Traton SE announced modest unit sales growth in Q4 24, driven by strong demand in the Americas, particularly at International Motors (North America). Volkswagen Trucks & Bus also performed well, supported by growth in South America. However, the European operations faced challenges, in particular with a decline in the MAN division and a more moderate decline in unit sales at Scania, reflecting the ongoing economic difficulties. Overall, unit sales in FY24 were down slightly, with key regions such as Europe underperforming. Looking ahead to FY25, Traton continues to face risks from economic slowdowns, geopolitical factors and potential price pressure. As a result, mwb research’s updates lower their estimates, reduce their PT to EUR 29.00 (from EUR 34.00) and downgrade their rating from BUY to HOLD, reflecting the increased economic and political risks. The full update can be downloaded under https://www.research-hub.de/companies/Traton%20SE

Company Name: dynaCERT Inc. ISIN: CA26780A1084   Reason for the research: Management Interview Recommendation: Management Interview Last rating change: Analyst: Matthias Greiffenberger, Marcel Goldmann Bernd Krüper: First, I would like to emphasize based on my more than 30 years of professional experience in the automotive s [ … ]

Vulcan Energy Resources has successfully produced battery-grade Lithium Hydroxide Monohydrate (LHM) at its Central Lithium Electrolysis Optimisation Plant (CLEOP) in Frankfurt. This demonstrates the viability of Vulcan’s fully integrated LHM production. The LHM will undergo pre-commercial qualification with major offtakers, including Stellantis, Renault, LG, and Umicore, paving the way for large-scale commercial production in Phase One. Meanwhile, Vulcan has secured substantial financial commitments and is awaiting the signing of definitive financing agreements and subsequent draw-down. mwb research’s analysts confirm their PT of EUR 12.50 and maintain their BUY rating. The previous update can be downloaded under https://www.research-hub.de/companies/research/Vulcan%20Energy%20Resources

Verbio SE's share price took a significant hit yesterday, dropping by 16.5%, following a 40% decline in 2024. This is due to the challenges of a tough FY23/24, marked by market disruptions including dumped biodiesel from China, and a challenging start to FY24/25. Despite no additional factors, concerns remain, such as the decline in emission certificate prices. However, there are signs of potential improvement rather than deterioration. Looking ahead to 2025, regulatory changes in Germany and anti-dumping duties on Chinese biodiesel offer hope of higher greenhouse gas (GHG) quota prices and reduced market pressure. Verbio's international expansion, particularly in the US, further supports its growth prospects. With a strong market position, Verbio remains a solid long-term investment, although mwb research’s analysts have lowered their near-term estimates. The analysts reiterate their BUY rating with a revised PT of EUR 22.00 (from EUR 24.00). The full update can be downloaded under https://www.research-hub.de/companies/Verbio%20SE

Staige One announced yesterday that RTL Télé Lëtzebuerg has extended its live broadcast contract for Staige's AI-based camera technology for three more years. RTL will continue using Staige's cameras to broadcast Luxembourg's top basketball, handball, volleyball, and football leagues. This extension builds on a five-year partnership, with RTL currently using 65 Staige cameras. The renewal, along with a recent development contract from ClipMyHorse.TV, demonstrates confidence in Staige's technology. While the financial impact is likely to be limited (mwb est.), this contract extension marks a strong start to Staige's 2025 fiscal year. It potentially signals a turnaround after setbacks in 2024, paving the way for growth and reduced operating losses. Spec. BUY with unchanged PT of EUR 3.70. The full update can be found under https://www.research-hub.de/companies/Staige%20One%20AG

Company Name: Netfonds AG ISIN: DE000A1MME74   Reason for the research: Update Recommendation: Buy from: 14.01.2025 Target price: EUR 78.00 Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow Kickstart into FY25 with new record AuA and AuM; chg Topic: Netfonds kicked off the year with strong positi [ … ]

Company Name: Rubean AG ISIN: DE0005120802   Reason for the research: Update Recommendation: Buy from: 14.01.2025 Target price: EUR 7.00 Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow FY24 figures below estimates // Dynamic growth to continue; chg Topic: Rubean published preliminary FY24 figur [ … ]

Wacker’s stock is plummeting as investors react to mounting concerns over the polysilicon market, which is facing headwinds from oversupply fears and pricing pressure driven by Chinese competition and U.S tariffs. In response, Wacker is strategically shifting focus toward high-margin semiconductor-grade polysilicon and reducing exposure to low-priced solar markets, particularly in China, while capitalizing on high-value regional markets. This strategy includes production adjustments and investments to enhance flexibility between solar and semiconductor polysilicon, reducing idle capacity risk further. On top of that, Wacker projects EUR 1.1bn in polysilicon sales for 2024, implying a strong EUR 359m in Q4 alone (+72% qoq, +18% yoy), signaling confidence in its strategic direction. The focus on specialty high-margin products, combined with expected moderate improvements in other segments, and ongoing cost-saving initiatives (EUR 200m p.a. (24-26), is expected to offset headwinds in polysilicon in 2025. mwb research’s analysts view the recent sell-off as overblown and maintain a BUY rating with a revised PT of EUR 100.00. The full update can be downloaded under https://www.research-hub.de/companies/Wacker%20Chemie%20AG

Formycon has entered into a new licensing agreement with Teva for the semi-exclusive commercialization of FYB203 in key European markets and Israel. This expands their existing partnership and marks a significant step for Formycon as it takes on responsibility for managing the full commercial supply chain for the first time. Additionally, Formycon’s recent inclusion in both the SDAX and TecDAX indices boosts its market visibility, with potential inflows from passive investments. Following the Teva deal, mwb research’s analysts slightly raise their PT to EUR 91.00 (old: EUR 89.00) and confirm their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

AUTO1 Group has made a remarkable turnaround, with its share price surging over 400% from its 52-week low, driven by strong operational performance and growing investor confidence. The company’s record-breaking Q3 results, featuring significant revenue growth and profitability improvements, acted as a key catalyst. Inclusion in the MDAX further validates AUTO1’s progress and enhances its market profile. With increased long-term estimates and a revised price target of EUR 19.00 (old: EUR 12:00), mwb research analysts reiterate their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/AUTO1%20GROUP%20SE