Company Name: ZEAL Network SE ISIN: DE000ZEAL241   Reason for the research: Update Recommendation: BUY from: 04.08.2025 Target price: EUR 64.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Games business to gain more traction. ZEAL should have made further progress on the games portfolio roll [ … ]

Mayr-Melnhof Karton AG (MM) is expected to deliver muted Q2 results amid ongoing challenging trading conditions, as flagged by peers Stora Enso and Metsa, with market headwinds only partially offset by internal efficiency measures. Revenue is projected to rise modestly by about 0.8% year-over-year to EUR 1,027m—down 1.5% sequentially—while adjusted EBIT should reach EUR 53m, representing a slight year-over-year margin improvement but a sequential decline. In Board & Paper, persistent overcapacities and imports keep the market soft, with revenues expected roughly flat year-over-year and just breaking even operationally. Food & Premium Packaging division will reflect the deconsolidation of TANN from June, reducing sales by about 3% and EBITDA by 4%, pushing sales slightly down sequentially and causing around a 100bps margin dip. Conversely, Pharma & Health Care Packaging should see slight sequential improvements, notably from the Essentra turnaround. We maintain our BUY rating with PT EUR 115.00. The full update can be downloaded under https://research-hub.de/companies/mayr-melnhof-karton-ag

ProSiebenSat.1 Media’s (PSM) Q2 2025 results were again clouded by weakness in its high-margin TV advertising (ad) business, given persistent macro headwinds. Revenues declined 7% yoy (a 1% miss vs consensus; -3% yoy organic), due to soft ad revenues. Adj. EBITDA dropped 40% yoy to EUR 55m, posting a 13% miss, also in part due to Verivox deconsolidation. Management expects recovery in Entertainment ad revenues in DACH in H2 and broadly maintained its FY 2025 outlook – revenues of c. EUR 3.85bn (+/- EUR 150m) and adj. EBITDA of EUR 520m (+/- EUR 50m), however, now below mid-point of the target range. Following PPF Group’s offer to increase its stake in PSM to 29.99% for cash of EUR 7.00/share, MFE-MediaForEurope enhanced its public takeover offer for all outstanding PSM shares. MFE is now offering cash of EUR 4.48+ 1.3 MFE A-shares per PSM share (initial offer: cash: EUR 4.48+ 0.4 MFE A-shares), translating to c. EUR 8.15/ share. PPF’s offer just increases its stake; however, the MFE proposal means ceding full control. We revise our target price to EUR 8.00 (old: EUR 7.00), converging to MFE’s new offer and maintain our HOLD rating on the stock. The full update can be downloaded under https://research-hub.de/companies/prosiebensat-1-media-se

Nemetschek (NEM) reported detailed Q2 2025 results that were in line with its preliminary release. The revenue momentum continued to impress, led by increasing share of subscription and SaaS revenues (+72.5% yoy in constant currencies [c.c.]). The overall Q2 topline grew 30.5% yoy c.c. on strong organic (org.) growth of 21.6% yoy in c.c. The Build segment continued to grow organically and through contribution from GoCanvas, while Design benefitted from growing demand for multi-year subscription contracts. EBITDA increased 44.0% yoy to EUR 88.5m in Q2, with margins expanding 3.5ppt yoy to 30.5% on operating leverage benefits. Following a strong H1, management had raised its FY 2025 guidance at the time of pre-release, which it confirmed. It estimates revenues to grow by 20%-22% yoy c.c. (+17%-19% previously) and the EBITDA margin is still forecasted at c.31%. High annual recurring revenue share provides good business stability and enhances margin quality. Execution is strong with growing presence in the US, but valuation appears fair. We reiterate HOLD rating at an unchanged PT of EUR 125.00. The full update can be downloaded under https://research-hub.de/companies/nemetschek-se

