Formycon presented at mwb research’s 4th German Select Conference, highlighting progress across its biosimilar pipeline. FYB202 launched in the U.S. and FYB201 is set for reentry in 2026. FYB203 awaits patent clearance, while FYB206—now Phase III-exempt— targets a 2025 licensing deal. Management reaffirmed 2025 guidance (EUR 55–65m revenue; negative EBITDA) and emphasized that recent impairments reflect conservative assumptions. Despite U.S. pricing pressures, Formycon’s EU momentum, regulatory wins, and early-stage pipeline suggest substantial upside. The analysts reiterate their EUR 50.00 PT and BUY rating, with FYB206 alone potentially justifying the current market cap and early pipeline offering a Call option-like benefits. A recording of the event is available at research-hub.de/videos. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

Nordex reported its Q1 2025 order intake, showing continued momentum following the record year 2024. The company saw a 5% increase in the Projects segment compared to Q1 2024, reflecting strong market performance. The average sales price per megawatt also rose slightly. Orders for wind turbines were placed across 10 countries, with the largest markets being Turkey, Germany, Finland, Latvia, and Brazil. Despite geopolitical uncertainties and potential delays in US wind development, Nordex’s order flow from remains robust. For FY25, the company expects moderate revenue and EBITDA margin growth. With strong Q1 order intake and higher sales prices, Nordex is on track to meet the upper end of its guidance. mwb research’s analysts maintain their BUY rating and EUR 20.00 target price. Nordex will release its Q1 results on April 25. Key focus will be progress on the company’s margin targets, with the EBITDA margin likely to exceed last year’s Q1 level. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.

ZEAL energized its equity story at the German Select Conference, outlining a clear growth roadmap within the EUR 9bn German lottery market. With a 43.8% market share (+2.4pp yoy) in the online segment, ZEAL aims to capitalize on the digitalization of a legacy industry, as management anticipates an increase in online penetration from the current 29% (+5pp yoy) to 50–70% over time. ZEAL’s growth is underpinned by a scalable, high-margin model and strategic investments in jackpot-independent products such as social lotteries and games, which are broadening the customer base and driving long-term retention. Despite a lull in Q1 jackpots, management reaffirmed both its 2025 guidance and mid-term growth targets. ZEAL highlighted its insulation from geopolitical risks, noting the business has demonstrated resilience through past crises, with demand in some cases proving counter-cyclical. With a recession-proof, cash-generative model and no material threat in sight, execution remains a key. mwb research’s analysts see ZEAL as a “safe harbor” equity play in a structurally growing market and thus maintain their BUY rating with PT of EUR 60.00. Please watch the full Roundtable here: https://research-hub.de/videos. The full update can be downloaded under https://www.research-hub.de/companies/ZEAL%20Network%20SE

Traton announced a 10% yoy drop in Q1 25 unit sales to 73,100 vehicles, along with a weak preliminary adjusted operating result, down 42% yoy from Q1 last year and 26% below consensus. All major brands, including Scania, MAN, and International Motors, saw significant declines in unit sales and operating results, with the exception of Volkswagen Truck & Bus, which showed solid growth. North America is also showing signs of cyclical weakness, with International Motors posting a 12% yoy and 29% qoq drop in unit sales. Additionally, the ongoing uncertainty surrounding US tariffs could adversely affect global investment and the cyclical truck market, leading to hesitation among customers, even if the issue eventually subsides. While the company continues to uphold its FY25 guidance, the risk of a guidance cut is increasing. Given these challenges, mwb research’s analysts have reduced their price target to EUR 23.00 (from EUR 29.00) and maintain their SELL rating. The full update can be downloaded under https://www.research-hub.de/companies/Traton%20SE

At mwb research’s German Select Conference, Elmos energized its equity story and strategic positioning amid a complex macro environment. Management addressed US tariff concerns, noting limited direct exposure of 2% and manageable indirect impacts - roughly 1.5-2% decline in global car sales - thanks to its diversified customer base. While inventory destocking continues to weigh on short-term sales, particularly on Q1’25 which is confirmed as the trough, signs point to normalization by mid-2025 and a sequential recovery starting in Q2. Elmos also acknowledged its valuation discount, attributing it to historical FCF inconsistencies, which they are actively addressing. With strong design win momentum and leadership in high-growth niches like ultrasonic sensing, long-term growth drivers remain firmly intact, supported by automotive megatrends. Despite ongoing uncertainty, the analysts view the recent pullback as an entry opportunity. Thus, mwb research refined their model and reiterate their BUY rating, albeit with a revised price target of EUR 90.00, reflecting substantial upside potential. You can directly rewatch the Roundtable under: https://research-hub.de/videos. The full update can be downloaded under https://research-hub.de/companies/Elmos%20Semiconductor%20SE

