cyan AG’s FY24 results were fully in line with preliminary figures, showing 50% revenue growth and a significant EBITDA improvement to EUR -1.5m. Despite a low year-end cash position (EUR 0.8m), financial flexibility improved post-period, e.g. due to better payment cycles. The discontinued i-new segment remained a drag on 2024 cash flow, masking a near-neutral performance in the core business. For 2025, management confirmed guidance, with positive EBITDA and cash flow already achieved in Q1. Cyan remains focused on Telco cybersecurity and Guard 360 for SMBs, with commercial ramp-up expected later in the year. CEO Thomas Kicker will depart end-July; operational continuity is secured. mwb research’s analysts reiterate their BUY rating and price target of EUR 3.65. The full update can be downloaded under https://www.research-hub.de/companies/cyan%20AG

Wolftank Group reported solid FY24 results, with revenue up 40% yoy to EUR 121.5m, slightly above mwb research’s forecast, driven primarily by the full-year consolidation of Petroltecnica, while organic growth was only around 8–10% (mwb est). One-off effects of EUR 2.7m temporarily weighed on margins, but adjusted EBITDA still rose to EUR 9.4m. By segment, Environmental Services was the main growth driver, while Hydrogen & Renewables continued its dynamic expansion. Despite margin pressure, these effects were largely non-recurring and related to a proactive balance sheet clean-up. The Group remains financially stable, with manageable net debt and solid cash flow. mwb research’s analysts maintain their BUY rating but reduce their estimates following the FY24 results due to lower organic growth assumptions, higher depreciation, and—most notably—a mid-term guidance that came in below our expectations. Consequently, the analysts lower their PT to EUR 15.00 (from EUR 20.00) to reflect a more cautious stance amid a challenging market environment for environmental companies, which currently face a more difficult political and economic backdrop than in previous year. The full update can be downloaded under https://www.research-hub.de/companies/Wolftank-Adisa%20Holding%20AG

Company Name: Villeroy & Boch AG ISIN: DE0007657231   Reason for the research: Update Recommendation: Buy from: 19.05.2025 Target price: 34.50 Last rating change: Analyst: Ralf Marinoni Q1-25 figures reflect Ideal Standard integrationIn the first quarter of FY 2025, V&B achieved consolidated sales of EUR 369.1m, which&mda [ … ]

Photon Energy delivered solid Q1 2025 results, with revenues rising 27% yoy to EUR 22.0m, driven by a 300%+ surge in PV technology trading and higher electricity prices despite lower generation volumes. EBITDA improved 54% yoy to EUR 1.2m (5.5% margin), aided by a favorable revenue mix. The New Energy segment declined 20% yoy due to weaker Polish capacity market dynamics, as Photon prioritizes margin over volume. Operating cash flow of EUR 3.9m, a positive free cash flow and a carve-out adjusted equity ratio of 26.0% provide some room for continued investment. No formal FY25 guidance was issued, but strategic progress in Romania and South Africa signals further growth potential. The company’s diversified model and expansion into highvalue services underpin its long-term outlook. mwb research’s analysts maintain their Speculative BUY rating with a price target of EUR 1.40. The full update can be downloaded under https://www.research-hub.de/companies/Photon%20Energy%20NV

FCR Immobilien (“FCR”) delivered a resilient Q1 2025, with EBT at EUR 2.1m (vs. EUR 3.6m in the previous year’s period) amid a challenging real estate market and tight financing. Despite a slight dip, FFO remained robust at EUR 1.8m, keeping the company on track for mwb research EUR 7.5m full-year forecast. In addition, operational metrics remained strong with occupancy rates at 94.1% and WAULT at 5.7 years, reflecting the stability of FCR’s retail-focused portfolio. With a crisis-resistant model and attractive valuation (~15% discount to NAV), FCR is well-positioned for 2025. mwb research’s analysts reiterate their BUY rating and EUR 22.00 price target, with potential upside if financing conditions improve and/or value accretive portfolio expansions occur. The previous full update can be downloaded under https://www.research-hub.de/companies/FCR%20Immobilien%20AG

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

Company Name: Borussia Dortmund GmbH & Co KGaA ISIN: DE0005493092   Reason for the research: Update Recommendation: BUY from: 19.05.2025 Target price: EUR 5.20 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Superb run secures UCL qualification; chg. Thanks to a 3-0 home victory on Saturday [ … ]

Company Name: Cantourage Group SE ISIN: DE000A3DSV01   Reason for the research: Update Recommendation: BUY from: 19.05.2025 Target price: EUR 13.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Growth further accelerating, € 100m sales in reach; chg. April turned out to be yet another r [ … ]

Company Name: Cenit AG ISIN: DE0005407100   Reason for the research: Research Comment Recommendation: BUY Target price: 19.00 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Cosmin Filker, Marcel Goldmann You can download the research here: http://www.more-ir.de/d/32642.pdf Contact for questions: ++++++++ [ … ]

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