Bayer is sharpening its legal strategy with a dual-track approach: preparing a largescale Roundup settlement while actively exploring a conventional Chapter 11 filing for Monsanto. This marks a clear departure from the controversial “Texas Two-Step” tactic, which has faced growing legal pushback. The shift signals Bayer’s commitment to legal finality and a more credible approach in the eyes of courts and stakeholders. While mwb research’s analysts see encouraging signs of legal de-risking, the road ahead remains complex. Bayer must still navigate political, operational, and financial crosscurrents as it works toward its 2026 resolution target. The analysts reiterate their BUY rating and price target of EUR 29.00. The full update can be downloaded under https://www.research-hub.de/companies/Bayer%20AG

Ceconomy delivered a resilient Q2 FY24/25, continuing its profitable growth trajectory despite a seasonally softer post-holiday quarter. While brick-and-mortar sales remained flat, online and growth businesses, namely Marketplace, Services & Solutions, and Retail Media, drove gains. Regional dynamics were mixed, with strength in Southern Europe and Türkiye offsetting weakness in DACH and Poland. Profitability improved on the back of margin expansion and disciplined cost control. Management reaffirmed full-year guidance, highlighting confidence in ongoing transformation efforts. The interim leadership team maintains strategic continuity following the CEO's departure to the German government. mwb’s analysts make minor upward adjustments to estimates and raise their price target to EUR 3.90 (old: EUR 3.75), reiterating their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Ceconomy%20AG

ProSiebenSat.1 Media’s (PSM) Q1 results were dampened by persistent weakness in its high-margin TV advertising (ad) business. Revenues declined 1% yoy (a 6% beat vs consensus) and adjusted (adj.) EBITDA fell by a sharp 39% yoy to EUR 44m, posting a 19% miss. The Entertainment and Dating & Video businesses were lackluster; in contrast, Commerce & Ventures fared well. On the strategy front, PSM completed the sale of Verivox in March and has accordingly revised its FY 2025 outlook, now guiding sales of c.EUR 3.85bn (+/- EUR 150m) and adj. EBITDA of EUR 520m (+/- EUR 50m). It is also making good progress on the strategy front to bring in more focus on its core Entertainment business. After MFE-MediaForEurope’s public takeover offer for all outstanding PSM shares in March (cash: EUR 4.48+ 0.4 MFE A-shares), PPF Group has come up with a counter-offer to increase its stake in PSM to 29.99%, offering a cash consideration of EUR 7.00. This provides an alternative to shareholders to unlock value in PSM. mwb research’s analysts revise their target price to EUR 7.00 (old: EUR 5.80), converging with PPF’s offer, and maintain their HOLD rating on the stock. The full update can be downloaded under https://www.research-hub.de/companies/research/ProSiebenSat.1%20Media%20SE

Südzucker (SZU) reported detailed results for FY 24/25. Revenues were down 6% yoy to EUR 9.69bn, as sales slid across all segments except Fruits. Profitability slumped, as EBITDA and operating (op.) results dipped 45% and 63% yoy, respectively, largely on dampened sugar prices. Its Q4 revenue declined 11% yoy; however, op. results were up 31% yoy, aided by better results in non-sugar segments. SZU expects a slow start to FY 25/26, with Q1 likely to witness lower sales and a significant decline in EBITDA and op. results yoy. Sugar prices are not likely to recover until the start of the next marketing season in October 2025. Despite this, management reaffirmed its outlook for FY 25/26. However, with sugar accounting for c.40% of SZU’s revenues, the ongoing weakness in sugar prices, geopolitical uncertainties, and continued influx of tariff-free Ukrainian imports into the EU will continue to drag the sugar segment’s performance. As such, mwb research’s analysts continue to take a conservative view, reiterating their SELL rating while slightly raising their price target to EUR 10.00 (from EUR 9.50). The full update can be downloaded under https://www.research-hub.de/companies/Suedzucker%20AG

Nagarro delivered a resilient performance in FY24, achieving healthy growth and exceeding margin expectations despite a challenging macroeconomic backdrop. Strong execution and an improved project mix supported profitability, even as net income was affected by higher taxes and interest costs. While Q1 25 began with softer momentum due to cautious client spending and currency headwinds, underlying business fundamentals remain intact. Growth was driven by solid demand in Central Europe and select verticals like Automotive and Travel, offsetting weakness in Horizontal Tech and Life Sciences. Management reiterated confidence in a recovery later this year, backed by strategic initiatives in AI, digital transformation, and targeted M&A. A new capital return framework reinforces Nagarro’s commitment to long-term value creation and disciplined growth. mwb research’s analysts stick to their EUR 97.00 PT and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Nagarro%20SE

