Company Name: Schloss Wachenheim AG ISIN: DE0007229007   Reason for the research: Q2 2024/25 results Recommendation: Buy from: 24.02.2025 Target price: €22 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on Schloss Wachenheim AG (I [ … ]

mwb research initiates coverage of Schloss Wachenheim AG (SWA) with a BUY recommendation and a PT of EUR 22.00 offering an upside potential of 52.8%. The company is a leading European producer of sparkling and semi-sparkling wines, combining over 130 years of tradition with innovation. Its diverse portfolio spans sparkling, semi-sparkling, still, and de-alcoholized wines, along with cider and wine-based drinks, catering to a wide range of consumer preferences. SWA excels in the high-growth non-alcoholic segment, projected to grow at a 6.6% CAGR in Europe, and leverages its strong positions in Eastern Europe and e-commerce to drive further expansion. With well-known brands like Light Live and Charles Volner, the company blends traditional expertise with modern trends to stay ahead in a dynamic market. Undervalued relative to peers, with significant upside supported by strong cash flow generation, SWA represents a compelling investment opportunity. The full update can be downloaded under https://www.research-hub.de/companies/Schloss%20Wachenheim%20AG

Company Name: Formycon AG ISIN: DE000A1EWVY8   Reason for the research: Update Recommendation: Buy from: 24.02.2025 Target price: €46 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on Formycon AG (ISIN: DE000A1EWVY8). Analyst Simo [ … ]

Airbus delivered mixed results in FY 2024. Despite revenue growth and strong free cash flow, adjusted EBIT fell and margins narrowed, with deliveries slightly missing the target. The Commercial Aircraft segment saw a sharp 60% drop in new orders amid rising competition from COMAC, while the Helicopters segment enjoyed robust growth driven by defense demand. Meanwhile, the Defence and Space segment faced significant challenges from rising costs and U.S. competition. Looking ahead, Airbus targets modest improvements in FY 2025 but must navigate mounting financial and competitive pressures according to the analyst. By updating their model they arrive at a new PT of EUR 145.00 (old: 127.00) and maintain their SELL recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Airbus%20SE

Company Name: DEMIRE AG ISIN: DE000A0XFSF0   Reason for the research: Update Recommendation: BUY from: 24.02.2025 Target price: EUR 15.00 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald What’s ahead in FY25e after successful refinancing? Chg. Topic: Following the successful refinancing of [ … ]

Intershop Communications AG reported preliminary figures, showing strong momentum in its cloud business and reinforcing its shift toward a subscription-based revenue model. Despite macroeconomic challenges, the company returned to profitability and continues to expand its AI-driven innovations. The cautious 2025 guidance reflects economic uncertainties, but ongoing cloud migrations and AI investments present significant growth potential. With a strong pipeline of customers transitioning to the cloud and improving margins, Intershop is well-positioned for sustained long-term growth. As AI-powered solutions gain traction, the company could see even stronger adoption rates than expected. BUY, price target EUR 3.00. A recording of the earnings call can be watched here: https://research-hub.de/events/video/2025-02-19-13-30/ISHA-GR . The full update can be downloaded under https://www.research-hub.de/companies/Intershop%20Communications%20AG

Pyramid AG reported preliminary FY24 results slightly below guidance, but 5-6% above mwb research's EBITDA estimates. Consolidated revenues were EUR 68.6m, down 9.7% yoy, missing the guidance of EUR 70-73m due to a lack of economic recovery. Core businesses Akhet and Polytouch grew 5-7% yoy, demonstrating the strength of the portfolio. However, the Faytech segment declined 35% yoy and suffered from the loss of a major North American customer. Preliminary EBITDA was EUR 3.6m, down 1/3 yoy, with the EBITDA margin falling to 5.2%. Despite the challenges, CFO Christian Damjakob was cautiously optimistic for 1Q25. On the positive side, Pyramid maintained its positive cash generation even in these difficult markets. However, mwb research remains cautious on the turnaround timeframe and therefore slightly adjust their estimates to a new PT of EUR 1.50 (previously EUR 1.60), which represents 100% upside. BUY. The full update can be downloaded under https://www.research-hub.de/companies/research/Pyramid%20AG

Krones witnessed positive business momentum in Q4 2024. Revenues grew 15% yoy to EUR 1.42bn, supported by easing supply concerns, while EBITDA increased 17% yoy to EUR 146m (margin: +17bps yoy to 10.3%), both slightly missing consensus by 1%. Order inflows were healthy at EUR 1.35bn (+7% yoy; book-to-bill: 0.95x) in Q4 and took the order backlog to EUR 4.3bn (+4% yoy), providing good visibility until early 2026. Management is confident of its book-to-bill ratio staying above 1.0x in FY25 and is guiding for revenue growth of 7-9% yoy and an increase in the EBITDA margin to 10.2%-10.8% (2024: 10.1%) for the ongoing fiscal year. Krones’ robust order backlog, diverse product range, and strong recent results underscore its market strength (25% global market share). With solid financials, the company remains an attractive investment. mwb research maintains its BUY rating with an unchanged PT of EUR 145.00. That said, geopolitical tensions and the tariff policy of the new US administration would be key monitorable ahead. The full update can be downloaded under https://www.research-hub.de/companies/research/Krones%20AG

Deutsche Rohstoff holds an 11.3% stake in Almonty Industries. Almonty has a strategic position in the tungsten industry and with the development of the Sangdong mine in South Korea, is expected to become a major supplier outside of China. China's export controls and US restrictions on tungsten from "hostile" countries have positioned Almonty as a critical supplier of conflict-free tungsten to Western partners. This has resulted in Almonty's share price more than doubling since mid-January, lifting the value of Deutsche Rohstoff's stake to EUR 42m. In addition, Deutsche Rohstoff's oil and gas reserves have grown significantly, with proved developed reserves increasing by over 30% yoy to 25m BOE. The discounted cash flow (DCF) of these reserves alone exceeds Deutsche Rohstoff's enterprise value by 40%, and including proved undeveloped and probable reserves, the DCF exceeds the current enterprise value by more than 80%. These factors, together with the higher value of Almonty, lead to an increased target price of EUR 53.00 (old: EUR 50.40). Deutsche Rohstoff is a compelling value play trading at a deep discount to its reserves and peer group. BUY. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG

Company Name: PNE AG ISIN: DE000A0JBPG2   Reason for the research: Update Recommendation: Buy from: 20.02.2025 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 [ … ]