Verbio SE announced better-than-expected Q2 24/25 results, with revenues down yoy but EBITDA exceeding forecasts. The Biodiesel segment showed stable sales and strong EBITDA growth, driven by favorable rapeseed oil margins. In contrast, the Bioethanol/Biomethane segment saw a revenue drop and a larger EBITDA loss, impacted by lower prices and changes in financial assets. Verbio revised its FY24/25 EBITDA guidance in January due to technical issues at its US facility and ongoing pressure from low GHG prices. The company now expects mid-double-digit EURm in EBITDA. Despite these hurdles, management remains optimistic about a 2025 recovery, driven by growing demand for CO2 savings and stricter regulations outside Europe. Verbio’s long-term outlook remains positive, with US expansion a key growth driver. mwb research’s analysts maintain their BUY rating with a PT of EUR 16.00. Register here to join the earnings call today at 14:00 (MEZ): https://research-hub.de/events/registration/2025-02-12-14-00/VBK-GR. The full update can be downloaded under https://www.research-hub.de/companies/Verbio%20SE

Company Name: Borussia Dortmund GmbH & Co KGaA ISIN: DE0005493092   Reason for the research: Update Recommendation: Buy from: 12.02.2025 Target price: EUR 5.50 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch H1 prelims broadly in line / Mixed start into Kovac era; chg. Topic: BVB released H1/ [ … ]

Company Name: urban-gro, Inc ISIN: US91704K2024   Reason for the research: Update Recommendation: Kaufen from: 11.02.2025 Target price: $4,70 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu urban-gro, Inc. (ISIN: US91704K2024) veröffentl [ … ]

Company Name: Sernova Biotherapeutics Inc ISIN: CA81732W1041   Reason for the research: Update Recommendation: Buy from: 11.02.2025 Target price: CAD1.90 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research has published a research update on Sernova Biotherapeutics Inc [ … ]

Ceconomy began FY24/25 with strong momentum, outperforming the market. While underlying growth was fueled by solid performances in brick-and-mortar and online channels, with Retail Media and Marketplace scaling rapidly, new Xpress and Smart stores and acquisitions in Germany and Switzerland expanded the company’s footprint. Operating profit improved through better cost control, with DACH leading and Italy showing recovery. Despite challenges in Poland, Ceconomy is addressing competitive pressures. Effective inventory management boosted free cash flow, supporting strong holiday sales. While the FY outlook has been confirmed, Ceconomy remains on a solid path. mwb research’s analysts raise their price target to EUR 3.75 (EUR 3.50) and maintain their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Ceconomy%20AG

Amadeus Fire reported prelim. results for Q4/FY24, showing resilience (FY revenues down only 1.2% yoy) in the face of challenging economic conditions. However, Q4 showed a more pronounced decline of 11% yoy, highlighting the ongoing (and deteriorating) negative sentiment among German businesses and political uncertainties. The operating gross profit margin declined by 80 bps to 54.2%, resulting in a 3% yoy decline in operating gross profit. Nevertheless, EBITA declined by c. 21% yoy to EUR 55.5m, slightly below the company's guidance of EUR 58m, as Amadeus has limited scope to adjust costs, and if so, only with a time lag. Looking ahead, the negative sentiment in Germany is likely to persist, potentially setting the company up for another weak financial year. However, bold investors should be able to capture some upside optionality, as the analysts of mwb research believe most of the weaknesses are already priced into Amadeus' share price. The analysts therefore reiterate their BUY rating with an unchanged PT of EUR 105.00. The full update can be found on https://www.research-hub.de/companies/Amadeus%20FiRe%20AG

Company Name: Scandinavian Astor Group AB ISIN: SE0019175274   Reason for the research: Initiation Recommendation: Buy from: 11.02.2025 Target price: SEK 17.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Target acquired and locked on. Initiating coverage with BUY With the world's highest PhD r [ … ]

Company Name: THE NAGA GROUP AG ISIN: DE000A161NR7   Reason for the research: Update Recommendation: Buy from: 11.02.2025 Target price: EUR 1.20 Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow Mixed FY24 prelims // Detailed guidance for FY25&26; chg. NAGA reported preliminary FY24 figures t [ … ]

Nemetschek’s Investor Relations manager, Patrick Horch, participated in mwb research’s well-attended ‘Focus on IT’ conference, providing insights into the company’s latest business developments. A recording of the presentation can be found here: mwb research | Digital ResearchHub | Equity Research. Nemetschek is capitalizing on the digital transformation of the construction and design software industry, leveraging AI integration and a diversified revenue base across key segments. Preliminary FY24 results show a 17% yoy revenue increase to EUR 996m, driven by strong organic growth and the GoCanvas acquisition, with recurring revenues now exceeding 86% due to the transition to SaaS. The successful integration of GoCanvas reduces the dependency on European markets and is expected to improve profitability in the medium term. Despite the price target increase to EUR 117.00 (old EUR 110.00), the HOLD rating is maintained due to limited near-term catalysts and a rich valuation. The full update can be downloaded under https://www.research-hub.de/companies/research/Nemetschek%20SE

Gerresheimer (GXI) has confirmed that it is in preliminary discussions with private equity investors. According to GXI, these investors have expressed an interest in exploring a possible public takeover offer on a non-binding basis. In mwb research’s view, this is a clear sign that the mostly US-based investors consider German SMEs to be undervalued. In mwb research’s believes, GXI is an attractive target that trades well below its peer group valuation (EV/EBIT '25 of 14x vs. 24x peer median). For a successful takeover, PE investors would have to offer a premium that the analysts believe should be at least 30% above the 3-months volume-weighted average price of EUR 74.38. With estimates unchanged, the analysts reiterate their BUY rating with a price target of EUR 96.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Gerresheimer%20AG