Company Name: Marley Spoon Group SE ISIN: LU2380748603   Reason for the research: Update Recommendation: BUY from: 12.05.2025 Target price: EUR 2.70 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Further op. improvements // focus on margins; chg. FY24 sales increased by 0.5% yoy to € 330 [ … ]

Company Name: PSI Software ISIN: DE000A0Z1JH9   Reason for the research: Update Recommendation: Buy from: 09.05.2025 Target price: 35.50 Last rating change: Analyst: Sebastian Droste Orders surge & outlook confirmed On April 30, PSI Group released its Q1 financial results and confirmed its guidance for 2025. Revenue growth wa [ … ]

Company Name: Intershop Communications ISIN: DE000A254211   Reason for the research: Update Recommendation: Buy from: 09.05.2025 Target price: 3.20 Last rating change: Analyst: Sebastian Droste Solid start to 2025 with positive EBIT On 30 April, Intershop released its Q1 financial results and confirmed its guidance for FY2025. Re [ … ]

Company Name: GFT Technologies ISIN: DE0005800601   Reason for the research: Update Recommendation: Buy from: 09.05.2025 Target price: 38 Last rating change: Analyst: Sebastian Droste Growth in Americas and insurance On May 8, 2025, GFT released its Q1 financial results and confirmed its guidance for 2025. Revenue growth was stab [ … ]

Company Name: Mister Spex SE ISIN: DE000A3CSAE2   Reason for the research: Update Recommendation: Buy from: 09.05.2025 Last rating change: Analyst: Ralf Marinoni “SpexFocus” strategy shows first successes Mister Spex’ Q1-25 results have demonstrated that its transformation program, which was launched in August 20 [ … ]

Siemens Energy (SE) announced detailed Q2 25 results, confirming its upbeat preliminary release that had significantly exceeded market expectations. Revenues grew 20% yoy to EUR 9.96bn (7% ahead of consensus), profit before special items (exSI) came in at EUR 906m (5.3x Q2 24; a staggering 57% beat), and the margin of 9.1% (+7.0ppt yoy) surpassed consensus of 6.2%. Notably, order intake surged 52% yoy on a comparable basis (comp.) to EUR 14.43bn (16% better), implying a book-to-bill ratio of 1.45x. This took the order backlog to EUR 133bn. Divisional performance was solid, especially in Gas Services and Grid Technologies, and losses at Gamesa narrowed. SE confirmed its recently raised FY 25 guidance, now expecting 13%-15% comp. revenue growth and profit ex-SI margins of 4%-6%, with net income up to EUR 1bn, and FCF before tax of c.EUR 4bn. mwb research’s analysts maintain their estimates that were updated after the prelims and retain their price target at EUR 52.00. However, mwb research’s analysts reiterate their SELL rating, due to a demanding valuation and ongoing geopolitical risks. The full update can be downloaded under https://www.research-hub.de/companies/Siemens%20Energy%20AG

Puma SE’s Q1 results were soft impacted by a challenging business environment in key markets but were ahead of market estimates. Q1 sales were 2% ahead of consensus but declined 1% yoy (flat yoy in constant currency) to EUR 2.08bn, as the strong growth momentum in the e-commerce channel was negated by weak wholesale demand in China and the US. Adj. EBIT plunged 52% yoy to EUR 76m but beat consensus by 7%. However, the EBIT margin narrowing 4.0ppt yoy to 3.6%, impacted by a contracting gross profit margin and rising operating costs. Despite the challenges, Puma reiterated its FY 2025 guidance but failed to address the looming doubts over tariffs impact on earnings. We would like to wait for strategic clarity from the newly appointed CEO, Arthur Hoeld, who is set to take over the role effective 1 July 2025. The near-term visibility remains low, and execution risks are elevated, and against this backdrop, shares are currently undervalued. Therefore, mwb research maintains our BUY rating at an unchanged PT of EUR 27.65. The full update can be downloaded www.research-hub.de/companies/research/Puma%20SE

Enapter has announced a planned capital increase of up to 2.07m new shares at EUR 2.90 each, raising up to EUR 6m. The funds would support working capital, operations, and the ramp-up of production volumes, increasing shares outstanding to 31.14m (an around 7% rise). However, with a strong order backlog and growing demand for multi-core systems, Enapter is well-positioned for future growth and could use the funds from the planned capital increase to support this. In the view of mwb research analysts this capital increase as positive, as it would improve liquidity and reduce the need for additional debt. However, it would lower their price target to EUR 6.20 to reflect fair value dilution. Nonetheless, this would still imply a 120% upside. For now, the analysts maintain their Spec. BUY rating and EUR 7.00 price target, as the capital increase has not yet been completed. The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG

LANXESS delivered a resilient Q1 2025 in a challenging macro environment, with flat sales but a strong 32% jump in profitability, driven by operational efficiency and restructuring. While pricing pressure, weak end-market demand, and geopolitical uncertainty persist, the company is navigating well—benefiting from tariff exemptions, streamlining its portfolio, and preparing for margin uplift through cost-cutting and divestitures. With its transformation into a pure-play specialty chemicals firm now complete, LANXESS is positioned for more stable, higher-quality earnings as market conditions normalize. mwb research’s analysts confirm their BUY rating with a slightly lower PT of EUR 32.00. The full update can be downloaded under https://www.research-hub.de/companies/Lanxess%20AG

Bechtle AG’s (Bechtle) final Q1 2025 results confirm a weak start to the year, with revenue down 2.8% yoy to EUR 1,461m and EBT falling 32.5% to EUR 55.3m, mainly due to higher personnel costs and lower supplier bonuses. Management reaffirmed its FY25 guidance, expecting 0–5% growth in business volume, revenue development of 3% to +3% yoy and EBT within a -5% to +5% range. Despite ongoing macro headwinds and a likely subdued Q2, Bechtle sees early signs of demand recovery, particularly in the public sector. With a strong, leading market position and long-term drivers intact, mwb research’s analysts maintain their BUY rating with an unchanged price target of EUR 46.00. The full update can be downloaded under https://www.research-hub.de/companies/Bechtle%20AG