HWK 1365 SE (HWK) reported final FY24 results with sales of EUR 17.6m in line with expectations, but profits below estimates due to higher-than-expected personnel costs, along with goodwill amortization not previously modeled. Despite a slightly negative free cash flow of EUR -1.7m, HWK remains debt-free and can fund operations internally. The company’s EUR 12.7m order backlog supports management’s expectation of 10– 20% revenue growth in FY25, ahead of previous estimates, though EBITDA and net profit guidance are below expectations due to rising personnel costs and goodwill amortization. mwb research’s analysts confirm their BUY rating with a revised target price of EUR 41.00 (old: EUR 45.00). The full update can be downloaded under https://www.research-hub.de/companies/HWK%201365%20SE

Mayr-Melnhof Karton AG (MM) has reported the closing of the sale of the TANN Group, which specializes in tipping paper for cigarettes, to an Indonesian company for an enterprise value of EUR 360m. The TANN Group, which represents 12% of MM's Food & Premium Packaging division sales and 5% of total sales, has few synergies with MM's core cartonboard and packaging businesses. The deal, valued at an attractive EV/sales multiple of 1.5x and EV/EBITDA of 7x (mwb est.), helps MM to deleverage and reduce net debt/EBITDA by 0.5x (mwb est.). With these steps and ongoing cost-cutting and cash protection initiatives, MM remains a strong long-term investment. Adjusting their estimates to reflect the transaction, mwb research’s analysts still come to a target price of EUR 115. BUY. The full update can be downloaded under https://www.research-hub.de/companies/Mayr-Melnhof%20Karton%20AG

Company Name: CR Energy AG ISIN: DE000A2GS625   Reason for the research: Insolvenzverfahren Recommendation: Under Review from: 02.06.2025 Target price: Under Review Target price on sight of: 12 Monate Last rating change: 2. Juni 2025 Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu CR Energy AG (ISIN [ … ]

Company Name: Deutsche Rohstoff AG ISIN: DE000A0XYG76   Reason for the research: Update Recommendation: Buy from: 02.06.2025 Target price: €48 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on Deutsche Rohstoff AG (ISIN: DE000A0XY [ … ]

Company Name: Sernova Biotherapeutics Inc ISIN: CA81732W1041   Reason for the research: Update Recommendation: Buy from: 02.06.2025 Target price: CAD 1.60 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research has published a research update on Sernova Biotherapeutics In [ … ]

Gerresheimer (GXI) has issued a second FY25 guidance cut following weak Q2 prelims, now expecting 1–2% organic growth and a ~20% EBITDA margin. Continued weakness in cosmetics and oral liquids, coupled with execution delays, undermines near-term visibility. A sharp dividend cut to EUR 0.04 per share signals balance sheet caution. Despite management's confidence in a stronger H2, repeated downgrades raise doubts about the credibility of mid-term targets (8–10% CAGR, 23–25% margin). While structural growth potential in biopharma remains, mwb research lowers the price target to EUR 71 (from EUR 103) but maintains the BUY rating given valuation support. The full update can be downloaded under https://www.research-hub.de/companies/research/Gerresheimer%20AG

Company Name: Aroundtown SA ISIN: LU1673108939   Reason for the research: Dreimonatsbericht Recommendation: Kaufen from: 02.06.2025 Target price: €4 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Aroundtown SA (ISIN: LU1673108939) ver&o [ … ]

Stratec SE reported a 12.0% yoy revenue increase in Q1 25 to EUR 60.4m, driven by strong demand for service parts and development services. In contrast, system sales declined and remain a structural weakness. Reported EBIT improved to EUR 3.1m with a margin of 5.1%. Strategically, Stratec benefits from its shift toward higher-margin, service-based revenues but continues to face uncertainties due to volatile customer ordering and weak system demand. Nevertheless, management confirmed its FY25 guidance. mwb research’s analysts maintain their BUY rating with a EUR 32.50 target price, supported by improving profitability and mid-term margin strength despite muted industry momentum. The full update can be downloaded under https://research-hub.de/companies/research/Stratec%20SE

Company Name: Swissnet AG ISIN: CH0451123589   Reason for the research: Update Recommendation: BUY from: 02.06.2025 Target price: EUR 20.00 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Strong preliminary FY24 highlighted by strong FCF Swissnet released preliminary FY24 figures showcasing the [ … ]

Company Name: Intellego Technologies AB ISIN: SE0016075063   Reason for the research: Update Recommendation: Buy from: 28.05.2025 Target price: 125.00 SEK (prior: 120.00 SEK) Target price on sight of: 12 months Last rating change: - Analyst: Tim Kruse, CFA; Ingo Schmidt, CIIA Strong start to the financial year - improved cash co [ … ]