value of the liquid crypto assets and does not reflect the valuable equity holdings, the price level offers an attractive entry opportunity in the view of mwb research’s analysts. mwb research reiterates the BUY recommendation with a price target of EUR 2.50 (previously EUR 4.60). The full update can be downloaded under research-hub.de/companies/coinIX%20GmbH%20&%20Co%20KGaA

Scout24 SE continued to witness healthy business momentum in Q4 2024, with both revenue and ordinary operating (op.) EBITDA coming broadly in line with consensus at EUR 147m (+11% yoy) and EUR 91m (+15% yoy), respectively. Reported revenue benefitted from a record high subscription base and the resultant acceleration in subscription revenue. On the other hand, op. EBITDA growth was largely supported by operating leverage and the successful execution of a streamlining/interconnectivity strategy. The business remains highly cash generative, returning EUR 24m in Q4 2024 (+12% qoq) to shareholders in buy-backs despite acquiring neubau kompass in November. Scout24 expects the strong momentum to continue into FY 2025, with double-digit revenue growth of 12%-14% yoy and up to a 50bps yoy improvement in the op. EBITDA margin. Moreover, its medium-term growth target remains promising and on track. mwb research’s analysts reiterate their HOLD rating at a revised PT of EUR 88.00 (old: EUR 81.00). The full update can be downloaded under https://www.research-hub.de/companies/research/Scout24%20SE

Synbiotic has introduced a THC-containing medical cannabis lozenge, developed over three years with BOLDER Arzneimittel, launching in Germany in Q2 FY25. This patient-specific dosage form addresses the limited range of existing products and aligns with regulatory easing since April 2024. With medical cannabis imports quadrupling in FY24 to 72 tons, Synbiotic’s innovation may enhance its position in the growing MedCan market (CAGR 14% to 2029). Short-term financial impact is limited, but margin upside is possible in mid-term. Supported by WEECO Pharma’s strong performance, Synbiotic remains strategically well-positioned in the fast-growing market for medical cannabis. mwb research reaffirms the BUY rating with an unchanged target price of EUR 12.50 per share. The full update can be downloaded under research-hub.de/companies/Synbiotic%20SE

Synbiotic has introduced a THC-containing medical cannabis lozenge, developed over three years with BOLDER Arzneimittel, launching in Germany in Q2 FY25. This patient-specific dosage form addresses the limited range of existing products and aligns with regulatory easing since April 2024. With medical cannabis imports quadrupling in FY24 to 72 tons, Synbiotic’s innovation may enhance its position in the growing MedCan market (CAGR 14% to 2029). Short-term financial impact is limited, but margin upside is possible in mid-term. Supported by WEECO Pharma’s strong performance, Synbiotic remains strategically well-positioned in the fast-growing market for medical cannabis. mwb research reaffirms the BUY rating with an unchanged target price of EUR 12.50 per share. The full update can be downloaded under research-hub.de/companies/Synbiotic%20SE

Viromed Medical AG has signed a transformative five-year exclusive distribution agreement with Korea-based UMECO Group for its cold plasma devices, ViroCAP and PulmoPlas, targeting medical and dermatological applications across ten Asian markets. The deal includes a USD 5m upfront license fee and purchase commitments totaling EUR 152.5m through 2028, with a focus likely on ViroCAP due to its applications in high-demand aesthetic treatments like acne and rosacea. UMECO, a specialist in medical and beauty device distribution, is well-positioned to leverage Southeast Asia’s large aesthetics market. Viromed is confident in ramping up production. Reflecting the deal's significance and reduced investor risk, mwb research’s analysts increase the price target to EUR 12.50 (from EUR 7.40) and now rate the share as a BUY (from Speculative BUY). For more first-hand information, we invite you to register for our roundtable with CEO Uwe Perbandt tomorrow, 03 April, here: https://research-hub.de/events/registration/2025-04-03-13-00/VMED-GR The full update can be downloaded under https://www.research-hub.de/companies/Viromed%20Medical%20AG

Viromed Medical AG has signed a transformative five-year exclusive distribution agreement with Korea-based UMECO Group for its cold plasma devices, ViroCAP and PulmoPlas, targeting medical and dermatological applications across ten Asian markets. The deal includes a USD 5m upfront license fee and purchase commitments totaling EUR 152.5m through 2028, with a focus likely on ViroCAP due to its applications in high-demand aesthetic treatments like acne and rosacea. UMECO, a specialist in medical and beauty device distribution, is well-positioned to leverage Southeast Asia’s large aesthetics market. Viromed is confident in ramping up production. Reflecting the deal's significance and reduced investor risk, mwb research’s analysts increase the price target to EUR 12.50 (from EUR 7.40) and now rate the share as a BUY (from Speculative BUY). For more first-hand information, we invite you to register for our roundtable with CEO Uwe Perbandt tomorrow, 03 April, here: https://research-hub.de/events/registration/2025-04-03-13-00/VMED-GR The full update can be downloaded under https://www.research-hub.de/companies/Viromed%20Medical%20AG