tonies delivered a strong Q1 2025 performance with revenues of EUR 97.2m, exceeding expectations (EUR 95.7m) and growing 22.1% yoy in constant currency (cc). Growth was driven by robust international expansion, with North America up 37.5% and Rest of World surging 78.6%, offsetting a modest -3.0% decline in the DACH region due to Easter timing and prior sell-in. Tonies figurines outperformed with 26.3% cc growth, while Tonie boxes grew 8.0%, reflecting a maturing user base in DACH. Despite ongoing tariff uncertainty, tonies remains confident in its growth trajectory, supported by pricing power and supply chain diversification. With performance tracking well against full-year expectations, mwb research’s analysts reiterate their BUY rating and EUR 11.00 price target. The full update can be downloaded under https://www.research-hub.de/companies/tonies%20SE

Veganz Group AG's FY24 results confirmed a year of structural transformation, with revenue dropping 34% to EUR 10.8m amid tough macro conditions, but a significantly reduced EBITDA loss of EUR 2.4m due to cost cuts, a shift toward higher-margin selfproduced goods and non-recurring items. Strategic milestones included scaling production of Mililk and Peas on Earth, launching new products, optimizing the portfolio, and securing a tech licensing deal for Orbifarm, the indoor farming innovation. FY25 guidance is cautious, but upside potential exists as key initiatives mature. Notably, Mililk is entering the US via a deal with Jindilli Beverages and will be sold under the milkadamia brand, with first revenues expected in Q3 2025. Meanwhile, the Orbifarm bidding process is advancing, with Veganz planning to sell a 25.1% stake for up to EUR 10m. A conservative valuation uplift from Orbifarm raises their fair value estimate to EUR 18.00 (from EUR 11.00), supporting their Spec. BUY rating. Positive news from Orbifarm and Mililk could soon serve as a catalyst for a re-rating. The full update can be downloaded under https://research-hub.de/companies/veganz-group-ag

Ernst Russ AG is expected to report a solid Q1 2025 on May 21, despite a 17% yoy revenue decline to EUR 39m driven by lower charter rates, fleet changes, and FX headwinds. Robust EBIT of EUR 40.5m, nearly double last year’s, is driven by EUR 27m in vessel sale gains. Net income after minorities is projected at EUR 23m (EPS: EUR 0.68). Nonetheless, operational performance remains resilient, backed by high charter coverage and stable utilization. ER's strategic focus on minority buyouts, strong cash position, and limited exposure to market volatility support its FY outlook, which is why mwb research’s analysts expect management to reaffirm its FY25 guidance. The analysts maintain their BUY rating with an unchanged PT of EUR 10.00, offering decent upside potential of 75%. The previous full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

Bayer delivered a better-than-feared Q1, with strong execution in Pharmaceuticals offsetting weakness in Crop Science and helping to beat expectations. Momentum in new launches like Nubeqa and Kerendia, alongside disciplined cost control, supported margins, though some of the outperformance may reflect temporary factors such as stocking in China. Crop Science continues to face structural challenges, with regulatory setbacks and delayed volumes dragging on earnings. Management held firm on full-year guidance despite persistent FX, tariff, and litigation risks, suggesting confidence in its mitigation efforts — though little margin for error remains. The litigation overhang persists, but credible strategic progress or a favorable legal outcome could unlock meaningful upside through re-rating. While execution risks are elevated near term and FY25 is expected to remain rough, the innovation pipeline and strategic resets across divisions could lay the foundation for recovery beyond 2025, likely in 2026-27. mwb research’s analysts maintain their BUY and PT unchanged, closely monitoring the execution progress. The full update can be downloaded under https://www.research-hub.de/companies/Bayer%20AG

secunet delivered solid Q1 2025 results, confirming prelims and reiterating FY guidance. Revenues rose 36% yoy to EUR 78.3m, with EBIT turning positive at EUR 1.8m (vs. a EUR 5.6m loss in Q1 2024). Growth was driven by strong Public Sector deliveries and double-digit gains in both domestic and international markets. Despite strong execution, the order backlog remained flat yoy at EUR 202m, implying EUR 76m of new orders. Management reiterated its full-year outlook but struck a positive tone on the call, pointing to potential upside pending public budget decisions. mwb research’s analysts maintain HOLD, raising our PT to EUR 180.00 (old: EUR 175.00). secunet’s CEO and CFO will attend mwb research’s virtual A&D conference on 20 May 2025. Check https://research-hub.de/events/registration/2025-05-20-14-30/YSN-GR to register for the event. The full update can be downloaded under https://www.research-hub.de/companies/secunet%20Security%20Networks%20AG

