Gerresheimer (GXI) delivered final FY24 results, with organic revenue growth of 2.9% to EUR 2.04bn and an adjusted EBITDA increase of 4.1% to EUR 419m, in line with expectations. The destocking headwinds in the vial business continued but showed signs of easing, while strong demand in medical devices partially offset this impact. The integration of Bormioli Pharma is progressing well and is expected to significantly contribute to both revenue and margin expansion in the coming years. While the FY25 outlook is softer than previously assumed, mid-term guidance remains intact, targeting 8-10% CAGR in revenue and an EBITDA margin of 23-25%. mwb research maintains the BUY rating with a slightly higher price target of EUR 103.00 (previously EUR 96.00). The full update can be downloaded under https://www.research-hub.de/companies/research/Gerresheimer%20AG

Company Name: EasyMotion Tec AG ISIN: LI1147158318   Reason for the research: Management interview Recommendation: Management interview Last rating change: Analyst: Matthias Greiffenberger, Marcel Goldmann GBC AG: EasyMotion Tec AG aims to become a global health solutions corporation. What successes have you already achieved, and [ … ]

Company Name: Cenit AG ISIN: DE0005407100   Reason for the research: Research Comment Recommendation: BUY Target price: 19.00 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Cosmin Filker, Marcel Goldmann You can download the research here: http://www.more-ir.de/d/31851.pdf Contact for questions: ++++++++ [ … ]

BP is reportedly considering the sale of its lubricants business, Castrol, following pressure from activist investor Elliott Management, which recently acquired a nearly 5% stake in BP. Castrol, the world's third-largest lubricants company, generated FY24 adjusted EBITDA of USD 1.0 billion on USD 7 billion in sales, with a 14.4% EBITDA margin similar to Fuchs' 13.8%. The rumored valuation of around USD 10 billion implies an EV/EBITDA multiple of 9.9x, aligning with Fuchs' valuation. The competitive impact will depend on the type of transaction—whether a sale to a strategic buyer, private equity, or an IPO/spin-off —though private equity seems the most likely given Castrol's stable cash flow. Overall, the rumored valuation of Castrol does not suggest a significant upside for Fuchs as a cross-read. After a strong performance of +19% since mid-January, Fuchs has reached mwb research’s price target of EUR 48.00. The analysts downgrade the stock to HOLD. The full update can be downloaded under https://www.research-hub.de/companies/Fuchs%20Petrolub%20SE

Despite a second consecutive year of sales decline in 2024, Siltronic’s downturn moderated, hinting at a potential inflection point as the broader industry grapples with elevated inventories and sluggish end-market demand. While stabilization is expected in 2025, driven by AI and smartphones alongside a gradual recovery in automotive and PC markets in H2, the real story unfolds in 2026. With inventory headwinds finally dissipating, a new growth cycle is expected to emerge, propelled by structural tailwinds in high yield 300mm leading edge wafers and a long-awaited rebound in 200mm wafers. With a compelling valuation and historical patterns of early market pricing of growth cycles, mwb research views 2025 as a prime entry point ahead of the expected upswing in 2026. Analysts maintain their BUY rating with a PT of EUR 65.00. The full update can be downloaded under https://research-hub.de/companies/Siltronic%20AG

Company Name: ad pepper media International N.V. ISIN: NL0000238145   Reason for the research: Update Recommendation: Buy from: 25.02.2025 Target price: 2,90 EUro Target price on sight of: 12 Monate Last rating change: 20.07.2020: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity  [ … ]

Fresenius Medical Care (FME) delivered a stable performance in FY24, with revenue declining slightly by 1% but remaining stable in constant currency. Operating income improved by 18% due to the FME25 program, driving margin growth and a successful turnaround in Care Enablement. The company met its guidance, demonstrating resilience despite currency and portfolio headwinds. Looking ahead to FY25, FME expects revenue growth in the low-single digits and significant profitability improvements, driven by efficiency gains from the FME25 program. With a raised price target of EUR 47.00 (old EUR 38.00) and improved earnings potential, mwb research upgrades its recommendation from SELL to HOLD. The full update can be downloaded under https://www.research-hub.de/companies/Fresenius%20Medical%20Care

Prosus, Delivery Hero’s main shareholder, is set to shake-up Europe’s food delivery landscape with its EUR 4.1bn acquisition of Just Eat Takeaway.com (JET), offering a 49% premium over its 3-month VWAP. With this move, Prosus strengthens its already extensive food delivery portfolio, which also includes iFood and Swiggy. However, regulatory scrutiny could be a key obstacle, particularly regarding market concentration concerns. Given Prosus’ 28% stake in Delivery Hero, authorities may require divestments before approving the deal. If completed, the transaction could drive consolidation in key markets. Despite these uncertainties, mwb research maintains the EUR 49.00 price target and BUY rating for Delivery Hero, seeing limited near-term impact on its core business. The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE

MTU Aero Engines delivered strong Q4 24 preliminary results with revenues and adjusted EBIT above consensus, driven by robust performances in both the OEM and commercial MRO segments. The company also raised its FY25 guidance, mainly due to currency factors. However, shares fell more than 10% on concerns over weaker-than-expected cash flow, as FY24 free cash flow fell 48%, with a low cash conversion ratio of 24%. A closer look reveals that the decline was related to growing working capital needs, which however increased almost in line with reported (not adjusted!) revenues. Improvements in DIO and DSO almost offset a slight deterioration in DPO, making cash flow concerns look overdone. After the recent share price decline, MTU's solid results, robust order book and optimistic guidance support an upgrade to BUY (from HOLD) with an unchanged price target of EUR 365.00. The full update can be downloaded under https://www.research-hub.de/companies/MTU%20Aero%20Engines%20AG

Germany is considering a EUR 200bn special defense fund to bypass the constitutional debt brake. With a narrow approval window before the Bundestag convenes in late March, CDU leader Friedrich Merz is pushing for a constitutional amendment, which still holds a two-thirds majority but will be blocked by AfD and the Left Party in the next term. For Rheinmetall, this presents a major opportunity. The company confirmed that it has secured ~50% of Germany’s initial EUR 100bn defense fund, exceeding expectations. Given its market dominance and production strength, the analyst expect it to capture over 50% of the new fund, potentially securing at least EUR 100bn in orders— a transformational jump from its FY24E EUR 10bn sales. As European defense consolidation accelerates, Rheinmetall is positioned as the leading contractor according to the analyst. Standardization efforts will drive demand for its next-gen tanks, ammunition, drones, and armored vehicles. With economies of scale and greater revenue visibility post-2027, the analyst sees Rheinmetall as the clear winner. The analyst therefore raises his post-2027 revenue estimates, adjust margins for lower COGS, and increase his price target to EUR 1,115.00 (from EUR 1,025.00), maintaining his BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Rheinmetall%20AG