Dermapharm Holding SE (DMP) reported mixed Q1 results, clouded by ongoing restructuring in Arkopharma and Axicorp and planned downsizing of its vaccine business. Despite these challenges, its topline grew 1.2% yoy to EUR 302m, supported by organic growth in Branded Pharmaceuticals’ existing business and good traction in Parallel Import segments. However, its Q1 adj. EBITDA dipped 8.3% yoy to EUR 81m (margin: -2.8ppt yoy to 26.9%) on general weakness across all segments, led by contracting high-margin Vaccine business and cost rises/revenue dips from Axicorp and Arkopharma restructures. The impact to Q1 results from the restructurings were largely accounted for by management, and as such, its FY 25 guidance was retained. Despite the short-term glitches, DMP has been progressing well on its strategic initiatives and broadening its international presence, whereby reaffirming its strong market position. Therefore, mwb research’s analysts continue to maintain their BUY rating at an unchanged PT of EUR 45.00. The full update can be downloaded under research-hub.de/companies/Dermapharm%20Holding%20SE

An in vitro study led by Professor Hortense Slevogt of the Hannover Medical School and the Helmholtz Centre for Infection Research has shown that cold atmospheric plasma effectively eliminated 100% of MRSA bacteria without harming lung cells, indicating strong potential for treating ventilator-associated pneumonia (VAP), a serious risk for ventilated patients. While CE certification under the EU MDR will likely require further clinical trials, the promising results may enable short-term use under compassionate use exemptions, subject to case-by-case authority approval. With over 1,900 hospitals in Germany and significant ICU presence, PulmoPlas could see short term sales of up to 1,000 units (c. EUR 15m), and a long-term market potential exceeding EUR 150m for VAP prevention in Germany alone. mwb research’s analysts reaffirm thei BUY rating with a target price of EUR 12.50. The full update can be downloaded under https://www.research-hub.de/companies/Viromed%20Medical%20AG

Brenntag continues to be impacted by the negative macroeconomic environment, largely driven by tariff uncertainties. As a result, both sales and operating (op.) EBITA were flat yoy in constant currencies (c.c.) but fell short of consensus. Op gross profit grew 2% yoy c.c., supported by positive per-unit contribution in the Specialties division (owing to portfolio optimisation) and improved volumes in the Essentials division (driven by M&A). Op. EBITA was up 2% yoy on a reported basis to EUR 264m, as weak organic development was offset by M&A contribution and FX tailwinds. Management reiterated its FY 2025 targets but expects performance to be at the lower end of the guidance range, due to depressed consumer sentiment, economic uncertainties, and competitive pressure from low-cost Chinese imports. While near-term performance will likely be muted, mwb research’s analysts believe the company’s strong balance sheet, cost reduction measures, and M&A strategy should support its long-term growth story. The analysts maintain their BUY rating with a lower PT of EUR 75.00. The full update can be downloaded under https://www.research-hub.de/companies/Brenntag%20SE

Carl Zeiss Meditec’s (CZM) Q2 FY25 results confirmed their strong preliminary numbers. Revenues and adj. EBITA beat consensus by 6% and 31%, respectively, at the time of pre-release. The top-line was up 19% yoy (+18% yoy in constant currency), led by DORC acquisition and organic growth across segments. Adj. EBITA grew by a staggering 62% yoy to EUR 80m (margin: +3.8ppt yoy to 14.2%), led by DORC and prudent cost management, partly offset by base effect. Management kept its cautious FY 25 guidance for now, as uncertainties around US trade tariffs and increased currency risks loom. Nevertheless, its order intake, book-to-bill, and backlog remain healthy and improving and equipment sales should pick up from H2, led by the new KINEVO and VISUMAX technologies. mwb research’s long-term estimates already reflect these positives and the analysts increase their FY 25 forecast for the strong H1. mwb research’s analysts maintain their PT at EUR 65.00, however, following the strong share price rally since the past 1 month, the analysts change their rating to HOLD from BUY. The full update can be downloaded under https://www.research-hub.de/companies/Carl%20Zeiss%20Meditec%20AG

Daimler Truck (DTG) reported mixed results in Q1 25 – revenues were 1% ahead of consensus, adj. EBIT beat consensus by a significant 13% while incoming orders missed by 4%. Revenues declined by 6% yoy to EUR 12.45bn in Q1, dragged by 8% yoy lower volumes (-20% qoq) on weakness in Trucks North America and Mercedes-Benz Trucks (Europe down 32% yoy). Incoming orders were tepid at 103,151 units (-3% yoy, -17% qoq; book-to-bill at 1.03x), amid disappointing inflows in Trucks North America (-29% yoy; an 18% miss). Adj. EBIT fell 4% yoy to EUR 1.16bn. However, the margin improved by 23bps yoy to 9.4%. Amid increasing macro uncertainties in North America, management trimmed its FY 25 volume guidance to 430k-460k units (460k-480k units previously) and now expects group adj. EBIT to come in between -5% to +5% yoy (+5% to +15% yoy previously). External pressures like US tariffs still weigh on the near-term outlook, but a prolonged dispute appears increasingly unlikely. mwb research’s analysts expect volume recovery from FY26, especially from Europe, with improved momentum from FY27. The analysts increase their PT to EUR 34.00 (EUR 29.00), while the rating remains SELL and will wait for more signs of a meaningful recovery. The full update is available at https://www.research-hub.de/companies/Daimler%20Truck%20Holding%20AG