Rigsave’s FY24 standalone holding results offer limited insight due to a lack of audited group consolidation. Based on our pro forma consolidation, Rigsave Group generated EUR 1.72m in revenue (+92% yoy), but fell short of expectations. Operating income was slightly positive (EUR 42k), aided by government grants. A EUR 15.2m fair value loss from the RAAF fund significantly reduced equity, now down to EUR 21.8m. The balance sheet is increasingly debt-financed and financial risk has risen. Given lower growth assumptions and a 56% RAAF revaluation decline, we cut our price target to EUR 6.20 (from EUR 9.50) and change the rating to Spec. BUY (old: BUY). The full update can be downloaded under https://research-hub.de/companies/rigsave-spa

AUTO1 is expected to report a seasonally softer Q2, following a strong start to the year. Management anticipates lower sequential volumes and profitability due to public holidays and ongoing investment activity. The company is expanding its Autohero operations and progressing with a large-scale hiring initiative to support long-term growth. Meanwhile, recent price data suggests a stabilizing used car market in Europe. This supports a moderate upward revision of our estimates. With the share now trading close to the updated PT of EUR 28.00 (old: EUR 27.00), mwb research's analysts currently see limited near-term upside and downgrade their rating from BUY to HOLD. The full update can be downloaded under https://research-hub.de/companies/auto1-group-se

Rubean has successfully completed its fully subscribed capital increase, raising EUR 4.32m through the issuance of 785,588 new shares at EUR 5.50 each. The two-tranche offering—via rights issue and private placement—boosts share capital by ~19%, reflecting strong shareholder confidence. Proceeds will reduce debt and accelerate growth, particularly through expanded sales efforts and onboarding of international payment service providers. This supports broader adoption of Rubean’s flagship PhonePOS, the only softPOS solution supporting girocard in Germany. With growing traction for both PhonePOS and GetPAYD across banking, retail, and logistics, Rubean benefits from strong partner channels and regulatory tailwinds. Despite slight dilution, the raise enhances financial flexibility ahead of 2026 cash break-even. We maintain our BUY rating and EUR 10.00 PT. The full update can be downloaded under https://research-hub.de/companies/rubean-ag

Hydrogen remains central to Europe’s decarbonization efforts, supported by expanding national programs and growing corporate investments. Germany targets 10 GW of electrolyser capacity by 2030, backed by major EU initiatives, while Italy, France, and Spain pursue ambitious plans focusing on industrial applications, electrolyser production, and green hydrogen incentives. This coordinated policy framework ensures strong demand visibility for electrolyser manufacturers like Enapter. Industrial sectors increasingly prefer hydrogen over pure electrification due to advantages like technical feasibility, lighter weight, faster refueling, and potential on-site hydrogen generation. Enapter’s next-generation products, Stack T and Nexus 2500, are well positioned to benefit. Contrary to mwb research’s previous update, first deliveries are expected in H2 2026 rather than January. Orders can already be placed, likely boosting intake from H2 2025 and expanding the current EUR 46m backlog, supporting revenue growth and profitability in the coming years. The mwb research analysts maintain their Spec. BUY rating and PT of EUR 6.40. The full update can be downloaded under https://research-hub.de/companies/enapter-ag

Deutsche Rohstoff stands to benefit significantly from its significant stake in Almonty Industries, whose shares have surged nearly 5-fold YTD due to the strategic importance of its Sangdong tungsten mine in South Korea, set to begin production in H2 2025. With China controlling over 80% of global tungsten supply and imposing export controls, Almonty is emerging as a key conflict-free, Western supplier, especially as the US tightens restrictions on tungsten from hostile nations. Almonty’s has now filed for a Nasdaq listing intends to raise capital as part of the process, further strengthening its strategic positioning. Meanwhile, Deutsche Rohstoff’s Q2 results, due 19 August, are expected to show weaker performance due to a lower WTI price and USD, but this is offset by hedging and Almonty’s value surge, now reflected at EUR 100m in our updated model. Despite FX-related estimate downgrades, we raise our price target from EUR 47.00 to EUR 53.00, reinforcing our BUY rating. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

