The European truck market recession in the second half of 2024 posed near-term challenges for suppliers such as MS Industrie, as weak economic growth, high interest rates, and geopolitical uncertainty reduced demand. MS Industrie faced headwinds, particularly in Europe, which accounts for 61% of its sales, but there are signs of a revival in demand. However, long-term contracts with major clients such as Daimler and Traton offer stability. The company's focus on its core business, MS XTEC, ensures high-quality products and long-term growth prospects. Streamlining operations and strong automation investments position the company for low future CAPEX, robust free cash flow, and a solid financial outlook. Political and economic factors, including a potential recovery in Germany, could support a market rebound, creating growth opportunities for MS Industrie in the long term. mwb research’s analysts reiterate their BUY rating with an unchanged PT of EUR 2.40. Join mwb research’s online roundtable with CEO Dr. Andreas Aufschnaiter on Tuesday, February 18. Click here to register: https://research-hub.de/events/registration/2025-02-18-13-30/MSAG-GR. The full update can be downloaded under https://research-hub.de/companies/ms-industrie-ag

Company Name: Flughafen Wien AG ISIN: AT00000VIE62   Reason for the research: Update Recommendation: Hold from: 14.02.2025 Target price: EUR 60.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Sustained passenger growth, but with less momentum into FY'25 Topic: Yesterday, FWAG released solid Ja [ … ]

Delivery Hero (DH) delivered a strong Q4 24 performance, reaching the upper end of its GMV and revenue targets. GMV grew 8% yoy in constant currency (EUR 12.8bn), while total segment revenue rose 23% to EUR 3.5bn, outperforming consensus estimates. Profitability saw significant improvement, with FY adjusted EBITDA nearly tripling to EUR 750m. Strong growth outside Asia, especially in MENA (revenue +32% yoy), Americas (+25% yoy), and Europe (+24% yoy), further supported this momentum. Looking ahead, DH expects further GMV and revenue growth in 2025, with Free Cash Flow exceeding EUR 200m. mwb research’s analysts reiterate their BUY rating with a revised price target of EUR 49.00 (old: EUR 45.00). The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE

Carl Zeiss Meditec’s (CZM) Q1 FY25 revenues beat consensus by c. 2%; however, adj. EBITA trailed by 13%. The top-line declined 7.3% yoy organically, due to persistently weak equipment demand, the tepid neurosurgery business, and product cycle-related headwinds, although contribution from the acquired DORC took the reported revenue line to EUR 490.5m, up 3.2% yoy. Adj. EBITA declined 28.0% yoy to EUR 33.1m, with the margin deteriorating 2.9ppt yoy to 6.7%, dragged by an unfavorable product mix and costs related to the DORC consolidation. Management expects macro uncertainties to persist and reiterated its guidance for revenues to grow moderately yoy, with EBITA and the EBITA margin expected to remain stable or slightly higher yoy in FY25. While CZM’s road to recovery appears an uphill one, mwb research’s analysts still view the company as a strategic investment opportunity. Its healthy new model/refresh pipeline, superior market position, and increasing share of recurring revenues should provide its business with resilience. The analysts retain their BUY rating on CZM at an unchanged PT of EUR 65.00. The full update can be downloaded under https://www.research-hub.de/companies/Carl%20Zeiss%20Meditec%20AG

TeamViewer (TMV) closed FY24 with an impressive set of numbers. Revenues of EUR 671m (+9% c.c. yoy) for the full-year exceeded slightly the upper end of its guidance (EUR 662m-668m), reflecting strong momentum in large Enterprise and Frontline deals in Q4, and the adjusted (adj.) EBITDA margin reached its guided 44% (+3ppt yoy), reflecting operational efficiency and scaled down Manchester United (MU) partnership. Following the closure of 1E acquisition on 31 January, management has guided for FY 25 proforma revenues to reach EUR 778m-797m (+5.1% to +7.7% yoy on like-for-like) basis: of which 1E: EUR 81m-85m) and adj. EBITDA margin of c.43% (flat yoy). The FY 26-FY28 targets signal to a more positive revenue trajectory, and the adj. EBITDA margin gradually reverting to 44%-45%. mwb research’s analysts include the FY24 figures, introduce their FY27 estimates and the updated mid-term targets. The analysts reiterate their BUY rating with a slightly higher PT of EUR 15.50 (old EUR 14.80). The full update can be downloaded under https://www.research-hub.de/companies/research/TeamViewer%20AG

