Company Name: Verve Group SE ISIN: SE0018538068   Reason for the research: CMD Update Recommendation: Kaufen from: 25.08.2025 Target price: €4,80 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Verve Group SE (ISIN: SE0018538068) ver&oum [ … ]

Company Name: Daldrup & Söhne AG ISIN: DE0007830572   Reason for the research: Update Recommendation: Buy from: 25.08.2025 Target price: 20.00 Last rating change: Analyst: Ralf Marinoni The next major contractFollowing the award of a major EU-wide geothermal energy contract last month, Daldrup can once again announce tha [ … ]

Company Name: Deutsche Beteiligungs AG ISIN: DE000A1TNUT7   Reason for the research: Update Recommendation: Buy from: 25.08.2025 Target price: EUR 39.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr In H1 2025, DBAG’s NAV fell to € 627m, prompting a cut in the year-end forecast t [ … ]

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

Company Name: Nabaltec AG ISIN: DE000A0KPPR7   Reason for the research: Update Recommendation: BUY from: 22.08.2025 Target price: EUR 18.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Improved gross margin thanks to notably lower energy costs: +4.6pp yoy, +5.8pp qoq to 53.7%. While this  [ … ]

Company Name: Multitude AG ISIN: CH1398992755   Reason for the research: Update Recommendation: BUY from: 22.08.2025 Target price: EUR 12.50 Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow EBT came in at strong € 8.0m (47% yoy), beating our expectation (eNuW: € 7.8m) thanks to outsta [ … ]

Company Name: Marley Spoon Group SE ISIN: LU2380748603   Reason for the research: Update Recommendation: BUY from: 22.08.2025 Target price: EUR 1.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Operating EBITDA is expected to remain positive, though growth expectations have been scaled ba [ … ]

Company Name: NFON AG ISIN: DE000A0N4N52   Reason for the research: Update Recommendation: BUY from: 22.08.2025 Target price: EUR 12.10 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Despite the slightly slower growth, adj. EBITDA came in ahead of expectations (eNuW: € 2.9m) at € 3 [ … ]

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