123fahrschule (123fs) stands to benefit from political efforts in Germany to lower driving license costs through digitization, simulator use, and deregulation. A federal reform initiative supports structural cost relief of up to EUR 1,200 per license. 123fs already operates a digital-first model and could gain additional leverage from the expected legal approval of online theory classes by 2026. As the largest B-segment provider and driving school in Germany with over 60 branches, the company is well positioned to lead market consolidation. With political alignment and scalable operations, we maintain our BUY rating and EUR 6.20 price target. The full update can be downloaded under https://research-hub.de/companies/123fahrschule-se

Heidelberg is expected to report Q1 2025/26 results on July 31 likely showing solid operational progress. While order intake is likely to normalize to c. EUR 555m (-21% yoy) after last year’s drupa boost, sales are set to rise 14% yoy to EUR 460m, driven by improved backlog conversion. Adjusted EBITDA is forecasted at EUR 18m (Q1 24/25: EUR –9m), reflecting higher utilization and early cost savings ultimately allowing EBIT to approach breakeven. In total, Heidelberg looks set to see a notable recovery in its FCF generation (EUR -60m vs. EUR -101m in the previous year’s period), supporting our expectations for FY 25/26 FCF of EUR 40–45m. Hence, we believe management is likely to confirm its FY 25/26 guidance, making Q1 an important pillar to return to operational stability. We therefore reiterate our BUY rating with unchanged PT of EUR 2.60. The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

Company Name: MBB SE ISIN: DE000A0ETBQ4   Reason for the research: Update Recommendation: Buy from: 23.07.2025 Target price: 246.50 Last rating change: Analyst: Ralf Marinoni Increase of FY 2025 guidance MBB published strong KPIs for the first half of the current business year: Based on preliminary figures, revenue exceeded the p [ … ]

Cicor delivered a solid first half amid a challenging macro backdrop, combining operational stability with accelerated strategic execution. The Éolane acquisition lifted the revenue base significantly while temporarily weighing on margins. A book-to-bill of 1.02 and improving Q2 momentum indicate an underlying recovery. With Mercury now closed and MADES pending, Cicor is expanding its position within the European aerospace and defence supply chain. Our revised estimates reflect stronger medium-term growth and support a new fair value of CHF 200 per share (old: CHF 135). Despite the recent share price rally, valuation remains attractive in light of Cicor’s enhanced structural positioning. We upgrade from HOLD to BUY. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd

Friedrich Vorwerk Group (FVG) reported robust Q2 25 prelims, with revenue of EUR 170m (+44.8% yoy), beating expectations by 21%. EBITDA also outperformed, reaching EUR 36m with a 21.4% margin. Supported by high demand and a solid order backlog (>EUR 1.1bn), the company raised its FY25 guidance to EUR 610–650m revenue and a 17.5–18.5% EBITDA margin. However, execution risks persist due to limited capacity and skilled labor shortages. Despite an 8% workforce increase, growth momentum may slow. FVG trades at a high valuation (~28x FY25E P/E), while the updated guidance already implies slower growth in H2. We therefore reiterate our SELL rating and slightly lift the price target to EUR 52.00 (from EUR 47.50), reflecting our updated DCF model. The full update can be downloaded under https://research-hub.de/companies/friedrich-vorwerk-group-se

Sartorius delivered weak Q2 results with only 2.7% yoy revenue growth, missing consensus and lagging behind estimated market growth of 8%. Segment-wise, BPS showed solid performance, but LPS declined again, highlighting structural weakness. Margins improved due to favorable mix effects, yet persistent pressure in LPS remains. The discontinuation of order intake disclosure and rising financial burdens from past M&A weigh on visibility and confidence. With IFRS EPS at just EUR 1.18 in H1, only 35% of FY consensus is achieved. Guidance was reiterated, but risks are rising. We lower our price target from EUR 182 to EUR 175 and maintain our SELL rating. The full update can be downloaded under https://research-hub.de/companies/sartorius-ag

TAKKT issued a profit warning alongside preliminary H1 2025 results, reflecting continued macroeconomic weakness and tariff-related disruptions. Sales declined 7.1% to EUR 492m in H1 (Q2 -7.8% yoy), with adjusted EBITDA margin falling to 4.3%. FCF turned negative due to inventory build-up. Consequently, management revised its FY guidance downward, now expecting organic growth of -9% to -2% and an EBITDA margin of 4–6%. One-time expenses are also projected to exceed prior estimates. While a new operating model aims to drive long-term efficiency, short-term earnings remain under pressure. We lower our estimates and reduce our PT to EUR 7.50 (previously EUR 8.50) but maintain our BUY rating for bold investors who are betting on TAKKT’s mid-term turnaround. The full update can be downloaded under https://research-hub.de/companies/takkt-ag

Company Name: Almonty Industries Inc. ISIN: CA0203981034   Reason for the research: Update Report Recommendation: Buy from: 22.07.2025 Target price: CAD 8.40 (previously: CAD 5.40) Target price on sight of: 36 months Last rating change: - Analyst: Peter Thilo Hasler, CEFA In addition, an inferred WO₃ resource of 50,686 Kt [ … ]

Recent profit warnings across the wine and beverage sector reflect a more challenging consumer environment, including weaker retail momentum and margin pressure. While Schloss Wachenheim may not be immune, particularly in its discretionary segments, we currently see no need to adjust our estimates. Full-year guidance for FY24/25 appears within reach, and our projections for FY25/26 already reflect cautious assumptions. Core exposures remain focused on value-oriented sparkling wines and diversified markets, which should provide some buffer against ongoing headwinds. We continue to rate the stock BUY with an unchanged price target of EUR 22.00. The full update can be downloaded under https://research-hub.de/companies/schloss-wachenheim-ag

TeamViewer (TMV) is set to report Q2 results on July 29, with expectations pointing to a repeat of Q1’s strong performance. Our revenue is forecast at EUR 191.2m and adjusted EBITDA at EUR 81.1m, reflecting stable trends. Margin resilience is supported by strict cost control, notably lower marketing spends as sponsorships wind down. Strategic focus is shifting toward enterprise clients and 1E’s DEX platform, positioning the company for ARR expansion in H2. While 1E integration is margin-dilutive short term, it underpins long-term growth. We maintain our BUY rating and EUR 15.50 price target, backed by strong execution and a high-margin SaaS profile. The full update can be downloaded under https://research-hub.de/companies/teamviewer-se