mwb research hosted a well-attended online roundtable with the two Co-CEOs of Circus, Nikolas Bullwinkel and Claus Holst-Gydesen, as well as CFO Fabian Becker. A recording of the event is available here: https://research-hub.de/events/video/2025-02-05-13- 30/CA1-GR. Claus joined Circus this month, and with 40 years of international leadership experience—including as CEO of Viega, where he doubled revenue and led US expansion—brings valuable expertise for Circus' ambitions global growth plans. Circus is currently preparing to enter the US market, supported by the planned opening of a showroom in New York. With mass production starting this summer and first significant revenues expected in H2, the year 2025 is pivotal. mwb research’s analysts reiterate to BUY with a EUR 75.00 target price. The full update can be downloaded under https://research-hub.de/companies/circus-se

Viromed's participation in a Dubai trade fair generated strong interest in its innovative cold atmospheric plasma-based medical devices, specifically ViroCAP, with leads from several multinational companies. The company is now showcasing its products in the U.S., the largest medical device market. Meanwhile, Viromed is advancing PulmoPlas certification for ventilator-associated pneumonia (VAP) in Germany, with research results expected this summer, potentially leading to special authorization by BfArM. Additionally, a strategic investor from the healthcare industry has acquired a 6.17% stake, signalling confidence in Viromed's growth potential and aiding its European expansion. mwb research’s analysts adjust their mid- to long-term estimates to reflect a more positive view on PulmoPlas, resulting in a new price target of EUR 6.90 (old: EUR 6.00) and an upside of more than 300%. The analysts confirm their Spec. BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Viromed%20Medical%20AG

At mwb research’s "Focus on IT" conference, cyan AG CEO Thomas Kicker shared exciting updates on the company’s expansion and future strategy. Having achieved FY24 targets, including cash flow break-even, cyan is now scaling beyond telecom, securing partnerships in North and South America and Asia. With Guard 360, its new cybersecurity product for SMBs, the company is targeting an underserved but high-growth market. While maintaining a solid financial position, cyan may increase investments in growth opportunities. Preliminary financial figures are expected by late February/early March, and the analysts maintain their BUY rating with a PT of EUR 3.85. The full update can be downloaded under https://www.research-hub.de/companies/cyan%20AG

Bechtle's Head of Investor Relations, Mr. Link, participated in mwb research’s well-attended IT conference, providing insights into the company’s latest business developments. A recording of the presentation can be found research-hub.de. Bechtle's FY24 revenues declined by ~2% yoy to EUR 6.29bn, slightly below mwb research’s estimate of EUR 6.48bn, reflecting weak demand, especially in Germany and France. Despite the challenging market conditions, Bechtle's EBT margin of 5.5% exceeded mwb research’s and the market's expectations, highlighting the first impact of cost-cutting measures. The company reaffirmed its commitment to digitization, IT security and AI, which remain key long-term growth drivers. With a potential market stabilization after the German elections and ongoing efficiency improvements, the analysts remain confident in Bechtle's prospects. mwb research reiterates to BUY with an unchanged PT of EUR 49.00. The full update can be downloaded under https://www.research-hub.de/companies/Bechtle%20AG

KION Group reported preliminary FY24 and Q4 results, with full-year revenues of EUR 11.5 bn (+0.6%) meeting expectations and adjusted EBIT of EUR 917 million beating forecasts. The adjusted EBIT margin improved by 110 basis points for both the full year and Q4. Free cash flow at EUR 702m surprised positively and exceeded guidance. The Industrial Trucks & Services (ITS) segment saw a slight revenue decline in Q4 but improved profitability, while Supply Chain Solutions (SCS) reported flat sales with a significant rebound in margins. In response to sluggish European demand and increasing Chinese competition, KION has initiated an efficiency program expected to result in annual cost savings of EUR 140-160m from FY26 onwards. This leads to an unchanged PT of EUR 46.00 and mwb research reiterates the BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Kion%20Group%20AG

Siltronic’s Q4 prelims and FY24 results met expectations, but the tough semiconductor market, weighed down by persistent inventory overhang and weak demand, is set to continue through 2025. Sales are expected to stagnate, with EBITDA margins projected at 22-27%, while the dividend was sharply cut to EUR 0.20 per share from EUR 1.20 as liquidity takes priority. In response, management has also pushed mid-term targets beyond 2028. With a prolonged expected downturn, mwb research’s analysts adjust their estimates and slash their price target to EUR 65.00 (from EUR 80.00). Nevertheless, Siltronic remains a BUY for the long haul as the stock is trading significantly below its book value. The full update can be downloaded under https://research-hub.de/companies/Siltronic%20AG

