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

Company Name: Pharming Group NV ISIN: NL0010391025   Reason for the research: Q4/24 results/pipeline expansion Recommendation: Buy from: 03.04.2025 Target price: €2.30 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes, CFA First Berlin Equity Research has published a research update on Pharmin [ … ]

Nagarro SE has announced the takeover of the operations of Notion Edge France, an SAP consultancy with deep expertise in SAP Customer Experience (CX), BTP, and FSM. The move strengthens Nagarro’s SAP CX portfolio and expands its footprint in Europe and Francophone Africa. While the short-term financial impact is expected to be modest, the deal enhances Nagarro’s ability to deliver integrated digital transformation services and opens additional cross-selling opportunities. The transaction aligns with Nagarro’s 2025 outlook, which includes revenues between EUR 1,020–1,080m and an adjusted EBITDA margin of 14.5–15.5%. Additionally, recent upward revisions to Gartner’s global IT spending forecasts provide a favorable demand backdrop. mwb research’s analysts reiterate their BUY rating and maintain their price target of EUR 102.00. The full update can be downloaded under https://www.research-hub.de/companies/Nagarro%20SE

Staige One AG reported prelim. FY24 revenue of EUR 2.1m, slightly exceeding FY23's EUR 2.0m but falling short of expectations due to delayed client orders. The phasing out of EUR 0.6m in Sale & Lease Back revenues impacted year-over-year comparability. EBITDA improved significantly to EUR -3.4m (from EUR -5.5m in FY23) but missed internal targets by EUR 1m, reflecting operational inefficiencies and slower order conversion. For FY25, Staige projects over 90% revenue growth to ~EUR 4.3m, driven by international contracts and R&D in advanced camera systems, with EBITDA improving by up to EUR 2m yoy. A planned capital increase will inject up to EUR 2.18m, supporting growth initiatives while diluting shares by 16.7%. mwb research’s analysts maintain their speculative BUY recommendation with an unchanged PT of EUR 3.70. The full update can be found under https://www.research-hub.de/companies/Staige%20One%20AG

AUTO1 reported a strong set of results for 2024, marking its first full-year net profit since listing. Revenue grew 15% yoy to EUR 6.27bn, and gross profit rose 37% to EUR 724.7m. Both Merchant and Retail segments delivered double-digit volume growth, with notable margin expansion in Retail, where GPU increased by 26% to EUR 2,163. For 2025, the company guides for further growth, expecting total unit sales between 735k and 795k and adjusted EBITDA of EUR 135m to EUR 165m. Stabilizing used car prices support GPU visibility and margin confidence. mwb research’s analysts maintain their BUY rating and raise their price target to EUR 27.00 (previously EUR 25.00), reflecting the stronger profitability base and continued top-line momentum. The full update can be downloaded under https://www.research-hub.de/companies/AUTO1%20GROUP%20SE

Multitude released robust preliminary results FY24, underscore its strategic resilience and operational momentum, driven by higher loan volumes and debt investments, particularly in Wholesale Banking. Net interest income came in at EUR 220.2m, slightly below mwb research’s estimate of EUR 224.9m, nevertheless, EBIT of EUR 67.6m was better than mwb research’s forecast of EUR 66.1m, supported by strong underwriting, cost control and lower credit losses. Based on Multitude’s achieved growth and partnerships, management has confirmed its net profit guidance of EUR 23m for 2025 and EUR 30m for 2026. Given the positive earnings surprise and continued strategic progress, the analysts reiterate their BUY rating on Multitude with a price target of EUR 12.30. The full update can be downloaded under https://www.research-hub.de/companies/investment-case/Multitude%20SE

Dr. Hendrik Finger, Head of IR at tk nucera, presented at the SdK Investor Forum, focusing on the AWE (green hydrogen) growth segment and the stability of the CA segment. He outlined opportunities for tk nucera, particularly if the hydrogen market rebounds. The company has 25 GW in letters of intent, and even if only 30% materialize, it would result in an order intake of EUR 4.5bn (mwb est.). Despite the weak hydrogen market, tk nucera remains in a strong position, supported by a EUR 700m cash reserve that allows flexibility for R&D and potential expansions. The existing 2 GW annual production capacity already allows the company to handle large-scale orders, setting it apart from the competition. While order flow remains delayed, tk nucera is well positioned for both future growth and enduring market weakness. mwb research’s analysts maintain their BUY rating with a EUR 14.50 price target, offering a 67% upside potential. The full update can be downloaded under https://www.researchhub.de/companies/thyssenkrupp%20nucera%20AG%20&%20Co%20KGaA

Pyramid AG’s performance in early 2025 suggests that it has successfully navigated through a challenging period marked by declining revenues. The combination of topline growth, margin expansion, and strategic innovation in FY25 positions the company well for sustained improvement in its financial performance. With clear upside potential, Pyramid remains an attractive investment opportunity for equity investors seeking exposure to the technology hardware sector. At a one year forward P/E below 9x, downside risk looks limited in mwb research’s view. Consequently, the analysts reaffirm their BUY rating with an unchanged PT of EUR 1.50 per share. The full update can be downloaded under https://www.research-hub.de/companies/research/Pyramid%20AG

coinIX has published its annual financial statements for 2024, which confirm the positive preliminary figures. The pre-tax result increased by c. 270% compared to the previous year, and the hidden reserves as a measure of success in portfolio management grew to EUR 9.5m. However, the net asset value of coinIX has fallen by over 50% since the beginning of the year, mainly due to the weakness of Ethereum (ETH), which has a high weight in coinIX's portfolio. The ETH weakness results from several factors, including the largest crypto hack of all time at Bybit with 400,000 ETH stolen, doubts about Trump's planned crypto reserve, outflows from ETH ETFs and competition from faster blockchains such as Solana. Technical selling constraints such as margin calls further exacerbated the price slump. However, the Pectra upgrade expected for the end of April, which is intended to improve Ethereum technically and strengthen its competitiveness, offers hope. As the current price of coinIX is already below the value of the liquid crypto assets and does not reflect the valuable equity holdings, the price level offers an attractive entry opportunity in the view of mwb research’s analysts. mwb research reiterates the BUY recommendation with a price target of EUR 2.50 (previously EUR 4.60). The full update can be downloaded under research-hub.de/companies/coinIX%20GmbH%20&%20Co%20KGaA

Company Name: Rakovina Therapeutics Inc. ISIN: CA75103L1013   Reason for the research: Initiation of coverage Recommendation: Buy from: 02.04.2025 Target price: 0,40 CAD Target price on sight of: 12 Months Last rating change: - Analyst: Alexander RIhane First Berlin Equity Research hat am 02.04.2025 die Coverage von Rakovina The [ … ]