Q2 2025 saw a muted lottery environment despite two jackpot peaks, as average jackpot sizes declined notably yoy in both Eurojackpot and 6aus49, weighing on player engagement and overall spending. Still, mwb research's analysts expect ZEAL to deliver strong results, with estimated revenue of EUR 52.5–54.5m (+32% yoy at midpoint) and an EBITDA margin of 30–33% (+4,5pp yoy at midpoint). This performance reflects an expanding active user base, favourable pricing, stronger contribution from new verticals and rising operating leverage, partially offset by lower per-user spend and elevated marketing around jackpot peaks. mwb research's analysts believe that ZEAL continues to benefit from structural tailwinds in online lottery adoption, gaining market share even amid subdued consumer spending. The analysts reiterate their BUY rating and EUR 63.50 price target, confident in ZEAL ability to meet its full-year guidance potentially exceed it slightly. The full update can be downloaded under https://research-hub.de/companies/zeal-network-se

Company Name: Jaguar Health Inc ISIN: US47010C8055   Reason for the research: Update Recommendation: Buy from: 30.06.2025 Target price: USD40 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research has published a research update on Jaguar Health, Inc. (ISIN: US47010C8055 [ … ]

Company Name: ParTec AG ISIN: DE000A3E5A34   Reason for the research: Update Recommendation: Under Review from: 30.06.2025 Target price: Under Review Target price on sight of: 12 months Last rating change: 30.06.2025 (previously: Buy) Analyst: Simon Scholes First Berlin Equity Research has published a research update on ParTec A [ … ]

Company Name: Marinomed Biotech AG ISIN: ATMARINOMED6   Reason for the research: Initiation of coverage Recommendation: Buy from: 30.06.2025 Target price: 50,00 Euro Target price on sight of: 12 months Last rating change: - Analyst: Alexander Rihane First Berlin Equity Research hat am 30.06.2025 die Coverage von Marinomed Biotec [ … ]

LM PAY has confirmed its audited FY24 results, showing a 30% yoy revenue increase to PLN 22.8m and a sharp EBIT rise to PLN 7.0m, driven by higher transaction volumes and network expansion. Customer retention remained stable at 30%, with a 16% increase in active clients. The FY25 outlook remains strong, supported by strategic partnerships like CUK Flex Pay. Entry into insurance financing marks a key diversification step. mwb research's analysts have updated their model, introduced 2027 estimates, and reiterated their BUY rating with a EUR 63.00 target. For more insights, LM Pay will discuss final FY24 results in an Earnings Call on July 9. CEO Jakub Czarzasty. Please register here: https://research-hub.de/events/registration/2025-07-09-11-00/Y00-GR. The full update can be downloaded under https://research-hub.de/companies/lm-pay-sa

Westwing continues to advance its asset-light growth strategy, having entered six new countries YTD (3 in Q1, 3 in Q2) while selectively expanding its physical presence in key cities. The ongoing shift to a global, premium assortment is improving margins but still weighing on short-term revenue. Q1 2025 showed strong operating leverage, with adjusted EBITDA up 45% yoy despite a 1% revenue decline. FY25 guidance (EUR 25-35m EBITDA) was maintained. mwb research's analysts expect margin strength to continue, supported by the Westwing Collection and scaling efficiencies. While topline growth remains subdued, strategic execution positions the company for profitable growth from 2026 onward. For the time being, mwb research's estimates remain unchanged. Therefore, the analysts maintain their PT of EUR 11.00 and BUY rating. The full update can be downloaded under https://research-hub.de/companies/westwing-group-se

KWS announced last week the divestment of its 50% stake in the North American corn joint ventures AgReliant to GDM, an Argentinian plant genetics company. This follows the recent sale of its corn business in South America and China. The stake was held as a financial asset and accounted for using the equity method, will be sold alongside licensing agreements for corn genetic material in North America. The transaction marks KWS’s full exit from operational corn activities in South and North Americas, enabling the company to focus on its more profitable core European corn business. Valued in the low triple-digit USDm range plus licensing fees, the deal is expected to close in Q3 2025. This move supports KWS’s continued focus on high-growth, profitable areas, reinforced by expanded R&D in the promising vegetable segment announced on June 23. mwb research’s analysts maintain their BUY rating with a PT of EUR 83.00. The North American corn business sale is not yet reflected in their model, as the deal remains pending. The full update can be downloaded under https://research-hub.de/companies/kws-saat-se-co-kgaa

1&1 AG, United Internet’s telecom subsidiary, has lowered its FY25 EBITDA forecast to ~EUR 545m (prior: ~EUR 571m), driven by higher-than-expected wholesale roaming costs under its agreement with Vodafone. Access segment EBITDA is now expected at ~EUR 810m (prev: ~EUR 836m), while mobile network losses remain unchanged at c. –EUR 265m. This highlights ongoing execution risk in 1&1’s network rollout, despite stable revenue and capex guidance. mwb research reiterates its HOLD rating on United Internet with slightly lower PT of EUR 26.00 (from EUR 27.00). Solid share gains year-to-date suggest a more balanced risk-reward at current levels, with limited near-term catalysts to close the persistent holding company discount. The full update can be downloaded under https://research-hub.de/companies/united-internet-ag

Company Name: Samara Asset Group PLC ISIN: MT0001770107   Reason for the research: Research Comment Recommendation: Buy Target price: 3.93 EUR Target price on sight of: 31.12.2026 Last rating change: Analyst: Matthias Greiffenberger, Cosmin Filker The platform has already attracted strategic capital. A recent financing round le [ … ]

Bechtle has acquired E-Storage B.V., a Netherlands-based specialist in data infrastructure and cyber recovery, adding EUR 23m in revenue and 38 employees to its Dutch operations. The deal strengthens Bechtle’s managed services offering and supports its ongoing European consolidation strategy. Integration follows Bechtle’s proven M&A template, aiming to leverage cross-selling potential and local expertise. With limited financial impact, the transaction aligns with Bechtle’s long-term focus on high-value IT services and recurring revenues. Backed by a strong balance sheet and clear strategic direction, Bechtle remains well-positioned for future growth. mwb research`s analysts confirm their BUY rating with a price target of EUR 46.00. The full update can be downloaded under https://www.research-hub.de/companies/Bechtle%20AG