Dermapharm Holding SE (DMP) reaffirmed its shareholder-focused strategy and stable dividend policy at its AGM, approving a EUR 0.90 per share payout (EUR 48.5m total). The company maintains a clear strategic focus for 2025, targeting organic growth, operational efficiency, and selective portfolio expansion. Key priorities include strengthening the branded pharmaceuticals segment, accelerating the transformation of Arkopharma, and realigning the parallel import business. Management confirmed its FY25 guidance, citing solid year-to-date performance and continued demand for health products. We believe that these initiatives should support margin expansion and improve DMP’s global positioning. Consequently, we are maintaining our EUR 45.00 price target ant the BUY rating. The full update can be downloaded under https://research-hub.de/companies/dermapharm-holding-se

Daimler Truck’s Q2 25 unit sales declined 5% yoy to 106,715 vehicles, though a 7% qoq rebound reflects seasonal improvement. North America remains weak, with truck sales down 20% yoy and 1% qoq, highlighting deteriorating demand. Asia shows signs of stabilization with a 7% qoq increase but remains down 7% yoy. In contrast, Europe’s Mercedes-Benz trucks posted strong growth, up 25% yoy and 14% qoq, signaling catch-up after a weak FY24. Daimler Buses continued steady growth, rising 6% yoy and 13% qoq. The regional weakness shifted from Europe in early 2024 to North America in 2025, largely due to US tariff uncertainty causing investment delays. Despite Europe’s rebound, overall demand remains fragile since Q1 24. Accordingly, the mwb analysts maintain their SELL rating with a price target of EUR 34.00 in light of persistent market challenges. The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag

Last week, Kion provided an update in a pre-close call. Q2 is expected to show a strong order intake, likely exceeding EUR 3bn for the first time in a while, while revenue and adjusted EBIT are expected to remain flat sequentially and decrease year-on-year. Positive free cash flow is also anticipated. The group remains on track to meet its full-year guidance. In terms of segments, ITS is expected to report rising orders, but lower revenue and margins due to factory underutilisation and pricing pressure. In contrast, SCS is expected to deliver strong order growth and sharply improved margins, driven by greenfield projects and robust service delivery. Despite solid operational momentum, a 70% share price rally over the last three months and rising risks — including S&P’s downgrade from investment to speculative grade and foreign exchange headwinds — suggest that full value might have been reached. mwb research's analysts are downgrading from BUY to HOLD, maintaining the price target at EUR 46.00. The full update can be downloaded under https://research-hub.de/companies/kion-group-ag

Pyramid AG's FY24 results were weak but in line with prelims, with revenue down 10% to EUR 68.3m, mainly due to faytech sales decline and macro pressures. Despite this, margin resilience was encouraging—EBITDA margin held at 5% amid cost cuts and a shift to higher-margin AKHET solutions. EBIT loss narrowed to EUR –1.4m, but net loss stood at EUR –3.1m, impacted by goodwill amortization and financing costs. Cash flow was strained by a EUR 15.1m working capital build-up, raising net debt to EUR 14.8m, which however should largely be a temporary issue. Despite this, liquidity remains manageable in mwb research's view given untapped credit facilities. With a solid equity base, structural diversification, and exposure to secular tech trends, the analysts maintain a BUY rating, but adjust their target price to EUR 1.50 (prev. EUR 1.80) amid higher interest costs. The full update can be downloaded under https://research-hub.de/companies/pyramid-ag

At the mwb research Health Care Conference, SYNBIOTIC’s CEO Daniel Kruse and his team reaffirmed the strategic focus on a platform-based, buy-and-build model in high-growth cannabis and hemp markets. The company highlighted its diversified value chain, innovation-driven ventures, and strong international partnerships, which support supply chain resilience and market scalability. Germany remains a core market, benefiting from regulatory momentum and rising medical acceptance. Notable innovations include the GOC NEXUS refinement technology and new product formats. Based on SYNBIOTIC’s updated short- and mid-term financial planning and lowered EBITDA assumptions for 2024 to 2026, mwb research's analysts marginally adjust their price target to EUR 11.80 (old EUR 12.50). Despite this revision, the analysts continue to see substantial upside potential and reaffirm their BUY rating. Interested investors will find a recording of the session here: https://research-hub.de/events/video/2025-07-01-14-30/SBX-GR. The full update can be downloaded under https://research-hub.de/companies/synbiotic-se