Multitude AG reported strong Q1 2025 results, with net operating income stable at EUR 55.8m (+0.6% yoy) and net profit rising 181% yoy to EUR 7.2m, exceeding mwb research’s forecast of EUR 5.8m. Improved asset quality, reflected in a 21.5% drop in impairment losses, drove profitability. Management raised its FY25 net profit guidance to EUR 24–26m (previously EUR 23m). Wholesale Banking showed dynamic growth, while the acquisition of a 24.49% stake in Lea Bank supports strategic scaling. With total assets up 11.3% and a stronger equity base, Multitude’s outlook has improved. mwb research’s analysts raise their target price to EUR 12.80. BUY. The full update can be downloaded under https://www.research-hub.de/companies/investment-case/Multitude%20SE

Veganz has confirmed its strategic entry into the U.S. market through a partnership with Jindilli Beverages, the company behind the milkadamia brand. Initial exports of Mililk-based oat and almond milk from Germany are about to start this year, and plans are for a U.S. production facility to start production by early 2026. This collaboration, backed by nearly a year of preparation and strong market interest, targets both foodservice giants like McDonald's and Starbucks as well as major U.S. retailers. Financial contributions are expected from Q3 2025 and are yet to be factored into guidance, indicating potential upside. The North American plant-based milk market is huge and projected to grow strongly. mwb research’s analysts reiterate their Spec. BUY rating and EUR 18.00 price target, reflecting conservative assumptions on Orbifarm’s value. At the mwb research New Food Conference, CEO Jan Bredack will provide more insights into current developments, please register here: https://research-hub.de/events/registration/2025- 06-03-11-30/VEZ-GR. The full update can be downloaded under https://research-hub.de/companies/veganz-group-ag

At the mwb Defense & Security Conference, secunet reiterated its strategic relevance in sovereign cybersecurity, supported by product strength in SINA Cloud, mobile encryption, and public-sector infrastructure. While the FY2025 outlook was confirmed, the presentation lacked detail on commercialization strategy, international expansion, and budget visibility, likely a reflection of the ongoing leadership transition. The upcoming appointment of Marc-Julian Siewert as CEO introduces potential for renewed strategic focus. Having led Veridos through significant international growth and complex government projects, his track record positions him well to shape the next chapter. With the stock trading above mwb’s fair value estimate, the analysts maintain their HOLD rating and EUR 180.00 target, pending greater clarity on execution and leadership direction. Recording available under: https://research-hub.de/events/video/2025-05-20-14-30/YSN-GR The full update can be downloaded under https://www.research-hub.de/companies/secunet%20Security%20Networks%20AG

KWS is a global leader in seed breeding, with a portfolio covering 11 of the world’s 13 most important crops, including sugarbeet, corn, cereals, and vegetables. KWS differentiates itself through a strong emphasis on non-genetically modified organisms (non-GMO) breeding and innovative, crop-specific solutions, competing with major players like Bayer and Corteva. Profitable growth is driven by high-value seed varieties that command premium prices, as well as strategic realignment. The recent divestment of its corn operations in China and South America reinforces this shift and further reduces debt. The outlook for KWS remains promising, driven by its expanding portfolio of seed varieties that increase yields and provide sustainable solutions to farmers. This is key to boosting global food production and keeping prices low. With a projected CAGR of 2.2% in a cautious scenario, ~16% EBIT margins and a 6.5x EV/EBIT for FY27, KWS offers a solid investment opportunity. mwb research initiates coverage of KWS with a BUY rating and a PT of EUR 83.00, offering an upside potential of 42.9%. The full update can be downloaded under https://research-hub.de/companies/kws-saat-se-co-kgaa

Company Name: Valneva SE ISIN: FR0004056851   Reason for the research: Update Recommendation: Buy from: 21.05.2025 Target price: €8.10 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on Valneva SE (ISIN: FR0004056851). Analyst Simo [ … ]

