Formycon has appointed Valorum Biologics as U.S. commercialization partner for FYB203, following Coherus’ strategic exit from ophthalmology back in 2024. While Valorum’s leadership brings experience, the firm lacks a commercial track record, introducing execution risk alongside strategic upside. Concurrently, Formycon is placing a EUR 50m corporate bond with strong institutional interest. The yield reflects prevailing market levels for small-cap issuers and aligns with Formycon’s current risk profile. Proceeds will support the commercial rollout and pipeline development. With FYB202 ramping up, and catalysts including FYB203 market entry and FYB206 partnering expected, execution will be critical. mwb research’s analysts reiterate their EUR 50.00 price target and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

Nordex has announced a major 435.2 MW order from German developer UKA in Q2, including 64 turbines and 20-year service contracts, one of its largest domestic deals. A 160 MW order from Turkey was also announced today. Earlier in the quarter, several smaller contracts in Germany and France were secured. Together, these deals point to strong Q2 order momentum. Demand remains robust, supported by a solid pipeline into late 2024 and early 2025, with an order backlog nearly twice the company’s annual revenue. As Nordex typically announces more deals at quarter-end, further Q2 orders are likely. The strong intake underscores Nordex’s solid position in the expanding European onshore wind market, particularly in Germany. mwb research’s analysts maintain their BUY rating and PT of EUR 20.00, confident in growth and improving profitability, though our midterm estimates remain conservative for now versus the company’s mid-term targets. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.

Carl Zeiss Meditec (CZM) remains a global leader in ophthalmic and microsurgical technologies, supported by secular growth drivers such as ageing demographics and rising vision disorders. Despite cyclical headwinds in hospital spending and macro uncertainties, the business benefits from a resilient, growing base of recurring revenues. New platforms like KINEVO and VISUMAX, coupled with a good order backlog, provide near-term momentum. While management maintains a cautious FY outlook, current valuation appears compelling after a sharp stock decline by c. 15% since mid-May. With the share price now well below our EUR 65.00 target, mwb research’s analysts upgrade the rating from HOLD to BUY, anticipating margin recovery and product-driven growth. The full update can be downloaded under https://www.research-hub.de/companies/Carl%20Zeiss%20Meditec%20AG

Stratec’s inclusion in the SDAX on June 25, 2025, enhances its visibility ahead of the mwb research Health Care Conference on July 1, where CEO Markus Wolfinger will outline the company’s strategic direction. The event offers timely insight into Stratec’s shift toward high-margin, service-based revenues and platform development. Investors are encouraged to register here: research-hub.de/conference/health-care-conference. As management confirmed its FY25 guidance, with an adjusted EBIT margin of 10–12%, mwb research’s analysts maintain their BUY rating and reaffirm their EUR 32.50 price target, implying an attractive upside. The analysts believe, the SDAX entry could act as a catalyst for increased investor attention and a rerating of the shares. The full update can be downloaded under https://research-hub.de/companies/research/Stratec%20SE

Verbio’s removal from the SDAX on June 23 triggered some short-term technical selling and reduced liquidity from index-tracking funds. However, despite the announcement on June 4, the share price rose by more than 20%, suggesting the market viewed this as a temporary dislocation. Meanwhile, US policy momentum in June 2025, driven by higher Environmental Protection Agency (EPA) biofuel mandates and regulatory clarity, aligns well with Verbio’s strategy. The company’s Nevada-based RNG and bioethanol facility stands to benefit from stronger demand and domestic supply preferences. With deep expertise in biofuels and vertical integration, Verbio is well positioned for growth. While European operations remain stable, the US expansion offers the clearest nearterm upside. US regulatory support and full-scale ramp-up in Nevada could be key catalysts for re-rating. mwb research’s analysts reiterate their BUY rating and maintain their PT of EUR 15.00. The full update can be downloaded under https://www.research-hub.de/companies/Verbio%20SE

