Amadeus Fire has faced significant challenges in 2024 due to the prolonged recession in Germany, which was particularly evident in Q3. As a result, the company's 9M24 results were mediocre, leading to two downward revisions of its FY24 guidance. The economic downturn has severely impacted Amadeus Fire's core businesses, with temporary staffing and permanent placement down 6.7% and 9% yoy respectively. The company now expects consolidated operating EBITA for FY24 to be in the region of EUR 58m, down from the original guidance of EUR 74-80m. While Amadeus Fire is likely to meet its revised targets for 2024, upside surprises are unlikely. Looking ahead to FY25, the current estimates may be overly optimistic as the ongoing negative sentiment and lack of tangible improvement points to a challenging year ahead. As a result, mwb research’s analysts adjust their estimates and lower their PT to EUR 105.00 (previously EUR 110.00). However, the analysts reiterate their BUY rating based on a 30% upside to their new PT. The full update can be downloaded under https://www.research-hub.de/companies/Amadeus%20FiRe%20AG

With the approval of the Supervisory Board, the Management Board of Abo Kraft & Wärme has decided to terminate the listing of the shares on the open market of the Düsseldorf Stock Exchange as of July 30, 2025, without planning a follow-up listing on another stock exchange. Trading is expected to be severely restricted from August, as a theoretically possible continuation of trading by the Hamburg Stock Exchange is considered unlikely due to the low market capitalization and liquidity. Even if trading were to continue in Hamburg, low trading volumes and high volatility can be expected. In addition, transparency and disclosure obligations will no longer apply after delisting, meaning that investors will be less well informed. Due to these disadvantages, mwb research’s analysts recommend to SELL the shares, as the fair value the analysts have calculated (EUR 1.60) is hardly relevant after the delisting. Holding the share is only an option for investors who are prepared to accept the considerable restrictions after delisting. The full update can be downloaded under https://www.research-hub.de/companies/ABO%20Kraft%20&%20W%C3%A4rme%20AG

4Q 2024 organic (org.) revenue growth was dull at +0.9% yoy, 4.2ppt below consensus, and was severely impacted by hyperinflationary FX pricing-related accounting adjustments. However, excluding this, org. revenue growth was at 5.9% yoy. Full-year 2024 org. sales grew by 8.1% (ex-hyperinflation impact), in line with guidance of >7.0%. Strong sales momentum in fine fragrances, cosmetic ingredients, savory, sweet & beverages and pet food and recovery in aroma molecules contributed to the dynamic top-line increase. EBITDA grew 14% yoy to EUR 1.03bn (a 1% beat) on a normalised base (margin: 20.7%, +1.6ppt yoy), supported by growth in high-margin businesses and efficiency gains. Management reiterated its guidance for FY 2025, expecting org. revenue growth of 5%-7% yoy, an EBITDA margin of 20%-23%, and business FCF of c.14% of sales. Symrise’s growth targets are solid, building on 2024’s momentum, while its strong market position and high-margin portfolio back management’s upbeat outlook. That said, with the stock already fairly priced, the upside looks capped. mwb research’s analysts stick to their HOLD rating and EUR 105.00 PT. The full update can be downloaded under https://www.research-hub.de/companies/research/Symrise%20AG

TUI will release its FQ1 25 results on 11 February. mwb research’s analysts expect a 7.1% revenue increase to EUR 4,610m and a slightly positive underlying EBIT of EUR 22m (0.5% margin), driven by strong bookings and higher ASPs for Winter 24/25. While Markets & Airlines should benefit from strong demand in Germany post-FTI bankruptcy, Hotels & Resorts are expected to gain from rising occupancy and rates, while Cruises may see strong supply growth but weaker occupancy. As usual, FQ1 will have seasonally negative cash flow (~EUR -1.7bn FCF), but TUI remains on track to improve its net debt (EUR 1.6bn in FY24) and leverage (0.8x EBITDA), possibly leading to a credit rating upgrade soon. With positive momentum for FY25 mwb research’s analysts reiterate their BUY recommendation with a price target of EUR 16.00. The full update can be downloaded under https://www.research-hub.de/companies/TUI%20AG

