Key Market Indicator:
Welcome our new Research Provider
In the Research & Ratings section, you can access assessments from renowned analyst firms that specialize in the due diligence and valuation of companies that are generally listed on the stock exchange. Starting from the research reports, you can access further research tools and information with just a few mouse clicks, which offer you additional options for obtaining and assessing information.
Fri, 11.07.2025       Cantourage Group SE

Company Name: Cantourage Group SE ISIN: DE000A3DSV01   Reason for the research: Update Recommendation: BUY from: 11.07.2025 Target price: EUR 13.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr CEO’s temporary leave with no impact on operations. CEO Philip Schetter has informed the s [ … ]
Fri, 11.07.2025       https://research-hub.de/companies/elmos-semiconductor-se

Elmos shares have nearly doubled since April, now trading slightly above our fair value at (~17x 2025E PE), prompting a downgrade to HOLD. We expect sequential revenue growth in Q2, driven by momentum in China, but margins are likely to remain under pressure due to weaker fixed cost absorption, rising gold prices, FX headwinds, and other ongoing investments. FCF is expected to soften below Q1’s 17% of sales due to increased working capital from Chinese growth, with capex projected below 5% of sales. While destocking is clearly easing, it remains incomplete. Still, we see rising probability of a demand acceleration in H2 and a return to top-line growth in 2026. That said, visibility remains low as customers continue to order cautiously on short lead times. Thus, any escalation in trade tensions could quickly stall or reverse the anticipated recovery. We make modest estimate adjustments and maintain our price target at EUR 90.00, reflecting a more neutral stance and limited upside from here. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se
Fri, 11.07.2025       https://research-hub.de/companies/rubean-ag

Rubean delivered exceptional H1 ‘25 results, with sales of EUR 2.54m — surpassing FY24 revenue and tripling H1 ‘24 figures. This performance reflects hyperscaling growth and strong customer onboarding, supported by strategic partnerships such as Commerz-GlobalPay. Momentum continues across Germany, Spain, and LATAM. With a scalable SoftPOS platform and growing recurring revenue, mwb research’s EUR 4.0m FY25 sales estimates appears conservative. Rubean’s certified PhonePOS stands out for cost efficiency and compliance, driving adoption in high-volume sectors. As recurring revenues scale and profitability nears, we see compelling upside. We reiterate our BUY rating with a EUR 10.00 price target, implying ~35% upside. The full update can be downloaded under https://research-hub.de/companies/rubean-ag
Fri, 11.07.2025       https://research-hub.de/companies/photon-energy-nv

Photon Energy has sold its Yadnarie project in South Australia to AGL Energy for at least AUD 6.8m (approximately EUR 3.8m), following development approval from the South Australian Department for Energy and Mining. The project features RayGen's PV Ultra technology, which combines concentrated solar power with thermal energy storage for on-demand electricity. The staged payments provide immediate financial benefits to Photon Energy, while the deal validates RayGen’s innovative long-duration storage solution and enhances Photon Energy’s credibility as a developer of utility-scale RayGen projects, including its ongoing Winterton project in South Africa. Photon Energy also benefits indirectly through its 5.5% shareholding in RayGen. We confirm our Spec. BUY rating with a price target of EUR 1.40. The full update can be downloaded under https://research-hub.de/companies/photon-energy-nv
Fri, 11.07.2025       https://research-hub.de/companies/bechtle-ag

Bechtle is expected to see a modest Q2 recovery following a weak Q1 2025, where revenue declined 2.8% yoy and EBT fell due to cost pressures and muted IT spending. Consensus forecasts Q2 revenue at EUR 1,484m and EBT at EUR 63.0m, indicating slight sequential improvements but continued margin constraints. The full-year outlook is expected to remain unchanged, though achieving guidance will require a strong H2. While short-term visibility is limited, Bechtle’s solid fundamentals and potential margin normalization could support mid-term upside. With a DCF-based fair value of EUR 46.00, we maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/bechtle-ag
Fri, 11.07.2025       https://research-hub.de/companies/suedzucker-ag

