AIXTRON is expected to drop its Q1 results next week on 30 April, with revenue guidance at EUR 90-110m against mwb research’s EUR 104m estimate (-12% yoy). mwb research’s analysts forecast order intake at EUR 108m (-10% yoy), reflecting both seasonal patterns and continued softness across SiC and GaN markets. Beyond low volumes, margins expected to be weighed down by a mid-single-digit million-euro severance charge tied to restructuring efforts, though this sets the stage for ~EUR 5m in annual cost savings, equivalent to a ~1pp margin uplift from Q2 onward. The expected discrepancy in performance from 2024 to 2025 stems primarily from fading LED demand following a one-off boost last year. Lead times have been shortened to 3–4 months (vs. 6–9 months), allowing AIXTRON to accelerate order conversion ahead of an expected seasonal pick-up as early as Q2. The analysts will be watching Q2 guidance closely (mwb est.: EUR 116m in sales). With a unique market position and a lot of growth opportunities ahead, they view current levels as an attractive entry point into a structurally advantaged compounder ahead of the seasonal recovery. mwb research’s analysts reiterate their BUY rating and price target. The full update can be downloaded under https://www.research-hub.de/companies/AIXTRON%20SE

Deutsche Rohstoff reported its final FY24 results, confirming preliminary figures. The FY25 guidance was revised due to a more bearish oil price outlook (WTI base case now USD 60, from USD 75) and a reduced drilling program, yet revenue and EBITDA estimates fell only slightly thanks to effective hedging, higher working interest and a positive view on well productivity. A proposed 14% dividend increase to EUR 2.00 and a new EUR 4m share buyback enhance shareholder returns. The successful EUR 40m bond tap last week and a comfortable net debt/EBITDA ratio of 0.9x put Deutsche Rohstoff on a solid financial footing. mwb research’s analysts adjust their estimates in line with the new base case, leading to a revised price target of EUR 47.00 (old: EUR 53.00). Deutsche Rohstoff continues to trade at a deep discount to the peer group on an EV/EBITDA basis, underlining the value opportunity. Shareholders are rewarded with an attractive dividend and price support from the new buyback programme. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG

Originally a pioneer in optical data storage production equipment, Singulus has reinvented itself as a specialist in thin-film coating and surface treatment technologies. Historically, its performance has been inconsistent and volatile due to reliance on a handful of large, project-based customers, long solar investment cycles, and limited recurring revenue. To mitigate this, the company is leveraging its rare dual-technology platform and modular, process-neutral solutions to tap into high-growth emerging applications in semiconductors, solid-state batteries, and new medical applications, while also pivoting toward higher-efficiency solar technologies such as HJT and Perovskite tandem. As Singulus’ machines carve out a strong foothold in these markets, the company is set to diversify its customer base and improve its business mix, while scaling and edging closer to sustained profitability. mwb research’s analysts initiate with a Spec. Buy and a price target of EUR 4.00. The full update can be found under https://research-hub.de/companies/singulus-technologies-ag

Company Name: Cardiol Therapeutics Inc ISIN: CA14161Y2006   Reason for the research: Update Recommendation: Buy Target price: USD 8.50 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research has published a research update on Cardiol Therapeutics Inc. (ISIN: CA14161Y2006). [ … ]

Company Name: Vectron Systems AG ISIN: DE000A0KEXC7   Reason for the research: GBC Management Interview Recommendation: - Target price: - Last rating change: Analyst: Cosmin Filker You can download the research here: http://www.more-ir.de/d/32326.pdf Contact for questions: GBC AGHalderstraße 2786150 Augsburg0821 / 241133  [ … ]

Company Name: MHP Hotel AG ISIN: DE000A3E5C24   Reason for the research: Initiation Recommendation: BUY from: 23.04.2025 Target price: EUR 3.00 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald A good time to check-in – initiate MHP with BUY MHP Hotel AG (MHP) is the leading white-label hot [ … ]

secunet reported a strong preliminary Q1 2025, with revenue up 35.9% yoy to EUR 78.3m and EBIT turning positive at EUR 1.8m. The performance was driven by high Public Sector deliveries, supported by a strong order backlog of EUR 205.3m at year-end 2024, following full-year order intake of EUR 421.5m. Despite the solid start, the company maintained its 2025 guidance of EUR 425m in revenue and an EBIT margin of 9.5–11.5%. Strategic investments in areas such as cloud security and cryptography continue to weigh on near-term profitability. A leadership transition is also underway, with Marc-Julian Siewert set to join the Management Board in July as successor to the current CEO. mwb research’s analysts maintain their HOLD rating and EUR 175.00 price target, awaiting more clarity on earnings trajectory. secunet’s CEO and CFO will present at mwb research’s virtual A&D conference on 20 May, 2025. Check https://research-hub.de/events/registration/2025- 05-20-14-30/YSN-GR to register for the event. The full update can be downloaded under https://www.research-hub.de/companies/secunet%20Security%20Networks%20AG

Company Name: Advanced Blockchain AG ISIN: DE000A0M93V6   Reason for the research: Research Comment Recommendation: Buy Target price: 5.58 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Matthias Greiffenberger, Cosmin Filker The new leadership team is placing strong emphasis on transparency, governance, a [ … ]

Company Name: PNE AG ISIN: DE000A0JBPG2   Reason for the research: Update Recommendation: Buy from: 22.04.2025 Target price: 19,00 Euro Target price on sight of: 12 Monate Last rating change: 02.02.2023: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein Research U [ … ]

Cicor has closed the acquisition of Éolane France, adding CHF 125m in profitable sales, seven sites, and nearly 900 employees to its EMS platform. The transaction strengthens Cicor’s presence in France and supports its nearshoring strategy via Moroccan sites. While Éolane currently operates below group margins, Cicor plans to lift profitability through its proven decentralised integration model. This deal is a key milestone toward the 2028 revenue target of CHF 1bn. Additional upside is expected from two pending acquisitions (Mercury, MADES), not yet included in mwb research’s forecasts. The analysts upgrade to BUY (from HOLD) and raise their price target to CHF 120.00 (from CHF 100.00). Cicor will present at mwb research’s virtual A&D conference on 20 May, 2025. Check https://researchhub.de/events/registration/2025-05-20-11-30/CICN-SW to register. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd