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

Company Name: UmweltBank AG ISIN: DE0005570808   Reason for the research: Research Comment Recommendation: Buy Target price: 10.40 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Cosmin Filker, Marcel Goldmann You can download the research here: http://www.more-ir.de/d/32192.pdf Contact for questions: GBC [ … ]

Cicor’s announced acquisition of MADES marks another step in expanding exposure to Aerospace & Defense (A&D), aligning with strategic goals of growing in stable, missioncritical markets. With ~EUR 29m in revenue and margins above group average, MADES adds scale and earnings potential while posing low integration risk. This transaction fills a geographic gap by entering Spain and reinforces Cicor’s pan-European ambitions. Cicor’s limited U.S. exposure (4% of revenue) tempers direct tariff risk, though its Industrial and Healthcare footprint still requires monitoring amid global trade tensions. Management views the company as “not immune but hedged,” also thanks to nearshoring efforts. Overall, mwb research’s analysts consider the planned MADES acquisition a well-aligned, accretive move that supports long-term value creation. mwb research reiterates their BUY rating and CHF 100.00 target price. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

Company Name: Borussia Dortmund GmbH & Co KGaA ISIN: DE0005493092   Reason for the research: Update Recommendation: BUY from: 07.04.2025 Target price: EUR 5.20 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Prize money distribution for CWC released; chg. It was about time, but 10 weeks bef [ … ]

Company Name: Energiekontor AG ISIN: DE0005313506   Reason for the research: Update Recommendation: Buy from: 04.04.2025 Target price: 103,00 Euro Target price on sight of: 12 Monate Last rating change: 18.10.2022: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein [ … ]

Puma SE has announced a major leadership change: CEO Arne Freundt will step down on April 11, 2025, following strategic disagreements with the Supervisory Board. He will be succeeded by Arthur Hoeld, a seasoned Adidas executive, effective July 1. The move follows a period of persistent underperformance, margin stagnation, and loss of investor confidence. Puma’s near-term outlook is clouded by both internal transition and external risks, including newly announced U.S. import tariffs. While short-term uncertainty is high, Hoeld’s appointment brings potential for strategic reset. mwb research’s analysts adjust their equity beta upward to reflect higher company-specific risk, leading to a revised price target of EUR 27.65 (from EUR 35.00). Nevertheless, the analysts maintain their BUY rating, anticipating rerating potential as clarity improves. The full update can be downloaded www.research-hub.de/companies/research/Puma%20SE

In a well-attended roundtable, Viromed Medical CEO Uwe Perbandt discussed the company's newly announced distribution agreement with UMECO, highlighting its strong potential especially in aesthetic applications of cold atmospheric plasma (CAP) technology. UMECO’s expertise in cosmetic device distribution suggests an initial focus on Viromed’s ViroCAP device, which can for example treat acne and rosacea, while also enhancing skin absorption of creams. With lower regulatory hurdles for aesthetic use and MDR Class 1 compliance in the EU, ViroCAP is well-positioned for rapid adoption, especially in Asia's large beauty market. The agreement includes a USD 5 million license fee (expected in 2025) and purchase commitments totaling EUR 152.5 million from 2026 to 2028. The recurring revenue from consumables and ongoing deal momentum supports a positive outlook. mwb research’s analysts reaffirm their BUY rating with price target EUR 12.50. The full update can be downloaded under https://www.research-hub.de/companies/Viromed%20Medical%20AG

Company Name: LION E-Mobility AG ISIN: CH0560888270   Reason for the research: Update Recommendation: BUY from: 04.04.2025 Target price: EUR 3.20 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Weak Q4 prelims, op. trough should have passed; chg.FY24 preliminary sales came in at a mere €  [ … ]

Redcare Pharmacy kicked off FY25 with a solid first quarter, reporting group sales of EUR 717m, up 28% yoy and in line with consensus. Importantly, EBITDA margin turned positive, supported by improved marketing efficiency. Rx sales were the clear highlight, particularly in Germany where revenues rose 191% yoy to EUR 108m, driven by accelerating e-prescription adoption. Group-wide Rx sales grew 49.5%, with continued strength in non-Rx (+19.7%). The DACH region contributed EUR 582m, while International sales rose 26.3%. Management reiterated FY25 guidance, including over 25% sales growth and EBITDA margins between 2% and 2.5%. Following recent share price weakness, mwb research’s analysts upgrade from HOLD to BUY, maintaining their EUR 144.00 PT. The full update can be downloaded under https://www.research-hub.de/companies/Redcare%20Pharmacy%20N.V.

The Payments Group Holding (PGH) has agreed to improved terms for acquiring The Payments Group (TPG), featuring a variable purchase price based on PGH's share valuation. In addition, the purchase option now extends to January 31, 2027, with an expected improved valuation ratio favoring PGH shareholders. The deadlines for conditions have also been extended to March 2026 until which PGH intends to raise EUR 10m from private equity investors. Separately, PGH sold its stake in a Heritage VC portfolio company, generating approximately EUR 1.9m in cash but incurring a book value loss of EUR 1.7m. The new terms and extended deadlines increase the likelihood of acquisition success. However, selling below book value and ongoing legal issues currently weigh on PGH's stock. mwb research’s analysts value PGH using a conservatively calculated NAV, which is why the analysts reiterate their BUY rating with an unchanged PT of EUR 1.50. The full update can be downloaded under https://www.research-hub.de/companies/The%20Payments%20Group%20Holding