Company Name: Warimpex Finanz- und Beteiligungs AG ISIN: AT0000827209   Reason for the research: Update Recommendation: BUY Target price: EUR 1.12 Target price on sight of: 12-months Last rating change: Analyst: Adrian Kowollik After reporting disappointing full-year 2024 results compared to our estimates from early April, Warim [ … ]

Company Name: Daldrup & Söhne AG ISIN: DE0007830572   Reason for the research: Update Recommendation: Buy from: 06.06.2025 Target price: 18.00 Last rating change: Analyst: Ralf Marinoni FY 2024: EBIT more than doubledDaldrup & Söhne closed 2024 extremely successfully: the company managed to increase EBIT from EU [ … ]

At the mwb New Food Conference, GEA’s Deputy Head of IR, Rebecca Weigl, highlighted the company’s strategic growth in its New Food vertical, despite near-term macro headwinds. GEA aims to exceed EUR 400m in annual order intake in Food by 2030, driven by its full-line technology leadership in fermentation, cultivation, and plant-based processing. Under its “Mission 30” plan, GEA targets >5% organic sales CAGR, 17–19% EBITDA margin, and >45% ROCE, supported by cost efficiencies and strong service revenue growth. With improving free cash flow and a >60% cash conversion rate expected by 2030, GEA is also returning capital through a EUR 400m buyback and 50% dividend payout. While the outlook is strong and the roadmap credible, much of this is already priced in—leading to a HOLD rating with an updated fair value of EUR 61.00. The full update can be downloaded under https://www.research-hub.de/companies/GEA%20Group%20AG

Company Name: Multitude SE ISIN: CH1398992755   Reason for the research: Update Recommendation: BUY from: 06.06.2025 Target price: EUR 12.00 Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow Guidance hike after impressive Q1 profitability; chg Multitude recently reported Q1´25 figures with n [ … ]

Company Name: Marley Spoon Group SE ISIN: LU2380748603   Reason for the research: Update Recommendation: BUY from: 06.06.2025 Target price: EUR 2.70 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Q1 shows further margin and cash flow improvements While Q1 sales decreased by 7.4% yoy to € [ … ]

Cicor has closed its strategic partnership with Mercury Mission Systems, including the acquisition of a Geneva-based electronics facility. Mercury’s five-year supply commitment enhances revenue visibility and utilization across Cicor’s European footprint. Beyond immediate volume, both parties aim to deepen collaboration, which mwb research expects to drive incremental organic growth from 2027 onward. The deal adds momentum to Cicor’s path toward CHF 1bn in 2028 sales. While mwb research views the company positively, recent share gains limit upside to the analyst’s new CHF 135 price target, up from CHF 120. Mwb research maintains a HOLD rating. For further insight, watch Cicor’s recent strategy presentation at mwb’s A&D conference: https://research-hub.de/events/video/2025-05-20-11-30/CICN-SW The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

INDUS Holding AG has acquired METFAB Engineering, Inc., a U.S.-based specialist in precision metal fabrication with ~EUR 7m in annual sales. The company will be integrated into INDUS subsidiary M. BRAUN, strengthening local manufacturing capabilities and supporting growth in North America. Strategically aligned with INDUS' “EMPOWERING MITTELSTAND” strategy, the deal secures supply chain resilience and unlocks cross-selling opportunities. Estimated at EUR 4–6m, the acquisition is likely margin-accretive and funded from INDUS’ strong cash position. Following the recent acquisition of Sunbelt, this marks INDUS’ fourth M&A deal in 2025, with further activity expected. mwb research’s analysts reiterate their BUY rating and maintain their EUR 33.00 price target, offering ~50% upside. The full update can be downloaded under https://www.research-hub.de/companies/INDUS%20Holding%20AG

At the Capital Markets Day, Stabilus reaffirmed its medium-term targets: aiming for a revenue of up to EUR 2bn and an adjusted EBIT margin of 15% by 2030. Key growth drivers include innovation in comfort, security, and automation across automotive and industrial sectors. Regional projections show balanced growth across EMEA, the Americas, and APAC. Despite short-term challenges, Stabilus remains confident to reach the targets and also plans to reduce its net leverage significantly by 2030. While the revenue goal may be ambitious organically, historical M&A trends support its feasibility. Having said, the margin target appears realistic in the view of mwb research’s analysts. Overall, current valuation remains attractive, as their DCF analysis continues to yield a value of EUR 42.00, which is why the analysts are maintaining their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Stabilus%20SE

Company Name: Ernst Russ AG ISIN: DE000A161077   Reason for the research: Update Recommendation: Buy from: 05.06.2025 Target price: 10.00 Last rating change: Analyst: Klaus Soer Solid performance in volatile shipping markets - High value of shipping fleet Ernst Russ AG reported solid results for Q1/25. The company’s revenue [ … ]

Wolftank Group has secured over EUR 50m in new and renewed contracts in its core Environmental Services segment, strengthening its position in Italy. Key wins include a EUR 20m+ soil remediation contract via subsidiary Petroltecnica and the renewal of two framework agreements with Italiana Petroli worth EUR 30m over three years. Additional contracts with Tamoil and e-Distribuzione further support the Group’s recurring revenue base. This strong order intake enhances multi-year visibility and underscores Wolftank’s ability to secure technically complex projects while maintaining long-term client relationships. The newly announced and renewed contracts contribute more than EUR 20m in revenues per year, fully aligned with mwb research’s analysts existing estimates and optimistic view on Wolftank. The analysts maintain their BUY rating and price target of EUR 15.00, implying an upside potential of over 100%, reflecting the Group’s strong strategic positioning, recurring revenue base, and attractive exposure to long-term environmental infrastructure trends. The full update can be downloaded under https://www.research-hub.de/companies/Wolftank-Adisa%20Holding%20AG