LM PAY has confirmed its audited FY24 results, showing a 30% yoy revenue increase to PLN 22.8m and a sharp EBIT rise to PLN 7.0m, driven by higher transaction volumes and network expansion. Customer retention remained stable at 30%, with a 16% increase in active clients. The FY25 outlook remains strong, supported by strategic partnerships like CUK Flex Pay. Entry into insurance financing marks a key diversification step. mwb research's analysts have updated their model, introduced 2027 estimates, and reiterated their BUY rating with a EUR 63.00 target. For more insights, LM Pay will discuss final FY24 results in an Earnings Call on July 9. CEO Jakub Czarzasty. Please register here: https://research-hub.de/events/registration/2025-07-09-11-00/Y00-GR. The full update can be downloaded under https://research-hub.de/companies/lm-pay-sa

Westwing continues to advance its asset-light growth strategy, having entered six new countries YTD (3 in Q1, 3 in Q2) while selectively expanding its physical presence in key cities. The ongoing shift to a global, premium assortment is improving margins but still weighing on short-term revenue. Q1 2025 showed strong operating leverage, with adjusted EBITDA up 45% yoy despite a 1% revenue decline. FY25 guidance (EUR 25-35m EBITDA) was maintained. mwb research's analysts expect margin strength to continue, supported by the Westwing Collection and scaling efficiencies. While topline growth remains subdued, strategic execution positions the company for profitable growth from 2026 onward. For the time being, mwb research's estimates remain unchanged. Therefore, the analysts maintain their PT of EUR 11.00 and BUY rating. The full update can be downloaded under https://research-hub.de/companies/westwing-group-se

KWS announced last week the divestment of its 50% stake in the North American corn joint ventures AgReliant to GDM, an Argentinian plant genetics company. This follows the recent sale of its corn business in South America and China. The stake was held as a financial asset and accounted for using the equity method, will be sold alongside licensing agreements for corn genetic material in North America. The transaction marks KWS’s full exit from operational corn activities in South and North Americas, enabling the company to focus on its more profitable core European corn business. Valued in the low triple-digit USDm range plus licensing fees, the deal is expected to close in Q3 2025. This move supports KWS’s continued focus on high-growth, profitable areas, reinforced by expanded R&D in the promising vegetable segment announced on June 23. mwb research’s analysts maintain their BUY rating with a PT of EUR 83.00. The North American corn business sale is not yet reflected in their model, as the deal remains pending. The full update can be downloaded under https://research-hub.de/companies/kws-saat-se-co-kgaa

1&1 AG, United Internet’s telecom subsidiary, has lowered its FY25 EBITDA forecast to ~EUR 545m (prior: ~EUR 571m), driven by higher-than-expected wholesale roaming costs under its agreement with Vodafone. Access segment EBITDA is now expected at ~EUR 810m (prev: ~EUR 836m), while mobile network losses remain unchanged at c. –EUR 265m. This highlights ongoing execution risk in 1&1’s network rollout, despite stable revenue and capex guidance. mwb research reiterates its HOLD rating on United Internet with slightly lower PT of EUR 26.00 (from EUR 27.00). Solid share gains year-to-date suggest a more balanced risk-reward at current levels, with limited near-term catalysts to close the persistent holding company discount. The full update can be downloaded under https://research-hub.de/companies/united-internet-ag

Bechtle has acquired E-Storage B.V., a Netherlands-based specialist in data infrastructure and cyber recovery, adding EUR 23m in revenue and 38 employees to its Dutch operations. The deal strengthens Bechtle’s managed services offering and supports its ongoing European consolidation strategy. Integration follows Bechtle’s proven M&A template, aiming to leverage cross-selling potential and local expertise. With limited financial impact, the transaction aligns with Bechtle’s long-term focus on high-value IT services and recurring revenues. Backed by a strong balance sheet and clear strategic direction, Bechtle remains well-positioned for future growth. mwb research`s analysts confirm their BUY rating with a price target of EUR 46.00. The full update can be downloaded under https://www.research-hub.de/companies/Bechtle%20AG

