ABO Kraft & Wärme will delist from the Düsseldorf Stock Exchange by July 30, 2025. mwb research’s analysts downgraded the shares in February, reflecting the restricted liquidity and lower transparency following a delisting. However, the Hamburg stock exchange, following requests by investors, has decided to continue trading of the shares, maintaining some liquidity for investors even after a Düsseldorf delisting. Unrelated, ABO Kraft & Wärme reported FY24 results. Revenues of EUR 14.7m were in line, up 54% yoy driven by gas feed-in and the acquisition of the Brandenburg portfolio. The net loss of EUR 5.2m was in line with guidance, with losses driven by write-downs on receivables against insolvent Landwärme, higher maintenance, and higher substrate costs. For FY25, revenue is expected to remain flat, with a marginally positive EBITDA and a net loss of EUR 3–4m. Given continued tradability in Hamburg and long-term potential in biogas, the analysts upgrade the shares to a Spec. BUY with a new price target of EUR 1.15 (old: EUR 0.80). The full update can be downloaded under https://www.research-hub.de/companies/ABO%20Kraft%20&%20W%C3%A4rme%20AG

Company Name: Swissnet AG ISIN: CH0451123589   Reason for the research: Update Recommendation: Buy from: 26.05.2025 Target price: 21 Last rating change: Analyst: Sebastian Droste Strong results & new contract wins On May 26, swissnet released its preliminary full-year results for 2024. Reported revenue growth was strong and s [ … ]

Company Name: SFC Energy AG ISIN: DE0007568578   Reason for the research: Update Recommendation: Buy from: 26.05.2025 Target price: 31,00 Euro Target price on sight of: 12 Monate Last rating change: 16.02.2021: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein Res [ … ]

Viscom SE is a European leader in 3D optical and X-ray inspection systems, with a strong legacy in the automotive sector. Its dual-platform solutions are renowned for their unmatched speed and precision, powered by AI-driven features. While historically constrained by heavy automotive exposure, a high fixed-cost base in Germany, and competition from lower-cost Asian rivals, the narrative is shifting. The company is emerging with a leaner cost structure post-restructuring and a sharper focus on less price-sensitive markets such as batteries, semiconductors, and aerospace. While automotive remains a core business, this strategic shift is expected to enhance the business mix and pave a clearer path toward consistent profitability as the company scales and expands. mwb research’s analysts initiate with a BUY rating and a price target of EUR 4.80. The full update can be downloaded under https://research-hub.de/companies/viscom-se

CTS Eventim reported mixed results in Q1 2025. The top-line beat consensus expectations by a notable 14%, growing 22% yoy to EUR 499m, led by 17% yoy and 25% yoy growth in Ticketing and Live Entertainment revenues, respectively. Top-line growth was led by the underlying demand for events and live entertainment, as well as contributions from See Tickets Group and France Billet, which were acquired/consolidated in H2 2024. However, adj. EBITDA grew at a slower 9% yoy to EUR100m, and the margin deteriorated 2.5ppt yoy to 20.1%, with lower margins at the Ticketing segment. Given no significant changes in the business environment since the Q4 results, CTS reaffirmed its cautious guidance for FY 2025, expecting moderate yoy increases in revenues and adj. EBITDA. Favourable demand dynamics, recent acquisitions, and promising ticketing deals should further fortify CTS’ market position in Europe. However, near-term macro-uncertainties persist, and therefore, mwb research’s analysts maintain their HOLD rating, albeit at a higher target price of EUR 105.00 (old: EUR 96.00). The full update can be downloaded under https://www.research-hub.de/companies/CTS%20Eventim%20AG%20&%20Co%20KGaA

CHAPTERS Group AG is strategically consolidating its fintech assets by merging Fintiba, Expatrio, and Coracle into a new Financial Technologies segment, significantly expanding its footprint in financial services for international students and professionals in Germany. The segment’s pro-forma 2024 revenue doubles to approximately EUR 42m, with management projecting sustained low double-digit organic growth in 2025 and accelerated expansion post-2026 driven by synergies and new banking products via Frankfurt International Bank. mwb research’s preliminary 2026 valuation estimates suggest the segment could generate EUR 55.5m revenue with a 40% EBITDA margin, implying an equity value of EUR 220m–285m and adding roughly EUR 9.00–12.00 per share. While these are initial estimates due to limited reporting detail, the move unlocks significant value aligned with the analyst’s investment thesis. With a revised PT of EUR 49.00 (old: EUR 36.00), the analysts maintain their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/CHAPTERS%20Group%20AG

CGRE AG continues to execute its strategic transformation, focusing on the development and divestment of de-risked, high-quality real estate assets. The recent EUR 39m sale (mwb est.) of a retail property in Leipzig to REWE demonstrates strong execution and market relevance, enabling the repayment of EUR 30m in debt and boosting liquidity. With a growing pipeline of over 1,000 residential units and additional transactions underway (mwb est.), CGRE is well-positioned to capitalize on a recovering German real estate market. With these sales, CGRE is likely to aim for EUR 63–70m in 2025 revenue, supported by efficient capital recycling and asset rotation. mwb research’s analysts reiterate their BUY rating with a price target of EUR 14.60, offering > 20% upside. Note: A model overhaul will be done with the release of CGRE’s FY24 results. The full update can be downloaded under https://www.research-hub.de/companies/CGRE%20AG

Stratec SE reported a 4.7% yoy decline in FY24 revenues to EUR 257.6m, missing expectations amid post-pandemic normalization, elevated inventories, and slower system ramp-ups, including Roche collaborations (mwb est.). Despite top-line pressures, adjusted EBIT grew 10.1% to EUR 33.5m, driven by improved gross margins and accounting policy adjustments. The company reinforced its service-oriented strategy, strengthening its presence in Asia-Pacific and realizing synergies from the Natech acquisition. For FY25, management forecasts modest revenue growth with a slight margin contraction due to normalized development contributions and higher investments. While industry recovery remains gradual, Stratec’s margin resilience and operational discipline support a BUY rating and a revised EUR 32.50 target. The full update can be downloaded under https://research-hub.de/companies/research/Stratec%20SE

Company Name: NFON AG ISIN: DE000A0N4N52   Reason for the research: Update Recommendation: BUY from: 23.05.2025 Target price: EUR 12.30 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald More to come after solid start into the year; chg. Q1’25 sales increased by 4.0% yoy to € 22.1m (eNu [ … ]

AIXTRON stands to be a key beneficiary of NVIDIA’s 800V HVDC transition, which puts GaN at the core of next-generation AI data center power delivery. As ecosystem partners scale up GaN production to support 1 MW+ racks, with commercial adoption set to begin in 2027, and system integration demands raise the bar on efficiency and thermal performance, mwb research’s analysts expect increased tool adoption across both volume and quality-driven applications. With an estimated ~90% market share in GaN epitaxy tools and a newly opened 300mm Innovation Center, AIXTRON is very likely to benefit from the strategic asset and a first-mover advantage as the industry as the industry shifts to HVDC. This architecture change not only validates the long-term outlook for GaN but also reinforces management’s view that the tool market could triple by 2030. Only a few toolmakers are prepared for this shift, and mwb research’s analysts believe that AIXTRON has the edge. The analysts reiterate their BUY rating with a slightly higher price target of EUR 20.00. The full update can be downloaded under https://www.research-hub.de/companies/AIXTRON%20SE