Südzucker’s (SZU) Q1 FY 2025/26 results were subdued. The company reported a 16% yoy decline in revenues amid weakness across segments, except fruit, and posted a significant 58% yoy drop in EBITDA to EUR 96m and 86% yoy lower operating (op.) result of EUR 22m. The still soft sugar prices and lower prices for ethanol, alcohol, starch and food/feed products weighed on the results. SZU had a slow start to Q2 amid still depressed prices and weak demand, and management expects a significant decline in EBITDA and op. result in Q2. For now, management reaffirmed its outlook for FY 2025/26. Sugar prices are likely to recover only at the start of the next sugar marketing year in October 2025, supported by a reduction in Ukraine’s duty-free access to the EU markets and lower beet cultivation in Europe. However, geopolitical dynamics continue to pose challenges. We maintain our cautious stance on SZU and prefer to wait for a turnaround in sugar prices. Therefore, we have revised our FY2025/26 estimates downward, bringing them closer to the lower end of the company’s guidance. Accordingly, we lower our PT to EUR 9.50 from EUR 10.00 and reiterate our SELL rating. The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag
Thu, 10.07.2025       https://research-hub.de/companies/nordex-se

Nordex SE reported a strong Q2 25 order intake of 2.3 GW in its Projects segment (ex. Service), an 82% yoy increase that surpassed our expectations, albeit partly driven by a low base. New orders for H1 25 however still show a 34% yoy increase with 4.5 GW. Key markets such as Germany and Turkey supported solid demand, reflecting Nordex’s robust commercial pipeline and sustained customer confidence. The average selling price rose slightly to EUR 0.97m/MW in Q2, likely supporting further margin improvement amid macroeconomic challenges and underscoring Nordex’s strong market position. We have slightly raised revenue and EBITDA margin estimates for the next years but remain cautious as our model still remains below Nordex’s mid-term 8% EBITDA target. In our view, factors to watch with Nordex’s Q2 results should be any margin and free cash flow improvements. We maintain our BUY rating and slightly raise the PT to EUR 22.00 (previously EUR 20.00). The full update can be downloaded under https://research-hub.de/companies/nordex-se
Thu, 10.07.2025       https://research-hub.de/companies/gerresheimer-ag

Gerresheimer (GXI) delivered mixed Q2 2025 results. Revenue rose 19.6% yoy to EUR 600.7m (in line with estimates), driven by M&A, while organic growth was modest at 1.9%. Adjusted EBITDA increased 10.8% to EUR 118.9m, with margin pressure and a 4.1% organic decline due to weak cosmetics/oral liquids and project delays. FY25 targets (1–2% organic growth, ~20% margin) hinge on H2 recovery at Lohr, Bolesławiec, and Morganton sites. Mid-term goals remain ambitious given current visibility. Despite near-term headwinds, valuation (~11x P/E 26E) is attractive. We reiterate our BUY rating and DCF-based price target of EUR 71.00. The full update can be downloaded under https://research-hub.de/companies/gerresheimer-ag
Thu, 10.07.2025       https://research-hub.de/companies/tonies-se

tonies has announced key leadership changes, with CFO Jan Middelhoff stepping down on 31 August 2025, to be succeeded by Hansjörg Müller, a finance veteran from Netflix and EA, on 1 September. Additionally, Christoph Frehsee, who led the successful expansion in North America, has been appointed Chief Revenue Officer as of 1 July, overseeing global commercial strategy. Unrelated to that, we have adjusted our FY25 estimates to reflect higher working capital needs due to uncertainty around US tariffs, prompting increased inventory buildup in the US. tonies so far has proven resilient to any shifts in consumer spending and confidence, and we reiterate our BUY rating and EUR 11.00 price target. The full update can be downloaded under https://research-hub.de/companies/tonies-se
Thu, 10.07.2025       https://research-hub.de/companies/traton-se

Traton reported Q2 ‘25 unit sales of 80,000 vehicles, up just 1% yoy following a weak Q1, with recovery remaining fragile amid ongoing macroeconomic pressures. H1 ‘25 unit sales declined 4% yoy to 153,100. While European markets show early signs of stabilization, demand continues to be pressured in Brazil due to inflation and rising rates, and in the US due to policy and tariff uncertainties. The modest Q2 growth largely reflects a weak comparison base and should not be interpreted as a turning point. Despite consensus forecasts anticipating a meaningful Q4 recovery, we remain cautious given persistent risks and limited catalysts for sustained short-term operational improvement. We maintain our SELL rating with a price target of EUR 23.00. The full update can be downloaded under https://research-hub.de/companies/traton-se

Gamechanger in online marketing · Innovation as a service · Upgrade your own internet presence.

Legend/Explanation
The newswire feed is updated several times a day. To make sure you don't miss any news, please check back here often. If you are curious about a headline or want to find out more about a publication, click on it to go to the preview and click again to go to the full news item.
Member of 3R/RSQ Network
Digital Content
Network Alliance
Transparency - Reliability - Credibility
Information regarding Product Information
Saturday, 12.07.2025, Calendar Week 28, 193rd day of the year, 172 days remaining until EoY.