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

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

Circus has secured a EUR 2m research grant from the German Federal Ministry of Education and Research to accelerate development of its CA-M autonomous mobile field kitchen. The CA-M, a containerized version of the CA-1 kitchen, can prepare over 1,000 meals per load and is designed to improve food supply resilience in defense and crisis operations. While civil applications rely on recurring SaaS revenues, the defense sector allows for high-margin equipment sales. This funding will help Circus expand its defense unit, grow its engineering teams, and fast-track the go-to-market strategy for the CA-M. We confirm our BUY recommendation with a price target of EUR 70.00. The full update can be downloaded under https://research-hub.de/companies/circus-se

Koenig & Bauer shares have surged >50% over the past year, reflecting improving fundamentals and rising investor confidence. H1 2025 results confirmed the trend: revenues up 3.5% to EUR 550m, EBIT losses reduced, and a record EUR 1.1bn order backlog providing strong visibility. Management’s guidance of EUR 1.3bn sales and EUR 35–50m EBIT looks achievable, supported by cost savings (“Focus in Action”) and strategic initiatives (“AI Empower 25”). With leading positions in sheetfed, special printing and new growth areas (battery coating, digital), Koenig & Bauer’s equity story is becoming more compelling. At ~EUR 15.00 per share, valuation remains attractive (EV/EBIT ~8.2–8.8x). We therefore reiterate our BUY stance with PT EUR 21.00 and chances to see consensus price target upgrades. The full update can be downloaded under https://research-hub.de/companies/koenig-bauer-ag

CTS Eventim (CTS) reported a weak set of Q2 2025 results, with revenues and adjusted (adj.) EBITDA falling below market estimates by 7% and 23%, respectively. The top-line momentum decelerated, with revenues coming in flat yoy at EUR 796m in Q2, as muted demand and a high comparable base nullified contributions from acquisitions. Adj. EBITDA fell 9% yoy, with the margin narrowing 1.3ppt yoy to 12.6% owing to cost pressure and other integration expenses. Despite all the persisting headwinds, CTS reaffirmed its guidance for FY 2025, expecting moderate yoy growth in revenues and adj. EBITDA. However, amid the deteriorating demand outlook, we see potential downside risks to CTS’s FY 2025 guidance, prompting us to cut our estimates for the current fiscal. That being said, CTS’s market position as Europe’s leading ticketing and live entertainment service provider (ranks 2nd globally), its successful international expansion, and integration of recent acquisitions, places it at a favorable spot once consumer sentiment improves. After the price drop, we upgrade the stock to BUY from HOLD, while downgrading our PT to EUR 100.00. The full update can be downloaded under https://research-hub.de/companies/cts-eventim-ag-co-kgaa

Südzucker (SZU) has lowered its FY26 (ending 28 February) guidance, now expecting at the midpoint revenues of EUR 8.5bn, EBITDA of EUR 520m, and operating profit of EUR 150m. The revision confirms our cautious view, as weak market momentum, particularly low sugar prices, continues to weigh on performance, with no meaningful improvement expected this fiscal year. In Sugar, weak global prices and a softer-than-expected EU market are creating pressure. CropEnergies suffers from low ethanol prices and technical issues, while Special Products faces higher material costs and pricing pressure. We adjust our estimates to the midpoint of FY26 guidance, but from FY27 onwards, we anticipate a recovery supported by rising EU sugar prices and market consolidation. We leave our PT unchanged at EUR 9.50, and with the recent share price decline already reflecting weak market momentum, we raise our rating to HOLD. The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag

Mayr-Melnhof Karton AG (MM) reported weaker-than-expected Q2 revenues of EUR 987m (-3% yoy, -5% qoq), mainly due to tough markets, but also the deconsolidation of TANN. Adjusted EBIT of EUR 51.5m was in line with expectations thanks to strong cost management. Operating cash flow recovered, while free cash flow surged, boosted by the TANN sale. MM is conserving cash and has reduced FY25 capex guidance by EUR 50m. Board & Paper remains pressured by overcapacity, but margins improved, while Food & Premium Packaging suffered from the TANN deconsolidation and margin erosion, and Pharma & Health Care Packaging achieved stronger-than-expected margins through efficiency gains. With H2 markets still expected to be soft, MM targets additional EUR 150m savings by 2027. We adjust estimates for a weaker H2 and the gain from the TANN sale, leading to an unchanged price target of EUR 115.00 and a BUY recommendation. The ongoing share buyback programme should mitigate downside risk. The full update can be downloaded under https://research-hub.de/companies/mayr-melnhof-karton-ag