Infineon has partnered with NVIDIA to co-develop the industry’s first 800V high-voltage direct current (HVDC) power delivery system for next-gen AI server racks, replacing today’s less efficient, decentralized AC architectures. This collaboration is expected to unlock value by embedding Infineon’s technologies deeper into the AI server power chain, from centralized HVDC distribution to chip-level delivery. The shift also structurally increases semiconductor content per rack, positioning Infineon to benefit from higher volumes and pricing, especially in SiC and GaN. Leveraging its unique grid-to-core capabilities across all semi-material, Infineon continues to innovate and shape the future of data center power delivery. The HVDC initiative adds a strategic depth to the AI narrative, creating optionality well beyond the embedded AI guidance and strengthens the case for upward revisions to mid-term revenue/margin expectations. mwb research analysts reiterate BUY with a new price target of EUR 37.00. The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

HMS Bergbau’s final FY 2024 results confirm strong operational performance and solid financials, with revenue of EUR 1,364m (+5.2% yoy) and EBIT of EUR 20.1m (+28% yoy), slightly above the preliminary report. Despite softer coal prices, high trading volumes and firm demand in Asia supported results. HMS advanced its vertical integration strategy and expanded its international reach, while trade finance lines grew to USD 400m. The group generated EUR 7.8m in free cash flow and proposed a higher dividend of EUR 1.05/share. For 2025, HMS guides for revenue of ~EUR 1,500m and stable margins. The analysts from mwb research have rolled forward their valuation, adjusting EPS for upcoming bond-related interest. Their revised PT is EUR 41.00 (old: 39.00); rating: BUY. The full update can be downloaded under https://www.research-hub.de/companies/HMS%20Bergbau%20AG

Ernst Russ AG (“ER”) kicked off 2025 with a strong first quarter, beating expectations on the bottom line by some 7%. While revenue dipped 13% yoy to EUR 40.9m — mostly due to softer charter rates, one less vessel, and some downtime—the company still posted an almost doubling of its EBIT yoy with the figure reaching EUR 40.3m. Net income after minorities came in at EUR 24.6m, well ahead of last year. In addition, the charter market held up better than feared (charter rates -7% yoy but still on historically high levels), and ER’s feeder vessel focus helped cushion the impact of global trade jitters. With 84% of 2025 revenues already locked in and a rock-solid balance sheet, ER remains in good shape. Management confirmed its full-year outlook— no surprises, just solid execution, which is why mwb research reiterates its BUY rating with unchanged price target of EUR 10.00. The previous full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

At the mwb research Defense & Security conference, Rheinmetall’s IR Manager Carl-Philipp Schniewind highlighted the company’s strategic transformation into a focused defense prime, now generating ~80% of revenue from defense activities. Positioned as Europe’s leading defense firm, Rheinmetall is benefiting from a structural super-cycle in defense spending driven by the “Triple R” transformation—restocking, re-equipping, and rebuilding—amid heightened geopolitical tensions. With unmatched vertical integration in artillery and rapid industrial ramp-up, Rheinmetall is setting new industry benchmarks. Strong NATO integration and progress in U.S. mega-tenders, alongside major European contracts like the EUR 23bn JV with Leonardo, underpin long-term growth. With defense budgets rising and procurement shifting toward European sources, Rheinmetall’s market share is poised to grow significantly. The company reaffirmed its EUR 20bn sales and 18% margin target by 2027, though this is likely conservative. mwb research reiterates the BUY rating and EUR 2,000 price target. The full update can be downloaded under https://www.research-hub.de/companies/Rheinmetall%20AG

Singulus has landed a strategic deal with Poland’s ROLTEC for Europe’s first CIGS thin-film solar fab, marking a major step into the EU’s reindustrialized solar value chain. Paired with a recent win from WIKA in industrial sensors, these orders signal a rebound in momentum following a weak Q1 order intake, de-risking the full-year guidance. Importantly, both contracts lay the groundwork for deeper, long-cycle partnerships that can generate recurring revenue through services, retrofits, and follow-on tools. In particular, the emerging tandem PV opportunity with ROLTEC may unlock significant future value, positioning Singulus at the core of next-generation solar manufacturing. mwb research’s analysts maintain their Speculative BUY rating and EUR 4.00 price target, as the company progresses toward structurally more resilient earnings and revenue streams. The full update can be found under https://research-hub.de/companies/singulus-technologies-ag