Wacker Chemie’s final Q2 2025 results confirmed its preliminary numbers. Sales declined by 4% yoy in Q2 on weak prices and volumes, and EBITDA fell by a steep 26% yoy, due to sub-optimal utilization rates. In particular, Polymers and Polysilicon reported sharp deterioration in their operating performance. End-market demand remains weak, macro and tariff uncertainties cloud visibility, and FX headwinds are increasing for global chemical players. In its recently slashed FY 2025 guidance, Wacker expects to report broadly steady sales yoy while close the year with an EBITDA which is lower anywhere between 6% to 33% yoy, clearly indicating to the unpredictable outlook. To counter the secular challenges, Wacker is realigning its business to less-cyclical industries, cutting costs, and adopting a disciplined capex policy. We see the current valuation as a chance to add exposure to the medium-term recovery story. We maintain our PT at EUR 85.00 and reiterate our BUY rating. The full update can be downloaded under https://research-hub.de/companies/wacker-chemie-ag

Ceconomy has entered into an investment agreement with JD.com, which will launch a voluntary public takeover offer at EUR 4.60 per share, representing a 43% premium over the three-month average price. Anchor shareholders, controlling about 32% of shares, have committed to the offer, with Convergenta retaining around 25.4%. JD.com intends to preserve Ceconomy’s operational independence, leveraging its advanced technology and logistics to support digitalization and growth, while existing management and brands remain intact for at least five years. A delisting is planned post-takeover. With strong shareholder backing and a fair offer, completion is highly likely; shareholders are advised to tender. The full update can be downloaded under https://research-hub.de/companies/ceconomy-ag

Bayer's Q2 2025 preliminaries reflect strong operational execution, with EBITDA before special items materially ahead of consensus and full-year currency-adjusted guidance raised, driven by Pharmaceuticals and Crop Science resilience. However, this positive momentum is overshadowed by a substantial increase in US litigation provisions, alongside persistently modest free cash flow and elevated net financial debt. With the shares now trading close to our fair value of EUR 29.00, we downgrade from BUY to HOLD, as ongoing legal and financial uncertainties constrain near-term upside despite improved underlying trends. We remain selective pending greater visibility on legal risks. The full update can be downloaded under https://research-hub.de/companies/bayer-ag

Cancom’s preliminary H1 2025 results showed continued weakness, with revenue down 3.8% year-over-year to EUR 803.8m and EBITDA falling 33.9% to EUR 36.7m. Q2 figures indicated further sequential softening, driven by postponed IT investments and macroeconomic uncertainty, especially in Germany. Management cut full-year guidance, now expecting EUR 1,650-1,750m in revenue and EUR 100-110m in EBITDA, abandoning hopes of a H2 recovery. With no near-term improvement in sight and stimulus effects likely delayed until 2026, we lower our forecasts and cut the price target to EUR 25.00 (from EUR 27.20), maintaining a HOLD rating due to limited catalysts and ongoing headwinds. The full update can be downloaded under https://research-hub.de/companies/cancom-se

Company Name: MLP SE ISIN: DE0006569908   Reason for the research: Update Recommendation: BUY from: 01.08.2025 Target price: EUR 13.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Seasonally weak second quarters are the norm at MLP. In the past, the second quarter is seasonally weak and have  [ … ]

GEA reported Q2 25 preliminary results which were largely in line with expectations. Sales of EUR 1,312m were slightly below consensus, but EBITDA before restructuring of EUR 217m beat consensus by approximately 4%, resulting in a 16.5% adjusted margin. Order intake of EUR 1,309m missed consensus but does not include a recent large order to be booked in H2 25. Based on this solid performance, GEA raised its FY25 EBITDA margin guidance to 16.2–16.4% (from 15.6–16.0%) and narrowed organic sales growth to 2–4% (from 1–4%), together pointing to accelerating growth and continued margin strength in H2. The company also reaffirmed its Mission 30 targets, aiming for over 5% organic sales CAGR and a 17–19% EBITDA margin by 2030. With a EUR 400m buyback and a progressive dividend policy, GEA is actively returning capital to shareholders. We've adjusted our fair value to EUR 62.00 (from EUR 61.00), maintaining a HOLD rating as the positive developments are largely reflected in the current valuation. The full update can be downloaded under https://research-hub.de/companies/gea-group-ag