Friedrich Vorwerk (FVG) is expected to replace Metro AG in the SDAX this week, ahead of the previously planned June inclusion, as Metro prepares for delisting. This accelerated promotion is set to boost FVG’s market visibility, potentially attracting more institutional investors and enhancing liquidity. The company is well-positioned for growth, driven by strong demand in the energy and infrastructure sectors, particularly with Germany’s ongoing energy transition and potential new infrastructure programs. However, following a remarkable share price increase of over 300% yoy, many positive factors already seem priced in. The stock now trades at a high P/E ratio of 28.7x for FY25E, leaving room for potential setbacks. As a result, the mwb analysts have downgraded their rating to SELL, while maintaining their price target at EUR 45.00.The full update can be downloaded under https://www.researchhub.de/companies/Friedrich%20Vorwerk%20Group%20SE

Delivery Hero increased legal provisions by EUR 183m following an Italian court ruling on rider employment status, bringing the total for Glovo Italy to EUR 253m. This follows similar regulatory action in Spain, where provisions of EUR 440–770m and a EUR ~100m EBITDA impact in FY25 have already been flagged. The Italian provision will be reflected retroactively in FY24, lowering adjusted EBITDA guidance from ~EUR 750m to EUR 693m. Despite the headwinds, FY25 guidance remains unchanged, with expected GMV growth of 8–10% and adjusted EBITDA of EUR 975m–1.025bn. mwb research’s analysts lower their earnings estimates and reduce their price target to EUR 45.00 (from EUR 49.00), while maintaining their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE

Photon Energy has made its third strategic investment in Australian clean tech firm RayGen Resources, contributing AUD 2m to a AUD 127m Series D round led by SLB, with participation from major players like Equinor Ventures, AGL Energy, and Oxy. This brings Photon Energy’s total investment to AUD 7m and its stake to approximately 5.5%. RayGen’s innovative PV Ultra technology, already validated at Photon’s Carwarp project, combines high-efficiency solar cells with thermal storage using water instead of batteries—offering cost and environmental advantages. Photon is deploying this technology in two major utility-scale projects: a 150 MW plant in South Australia and a 250 MW project in South Africa. The investment is strategically sound given RayGen’s importance in Photon’s pipeline and the potential value of its equity stake. mwb research’s analysts confirm their Spec. BUY rating with a target price of EUR 1.40 based on the DCF.The full update can be downloaded under https://www.research-hub.de/companies/Photon%20Energy%20NV

Südzucker ("SZU") announced that it expects a weak start to FY26 (running from 1 March to 28 February), with a significant yoy decline in both EBITDA and operating profit for Q1, following a challenging FY25. Despite this, the company maintained its FY26 forecast, expecting a modest decline in group revenue and EBITDA of around EUR 600m, which would reflect an 18% yoy decrease. Sugar prices remain under pressure, especially in Europe, presenting ongoing challenges. SZU anticipates a rebound in EU sugar prices starting in October 2025 with the beginning of the FY26 sugar marketing year. However, macroeconomic and geopolitical factors, such as tariffs and Ukrainian agricultural imports, add uncertainty. Given these conditions, mwb research’s analysts remain cautious, awaiting clear signs of a recovery in sugar prices. If prices fail to recover, the company may cut its FY26 guidance, which would prompt the analysts to revise their estimates. mwb research maintains the SELL rating with an unchanged PT of EUR 9.50. The full update can be downloaded under https://www.research-hub.de/companies/Suedzucker%20AG

mwb research’s analysts reiterate their BUY rating and PT of EUR 95.00 on Wacker Chemie (Wacker) following key takeaways from the German Select Conference, where management reinforced its strategic pivot toward higher-margin, less cyclical businesses. Semiconductor-grade polysilicon is emerging as the core growth engine (>30% EBITDA margin), set to overtake solar in volume by 2026, supported by strong demand from AI and advanced electronics. Silicones continue to recover on the back of a >50% specialty mix, while Polymers show early signs of stabilization, with strong traction in India and other emerging markets. Although Biosolutions remains in an early, volatile stage, its CDMO platform positions it well for long-term upside. Despite ongoing geopolitical headwinds, particularly in solar, management reaffirmed FY25 guidance. For more insights, please access the full Roundtable here: https://research-hub.de/videos. The full update can be downloaded under https://www.research-hub.de/companies/Wacker%20Chemie%20AG

FCR Immobilien AG looks back on a successful FY24. At EUR 54.1m, revenue remained almost at the previous year's level, driven by stable rental income (EUR 33m) and the sale of seven properties (EUR 20.8m). EBT, on the other hand, more than doubled to EUR 23.1m, primarily due to the exit of Immoware24, which contributed around EUR 15m to earnings. In addition, all property-related KPIs also improved: The occupancy rate rose slightly to 94.1% and the WAULT to 5.7 years, which should ensure long-term stability. Despite a moderate increase in interest expenses to EUR 16.1m, FFO was in line with mwb research’s expectations of EUR 7.0m. The dividend should almost double to EUR 0.45 per share, which would correspond to a yield of 3.8%. In mwb research’s view, FCR remains well positioned for further growth, which is why the analysts confirm their BUY recommendation with an unchanged PT of EUR 22.00. The previous full update can be downloaded under https://www.research-hub.de/companies/FCR%20Immobilien%20AG

Gerresheimer (GXI) delivered a mixed Q1 2025, with solid reported growth driven by the Bormioli Pharma acquisition but weak organic performance, particularly in syringes and cosmetics glass. Adjusted EBITDA met expectations, though organic margins declined. Segment results were uneven, with Plastics & Devices impacted by phasing delays, while Primary Packaging Glass showed margin improvement despite volume softness. Management reaffirmed its FY guidance and anticipates a Q2 rebound supported by strong order intake and resumed production. Meanwhile, KKR’s exit from the takeover consortium added pressure to the stock, introducing a new element of strategic uncertainty. However, long-term fundamentals remain intact. mwb research’s analysts maintain their BUY rating with unchanged PT of EUR 103.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Gerresheimer%20AG

tonies confirmed its final FY24 results, with revenues of EUR 480.5m (+33%) and an adjusted EBITDA margin of 7.5%, both in line with preliminary results. Positive surprises came from strong free cash flow of EUR 33m—well above expectations due to improved inventory management—and EPS of EUR 0.11, aided by a favorable tax effect. The DACH region continued to lead with a 23% EBITDA margin, while North America and RoW also turned profitable, supported by operating leverage and a favorable product mix shift toward higher-margin Tonies. Management gave no FY25 guidance due to tariff uncertainty but reiterated strong underlying momentum in Q1. mwb research’s analysts adjust their estimates, leading to a reaffirmed BUY rating and an unchanged EUR 11.00 price target. The full update can be downloaded under https://www.research-hub.de/companies/tonies%20SE

Formycon presented at mwb research’s 4th German Select Conference, highlighting progress across its biosimilar pipeline. FYB202 launched in the U.S. and FYB201 is set for reentry in 2026. FYB203 awaits patent clearance, while FYB206—now Phase III-exempt— targets a 2025 licensing deal. Management reaffirmed 2025 guidance (EUR 55–65m revenue; negative EBITDA) and emphasized that recent impairments reflect conservative assumptions. Despite U.S. pricing pressures, Formycon’s EU momentum, regulatory wins, and early-stage pipeline suggest substantial upside. The analysts reiterate their EUR 50.00 PT and BUY rating, with FYB206 alone potentially justifying the current market cap and early pipeline offering a Call option-like benefits. A recording of the event is available at research-hub.de/videos. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

Nordex reported its Q1 2025 order intake, showing continued momentum following the record year 2024. The company saw a 5% increase in the Projects segment compared to Q1 2024, reflecting strong market performance. The average sales price per megawatt also rose slightly. Orders for wind turbines were placed across 10 countries, with the largest markets being Turkey, Germany, Finland, Latvia, and Brazil. Despite geopolitical uncertainties and potential delays in US wind development, Nordex’s order flow from remains robust. For FY25, the company expects moderate revenue and EBITDA margin growth. With strong Q1 order intake and higher sales prices, Nordex is on track to meet the upper end of its guidance. mwb research’s analysts maintain their BUY rating and EUR 20.00 target price. Nordex will release its Q1 results on April 25. Key focus will be progress on the company’s margin targets, with the EBITDA margin likely to exceed last year’s Q1 level. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.