Company Name: 123fahrschule SE ISIN: DE000A2P4HL9   Reason for the research: Update Recommendation: BUY from: 14.08.2025 Target price: EUR 7.90 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald This also provided a strong foundation for significant bottom-line improvements. H1’25p EBITDA  [ … ]

Company Name: Rosenbauer International AG ISIN: AT0000922554   Reason for the research: Update Recommendation: BUY from: 14.08.2025 Target price: EUR 54.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Order backlog at the end of H1 reached a new all-time high of € 2.35bn up 17% yoy p [ … ]

At yesterday’s mwb Roundtable, Leifheit’s management reaffirmed its commitment to shareholder value, aiming to maintain its high dividend and consider further buybacks if conditions allow. Despite recent weaker quarters due to subdued non-food demand, the company confirmed that current guidance already factors in these headwinds. Management outlined a strategy focused on transforming production and logistics, targeting greater efficiency and cost reduction. Current key actions include consolidating injection molding at the Blatná site, expected to save EUR 2m annually, and launching innovations like the SUPERDUSTER to drive volumes. With further European market expansion, stronger e-commerce capabilities, and increased brand visibility, Leifheit aims to strengthen its competitive position, capture market share, and achieve profitable growth. We see the company on a solid path and reiterate our BUY rating with an unchanged price target of EUR 23.00. The Roundtable recording is available here: https://research-hub.de/events/video/2025-08-13-14-00/LEI-GR. The full update can be downloaded under https://research-hub.de/companies/leifheit-ag

123fahrschule (123fs) delivered solid Q2 25 results with revenues of EUR 6.3m (+15.2% yoy) and EBITDA of EUR 0.33m (+81% yoy), driven by strong growth in core license training segments A (motorbike) and B (car) and new branches. Simulator sales slowed due to pending regulation but may recover in FY26. H2 outlook remains positive with seasonal peaks and market share gains expected. In H1, 123fs achieved ~45% of revenue and ~49% of its EBITDA full year guidance (mid-point), keeping FY targets realistic. Long-term growth potential is supported by digitalization, regulatory changes, and scaling benefits. Hence, we confirm our price target EUR 6.20 and BUY rating. The full update can be downloaded under https://research-hub.de/companies/123fahrschule-se

Airbus is accelerating production and appears on track to meet its ambitious 2025 target of ~820 aircraft, despite requiring a sharp ramp-up in the final months. Orders slowed sharply after June’s Paris Air Show, though the backlog remains strong at 8,678 aircraft (~9.8 years of production). We trim CAPEX and R&D estimates due to FCAS delays and productivity gains, but keep EBITDA and sales below consensus due to the ongoing long-term threat from COMAC. COMAC’s EASA certification is now expected near decade-end (previously 2026), with production capacity potentially reaching ~200 aircraft annually, creating sustained pricing and margin pressure for Airbus, not reflected in the consensus. The later-than-expected entry of COMAC, coupled with lower CAPEX, has led to an increased PT of 170.00 (previously 142.00) and an upgrade to HOLD. The full update can be downloaded under https://research-hub.de/companies/airbus-se

Brenntag’s Q2 2025 results were in line with its preliminary release and confirmed the reduced FY25 EBITA guidance of EUR 950m–1.05bn, implying a flat second half. The quarter reflected broader cyclical pressures, with macroeconomic and FX headwinds weighing on both divisions, soft demand in North American industrial chemicals, and pricing pressure in Essentials. Margins held up better in Specialties due to product mix improvements, while strong Latin America performance helped offset regional weakness elsewhere. Management remains focused on cost control, supply chain optimization, and selective M&A to support a return to growth and margin improvement over time. At ~8x FY25e EBITA, valuation is attractive, and we reiterate our BUY rating with a EUR 72.00 target, as risk/reward can turn more favorable once FX stabilizes and tariff clarity improves. The full update can be downloaded under https://research-hub.de/companies/brenntag-se

Formycon reported a weak H1 2025, with revenues of EUR 9.0m (-67% yoy) as development revenues and milestone payments dropped and commercial product momentum stayed subdued. Adjusted EBITDA was EUR -19.2m, net loss EUR -54.1m. FYB201 direct sales fell sharply; FYB202’s post-launch ramp-up was slow, hindered by US market access delays. Management expects Q4 acceleration from expanded PBM coverage, EU tenders, and Canada. FY25 guidance (EUR 55-65m) implies a steep H2 step-up, relying partly on a still-unannounced FYB206 deal. Liquidity improved post-period with a EUR 70m bond issue. Our estimates shift to the lower guidance range; PT cut to EUR 48.00 (old. EUR 50.00), BUY reiterated. The full update can be downloaded under https://research-hub.de/companies/formycon-ag

Singulus’ Q2 weak momentum underscores geopolitical uncertainty and delayed project decisions. The soft H1 performance leaves full-year guidance hinging on securing a handful of large projects and executing the majority of backlog flawlessly in H2. Given the signficant reliance on the second half, and that order intake is still muted through the summer, the margin for error is slim. We therefore trim our estimates to reflect a more cautious near-term revenue conversion profile and heightened refinancing risk, partially offset by the potential for operational leverage if an acceleration in H2 volumes materialize. While near-term risks are elevated, the company’s unique dual-technology platform, recent semiconductor wins, and optionality in perovskite and solid-state battery markets underpin our constructive long-term view. We maintain our speculative BUY, albeit with a lower price target of EUR 3.75 (previously 4.00). The full update can be downloaded under https://research-hub.de/companies/singulus-technologies-ag

secunet confirmed its Q2/H1 2025 prelims and reiterated full-year guidance. Q2 revenues rose 8% yoy to EUR 93.4m, while EBIT fell 23% yoy to EUR 5.4m, with margins hit by slower growth and product mix. The order backlog declined 5% qoq to EUR 192.5m, reflecting the delayed German federal budget. Management expects procurement to ramp up from Q4, supported by special funds and NATO/EU cyber-defence demand. New CEO Marc-Julian Siewert outlined priorities in cloud-native services, defence and space, interoperability, and international expansion. Guidance stays at EUR 425m revenue and 9.5–11.5% EBIT margin. We upgrade mid-term estimates and lift our PT to EUR 190 and upgrade to HOLD. The full update can be downloaded under https://research-hub.de/companies/secunet-security-networks-ag

Company Name: INDUS Holding AG ISIN: DE0006200108   Reason for the research: Update Recommendation: BUY from: 13.08.2025 Target price: EUR 34.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Adj. EBITA stood at € 31.2m (eNuW: € 33.9m, eCons: € 35.6m), a 26% yoy decrease with [ … ]