Viromed has entered into an exclusive distribution agreement with skin health specialist Landsberg First Class Aesthetic to commercialize its ViroCAP cold plasma device for cosmetic and aesthetic use across Europe, marking a significant expansion into the region following its recent entry into Asia through a deal with Korea-based UMECO Group. Landsberg, with a network of 7,500 B2B clients, aims to place 5,000 devices in the market over three years, generating double digit million Euro potential for annual spacer sales. ViroCAP offers broad cosmetic applications, including anti-aging, scar treatment, and hyperpigmentation, and may enhance the effectiveness of topical treatments. Combined with UMECO’s purchase commitments totaling over EUR 150m from 2026 to 2028, these developments support the strong commercial potential of Viromed’s CAP technology. mwb research’s analysts reaffirm their BUY rating with a target price of EUR 12.50. The full update can be downloaded under https://www.research-hub.de/companies/Viromed%20Medical%20AG

Pyramid AG made an important strategic move last week. With the acquisition of 100% of RNT Rausch GmbH, an established German IT specialist, from Securize IT Solutions AG, the company will strengthen its core business "Server and Storage" in the future. At the same time, Pyramid is selling non-core investments to Securize and now holds over 49% of the listed Securize IT Solutions. The realignment strengthens Pyramid as one of the top 3 providers of server and storage solutions from Germany. Synergies and the bundling of non-core investments in Securize will open up additional strategic options in the medium term. In the course of the integration of RNT, management raises the 2025 revenue guidance to EUR 88-92m and the EBITDA guidance to EUR 4.7-5.5m. mwb research’s analysts welcome the strategic shift and view the transaction as accretive based on their fair value assessment. Accordingly, mwb research raises the target price to EUR 1.80 (previously EUR 1.50) and confirms the BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/research/Pyramid%20AG

Bayer’s 2025 will be a rough year, marked by flat sales, margin pressure, and elevated litigation uncertainty. While the near term will test investor patience, Bayer is building momentum beneath the surface as management pushes ahead with new pharma launches, aggressive cost actions, and a multi-pronged legal strategy to lay the groundwork for a 2026–2027 recovery. Although execution risks remain high, mwb research’s analysts believe the current valuation already reflects a highly bearish scenario, and credible progress on strategic priorities could trigger a material re-rating. The analysts revised their estimates slightly to reflect a conservative stance with no material impact on valuation. Thus, mwb research’s analysts maintain their BUY rating and EUR 29.00 price target, emphasizing the importance of disciplined execution through the volatility. The full update can be downloaded under https://www.research-hub.de/companies/Bayer%20AG

Company Name: Warimpex Finanz- und Beteiligungs AG ISIN: AT0000827209   Reason for the research: Preview Recommendation: BUY from: 02.04.2025 Target price: EUR 1.14 Target price on sight of: 12 months Last rating change: Analyst: Adrian Kowollik Based on our discussions with management, we believe that Warimpex’ (WXF) 202 [ … ]

Company Name: PSI SE ISIN: DE000A0Z1JH9   Reason for the research: Update Recommendation: Buy from: 25.04.2025 Target price: €36 Target price on sight of: 12 months Last rating change: 25.04.25 (from Add to Buy) Analyst: Simon Scholes First Berlin Equity Research has published a research update on PSI SE (ISIN: DE000A0Z1JH9 [ … ]

LM Pay specializes in providing consumer loans designed to pre-finance medical and dental treatments, including hospitalization expenses. These loans cover a wide range of medical procedures. In addition, the company’s business model includes financing for veterinary services. Against this backdrop, mwb research will host an online earnings call on May 7, 2025, at 2:00 PM (CEST) with Jakub Czarzasty, CEO of LM Pay. Following the presentation, there will be an opportunity for Q&A. The event is aimed at professional investors and semi-professional private investors and will be conducted online in English. Participation is free of charge, and access details will be provided after registration at the following link: https://research-hub.de/events/registration/2025-05-07-14-00/Y00-GR

Vossloh reported reasonable Q1 2025 results. While revenues were down 7% yoy to EUR 251.1m, due to declines at Core Components and Customized Modules, and EBIT fell 59% yoy to EUR 7.4m, due to mix effects and Sateba acquisition-related costs, order trends were encouraging. The company’s order intake fell a mere 3% yoy to EUR 339.2m, with the book-to-bill ratio at a robust 1.35x. This took the order backlog to a record-high EUR 926.4m (+15% yoy) by end-Q1, providing good visibility through the rest of 2025. Moreover, management is optimistic of seeing an uptick in sales in Q2, mainly at Core Components. Vossloh also confirmed its FY 2025 outlook for its existing business, expecting revenue growth of 6% yoy and EBIT to increase 9% yoy at the midpoint of its guidance range. This is expected to be further topped up by the French Sateba Group acquisition (consolidation likely from May). mwb research’s analysts broadly maintain their estimates and reiterate their HOLD rating on the stock at an unchanged price target of EUR 65.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Vossloh%20AG

Nordex announced Q1 25 revenue of EUR 1.4bn, an 8.8% decline yoy, primarily due to seasonality, weather, and customer delays. However, this shortfall is not a major concern given the solid order book. Gross profit increased to 27.3%, up 800 bps yoy, and EBITDA margin rose to 5.5%, surpassing consensus expectations. Positive FCF of EUR 4m marks a significant improvement from the negative EUR 254m in Q1 last year. The order intake remains strong, with a 7.1% increase in the Projects segment and a 27.4% rise in Service orders. The book-to-bill ratio stands at 1.59x, with an order backlog of EUR 13.46bn. Nordex reaffirmed its 2025 guidance, expecting revenue between EUR 7.4bn and EUR 7.9bn, with an EBITDA margin of 5.0% to 7.0%. mwb research’s analysts remain confident in Nordex’s ability to achieve sustained profitable growth and maintain their BUY rating with an unchanged price target of EUR 20.00. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.

Delivery Hero’s FY24 report highlights operational progress, with GMV up 8% yoy and Total Segment Revenue rising 22% yoy. Adjusted EBITDA increased sharply to EUR 693m (from EUR 254m), and the company generated positive free cash flow of EUR 100m. While reported figures were impacted by higher legal provisions, net loss narrowed. Q1 2025 results confirm continued momentum, with GMV up 8% yoy in constant currency (excluding hyperinflation effects) and revenue up 22% yoy. Performance was driven by strong growth in MENA and the Americas, and improved monetization in Europe. Segment growth was broad-based. FY25 guidance was reaffirmed, targeting GMV growth of 8–10% yoy and adj. EBITDA of EUR 975m 1.025bn. mwb research’s analysts maintain their EUR 45.00 price target and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE

Company Name: Almonty Industries Inc. ISIN: CA0203981034   Reason for the research: Update Report Recommendation: Buy from: 24.04.2025 Target price: CAD 5.40 (previously: CAD 5.20) Target price on sight of: 36 months Last rating change: - Analyst: Peter Thilo Hasler, CEFA You can download the research here: http://www.more-ir. [ … ]