METRO AG delists from the Frankfurt Stock Exchange and SDAX today, 16 April 2025, following EP Global Commerce’s (EPGC) public tender offer at EUR 5.33 per share. While the offer includes a premium, it falls short of reflecting METRO’s long-term potential under its sCore strategy. Management’s neutral stance on the offer, despite supporting the delisting, sends a conflicted signal. Claimed benefits like strategic focus and reduced regulation remain hard to quantify and primarily serve controlling shareholders. The loss of public oversight introduces long-term governance risks. With EPGC now firmly in control and little recourse for minority investors, this marks an opaque new chapter for METRO. SELL. The full update can be downloaded under https://www.research-hub.de/companies/research/Metro%20AG

MHP Hotel AG reported strong Q1 2025 KPIs with all indicators reaching record levels for the first quarter, including a 2 percentage point increase in occupancy to 67%, an 8% increase in ADR to EUR 203 and a 12% increase in RevPAR to EUR 137, boosted by the high yielding Koenigshof Munich opening in mid-2024. Revenue grew by 17% year-on-year to EUR 33.3m. Despite a challenging German hotel market, MHP is able to effectively manage costs and maintain pricing power in the premium and luxury segments. With an already promising development pipeline, including the Conrad Hamburg (summer 2025) and the Autograph Collection Stuttgart (2028), the company sees further potential from market consolidation in Europe. MHP reaffirms its 2025 guidance of EUR 180m in revenues and EUR 15m in EBITDA, assuming stable macroeconomic conditions. With mwb research’s analyst estimates unchanged, the analysts reiterate their BUY rating with a PT of EUR 3.30. The EV/EBITDA multiple of 2.6x in 25E leaves a large risk buffer should economic conditions deteriorate. The full update can be downloaded under https://research-hub.de/companies/MHP%20Hotel%20AG

Veganz Group AG has transformed from a vegan retailer into a food technology company, focusing on in-house production and distribution of innovative plant-based products, including Mililk (dairy alternatives), Peas on Earth (meat substitutes), and Happy Cheeze (plant-based cheese). Leveraging proprietary technology such as 2D food printing, the company enhances efficiency and sustainability while distributing through retail, food service, and online channels. In a highly competitive market, Veganz differentiates itself as a multi-category provider with a strong brand, innovative products, eco-friendly packaging, and cost-efficient logistics. While recent years have seen revenue declines and losses due to the business model pivot, the company is now at an inflection point, with strong growth prospects in plant-based milk and meat alternatives, which dominate the European market. With a strengthened balance sheet following a capital increase and bond restructuring, Veganz presents significant upside potential for long-term investors willing to accept above average risk. Coverage is initiated with a Spec. BUY rating and a EUR 11.00 price target, not including additional upside from vertical farming. The full update can be downloaded under https://research-hub.de/companies/veganz-group-ag

While short-term softness persists due to industry overcapacity and cyclical capex pauses, AIXTRON reasserted its long-term growth story at the German Select Conference, spotlighting structural tailwinds in SiC and GaN power markets. SiC demand is expected to rebound by 2026 with the accelerating shift to 800V EV platforms and GaN is on track to triple by decade’s end, fueled by energy efficiency and AI adoption. Meanwhile, with U.S. exposure below 10%, direct tariff risk remains limited, though the company acknowledges potential indirect headwinds should escalating trade tensions weigh on global macro conditions. The company is strategically rebuilding its cash buffer to EUR 200m to weather ongoing volatility. Q1 performance underpins confidence in FY25 guidance, and management remains focused on multiyear megatrends. In mwb research’s view, the recent share price pullback offers investors an opportunity to enter a potential long-term compounder at a cyclical trough. The analysts reiterate their BUY rating and price target of EUR 19.50. Please watch the full Roundtable here: https://researchhub.de/events/video/2025-04-08-12-00/AIXA-GR The full update can be downloaded under https://www.research-hub.de/companies/AIXTRON%20SE

Cicor reported solid Q1 2025 results, with sales up 22.2% yoy to CHF 131.1m, largely driven by recent acquisitions. Organic sales declined due to a one-off in Q1/24, while order intake grew 29.1% yoy. FY25 guidance was reaffirmed. Cicor also announced a strategic partnership with Mercury Mission Systems, including the takeover of a Swiss production site and a five-year high-value supply commitment. The collaboration could unlock further revenue upside. Combined with the pending MADES and Eolane acquisitions, Cicor continues to strengthen its position in aerospace and defense. Given recent strong share price performance, mwb research’s analysts move from BUY to HOLD, keeping their CHF 100.00 price target unchanged. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

Company Name: LAIQON AG ISIN: DE000A12UP29   Reason for the research: Update Recommendation: BUY from: 15.04.2025 Target price: EUR 7.40 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch FY'24 review: improved cost mix ahead of AuM scalingTo recap: Following preliminary sales and EBITDA figures of M [ … ]

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

Company Name: Deutsche Rohstoff AG ISIN: DE000A0XYG76   Reason for the research: Update/Annual Report Preview Recommendation: Buy from: 14.04.2025 Target price: €40 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes, CFA First Berlin Equity Research has published a research update on Deutsche R [ … ]

Company Name: Knaus Tabbert AG ISIN: DE000A2YN504   Reason for the research: Comprehensive Update Recommendation: Kaufen from: 14.04.2025 Target price: €29 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Knaus Tabbert AG (ISIN: DE000A2YN [ … ]

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