Nagarro SE will be included in the TecDAX on 25 June 2025, replacing CompuGroup Medical. The index re-entry enhances visibility and could attract ETF-related inflows. However, Accenture’s recent bookings decline highlights a more cautious enterprise IT spending environment, particularly for discretionary and transformation-led projects. As a result, mwb research’s analysts revise their sales and EBIT estimates downward to reflect softer demand in horizontal tech and early-phase digital engagements. In contrast, verticals like Automotive and Travel remain resilient. Nagarro continues to execute on capital returns and growth, supported by a EUR 400m buyback and its first-ever dividend. At 11.5x P/E and 6.6x EV/EBITDA (2025E), valuation remains attractive. mwb research’s new price target is EUR 92.00 (previously EUR 97.00), reflecting a more balanced near-term view. The full update can be downloaded under https://www.research-hub.de/companies/Nagarro%20SE

Oil prices are climbing amid escalating U.S.–Iran tensions, with Brent nearing USD 80 after Iran’s parliament backed the potential closure of the Strait of Hormuz, a vital shipping corridor responsible for around 20% of global oil flows. A formal shutdown could drive Brent above USD 95, triggering a major shock to global energy markets and disrupting inflation-sensitive supply chains. For BASF, already grappling with margin pressure and softening volumes, a surge in energy costs would further strain its energy intensive operations and heighten the risk of deeper margin compression across key segments, especially in Europe, where energy competitiveness is already under stress. Despite a resilient Q1, mounting Q2 softness and cautious customer sentiment could intensify further if tensions around the Strait of Hormuz escalate. mwb research’s analysts revise their estimates downward and reiterate their BUY rating with a lower price target of EUR 53.00. The full update can be downloaded under https://www.research-hub.de/companies/BASF%20SE

tk nucera announced the acquisition of key technology assets from Danish electrolyzer specialist Green Hydrogen Systems (GHS), including intellectual property, a test facility, and an operational prototype in Skive. The transaction, fully funded from existing cash reserves, excludes GHS’s full operations but gives tk nucera access to pressurized alkaline technology designed for dynamic, modular use. GHS’s HyProvide® A- and X Series electrolyzers operate at 30–35 bar and are suited for applications such as hydrogen refueling, power-to-X, and distributed renewables—markets tk nucera had yet to address. This asset deal complements its industrial-scale portfolio and accelerates its R&D capabilities while limiting operational risks. In a still-challenging hydrogen environment, the company is positioning itself strongly for a future rebound. mwb research’s analysts maintain their BUY rating and EUR 12.00 price target, based on their DCF valuation. The full update can be downloaded under https://www.researchhub.de/companies/thyssenkrupp%20nucera%20AG%20&%20Co%20KGaA

Kontron and congatec have signed a term sheet for congatec’s majority acquisition of Kontron’s subsidiary JUMPtec GmbH, including a stake in Kontron America Modules, LLC. This transaction is part of Kontron’s ongoing divestment strategy to streamline operations, unlock capital, and reduce operational complexity. JUMPtec specializes in standardized and customized Computer-on-Modules (COMs) and related design and production services across multiple industries. The deal will generate a high double-digit million euro gain for Kontron through deconsolidation and supports a ‘local-for-local’ production strategy to mitigate geopolitical risks, particularly in the US. mwb research’s analysts reaffirm their BUY rating and price target of EUR 35.00, viewing this deal as value accretive. The full update can be downloaded under: https://www.research-hub.de/companies/research/Kontron%20AG

After a weaker Q1, mwb research’s analysts also expect Q2 2025 to show a yoy decline, mainly due to a strong comparison base from prior years, particularly driven by robust activity in China decline. The weakness reflects the typical wave-like pattern of project execution in the rail infrastructure business. We anticipate a recovery in H2 2025 as business momentum picks up, especially supported by catch-up effects from China. Vossloh continues to benefit from strong order intake, underpinned by Europe’s rail infrastructure renewal and global projects. The company maintains a book-to-bill ratio of 1.35x, and the analysts see organic growth of over 5% CAGR through 2030 as realistic. In today’s uncertain geopolitical and economic environment, Vossloh stands out as a safe haven—a stable, infrastructure-focused company with strong international growth potential and a key role in the shift toward sustainable rail transport. Following mwb research’s model adjustment, reflecting increased confidence in Vossloh’s ability to reach its long-term targets and to steadily improve free cash flow, the analysts raise their PT from EUR 65.00 to EUR 90.00 and upgrade to BUY. Vossloh will present at the German Select Conference on August 26 at 2:30 PM. Register here: https://research-hub.de/conference/german-select-v. The full update can be downloaded under https://www.research-hub.de/companies/research/Vossloh%20AG