LM PAY has entered the Polish insurance market via a strategic partnership with CUK Ubezpieczenia, launching "CUK Flex Pay" to enable flexible premium financing. This addresses a widespread liquidity gap, as over 60% of Polish households struggle with one-off payments of PLN 1,000–2,500. With access to CUK’s extensive distribution network (4,000 advisors, 4 million contacts annually), the product offers significant scalability beyond LM PAY’s existing 38,000 medical financing clients. A 10% penetration scenario suggests up to 400,000 potential users. For more insights, LM Pay will share final FY24 results in an Earnings Call on July 9. CEO Jakub Czarzasty will also provide deep insight into LM PAY’s current performance. For more insights, please register here: https://research-hub.de/events/registration/2025-07-09-11-00/Y00-GR. While short-term financial impact remains limited, the initiative could evolve into a key mid-term growth driver. BUY rating and EUR 63 target maintained. The full update can be found on https://research-hub.de/companies/lm-pay-sa

Puma is approaching a key strategic turning point as Arthur Hoeld steps in as CEO on 1 July. The company continues to face a demanding backdrop shaped by subdued consumer demand, margin pressure, while undergoing restructuring. At the same time, the company is balancing cost discipline with necessary investment in retail, e-commerce, and digital infrastructure. Q2 expectations remain muted, but with valuation at multi-year lows (2026E P/E 9.6x, EV/EBIT 6.6x), much of the downside appears priced in. A credible reset under new leadership and improved execution could support a re-rating. Price target: EUR 27.65. Rating: BUY. The full update can be downloaded www.research-hub.de/companies/research/Puma%20SE

Business sentiment in Germany is showing early signs of recovery, supporting a cautiously optimistic mid-term outlook for Amadeus Fire. Key indicators like the Ifo and ZEW indices point to stabilizing macro conditions and improving corporate confidence. While Q2 FY25 remains challenging, management’s full-year guidance appears achievable, with margin improvements expected in H2. Amadeus’s dual model— staffing and training—continues to prove resilient, especially with long-term demand for IT skills and professional development. The stock remains undervalued, trading at ~10x ‘26 EBIT. With improving sentiment and solid structural trends, mwb research’s analysts reiterate their BUY rating and EUR 97.00 price target, reflecting both cyclical upside and long-term earnings potential. The full update can be found on https://www.research-hub.de/companies/Amadeus%20FiRe%20AG

Recent developments highlight a growing divergence between the structurally stronger Specialties segment and the more challenged Essentials business, where pricing pressure and regional softness persist. Ongoing bolt-on acquisitions support Brenntag’s strategic push into niche and value-added services, though near-term financial impact remains limited. Looking ahead, execution risks around cost discipline, divisional disentanglement, and macro fragility remain elevated. With guidance now skewed toward the lower end, any narrative of resilience must be supported by clear evidence of strategic momentum, including volume recovery and pricing stability, not just cost discipline. That said, mwb research’s analysts believe much of this caution is already priced in. The analysts reiterate their BUY rating and price target of EUR 75.00, supported by strategic positioning and valuation. The full update can be downloaded under https://www.research-hub.de/companies/Brenntag%20SE

Formycon has appointed Valorum Biologics as U.S. commercialization partner for FYB203, following Coherus’ strategic exit from ophthalmology back in 2024. While Valorum’s leadership brings experience, the firm lacks a commercial track record, introducing execution risk alongside strategic upside. Concurrently, Formycon is placing a EUR 50m corporate bond with strong institutional interest. The yield reflects prevailing market levels for small-cap issuers and aligns with Formycon’s current risk profile. Proceeds will support the commercial rollout and pipeline development. With FYB202 ramping up, and catalysts including FYB203 market entry and FYB206 partnering expected, execution will be critical. mwb research’s analysts reiterate their EUR 50.00 price target and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG