Ernst Russ AG (“ER”) kicked off 2025 with a strong first quarter, beating expectations on the bottom line by some 7%. While revenue dipped 13% yoy to EUR 40.9m — mostly due to softer charter rates, one less vessel, and some downtime—the company still posted an almost doubling of its EBIT yoy with the figure reaching EUR 40.3m. Net income after minorities came in at EUR 24.6m, well ahead of last year. In addition, the charter market held up better than feared (charter rates -7% yoy but still on historically high levels), and ER’s feeder vessel focus helped cushion the impact of global trade jitters. With 84% of 2025 revenues already locked in and a rock-solid balance sheet, ER remains in good shape. Management confirmed its full-year outlook— no surprises, just solid execution, which is why mwb research reiterates its BUY rating with unchanged price target of EUR 10.00. The previous full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

At the mwb research Defense & Security conference, Rheinmetall’s IR Manager Carl-Philipp Schniewind highlighted the company’s strategic transformation into a focused defense prime, now generating ~80% of revenue from defense activities. Positioned as Europe’s leading defense firm, Rheinmetall is benefiting from a structural super-cycle in defense spending driven by the “Triple R” transformation—restocking, re-equipping, and rebuilding—amid heightened geopolitical tensions. With unmatched vertical integration in artillery and rapid industrial ramp-up, Rheinmetall is setting new industry benchmarks. Strong NATO integration and progress in U.S. mega-tenders, alongside major European contracts like the EUR 23bn JV with Leonardo, underpin long-term growth. With defense budgets rising and procurement shifting toward European sources, Rheinmetall’s market share is poised to grow significantly. The company reaffirmed its EUR 20bn sales and 18% margin target by 2027, though this is likely conservative. mwb research reiterates the BUY rating and EUR 2,000 price target. The full update can be downloaded under https://www.research-hub.de/companies/Rheinmetall%20AG

Singulus has landed a strategic deal with Poland’s ROLTEC for Europe’s first CIGS thin-film solar fab, marking a major step into the EU’s reindustrialized solar value chain. Paired with a recent win from WIKA in industrial sensors, these orders signal a rebound in momentum following a weak Q1 order intake, de-risking the full-year guidance. Importantly, both contracts lay the groundwork for deeper, long-cycle partnerships that can generate recurring revenue through services, retrofits, and follow-on tools. In particular, the emerging tandem PV opportunity with ROLTEC may unlock significant future value, positioning Singulus at the core of next-generation solar manufacturing. mwb research’s analysts maintain their Speculative BUY rating and EUR 4.00 price target, as the company progresses toward structurally more resilient earnings and revenue streams. The full update can be found under https://research-hub.de/companies/singulus-technologies-ag

Performance One (PO1) is undergoing a strategic transformation into a focused holding company for AI and digital health, while the legacy digital services unit may be divested this year. To finance the current restructuring, a capital increase of up to EUR 0.84m is underway, offering 522,292 shares at EUR 1.60 each. The subscription period ends on May 23, 2025. For FY25, management guides for stable revenues of EUR 9.0–9.5m and an EBITDA of EUR 0.4–0.7m. A key-milestones in Q1: the mental health app harmony received a ZPP certification, enabling reimbursement by German health insurers. In the view of mwb research, this a convincing achievement supporting the new strategy. For the time being, the dilution (c. 44%) of the capital increase has not been considered, but the analysts maintain their BUY rating with an unchanged target price of EUR 4.40, reflecting long-term upside from a clearer structure and scalable assets. The full update can be downloaded under https://www.research-hub.de/companies/research/Performance%20One%20AG

MS Industrie reported its Q1 25 results, with CEO Dr. Andreas Aufschnaiter providing additional insight during the earnings call. The results reflect steady operational improvement. Revenue came in at approx. EUR 36m, down 33% yoy due to the sale of the “MS Ultrasonic” division in mid-2024, limiting direct yoy comparability. However, sequential performance showed clear progress: revenue increased 11.4% vs. Q3 24 and 22.7% vs. Q4 24. EBITDA returned to positive territory at EUR 1.5m despite ramp-up costs in the U.S., while EBIT also improved. The order backlog grew 12% to EUR 81.2m, supporting profitability. Management raised FY25 guidance to EUR 150m and reiterated a cautious outlook for FY26–27, backed by secured orders. With further diversification into off-road sectors such as medtech and a potential rebound in the truck market from 2026 onwards, mwb research’s analysts reiterate their BUY rating and raise their PT to EUR 2.50 (from EUR 2.40). The recording of the earnings call is available here: https://research-hub.de/events/video/2025-05-19-14-00/MSAG-GR The full update can be downloaded under https://research-hub.de/companies/ms-industrie-ag

