At a recent virtual roundtable hosted by mwb research, Schloss Wachenheim AG’s CFO Boris Schlimbach shared insights into the group’s current business performance and strategic roadmap. As one of Europe’s leading sparkling wine producers, the company maintains a strong presence across Germany, France, and CEE, with a diversified portfolio and a growing focus on non-alcoholic alternatives. The lively Q&A session highlighted solid momentum in this segment, supported by new production capacity and flavour innovation. Distribution remains B2B-focused, and international exposure is well-managed. The roundtable reaffirmed mwb research’s analysts view of the company’s disciplined, forward-looking approach, combining complexity and coherence. The analysts continue to see value in the name and reiterate their BUY rating with a EUR 22.00 price target. Find the recording here: https://research-hub.de/events/video/2025-03-27-14- 30/SWA-GR. The full update can be downloaded under https://www.research-hub.de/companies/Schloss%20Wachenheim%20AG

Siltronic’s Q1’25 report is likely to reflect ongoing headwinds, with sales expected to decline to around EUR 330m (-4% yoy) and a resilient ~25% EBITDA margin (-1.4pp yoy), as persistent customer destocking continues to weigh on volumes. While near-term sentiment remains fragile and the outlook lacks a clear catalyst, potentially justifying the discount, mwb research’s analysts see early signs of stabilization, with FY25 likely marking the trough and 2026 potentially resuming yoy growth, albeit from a lower base. Trading at 0.7x P/B, below historical downturn levels, valuation appears compelling. With exposure to long term structural growth drivers and LTAs intact providing short-term visibility and stability, the analysts maintain their BUY rating and a PT of EUR 65.00, pricing in and leaning toward a cautiously optimistic mid-term recovery in the stock, fueled by gradually easing inventory pressure and reacceleration in demand especially in 2026. Still, sentiment remains fragile and uncertainty prevails in the near term. The full update can be downloaded under https://research-hub.de/companies/Siltronic%20AG

mwb research’s analysts initiate coverage of Ernst Russ AG (ER) with a BUY recommendation and a PT of EUR 10.00 offering an upside potential of 75.4%. ER, founded in 1893, is an international shipowner operating at the intersection of asset management, shipping operations, and financial services. The company currently manages a fleet of 26 vessels valued at c. USD 460m. ER's resilience in the competitive shipping industry is underpinned by financial strength, operational efficiency, and a long-term charter strategy. Despite short-term headwinds, ER is well-positioned for future growth, expecting healthy over the cycle ROCE of ~25% and over the cycle (10 yrs.) FCF generation of > EUR 40m p.a. The company's hidden reserves, indicated by a 50% disparity between market and book value of assets, further suggests significant untapped value, particularly as ER is now entering a phase of active portfolio management. The previous full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

Cancom confirmed its preliminary FY24 results, reporting 14% revenue growth to EUR 1,74bn and EBITDA of EUR 113m, slightly below prior year. A strong performance in the International segment compensated for weak business in Germany, Cancom's core market, which was flat. The outlook for FY25 is cautious: management expects a weak first half of FY25 with potential declines in revenues and earnings, with recovery expected only in H2. The German government's stimulus package is not expected to support IT spending in FY25 and is only expected to have an impact from H2 FY26. mwb research’s analysts lower their FY25 estimates, introduce FY27 estimates and maintain their BUY rating with a lowered PT of EUR 27.20 (old EUR 29.00). The full update can be downloaded under https://www.research-hub.de/companies/Cancom%20SE

Aixtron has announced that it will supply its G10-AsP system to Nokia for the production of 6-inch indium phosphide (InP) wafers used in photonic integrated circuits (PICs). This is a strategic move as Nokia expands its InP-based PIC capabilities following its acquisition of Infinera in 2024. While current industry production is focused on 2-inch and 4-inch wafers, the move to 6-inch signals a push towards scalability. The PIC market, valued at USD 6.4bn in 2025, is forecast to grow to USD 54.5bn by 2035, driven by demand in AI data centres, telecoms, sensors and quantum computing. Although silicon currently dominates, InP is expected to gain significant share, providing a major growth opportunity for Aixtron. mwb research’s analysts reiterate their BUY rating with a price target of EUR 19.50. For more first-hand information from the company, mwb research invites you to register for the roundtable on 8 April with VP IR Christian Ludwig: https://research-hub.de/events/registration/2025-04-08-12-00/AIXA-GR. The full update can be downloaded under https://www.research-hub.de/companies/AIXTRON%20SE

Company Name: q.beyond AG ISIN: DE0005137004   Reason for the research: Update Recommendation: BUY from: 01.04.2025 Target price: EUR 1.30 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Final FY in line with prelims / Strong FCF highlights release; chg.FY24 sales came in at € 193m, up 1.7 [ … ]

Company Name: Samara Asset Group plc ISIN: MT0001770107   Reason for the research: Research report (Anno) Recommendation: Buy Target price: 3.17 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Matthias Greiffenberger, Marcel Goldmann Samara’s investment strategy is structured around three core pillar [ … ]

Company Name: Aroundtown SA ISIN: LU1673108939   Reason for the research: Jahresbericht 2024 Recommendation: Kaufen from: 31.03.2025 Target price: €4 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Aroundtown SA (ISIN: LU1673108939) ver& [ … ]

Drägerwerk (Dräger) has announced its final figures for FY24, reporting strong results in line with expectations. Order intake increased by 3.4% yoy at constant currency to EUR 3.38bn, slightly surpassing the previous year's figure. Revenues remained largely stable at EUR 3.37bn, showing a nominal decline of 0.1%, but a 0.5% increase in constant currency. EBIT rose by 16.6% yoy to EUR 194m, partly supported by nonrecurring net effects. Excluding these, EBIT grew by 3.4% yoy to EUR 172m, with a margin of 5.1%. The Safety division performed well, with a 6.4% rise in order intake, while the Medical division showed a modest recovery despite challenges in China. 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 a PT of EUR 72.00 (up from EUR 69.00). For more insights from the company, join our roundtable on April 8th with Head of Treasury & IR, Thomas Fischler: https://research-hub.de/events/registration/2025-04-08-12-30/DRW3-GR. The full update can be downloaded under https://www.research-hub.de/companies/Draegerwerk%20AG%20&%20Co.%20KGaA

secunet’s full-year results came in broadly as expected, with modest top-line growth (+3%) and a flat EBIT margin of 10.5%, impacted by R&D and a one-off inventory adjustment. While the Public Sector continued to drive performance, the Business Sector remained weak. The 2025 outlook signals another transition year, with only modest revenue growth forecast and no margin improvement expected. Despite investor optimism following government spending plans, this has not yet translated into upgraded guidance. Ongoing investments in cloud, cryptography, and service-based models continue to weigh on near-term profitability. mwb research lower their PT to EUR 175.00 (old: EUR 185.00) and downgrade from BUY to HOLD. The full update can be downloaded under https://www.research-hub.de/companies/secunet%20Security%20Networks%20AG