A mixed but stable start to 2025 for BASF, as macro uncertainty weighs on near-term visibility. Q1 results showed modest top-line pressure from softer volumes and pricing, particularly in Agricultural Solutions and Surface Technologies, while EBITDA ex-special items held up better than expected thanks to positive one-offs in the ‘Other’ segment. Profitability across core businesses remained under pressure, and free cash flow was negative, reflecting working capital effects, litigation payments, and metals trading. Management reaffirmed its full-year guidance but acknowledged rising external risks, particularly from trade tensions and demand caution across key markets. Still, BASF continues to focus on cost discipline, localized production, and selective investments in growth areas—setting a more resilient base for medium-term recovery. mwb research’s analysts maintain their BUY rating but reduce their price target to EUR 55.00 (from EUR 60.00), reflecting a slower-than-expected earnings recovery despite an improving strategic setup. The full update can be downloaded under https://www.research-hub.de/companies/BASF%20SE

Drägerwerk (Dräger) delivered a mixed Q1 25, with order intake rising 6.1% yoy to EUR 860.8m, signaling robust demand across both Medical and Safety divisions. However, revenue declined slightly by 1.2% to EUR 730.3m, and EBIT dropped to just EUR 0.4m (Q1 24: EUR 15.1m) due to seasonal effects and higher personnel costs. The strong momentum in Engineered Solutions and growth in EMEA and APAC underline strategic traction. Despite seasonal margin pressure, management reaffirmed its FY25 guidance (1–5% sales growth, 3.5–6.5% EBIT margin). Supported by a healthy order book and the improving business mix, mwb research’s analysts maintain their BUY rating and the unchanged price target of EUR 72.00. The full update can be downloaded under https://www.research-hub.de/companies/Draegerwerk%20AG%20&%20Co.%20KGaA

In Q1, the industry faced a softer jackpot environment with no peaks - a dynamic that typically dampens engagement and spending. Still, the company continues to benefit from strong structural momentum, including pricing tailwinds, a growing active user base, and improving business mix from the ramp-up of higher-margin verticals such as Games and Traumhausverlosung. These drivers are expected to support solid top-line growth, with sales forecast at EUR ~48m (+32.5% yoy), and EBITDA margin expanding to 29% (+3pp yoy), weighted down partially by increased marketing and growth investments. mwb research’s analysts see ZEAL firmly on track to meet its full-year targets, underscoring the scalability and strength of its platform, reinforced by consistently outstanding execution. The analysts maintain their BUY rating with PT EUR 60.00. The full update can be downloaded under https://www.research-hub.de/companies/ZEAL%20Network%20SE

Circus has announced an eight-month pilot partnership with REWE Region West to deploy its autonomous cooking robot, CA-1, in several German supermarkets starting autumn 2025. The pilot includes three CA-1 units and the Circus Software Suite to evaluate customer satisfaction, technical performance, and operational feasibility. With REWE Region West supplying 560 stores and REWE Group operating over 6,000 food retail outlets in Germany, a successful pilot could lead to significant commercial potential— mwb research’s analysts estimate a triple-digit million EUR in equipment sales and high double digit million EUR in annual SaaS revenue if adopted in just 10% of stores. Additionally, Circus is set to begin rollout with food franchise Mangal under a 500-unit framework agreement this autumn. Supporting this growth, Circus has completed a high-volume production facility in China and is finalizing a EUR 21.3m capital increase to fund global expansion. mwb research’s analysts maintain their BUY rating with a EUR 75.00 target price. The full update can be downloaded under https://research-hub.de/companies/circus-se

mwb research’s analysts initiate coverage of Hamborner REIT AG with a BUY recommendation and a PT of 11.00 offering an upside potential of c. 75%. Hamborner is a German commercial real estate company with a diversified portfolio of retail and office properties across Germany. The company manages 66 properties with a current value of EUR 1.4bn and focuses on active portfolio management to generate stable cash flows and maintain an attractive dividend policy. The company's strengths include a geographically diverse portfolio, high-quality tenants with long-term leases and conservative financial ratios. Despite market challenges, the German real estate market is showing signs of stabilization, which mwb research’s analysts believe allows Hamborner to participate actively. Trading at a 35% discount to NAV and with a dividend yield of 5-6%, Hamborner represents an attractive investment opportunity. The full update can be downloaded under https://research-hub.de/companies/hamborner-reit-ag

mwb research’s earnings call with Intershop provided more context for the published Q1 results. The company reported improved profitability in Q1 2025 despite a 4% revenue decline, driven by a strategic shift away from service-led projects. EBITDA rose to EUR 0.84m with a 9% margin, and ARR grew 14% to EUR 20.4m. While cloud revenue expanded and AI monetization began, weak order intake (–17%) and Net New ARR (–43%) highlight near-term headwinds. Liquidity remains solid (EUR 7.8m), with refinancing largely secured for a maturing convertible bond. Management reiterated cautious FY2025 guidance, targeting slightly positive EBIT and modest cloud growth. Stronger sales pipeline activity and early AI adoption suggest medium-term upside potential. mwb research’s analysts maintain their BUY rating and EUR 3.00 price target. A recording of the event is available here: https://research-hub.de/events/video/2025-04-30-13-30/ISHA-GR. The full update can be downloaded under https://www.research-hub.de/companies/Intershop%20Communications%20AG