Recent concerns regarding Aixtron have centered on the SiC market which is facing challenges due to overcapacity and weaker EV demand. However, the situation might be improving faster in the market for GaN power semiconductors, where Aixtron holds a 90% market share in epitaxy equipment (compared to 37% in SiC). According to a new study published by Infineon, GaN adoption is expected to accelerate in 2025 in diverse industries, including robotics, home appliances, residential solar and energy storage systems, 5G telecom base stations, AI data centers, and even EVs. With a projected 41% CAGR (2023-2029) for GaN power devices, a new investment cycle could be on the horizon, positioning Aixtron as a key beneficiary. mwb research reiterates the BUY recommendation with a target price of 20.50. On 08 April, we will host an online roundtable with Aixtron, register here: https://research-hub.de/events/registration/2025-04-08-12-00/AIXA-GR. The full update can be downloaded under https://www.research-hub.de/companies/AIXTRON%20SE

Mister Spex SE reported preliminary results for FY24, in line with mwb research’s expectations and its own guidance, despite a transformational year. The company's net revenues declined by 3% yoy to EUR 216m, with a notable 2% like-for-like growth in the core German market. The adjusted EBITDA margin also remained within the guidance range of +1% to -4%, ultimately turning negative due to ongoing transformation efforts and strategic cost management. Key highlights of the financial year included a year-end cash position of over EUR 70m and a 12% increase in average order value for prescription eyewear, with a remarkable 30% yoy jump in Q4. Looking ahead, Mister Spex will focus on improving the profitability of its German stores, streamlining operating costs, strengthening its brand expertise, and improving cash flow. mwb research’s analysts reiterate their BUY rating with a new PT of EUR 4.00 (old EUR 5.00), as they further adjust their estimates.The full update can be downloaded under www.research-hub.de/companies/Mister%20Spex%20SE

Kima is a blockchain-based platform that meets the growing need for interoperability between decentralized web3 and traditional financial systems. In 2022, coinIX invested in the KIMA project as part of a SAFE (Simple Agreement for Future Equity) and later received a token warrant. The KIMA token was first listed on several trading platforms in November last year and mwb research’s analysts are now including it in their valuation for the first time. The listings of KIMA and most recently PEAQ illustrate that coinIX can open up lucrative investment opportunities in the blockchain value chain that would otherwise remain closed to investors. mwb research’s analysts reiterate their BUY recommendation with a new price target of EUR 4.60 (old: EUR 5.00). The full update can be downloaded under research-hub.de/companies/coinIX%20GmbH%20&%20Co%20KGaA

Preliminary FY24 results met expectations, with sales up 4% yoy and EBITDA rising 21% yoy to EUR 19.0m. Expanded shipping capacity helped offset lower coal prices, while higher taxes impacted net income growth. The new Vietcombank trade finance line is set to support expansion in 2025. mwb research’s analysts raised their earnings estimates and increased their price target to EUR 39.00 (prev. EUR 36.00), maintaining their BUY rating. With improved liquidity and expanded trading volumes, HMS is well-positioned for growth in key Asian markets next year. The full update can be downloaded under https://www.research-hub.de/companies/HMS%20Bergbau%20AG

Verbio SE is a German-based company active in the bioenergy sector. The company focuses on the production and distribution of biofuels. It operates through two business segments: The Biodiesel segment, which produces biodiesel, and the Bioethanol segment, which produces bioethanol and biomethane. The company also supplies sterols and pharmaceutical glycerin to the consumer goods. It sells its products directly to oil companies, oil traders, independent service stations, trucking companies, municipal utilities and vehicle fleets. Against this background, mwb research will host an online earnings call on February 12, 2025, at 2:00 PM (CET) with Claus Sauter, CEO, and Olaf Tröber, CFO of Verbio SE. Following a presentation, participants will have the opportunity to ask questions. 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 upon registration at https://research-hub.de/events/registration/2025-02-12-14-00/VBK-GR.

Westwing SE reported FY24 GMV of EUR 497m (+3% yoy), with Q4 GMV up 1%, as its shift to a premium assortment constrained topline growth. Despite this, margin expansion remained strong, with adjusted EBITDA expected at the upper end of guidance and Westwing Collection reaching 55% of GMV for the full year (58% in Q4). The company generated EUR 9m in positive free cash flow over the full year, boosting net cash to EUR 69m. Based on revised estimates, mwb research’s analysts increase their PT to EUR 10.00 (old: EUR 9.50), maintaining their BUY rating ahead of the full FY24 report in March. The full update can be downloaded under https://research-hub.de/companies/Westwing%20Group%20SE