Ceconomy CFO Dr. Kai-Ulrich Deissner provided a strategic update during mwb research’s 4th German Select online conference, highlighting the company’s ongoing transformation into a platform-led business. The focus remains on scaling five high-margin, non-retail revenue streams—Marketplace, Retail Media, Services & Solutions, Private Label, and partner models—targeting 40% gross profit contribution by FY25/26. Despite elevated interest expense in FY23/24, driven by refinancing and Turkish market dynamics, financial health remains intact. Management reaffirmed its EUR 500m EBIT target for FY25/26. Watch the full discussion with Dr. Deissner here: https://researchhub.de/videos . mwb research’s analysts confirm their PT and rating (EUR 3.75, BUY). The full update can be downloaded under https://www.research-hub.de/companies/Ceconomy%20AG

Company Name: Multitude SE ISIN: CH1398992755   Reason for the research: Update Recommendation: BUY from: 09.04.2025 Target price: EUR 12.00 Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow Strong FY24: Delivered as promised and more to come; chg Last week, Multitude reported a particularly stron [ … ]

Drägerwerk (Dräger) participated in the well-attended mwb research conference German Select, where Head of Treasury & IR, Thomas Fischler provided further insight into FY24 performance and the company’s strategic trajectory. The discussion focused on profitability levers, divisional dynamics, and the path to long-term margin improvement. A replay of the session is available here: https://researchhub.de/events/video/2025-04-08-12-30/DRW3-GR. Looking ahead, Dräger anticipates moderate growth in FY25, with revenues expected to increase by 1%-5% and an EBIT margin of 3.5%-6.5%. The company remains focused on improving profitability, with a goal of reaching a 10% EBIT margin by 2030. mwb research’s analysts reiterate their BUY rating with an unchanged PT of EUR 72.00. The full update can be downloaded under https://www.research-hub.de/companies/Draegerwerk%20AG%20&%20Co.%20KGaA

Daimler Truck (DTG) announced Q1 25 unit sales of 99,812 vehicles, reflecting an 8% yoy decline and a 20% qoq drop. This follows a challenging FY24, with a 12% yoy decrease in total sales. Trucks North America, once a stabilizing force, saw a sharp 16% yoy decline in Q1 25, raising concerns about demand. Other segments also posted declines, with Trucks Asia down 13% yoy, but Mercedes-Benz (Europe) grew 5%. Despite these challenges, the growth in Europe signals a potential recovery, offering hope after a tough 2024. External pressures, including US tariffs and recession risks, continue to weigh on the outlook, potentially delaying Europe's recovery and further impacting sales and margin. As a result, the mwb analysts lower the PT to EUR 29.00 (from EUR 34.00) and reiterate their SELL rating, despite the 30% drop in the share price, as the analysts believe it reflects many risks from US tariffs, but not the significant unit sales decline and potential prolonged demand slowdowns. The full update is available at https://www.research-hub.de/companies/Daimler%20Truck%20Holding%20AG

mwb research’s analysts upgrade Infineon to BUY from HOLD following the recent pullback driven by the tariff saga, which undeniably poses indirect risks, particularly via exposed end-markets like automotive, and weighs on near-term sentiment. However, the analysts see this weakness as a compelling entry point into a structurally sound, long-term growth story. mwb research believes that Infineon remains better positioned than peers to weather this volatility, supported by its leading product portfolio and strong execution on strategic priorities, underpinned by a 13.5% global share in auto semis (TechInsights). The recently announced USD 2.5bn acquisition of Marvell’s Automotive Ethernet business not only strengthens Infineon’s U.S. footprint but also reinforces its No. 1 position in microcontrollers (now at 32% market share), while expanding its system offering for software-defined vehicles. With secular drivers like electrification, automation, and zonal E/E architectures intact, the analysts see long term value. The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG