Company Name: Scandinavian Astor Group AB ISIN: SE0019175274   Reason for the research: Update Recommendation: Buy from: 27.08.2025 Target price: SEK 56.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Accordingly, Q2 sales grew by 77% to SEK 91m, of which 29% yoy was organically and 48%  [ … ]

Company Name: Global Fashion Group S.A. ISIN: LU2010095458   Reason for the research: Update Recommendation: Buy from: 27.08.2025 Target price: EUR 0.80 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Consequently, GFG reiterated its FY’25e guidance of adj. EBITDA break even (eNu [ … ]

CEO Robert von Wülfing presented at mwb research’s German Select V Conference, outlining the group’s latest strategy and adjusted financial outlook. While the long-term investment case remains intact – supported by Germany’s structural shortage of skilled workers, strong market positioning in finance and accounting, and high entry barriers – FY25 is shaping up as one of the weakest years since the financial crisis. Both Personnel Services and Training segments are under pressure, with revenue and EBITA significantly below original guidance. Management is prioritizing cost discipline and organizational efficiency while at the same time pursuing value accretive acquisitions. Current headwinds are cyclical and regulatory in nature, not structural. We view 2025 as a transition year, with recovery potential into 2026–27 and upside optionality from potential further acquisitions. BUY with unchanged PT of EUR 90.00. The full update can be downloaded under https://research-hub.de/companies/amadeus-fire-ag

Pyramid AG reported preliminary H1 25 results broadly in line with expectations, supporting our FY25 estimates. Revenues rose 28.3% yoy to EUR 39.8m (+22% organic), driven by strong demand for Akhet servers and PCs, while the newly acquired RNT contributed EUR 2m with breakeven EBITDA. Group EBITDA improved slightly to EUR 1.9m (H1 24: EUR 1.8m), though the margin dipped to 5.0% due to low-margin projects at subsidiary Pyramid Computer GmbH, which management considers temporary. Importantly, faytech achieved a turnaround to positive EBITDA. With revenue momentum intact and profitability improvements expected in H2, our FY25 forecasts appear achievable. We reiterate our BUY rating with unchanged estimates and see upside from organic growth and RNT integration. PT remains unchanged at EUR 1.50. The full update can be downloaded under https://research-hub.de/companies/pyramid-ag

Dermapharm’s (DMP) Q2 25 final results were in line with prelims. Q2 revenues were down 3% yoy to EUR 272.1m, impacted by portfolio optimization in Parallel Import business, which more than offset the growth seen in Branded Pharmaceuticals and Other Healthcare businesses. Adjusted (adj.) EBITDA grew 4% yoy to EUR 66.7m (margin: +1.5ppt yoy to 24.5%), largely on better top-line results in Branded pharmaceuticals and constant currency earnings growth in Other Healthcare businesses, which offset FX headwinds. DMP reiterated its guidance for FY25. The company’s portfolio streamlining and further integration of Arkopharma should bear fruit in the form of improved profitability. However, the current muted revenue development could impact profitability going forward amid FX headwinds and competitive pressure. That said, for now, DMP appears to be on track to reach its FY25 targets. We confirm the DCF-based PT of EUR 45.00. The rating remains a BUY. The full update can be downloaded under https://research-hub.de/companies/dermapharm-holding-se

Company Name: TeamViewer AG ISIN: DE000A2YN900   Reason for the research: Update Recommendation: Buy from: 26.08.2025 Target price: 15.50 Last rating change: Analyst: Sebastian Droste Enterprise business well on track On July 29, 2025, TeamViewer released its Q2 2025 financial results and confirmed its guidance for 2025. Revenue  [ … ]

Company Name: Valneva SE ISIN: FR0004056851   Reason for the research: Update Recommendation: Buy from: 26.08.2025 Target price: €6.30 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on Valneva SE (ISIN: FR0004056851). Analyst Simo [ … ]

Company Name: Delticom AG ISIN: DE0005146807   Reason for the research: Update Recommendation: BUY from: 26.08.2025 Target price: 3.90 Last rating change: Analyst: Daniel Kukalj, CIIA, CEFA Business model remains stable and growth-oriented Delticom achieved revenue growth of 11.6% in H1 2025, this shows that the company is able t [ … ]

MS Industrie reported solid H1 25 results, but slightly below our expectations. Group revenue from continuing operations fell 4% yoy to EUR 75.2m, while EBITDA declined 19% to EUR 4.2m, including EUR 0.7m in ramp-up costs for the US expansion. Quarterly performance improved sequentially, with Q2 revenue rising 8% qoq to EUR 39.1m and EBITDA up 80% qoq to EUR 2.7m. The order backlog increased 12% yoy but decreased 2.5% qoq in Q2. Despite a challenging market, MS Industrie remains on a solid path for further profitability and revenue growth. However, weaker-than-expected economic conditions, including the impact of US tariffs, have prompted us to lower our estimates. We maintain our BUY rating, with a slightly reduced PT of EUR 2.40 (from EUR 2.50). CEO Dr. Andreas Aufschnaiter will provide further details during tomorrow’s earnings call. Register here to participate: https://research-hub.de/events/registration/2025-08-27-14-00/MSAG-GR. The full update can be downloaded under https://research-hub.de/companies/ms-industrie-ag

Forward-looking multiples of Hensoldt and Rheinmetall have converged, with Hen-soldt now trading on P/E 2027 of 39.7x vs. 37.0x and EV/EBITDA 2027 of 20.0x vs. 22.6x. Historically, Hensoldt traded at a discount, reflecting its weaker growth and margin profile. Looking ahead, Rheinmetall is expected to deliver +253% revenue growth and ~25% EBIT margins vs. Hensoldt’s +119% and ~15%, highlighting clear structural superiority. While short-term momentum at Hensoldt will be supported by orders and a likely CMD guidance upgrade, consensus already prices this in. We therefore see little justification for Hensoldt’s premium valuation and reiterate our SELL, PT EUR 70.00. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag