Singulus delivered a disappointing Q1 marked by sharply lower order intake and revenue, largely due to delayed investment decisions. However, the margin profile improved significantly thanks to an improved product mix supported by the semiconductor segment. Management reaffirmed its full-year guidance, citing a solid backlog and recent new orders in semiconductors and solid-state batteries with additional solar orders expected in the near term. That said, mwb research’s analysts continue to view the lower end of the sale guidance range as achievable, albeit order intake will need to accelerate going forward. Strategically, the company is progressing with its transformation toward a more balanced and higher-value segment mix. Leveraging its unique integration of vacuum deposition and wet-chemical technologies, Singulus is positioning itself to address niche, high-growth markets such as MRAM, micro-LEDs, medical coatings, and next-generation energy storage. This shift supports a more resilient, less cyclical business model with structurally improved profitability. mwb research’s analysts maintain their Speculative BUY rating and price target of EUR 4.00. The full update can be found under https://research-hub.de/companies/singulus-technologies-ag

Verbio’s Q3 25 results showed a 3.5% yoy decline in revenues to EUR 394.9m but exceeded consensus expectations by 5.6%. EBITDA came in at EUR 8.2m, below the EUR 15m forecast, but a 12.7% improvement vs. Q3 24. In the Biodiesel segment, revenue dropped 3.4% yoy, but EBITDA rose 47.4%, driven by better cost management despite lower volumes. In the Bioethanol/Biomethane segment, revenue fell 3.5% yoy, with EBITDA declining by EUR 8.8m yoy due to ramp-up costs in Nevada, US. Verbio expects FY 25 EBITDA to be at the lower end of its guidance, with net debt to stay below EUR 190m by year-end. Focus remains on Nevada’s ramp-up and operational efficiency. After adjusting their model and slightly lowering estimates due to prolonged pressure, mwb research’s analysts maintain their BUY rating with an unchanged PT of EUR 15.00. The current share price, despite a c. 47% increase from last month's low, remains an attractive entry point with 42.9% upside potential. Register here to join the Earnings Call today at 2pm (CEST): https://research-hub.de/events/registration/2025-05-13-14-00/VBK-GR. The full update can be downloaded under https://www.research-hub.de/companies/Verbio%20SE

United Internet (UI) reported stronger-than-expected Q1 25 results. Revenue rose 4% yoy to EUR 1.6bn (+2% vs consensus), while adj. EBITDA was flat yoy at EUR 343m but beat expectations by 7%, helped by lower 1&1 network build costs (EUR 67m). The Business Applications segment outperformed, driven by strong aftermarket demand. EBIT fell 13% yoy to EUR 163m due to roll-out costs and higher depreciation. UI added 150,000 customers in Q1, reflecting solid demand. For FY25, UI raised revenue guidance to ~EUR 6.45bn (+2.3% yoy) and maintained adj. EBITDA at ~EUR 1.35bn (+4% yoy). Shares are up ~25% over the past month, supported by optimism around cloud services and expected benefits from Germany’s EUR 500bn infrastructure fund. mwb research’s analysts reiterate to BUY with new PT of EUR 25.00 (prev. EUR 23.00).The full update can be downloaded https://www.research-hub.de/companies/United%20Internet%20AG

Deutsche Rohstoff reported a solid Q1 2025, with revenues up 6% yoy to EUR 59.1m, driven by higher oil volumes and a favorable production mix, despite lower oil prices. Oil production rose 9%, reflecting strong well performance from late 2024. The EBITDA margin remained stable at 73.2%, with higher personnel costs offsetting efficiency gains. Free cash flow was strong at EUR 22.1m, enabling further deleveraging as net debt fell 14% to EUR 134.3m. The company’s 2025 drilling program is underway with 4 wells drilled and 10 planned, down from initially 12 due to oil price volatility), while maintaining flexibility for further adjustments. Guidance was confirmed at EUR 170– 190m in revenue and EUR 115–135m in EBITDA (based on WTI USD 60), supported by a robust hedge book and strong liquidity. With a >50% EV/EBITDA discount to US peers and a shareholder yield over 6%, mwb research’s analysts reiterate their BUY rating and PT of EUR 47.00. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG

Fraport's Q1 2025 results were mixed, with revenues of EUR 869m up 6% yoy and broadly in line with expectations, but EBITDA of EUR 177.5m missed by 7.5% due to the absence of prior-year one-offs and rising personnel costs. Strong performances in International Activities & Services and Ground Handling helped offset weaker-than expected Aviation revenues and continued cost pressures. Cash flow was weak, with free cash flow at EUR -353m due to higher concession fees and ongoing capex. The FY25 outlook was confirmed, including up to 64m passengers at Frankfurt, modest EBITDA growth, and no dividend. Given the EBITDA miss, soft traffic at Frankfurt, and rising costs, estimates are slightly lowered. mwb research’s analysts reduce their price target to EUR 62.00 (from EUR 65.00) and downgrade to HOLD (from BUY). The full update can be downloaded under https://www.research-hub.de/companies/Fraport%20AG

Formycon’s Q1 2025 results showed a significant decline in revenue to EUR 5.3m, mainly due to the absence of prior-year milestone payments and weaker performance from FYB201. Adjusted EBITDA was negative, reflecting lower at-equity income and higher R&D spend. Nonetheless, full-year guidance was maintained. Operationally, the launch of FYB202 in the U.S. and Europe contributed EUR 0.74m in initial revenue, while FYB201 commercialization in the U.S. was paused by commercial partner Sandoz due to pricing pressure. Looking ahead, a proposed U.S. executive order may pressure biosimilar pricing but could also support adoption. mwb research’s analysts reiterate their BUY rating and EUR 50.00 price target, though acknowledge increasing regulatory risks in the U.S. market. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

Krones’s Q1 25 results were slightly ahead of consensus. Revenue grew 13.1% yoy to EUR 1.41bn (a 1% beat) on easing supply concerns, production efficiencies, and M&A contributions. Despite a decline in order intake (-3.2% yoy), its book-to-bill ratio was healthy at 1.02x (FY 25 target: 1x), with the backlog rising 1% qoq to EUR 4.32bn by endQ1, providing sales visibility till early Q2 2026. Meanwhile, EBITDA grew at a stronger 19.1% yoy to EUR 149m (a 3% beat) on better capacity utilization and efficiency measures and the margin improved 50bps yoy to 10.6%. Despite the current macro uncertainties, Krones kept its FY25 guidance unchanged, forecasting 7-9% revenue growth and an EBITDA margin of 10.2-10.8%, and reiterated its mid-term 2028 targets. The company’s global leadership in beverage filling and packaging technology, an impressive order backlog complemented by its execution capabilities, and ongoing efficiency improvements reaffirm its ability to continue on a profitable growth path. Therefore, mwb research’s analysts reiterate their BUY rating at an unchanged PT of EUR 160.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Krones%20AG

Siemens Energy (SE) announced detailed Q2 25 results, confirming its upbeat preliminary release that had significantly exceeded market expectations. Revenues grew 20% yoy to EUR 9.96bn (7% ahead of consensus), profit before special items (exSI) came in at EUR 906m (5.3x Q2 24; a staggering 57% beat), and the margin of 9.1% (+7.0ppt yoy) surpassed consensus of 6.2%. Notably, order intake surged 52% yoy on a comparable basis (comp.) to EUR 14.43bn (16% better), implying a book-to-bill ratio of 1.45x. This took the order backlog to EUR 133bn. Divisional performance was solid, especially in Gas Services and Grid Technologies, and losses at Gamesa narrowed. SE confirmed its recently raised FY 25 guidance, now expecting 13%-15% comp. revenue growth and profit ex-SI margins of 4%-6%, with net income up to EUR 1bn, and FCF before tax of c.EUR 4bn. mwb research’s analysts maintain their estimates that were updated after the prelims and retain their price target at EUR 52.00. However, mwb research’s analysts reiterate their SELL rating, due to a demanding valuation and ongoing geopolitical risks. The full update can be downloaded under https://www.research-hub.de/companies/Siemens%20Energy%20AG

Puma SE’s Q1 results were soft impacted by a challenging business environment in key markets but were ahead of market estimates. Q1 sales were 2% ahead of consensus but declined 1% yoy (flat yoy in constant currency) to EUR 2.08bn, as the strong growth momentum in the e-commerce channel was negated by weak wholesale demand in China and the US. Adj. EBIT plunged 52% yoy to EUR 76m but beat consensus by 7%. However, the EBIT margin narrowing 4.0ppt yoy to 3.6%, impacted by a contracting gross profit margin and rising operating costs. Despite the challenges, Puma reiterated its FY 2025 guidance but failed to address the looming doubts over tariffs impact on earnings. We would like to wait for strategic clarity from the newly appointed CEO, Arthur Hoeld, who is set to take over the role effective 1 July 2025. The near-term visibility remains low, and execution risks are elevated, and against this backdrop, shares are currently undervalued. Therefore, mwb research maintains our BUY rating at an unchanged PT of EUR 27.65. The full update can be downloaded www.research-hub.de/companies/research/Puma%20SE

Enapter has announced a planned capital increase of up to 2.07m new shares at EUR 2.90 each, raising up to EUR 6m. The funds would support working capital, operations, and the ramp-up of production volumes, increasing shares outstanding to 31.14m (an around 7% rise). However, with a strong order backlog and growing demand for multi-core systems, Enapter is well-positioned for future growth and could use the funds from the planned capital increase to support this. In the view of mwb research analysts this capital increase as positive, as it would improve liquidity and reduce the need for additional debt. However, it would lower their price target to EUR 6.20 to reflect fair value dilution. Nonetheless, this would still imply a 120% upside. For now, the analysts maintain their Spec. BUY rating and EUR 7.00 price target, as the capital increase has not yet been completed. The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG