Daimler Truck’s Q2 25 unit sales declined 5% yoy to 106,715 vehicles, though a 7% qoq rebound reflects seasonal improvement. North America remains weak, with truck sales down 20% yoy and 1% qoq, highlighting deteriorating demand. Asia shows signs of stabilization with a 7% qoq increase but remains down 7% yoy. In contrast, Europe’s Mercedes-Benz trucks posted strong growth, up 25% yoy and 14% qoq, signaling catch-up after a weak FY24. Daimler Buses continued steady growth, rising 6% yoy and 13% qoq. The regional weakness shifted from Europe in early 2024 to North America in 2025, largely due to US tariff uncertainty causing investment delays. Despite Europe’s rebound, overall demand remains fragile since Q1 24. Accordingly, the mwb analysts maintain their SELL rating with a price target of EUR 34.00 in light of persistent market challenges. The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag

Company Name: Avemio AG ISIN: DE000A2LQ1P6   Reason for the research: Research study (Anno) Recommendation: BUY Target price: 15.00 EUR Target price on sight of: 31.12.2026 Last rating change: Analyst: Cosmin Filker; Niklas Ripplinger You can download the research here: Research Contact for questions: GBC AGHalderstraße  [ … ]

Last week, Kion provided an update in a pre-close call. Q2 is expected to show a strong order intake, likely exceeding EUR 3bn for the first time in a while, while revenue and adjusted EBIT are expected to remain flat sequentially and decrease year-on-year. Positive free cash flow is also anticipated. The group remains on track to meet its full-year guidance. In terms of segments, ITS is expected to report rising orders, but lower revenue and margins due to factory underutilisation and pricing pressure. In contrast, SCS is expected to deliver strong order growth and sharply improved margins, driven by greenfield projects and robust service delivery. Despite solid operational momentum, a 70% share price rally over the last three months and rising risks — including S&P’s downgrade from investment to speculative grade and foreign exchange headwinds — suggest that full value might have been reached. mwb research's analysts are downgrading from BUY to HOLD, maintaining the price target at EUR 46.00. The full update can be downloaded under https://research-hub.de/companies/kion-group-ag

Company Name: MHP Hotel AG ISIN: DE000A3E5C24   Reason for the research: Update Recommendation: Buy from: 07.07.2025 Target price: EUR 3.00 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Successful cap hike paves to way for portfolio expansion MHP has successfully completed the announced capit [ … ]

Pyramid AG's FY24 results were weak but in line with prelims, with revenue down 10% to EUR 68.3m, mainly due to faytech sales decline and macro pressures. Despite this, margin resilience was encouraging—EBITDA margin held at 5% amid cost cuts and a shift to higher-margin AKHET solutions. EBIT loss narrowed to EUR –1.4m, but net loss stood at EUR –3.1m, impacted by goodwill amortization and financing costs. Cash flow was strained by a EUR 15.1m working capital build-up, raising net debt to EUR 14.8m, which however should largely be a temporary issue. Despite this, liquidity remains manageable in mwb research's view given untapped credit facilities. With a solid equity base, structural diversification, and exposure to secular tech trends, the analysts maintain a BUY rating, but adjust their target price to EUR 1.50 (prev. EUR 1.80) amid higher interest costs. The full update can be downloaded under https://research-hub.de/companies/pyramid-ag

At the mwb research Health Care Conference, SYNBIOTIC’s CEO Daniel Kruse and his team reaffirmed the strategic focus on a platform-based, buy-and-build model in high-growth cannabis and hemp markets. The company highlighted its diversified value chain, innovation-driven ventures, and strong international partnerships, which support supply chain resilience and market scalability. Germany remains a core market, benefiting from regulatory momentum and rising medical acceptance. Notable innovations include the GOC NEXUS refinement technology and new product formats. Based on SYNBIOTIC’s updated short- and mid-term financial planning and lowered EBITDA assumptions for 2024 to 2026, mwb research's analysts marginally adjust their price target to EUR 11.80 (old EUR 12.50). Despite this revision, the analysts continue to see substantial upside potential and reaffirm their BUY rating. Interested investors will find a recording of the session here: https://research-hub.de/events/video/2025-07-01-14-30/SBX-GR. The full update can be downloaded under https://research-hub.de/companies/synbiotic-se

Company Name: Scandinavian Astor Group AB ISIN: SE0019175274   Reason for the research: Update Recommendation: BUY from: 04.07.2025 Target price: SEK 56.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Milestone order for Airsafe & upbeat drone jammer demand Over the week, Astor announced t [ … ]

Enapter hosted an Information Day at its Pisa facility, highlighting its technological strengths and strategic direction. A key focus was the introduction of the new high-output AEM Stack T, designed for larger industrial applications and integrated into the Nexus 2500 system (2.5 MW). This system features 100 Stack T units instead of 420 Stack 4 units, maintaining the same container size as the Nexus 1000 (1 MW), priced at c. EUR 3m. Powered by the updated EMS Toolkit 3.0, it ensures efficient operation. A new automated production line concept will offer flexible capacity of up to 30 Stack T units daily. Both Stack T and Stack 4 can be produced on the same scalable and easily replicable line. Enapter recently raised EUR 4.3m to expand the production and to address the high EUR 46m order backlog. With strong demand, effective execution, and a clear strategic vision, mwb research's analysts maintain their Spec. BUY rating with a PT of EUR 6.40. The full update can be downloaded under https://research-hub.de/companies/enapter-ag

Zalando has received EU antitrust approval for its acquisition of ABOUT YOU, enabling transaction close on July 11, 2025. With over 90% of AY’s shares secured, a merger-based squeeze-out is planned. The deal supports Zalando’s ambition to build Europe’s leading fashion and lifestyle ecosystem. Both brands will remain distinct, targeting complementary audiences. Management expects EUR 100m in annual EBIT synergies and targets a 5–10% CAGR in GMV and revenue through 2028. Integration of SCAYLE and ZEOS is a key operational lever. While the strategic case is solid, estimates remain unchanged pending consolidated guidance. mwb research's analysts reiterate their BUY rating and EUR 39.00 price target. The full update can be downloaded under https://research-hub.de/companies/zalando-se

MHP Hotel AG successfully raised approximately EUR 4.5m through an oversubscribed capital increase, issuing 3.1m new shares at EUR 1.45 each. This boosts its strategic financial resources to around EUR 10m when combined with a committed credit line. This capital will support the company’s strategy of expanding into further brandable, full-service, premium/luxury city hotels with over 100 rooms in prime European locations, including potential new markets. Funds can also be allocated to further co-investments and the expansion of its boutique MOOONS brand, which has performed strongly in Vienna. Guidance for FY25 remains unchanged, with projected revenue of EUR 180m and EBITDA of EUR 15m. Adjusting for the dilutive effect of the capital increase, mwb research's analysts arrive at a slightly reduced price target of EUR 3.20 (previously EUR 3.35), and the analysts reaffirm their BUY recommendation. The well-filled project pipeline could provide a catalyst for a further rerating of the shares. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag