While the market is buzzing with AI hype, mwb research’s analysts believe Infineon offers a steady, tangible opportunity rather than a quick game changer. Its role in AI is critical but less flashy—it powers energy-hungry infrastructure through its unmatched power semiconductor solutions (Si, SiC, GaN), which are essential for AI servers and data centers. With EUR 500m in expected AI-related revenue for FY25, representing 3.4% of total guidance, AI won’t redefine Infineon overnight. However, this revenue will sweeten the pot, helping to balance softness in Infineon’s core business, particularly in automotive and industrial markets. With revenue projected to double to EUR 1bn by 2027 and demand for AI infrastructure surging, Infineon is well-positioned to capitalize on this long-term growth opportunity and enhance its margins. mwb research’s analysts reiterate their BUY rating with an unchanged PT of EUR 37.00, confident in its ability to weather short-term headwinds and steadily benefit from rising AI adoption. The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

Company Name: MAX Automation SE ISIN: DE000A2DA588   Reason for the research: Update Recommendation: BUY Target price: EUR 7.00 Target price on sight of: 12 months Last rating change: Analyst: Konstantin Völk Mixed FY25e outlook due to restrained demand; chg. est. Topic: After an already muted FY24e, we expect the situation  [ … ]

Company Name: Rosenbauer International AG ISIN: AT0000922554   Reason for the research: Update Recommendation: BUY from: 09.01.2025 Target price: EUR 50.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Outlook into FY25e: another strong year ahead for Rosenbauer Topic: With a record high ord [ … ]

Company Name: NFON AG ISIN: DE000A0N4N52   Reason for the research: Update Recommendation: BUY from: 09.01.2025 Target price: EUR 11.70 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald NFON remains an Alpha pick after strong operations in FY24e Topic: After a strong operating performance in FY24 [ … ]

TeamViewer (TMV) closed FY24 with a remarkable performance, reporting preliminary revenue of c. EUR 671m (+9% cc yoy), exceeding the upper end of its guidance (EUR 662m-668m). Full-year billings reached EUR 700m, reflecting strong momentum in large Enterprise and Frontline deals in Q4. The adjusted EBITDA margin guidance of at least 44% remains unchanged, affirming operational efficiency. The BUY rating remains unchanged with a slightly raised price target from EUR 14.10 to EUR 14.80. The full update can be downloaded under https://www.research-hub.de/companies/research/TeamViewer%20AG

Shares in Suss MicroTec have been hit recently by doubts over the company's ability to continue its growth trajectory into 2025. Suss MicroTec supplies equipment for two key AI processes: the production of high-bandwidth memory (HBM), a key component for AI chips, and TSMC's CoWoS packaging process. Despite some recent concerns, such as weak order intake as HBM manufacturers focus on installation and production ramp-up, and TSMC's warning to equipment suppliers to temporarily pause 2026-related planning, the main growth driver, i.e. AI capacity expansion, remains intact: TSMC is aggressively ramping CoWoS capacity and major HBM producers are expected to increase capex in both 2025 and 2026. The recent weakness in the share price could therefore prove to be a good entry point, as the discount to a peer group on EV/EBITDA and EV/EBIT 25E has widened to around 50%, leaving a large margin of error. mwb research reiterates the BUY rating and confirms the target price of EUR 77.00. The full update can be downloaded under https://www.research-hub.de/companies/SUESS%20MicroTec%20SE

Company Name: Einhell Germany AG ISIN: DE000A40ESU3   Reason for the research: Update Recommendation: Buy from: 08.01.2025 Target price: EUR 86.00 Target price on sight of: 12 months Last rating change: Analyst: Konstantin Völk Another strong year ahead for Einhell; chg. est. Topic: After an already strong FY24e, Einhell s [ … ]

Company Name: R. Stahl AG ISIN: DE000A1PHBB5   Reason for the research: Update Recommendation: Buy from: 08.01.2025 Target price: EUR 25.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Mixed FY25e outlook due to low order books Topic: After a convincing FY24e, we see another solid year for [ … ]

Company Name: Borussia Dortmund GmbH & Co KGaA ISIN: DE0005493092   Reason for the research: Update Recommendation: Buy from: 08.01.2025 Target price: EUR 5.50 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald What lies ahead for BVB in 2025? After an eventful 2024, where BVB reached the UCL [ … ]

The DLTB reported record billings of EUR 8.56bn for FY24 (+4.4% yoy), driven by a surge in new customers and engagement amid an exceptional 13 jackpot peaks. Online lottery led the charge, with billings up 17% yoy to EUR 1.4bn, reinforcing the ongoing shift toward digital channels. ZEAL is expected to outperform the market with billings of approximately EUR 1.1bn (+30% yoy), increasing its online market share to 44% (up from 41.4% in 2023) and lifting online lottery penetration to 29.3% (+5pp yoy). While fewer jackpot peaks are anticipated in 2025, we expect solid sales growth of around 8% yoy at midpoint, supported by ZEAL’s expanding customer base and rising online penetration. Additional growth catalysts such as social lotteries and games are expected to sweeten the pot further. Levering the continuation of trend, ZEAL remains well-positioned to capture further market gains. mwb research reiterate their BUY recommendation with an unchanged price target of EUR 60.00. The full update can be downloaded under https://www.research-hub.de/companies/ZEAL%20Network%20SE