Siemens Energy (SE) announced strong Q1 25 results that were in line with its preliminary release. The company reported a robust 17% yoy increase in revenues, driven by Grid Technologies (GT), Siemens Gamesa, and Transformation of Industry (TI). Profit excluding special items (ex-SI) more than doubled yoy, with margin improvements across all segments and narrowing losses at Simens Gamesa. The book-to-bill ratio of 1.53x was highly impressive. Also, robust free cash flow (pre-tax) generation of over EUR 1.5bn during the quarter was encouraging. Following a solid start to the year, management reiterated its guidance for FY 25 and confirmed its medium-term targets. That said, the share price has recently been highly volatile, mainly due to developments in the AI infrastructure and news surrounding it. mwb research’s analysts believe the high expectations are already priced in. mwb research’s analysts slightly adjust their estimate and increase their price target to EUR 50.00 (old: EUR 45.00) but downgrade their rating to SELL from HOLD. The full update can be downloaded under https://www.research-hub.de/companies/Siemens%20Energy%20AG

tk nucera delivered strong Q1 24/25 results (FY ending September 30), with revenue growing by 27%, driven by solid performance in both the Green Hydrogen (AWE) and Chlor-Alkali (CA) segments. EBIT surpassed consensus expectations but was in line with mwb research’s forecasts, reflecting efficient project execution. While order intake declined yoy due to weaker green hydrogen demand, it was slightly above consensus expectations. Management reaffirmed its full-year 24/25 guidance, anticipating growth from the existing order backlog. With a strong pipeline of projects in Oman, the US, and Spain, the company is well-positioned for long-term expansion. Additionally, its solid cash position and continued investments in R&D provide a strong foundation to capitalize on the expected market rebound and future growth in green hydrogen. mwb research’s analysts remain confident in its long-term prospects and reiterate their BUY rating with an unchanged PT of EUR 14.50, based on conservative estimates. The full update can be downloaded under https://www.researchhub.de/companies/thyssenkrupp%20nucera%20AG%20&%20Co%20KGaA

Cancom released its preliminary FY24 numbers, with revenues and EBITDA coming near the higher-end and at the lower-end of the guidance range, respectively. The top line grew 14% yoy to EUR 1.74bn during the year (Q4: +5% yoy at EUR 484m), registering a slight 1% beat vs consensus. However, EBITDA declined 2% yoy to EUR 113m and fell 5% short of market expectations, which translates to an 18% miss on Q4’s EUR 27m EBITDA (-32% yoy). For FY24, the EBITDA margin deteriorated by 1.1ppt yoy to 6.5% (Q4: -3ppt yoy to 5.5%), indicating to persistent inflationary pressure and high operating overheads. Macro and political uncertainties in key markets are likely to keep results under pressure in the near term and mwb research’s analysts expect a cautious outlook for FY25. That said, the analysts believe, Cancom’s strong position - being the #5 in the DACH region, good M&A track record, strategic investments in high-growth IT sectors such as cloud computing, cybersecurity, and AI and an improving revenue mix should support its long-term growth story. mwb research’s analysts are just fine-tuning their model assumptions with only marginal impact. Hence, the analysts reiterate their BUY rating with a slightly higher PT of EUR 29.50 (old EUR 28.50). The full update can be downloaded under https://www.research-hub.de/companies/Cancom%20SE

At mwb research’s “Focus on IT” conference, CFO Marlene Carl presented CHAPTERS Group’s sharpened focus on mission-critical digital solutions, with digital revenues growing from 41% in 2022 to 86% per 2024, targeting 100% by 2027. Carl highlighted the “Manuscript Method”, a decentralized management strategy that empowers platform heads while maintaining alignment across the group. This approach, paired with a disciplined M&A strategy, positions CHAPTERS for sustained growth. In line with this, the announced acquisition of PSI Transcom expands CHAPTERS’ footprint in mobility solutions. With a revised price target of EUR 34.00 (old: EUR 28.00), the analysts maintain their BUY recommendation, recognizing the company’s strong growth trajectory. You can access a recording here: https://research-hub.de/events/video/2025-02-04-15-30/CHG-GR. The full update can be downloaded under https://www.research-hub.de/companies/CHAPTERS%20Group%20AG

Bayer received EU marketing authorization for Beyonttra (acoramidis) to treat transthyretin amyloidosis with cardiomyopathy (ATTR-CM), following positive Phase III results showing reduced mortality and hospitalizations. This oral drug stabilizes transthyretin and slows disease progression, complementing its U.S. FDA approval in November 2024. Bayer holds exclusive marketing rights for Beyonttra in Europe, with a launch expected in early 2025. The approval strengthens Bayer’s pharma portfolio amid revenue pressures, positioning it to compete with Pfizer’s Vyndaqel and capture share in the growing ATTR-CM market, projected to reach EUR 5bn by 2030 in EU alone. Despite financial challenges, Bayer’s successful R&D execution with Beyonttra underscores its strategic focus on high-margin specialty and rare diseases, positioning the company for a strong return to growth in its pharmaceutical segment by 2027. mwb research’s analysts maintain their BUY with an unchanged PT of EUR 31.00. The full update can be downloaded under https://www.research-hub.de/companies/Bayer%20AG