Company Name: Nabaltec AG ISIN: DE000A0KPPR7   Reason for the research: Update Recommendation: BUY from: 22.08.2025 Target price: EUR 18.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Improved gross margin thanks to notably lower energy costs: +4.6pp yoy, +5.8pp qoq to 53.7%. While this  [ … ]

Company Name: Marley Spoon Group SE ISIN: LU2380748603   Reason for the research: Update Recommendation: BUY from: 22.08.2025 Target price: EUR 1.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Operating EBITDA is expected to remain positive, though growth expectations have been scaled ba [ … ]

Company Name: Multitude AG ISIN: CH1398992755   Reason for the research: Update Recommendation: BUY from: 22.08.2025 Target price: EUR 12.50 Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow EBT came in at strong € 8.0m (47% yoy), beating our expectation (eNuW: € 7.8m) thanks to outsta [ … ]

Company Name: NFON AG ISIN: DE000A0N4N52   Reason for the research: Update Recommendation: BUY from: 22.08.2025 Target price: EUR 12.10 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Despite the slightly slower growth, adj. EBITDA came in ahead of expectations (eNuW: € 2.9m) at € 3 [ … ]

CTS Eventim (CTS) reported a weak set of Q2 2025 results, with revenues and adjusted (adj.) EBITDA falling below market estimates by 7% and 23%, respectively. The top-line momentum decelerated, with revenues coming in flat yoy at EUR 796m in Q2, as muted demand and a high comparable base nullified contributions from acquisitions. Adj. EBITDA fell 9% yoy, with the margin narrowing 1.3ppt yoy to 12.6% owing to cost pressure and other integration expenses. Despite all the persisting headwinds, CTS reaffirmed its guidance for FY 2025, expecting moderate yoy growth in revenues and adj. EBITDA. However, amid the deteriorating demand outlook, we see potential downside risks to CTS’s FY 2025 guidance, prompting us to cut our estimates for the current fiscal. That being said, CTS’s market position as Europe’s leading ticketing and live entertainment service provider (ranks 2nd globally), its successful international expansion, and integration of recent acquisitions, places it at a favorable spot once consumer sentiment improves. After the price drop, we upgrade the stock to BUY from HOLD, while downgrading our PT to EUR 100.00. The full update can be downloaded under https://research-hub.de/companies/cts-eventim-ag-co-kgaa

Südzucker (SZU) has lowered its FY26 (ending 28 February) guidance, now expecting at the midpoint revenues of EUR 8.5bn, EBITDA of EUR 520m, and operating profit of EUR 150m. The revision confirms our cautious view, as weak market momentum, particularly low sugar prices, continues to weigh on performance, with no meaningful improvement expected this fiscal year. In Sugar, weak global prices and a softer-than-expected EU market are creating pressure. CropEnergies suffers from low ethanol prices and technical issues, while Special Products faces higher material costs and pricing pressure. We adjust our estimates to the midpoint of FY26 guidance, but from FY27 onwards, we anticipate a recovery supported by rising EU sugar prices and market consolidation. We leave our PT unchanged at EUR 9.50, and with the recent share price decline already reflecting weak market momentum, we raise our rating to HOLD. The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag

Mayr-Melnhof Karton AG (MM) reported weaker-than-expected Q2 revenues of EUR 987m (-3% yoy, -5% qoq), mainly due to tough markets, but also the deconsolidation of TANN. Adjusted EBIT of EUR 51.5m was in line with expectations thanks to strong cost management. Operating cash flow recovered, while free cash flow surged, boosted by the TANN sale. MM is conserving cash and has reduced FY25 capex guidance by EUR 50m. Board & Paper remains pressured by overcapacity, but margins improved, while Food & Premium Packaging suffered from the TANN deconsolidation and margin erosion, and Pharma & Health Care Packaging achieved stronger-than-expected margins through efficiency gains. With H2 markets still expected to be soft, MM targets additional EUR 150m savings by 2027. We adjust estimates for a weaker H2 and the gain from the TANN sale, leading to an unchanged price target of EUR 115.00 and a BUY recommendation. The ongoing share buyback programme should mitigate downside risk. The full update can be downloaded under https://research-hub.de/companies/mayr-melnhof-karton-ag

Company Name: Vidac Pharma Holding Plc ISIN: GB00BM9XQ619   Reason for the research: Update Report Recommendation: Buy from: 22.08.2025 Target price: EUR 4.30 (unchanged) Target price on sight of: 36 months Last rating change: - Analyst: Peter Thilo Hasler A recent study by S. Lin et al (Cancer Biol Med, 2025/22, p 648-671) inv [ … ]

Company Name: ad pepper media International N.V. ISIN: NL0000238145   Reason for the research: Update Recommendation: Buy from: 21.08.2025 Target price: 5,00 Euro Target price on sight of: 12 Monate Last rating change: 20.07.2020: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity  [ … ]

Multitude AG delivered a solid Q2 25 with net profit rising 48% yoy to EUR 6.9m and EPS doubling to EUR 0.28. Net interest income contracted 4% as higher funding costs weighed, but this was offset by strong fee and commission income and lower impairments. Operating expenses rose due to growth investments, partly mitigated by reduced marketing spend. Asset quality improved with loan loss ratio down to 2.5%. New products, AI initiatives, and structural simplification should support further efficiency and growth. In our view, FY25 guidance of EUR 24–26m net profit appears conservative and we therefore confirm our EUR 12.80 target and BUY rating. The full update can be downloaded under https://research-hub.de/companies/multitude-ag