Duerr‘s Q1 2025 sales from continuing operations (cont. ops) were flat yoy at EUR 1.0bn as growth in the Automotive (AD) segment was offset by weak sales development in Woodworking (WW) and Industrial Automation (IA). Moreover, order intake was down 21% yoy (6% below consensus), due to the wearing off of a c. EUR 500m one-off automotive project effect. However, book-to-bill remained healthy and improved to 1.07x, supported by solid order pipeline in AD and HOMAG. Adj. EBIT from cont. ops. fell 4% yoy to EUR 39m (margin: -0.1ppt yoy to 3.9%; cont. + disc. ops.: -2% yoy to EUR 53m [10% below consensus]), as better overall gross margins were negated by higher R&D costs, Agramkow deconsolidation, and underutilisation in IA. Despite the challenges, Duerr has progressed well on streamlining its business, which seems to be paying off with better cost management and focused execution. Moreover, it confirmed its 2025 and mid-cycle target and is set to benefit from client-side demand for automation, sustainability, and energy/resource efficiency. At current levels, Duerr’s valuation is attractive. mwb research’s analysts reiterate their BUY rating at an unchanged PT of EUR 31.00. The full update can be downloaded under https://www.research-hub.de/companies/Duerr%20AG

INDUS Holding AG reported a mixed Q1 25. Sales were broadly in line at EUR 402.4m (- 1.9% yoy), but adjusted EBITA misses expectations and came in 21% yoy lower at EUR 24.9m. Engineering saw delays and cost underutilization, while Infrastructure faced rising labor costs. A one-off EUR 8.4m tax gain lifted EPS to EUR 0.63, which helped beating expectations. However, free cash flow came in weak at EUR -23.6m due to seasonal working capital and M&A spending. On a positive note, order intake was strong (+2.6% yoy), especially in Engineering, supporting a stronger H2 outlook. In addition, three bolt-on acquisitions highlight continued portfolio expansion. Despite a soft start and revised FY guidance (announced already last week), mwb research’s analysts reiterate their BUY rating and PT of EUR 33.00, backed by INDUS’ solid order book and strategic M&A focus. The full update can be downloaded under https://www.research-hub.de/companies/INDUS%20Holding%20AG

Cancom confirmed its preliminary Q1 25 results, reporting a 7% yoy decline in revenues to EUR 411m, as the company faced weak demand in its core markets amid a tough global macro environment. EBITDA and EBIT slumped by a steeper 31% yoy to EUR 21m and 60% yoy to EUR 5m, respectively, weighed down by soft performance in Germany (revenues: -14% yoy; EBITDA: -51% yoy), although its International segment held up well. Management anticipates demand to recover in H2 and confirmed its FY25 guidance - revenues of EUR 1.7bn-1.85n (+2.2% yoy at mid-point) and EBITDA of EUR 115m-130m (midpoint: +8.4% yoy). mwb research’s expectations of a subdued FY25 have been confirmed by management and H2 will have to be quite strong to meet the full-year guidance. Also, the analysts believe the German government's stimulus package is expected to support IT spending only from FY26. mwb research’s analysts maintain their estimates and retain their PT at EUR 27.20. After the recent share price performance, the analysts now rate the stock HOLD vs BUY earlier. The full update can be downloaded under https://www.research-hub.de/companies/Cancom%20SE

TUI reported FQ2 2025 results with revenues of EUR 3.7bn (+1.5% yoy) narrowly missing consensus, held back by the Easter shift into FQ3. Holiday Experiences led growth (+3.6% yoy), especially Musement (+12.4%), while Markets & Airlines grew 1.0% despite the seasonal impact. Underlying EBIT beat expectations, supported by strong Cruises and resilient Hotels & Resorts performance. Bookings were also affected by Easter timing, with Summer 2025 down 1% yoy, though ASPs rose 4% and 57% of the program is already sold. H2 pricing remains solid with ADRs up 8% in Hotels & Resorts and Cruises maintaining occupancy despite +23% capacity. Strong FQ2 cash inflows improved net debt to EUR 3.0bn, and recent credit upgrades to BB/Ba reflect strategic and financial progress. With guidance reaffirmed and estimates unchanged, mwb research’s analysts reiterate their BUY rating and EUR 16.00 PT. The full update can be downloaded under https://www.research-hub.de/companies/TUI%20AG

Singulus delivered a disappointing Q1 marked by sharply lower order intake and revenue, largely due to delayed investment decisions. However, the margin profile improved significantly thanks to an improved product mix supported by the semiconductor segment. Management reaffirmed its full-year guidance, citing a solid backlog and recent new orders in semiconductors and solid-state batteries with additional solar orders expected in the near term. That said, mwb research’s analysts continue to view the lower end of the sale guidance range as achievable, albeit order intake will need to accelerate going forward. Strategically, the company is progressing with its transformation toward a more balanced and higher-value segment mix. Leveraging its unique integration of vacuum deposition and wet-chemical technologies, Singulus is positioning itself to address niche, high-growth markets such as MRAM, micro-LEDs, medical coatings, and next-generation energy storage. This shift supports a more resilient, less cyclical business model with structurally improved profitability. mwb research’s analysts maintain their Speculative BUY rating and price target of EUR 4.00. The full update can be found under https://research-hub.de/companies/singulus-technologies-ag