MS Industrie announced FY24 results, reporting sales of EUR 171.2m, a 31.5% yoy decline, mainly due to the sale of a 51% stake in MS Ultraschall and lower order volumes at MS XTEC. Adjusted EBITDA dropped 58.2% yoy to EUR 7.5m, while EBIT turned negative at EUR -1.4m. Despite a net loss of EUR -3.9m, MS Industrie improved its balance sheet, raising the equity ratio to 44.0% and reducing net debt to EUR 18m. MS XTEC, the group’s core, saw a 17.9% revenue decline but secured major contract extensions and continued investment in automation. With a positive outlook for FY25, MS Industrie is poised for long-term, capital-efficient growth, focusing on the heavy-duty segment and expanding into North America and new industries. mwb research’s analysts are maintaining their BUY rating with a target price of EUR 2.40. Join the earnings call on May 19 at 2:00 PM CEST, where CEO Dr. Andreas Aufschnaiter will provide insights into the FY24 results and Q1 25 performance. Register here to participate: https://research-hub.de/events/registration/2025-05-19-14-00/MSAG-GR. The full update can be downloaded under https://research-hub.de/companies/ms-industrie-ag

Wacker Chemie reported mixed results in Q1 2025. Silicones and BioSoultions reported good EBITDA performance on improving mix. However, Polysilicon remained a drag, reeling under pressure of weak solar-grade demand and Chinese oversupply, whereas the Polymers division was impacted by low-capacity utilization. Given the lack of visibility in the current uncertain macro-economic environment, management kept its FY 2025 guidance unchanged. mwb research’s analysts see FY 25 as a year of volatility and unpredictability and the analysts adjust their estimates in view of the tough market conditions. Nevertheless, from a long-term perspective, mwb research’s analysts continue to like Wacker’s capital-disciplined approach to position itself as a specialty chemicals and advanced materials player rather than a volume-driven industrial producer. The analysts reiterate their BUY rating at a revised target price of EUR 88.00 (old: EUR 95.00), supported by Wacker’s strategic pivot towards margin-enhancing, less cyclical businesses. The full update can be downloaded under https://www.research-hub.de/companies/Wacker%20Chemie%20AG

Fuchs reported decent Q1 25 results amid a challenging macro environment. Reported revenues grew 5% yoy to EUR 924m, led by 2% yoy organic sales growth (vs -1% yoy in Q4 24), a similar 2% yoy contribution from M&A, and a 1ppt yoy boost from FX. Higher volumes compensated for pricing pressure during the quarter. EBIT increased by mere 1% yoy to EUR 108m (margin: -50bps yoy to 11.7%), weighed down by higher general and administration expenses; EBIT trailed consensus by 6%, largely reflecting the revenue miss of 1%, as overall costs were broadly in line. Management has reiterated its outlook for FY25 – sales of EUR 3.70bn (+5% yoy) and EBIT of c. EUR 460m (+6% yoy) – notwithstanding the prevailing uncertainties amid geopolitical and tariff wars. Against the backdrop of escalating international trade tensions, Fuchs’ global operational footprint, diversified client base and product portfolio, and focus on bolt-on strategic M&As provide comfort. mwb research’s analysts maintain their HOLD rating, as valuations appear fair, with an unchanged PT of EUR 48.00. The full update can be downloaded under https://www.research-hub.de/companies/Fuchs%20Petrolub%20SE

Nemetschek (NEM) continued to experience positive business momentum in Q1 25. Revenues grew 26.3% yoy to EUR 282.8m, with a large part of the growth being organic (org.; +17.4% yoy in constant currencies [c.c.]) and the rest coming from the GoCanvas acquisition. Subscription and SaaS revenue increased at a robust 83.6% yoy (org.: +66.1% yoy c.c.) and took the overall recurring revenues up 39.6% yoy. EBITDA grew 18.2% yoy (+16.9% yoy org. c.c.), and excluding one-offs, the adj. EBITDA margin improved 90bps yoy to 31.4%. After a good start to FY25, management reiterated its full-year guidance for revenues to grow 17%-19% yoy in c.c. and EBITDA to reach c.31% (+80bps yoy), both including GoCanvas. NEM has steadily and successfully shifted towards stable and predictable recurring revenues (now at an impressive 92% of total revenues) and towards mobile and cloud-based software solutions, strengthening its business proposition. However, with mwb research’s expectations met, the analysts maintain their estimates and reiterate their HOLD rating with an unchanged price target of EUR 117.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Nemetschek%20SE