Infineon’s Q1’25 results exceeded expectations on top-line and bottom-line, yet yoy results remain underwhelming. While demand remains sluggish across key markets, AI power solutions and SiC adoption provided some offset. The company raised its FY25 sales guidance to flat-to-slight growth (vs. slight decline), mainly due to currency tailwinds rather than a true demand rebound. Encouragingly, order backlog saw its first modest qoq increase in nine quarters, providing a slight validation of management’s expectations for a gradual sequential recovery. However, industry headwinds, inventory corrections, and geopolitical risks, particularly Trump tariffs and slowing EV adoption, continue to pose near-term challenges. As a result, mwb research’s analysts adjust their PT to EUR 35.00 (from EUR 33.00) and maintain a HOLD rating until demand recovery gains clearer momentum. The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

tonies SE issued a trading update for FY24, meeting its guidance across the board. Q4 revenues of EUR 238m (+41% yoy) were also largely in line with market expectations, though the geographic split showed some surprises. US revenues in Q4 of EUR 118m (+47% yoy) missed expectations slightly due to a timing issue with a large retail order. However, this was offset by strong performance in the DACH region, which saw 21% yoy growth to EUR 70m, driven by a trend towards personalized ownership within families with multiple kids. The Rest of the World region performed well, with 58% yoy growth to EUR 49m. The company's adjusted EBITDA and free cash flow performance were positive surprises. mwb research’s analysts reiterate their BUY recommendation with a price target of EUR 11.00. The full update can be downloaded under https://www.research-hub.de/companies/tonies%20SE

Atoss Software reported Q4 and FY24 prelims. Revenues came in at EUR 44.7m during the final quarter, up 9.3% yoy, falling short of consensus by c.3%. However, EBITDA and EBIT surpassed consensus by 13% and 16%, respectively, on prudent cost management and the deferral of certain investments. Overall performance in Q4 was again driven by the SaaS business, with revenues from cloud/subscription up 35% yoy and maintenance increasing 8% yoy. Meanwhile, EBIT grew 17.2% yoy to EUR 17.7m in Q4, translating to a margin expansion of 2.7ppt yoy to 39.5%. Atoss’s revenue outlook for 2025 of EUR 170m has been reiterated. Beyond, revenue is expected to grow at a minimum 13.0% yoy CAGR over 2025-2027 and c.18.0% CAGR thereafter until 2030 to reach EUR 400m, driven by product innovation and international expansion. The EBIT margin is expected to be modest at >31.0% in 2025, owing to higher product development and sales resource costs, and thereafter gradually improve to >35%. With the medium-term outlook being more back-end loaded, mwb research’s analysts stick to their HOLD rating, however at a higher PT of EUR 120.00 (old: EUR 116.00). The full update can be downloaded under https://www.research-hub.de/companies/ATOSS%20Software%20SE

Starting this month, Claus Holst-Gydesen will join Circus as Co-CEO for Global Expansion and Strategy, working alongside founder and CEO Nikolas Bullwinkel. Holst Gydesen brings extensive international management experience, most recently for a decade as CEO of Viega, a global market and technology leader in the installation industry with locations worldwide and revenues of c. EUR 2bn. Given the scale and pace of Circus' planned international expansion, Holst-Gydesen's international experience and track record should be a great asset. As a reminder: Circus is transforming the food service industry with its fully autonomous robotic kitchen and proprietary AI software, driving significant cost savings and operational efficiency. With an estimated market opportunity of over 80 million locations and pre-orders worth EUR 1.8bn, demand is very strong, and growth will be dictated by manufacturing capacity. Circus offers investors a rare opportunity to back a true game-changer in an industry that is larger than the global automotive market and ripe for disruption. For a first-hand update, register here for mwb research’s online roundtable with CEO Nikolas Bullwinkel and CFO Fabian Becker this Wednesday: https://research-hub.de/events/registration/2025-02-05-13-30/CA1-GR. BUY, PT EUR 75.00. The full update can be downloaded under https://research-hub.de/companies/circus-se