TIN INN is disrupting the small-town hospitality sector by designing, building, and operating compact, sustainable hotels made from repurposed sea freight containers. Targeting underserved cities with populations of 20,000–200,000, the company leverages a vertically integrated, digital-first, and automated model to address labor shortages and reduce operational costs. With its own production facility enabling rapid, scalable rollout, TIN INN plans up to 300 locations in Germany, with potential expansion abroad and applications in student housing or micro-apartments. Its ESG-friendly, modern accommodations follow a blue ocean strategy, tapping into a neglected market segment. Based on DCF and supported by a peer group, mwb research initiates coverage of TIN INN with a BUY rating and a price target of EUR 9.10. The company after a direct listing in the Scale segment presents a high-growth, early-stage investment opportunity with strong scalability and profitability potential. The full update can be downloaded under https://research-hub.de/companies/tin-inn-holding-ag

cyan AG’s FY24 results were fully in line with preliminary figures, showing 50% revenue growth and a significant EBITDA improvement to EUR -1.5m. Despite a low year-end cash position (EUR 0.8m), financial flexibility improved post-period, e.g. due to better payment cycles. The discontinued i-new segment remained a drag on 2024 cash flow, masking a near-neutral performance in the core business. For 2025, management confirmed guidance, with positive EBITDA and cash flow already achieved in Q1. Cyan remains focused on Telco cybersecurity and Guard 360 for SMBs, with commercial ramp-up expected later in the year. CEO Thomas Kicker will depart end-July; operational continuity is secured. mwb research’s analysts reiterate their BUY rating and price target of EUR 3.65. The full update can be downloaded under https://www.research-hub.de/companies/cyan%20AG

Wolftank Group reported solid FY24 results, with revenue up 40% yoy to EUR 121.5m, slightly above mwb research’s forecast, driven primarily by the full-year consolidation of Petroltecnica, while organic growth was only around 8–10% (mwb est). One-off effects of EUR 2.7m temporarily weighed on margins, but adjusted EBITDA still rose to EUR 9.4m. By segment, Environmental Services was the main growth driver, while Hydrogen & Renewables continued its dynamic expansion. Despite margin pressure, these effects were largely non-recurring and related to a proactive balance sheet clean-up. The Group remains financially stable, with manageable net debt and solid cash flow. mwb research’s analysts maintain their BUY rating but reduce their estimates following the FY24 results due to lower organic growth assumptions, higher depreciation, and—most notably—a mid-term guidance that came in below our expectations. Consequently, the analysts lower their PT to EUR 15.00 (from EUR 20.00) to reflect a more cautious stance amid a challenging market environment for environmental companies, which currently face a more difficult political and economic backdrop than in previous year. The full update can be downloaded under https://www.research-hub.de/companies/Wolftank-Adisa%20Holding%20AG

Photon Energy delivered solid Q1 2025 results, with revenues rising 27% yoy to EUR 22.0m, driven by a 300%+ surge in PV technology trading and higher electricity prices despite lower generation volumes. EBITDA improved 54% yoy to EUR 1.2m (5.5% margin), aided by a favorable revenue mix. The New Energy segment declined 20% yoy due to weaker Polish capacity market dynamics, as Photon prioritizes margin over volume. Operating cash flow of EUR 3.9m, a positive free cash flow and a carve-out adjusted equity ratio of 26.0% provide some room for continued investment. No formal FY25 guidance was issued, but strategic progress in Romania and South Africa signals further growth potential. The company’s diversified model and expansion into highvalue services underpin its long-term outlook. mwb research’s analysts maintain their Speculative BUY rating with a price target of EUR 1.40. The full update can be downloaded under https://www.research-hub.de/companies/Photon%20Energy%20NV

FCR Immobilien (“FCR”) delivered a resilient Q1 2025, with EBT at EUR 2.1m (vs. EUR 3.6m in the previous year’s period) amid a challenging real estate market and tight financing. Despite a slight dip, FFO remained robust at EUR 1.8m, keeping the company on track for mwb research EUR 7.5m full-year forecast. In addition, operational metrics remained strong with occupancy rates at 94.1% and WAULT at 5.7 years, reflecting the stability of FCR’s retail-focused portfolio. With a crisis-resistant model and attractive valuation (~15% discount to NAV), FCR is well-positioned for 2025. mwb research’s analysts reiterate their BUY rating and EUR 22.00 price target, with potential upside if financing conditions improve and/or value accretive portfolio expansions occur. The previous full update can be downloaded under https://www.research-hub.de/companies/FCR%20Immobilien%20AG