Rising tensions in the Middle East, particularly around the Strait of Hormuz, are creating tightening dynamics in global shipping markets. While Ernst Russ AG (“ER”) has no direct exposure to the region, indirect effects, such as rerouted tonnage, and extended voyage times, could support charter rates globally. With 84% of 2025 revenues secured and a modern, consolidated fleet, ER is well positioned to capture possible upside while their downside is sufficiently protected in case of a wider economic collapse. Strong liquidity and a simplified ownership structure enhance strategic flexibility. mwb research’s analysts view current geopolitical volatility as an earnings catalyst rather than a threat, supporting their BUY rating and EUR 10.00 price target.The previous full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

The proposed phaseout of the U.S. solar Investment Tax Credit (ITC) by 2028 adds uncertainty to long-term demand but could also incentivize U.S. solar companies to accelerate investment decisions over the next 12–18 months to lock in favorable economics, potentially driving a front-loaded project pipeline. With just 17.5% of sales from the Americas and most solar revenue coming from Asia, Singulus appears well insulated from immediate risk, though the shift could constrain future solar expansion potential and slow diversification in the region. mwb research’s analysts believe FY25 guidance does not assume significant U.S. solar orders, suggesting potential upside if pull-forward effects materialize. While Q1 order intake was soft, recent order wins from ROLTEC and WIKA point to improving momentum. Meanwhile, the company continues to pivot toward higher-value, innovation-led segments, supporting a structurally stronger earnings profile. The analysts maintain their Spec. BUY rating and EUR 4.00 target, pending greater visibility from Q2. The full update can be found under https://research-hub.de/companies/singulus-technologies-ag

In early June 2025, Gerresheimer (GXI) issued a second downward revision to its FY25 guidance, citing continued softness in key markets and execution delays. The dividend was cut drastically to EUR 0.04 to preserve financial flexibility. Meanwhile, takeover speculation involving Warburg Pincus and KPS has fueled market volatility, though talks remain non-binding. Despite near-term headwinds, the long-term investment case in high-value pharma packaging remains intact and at ~10.6x P/E 2026E, the valuation appears attractive. mwb research’s analysts maintain their BUY rating and EUR 72.00 price target, while noting that the short-term share price performance is likely to depend on operational execution, the mitigation of current headwinds, and the outcome of ongoing strategic interest from financial sponsors. The full update can be downloaded under https://www.research-hub.de/companies/research/Gerresheimer%20AG

Leifheit has revised its FY25 guidance downward amid continued weak consumer demand in key markets. The company now expects full-year revenue to slightly decline compared to 2024’s EUR 259.2m, down from an earlier forecast of 2–4% growth. EBIT guidance was reduced to around 2024 level (EUR 12.1m), mainly due to EUR 3m in oneoff costs related to relocating injection moulding operations from Nassau to Blatná. The consolidation at Blatná is part of a broader production optimization strategy, aiming to deliver annual cost savings of about EUR 2m starting in H2 25, although upfront investments will imapct profitability in H1 25. Free cash flow guidance has also been revised downward to a mid-single-digit EURm range. Despite near-term challenges, the company’s mid-term outlook remains positive, supported by operational efficiency, a strong balance sheet, and a shareholder-friendly dividend policy. mwb research’s analysts have revised their estimates downward and slightly reduced their PT to EUR 29.00 (from EUR 30.00) but maintain their BUY rating. The full update can be downloaded under: https://research-hub.de/companies/leifheit-ag

MTU Aero Engines has upgraded its 2025 guidance, now expecting EUR 8.6–8.8bn in revenue and adjusted EBIT growth of 20–25%, driven by strong momentum in commercial MRO and OEM segments. The company also provided a bullish 2030 outlook, targeting EU 13–14bn in revenue and 14.5–15.5% EBIT margins. Defense remains a strategic growth lever, while recent investments in LEAP and GEnx MRO capacity support long-term positioning. However, rising FX risk clouds the outlook beyond 2025, as USD exposure becomes increasingly unhedged. With shares up over 30% in four weeks and now trading near fair value, mwb research’s analysts reiterate to HOLD. The analysts revise their price target to EUR 360.00 (from EUR 350.00), reflecting upgraded fundamentals. The full update can be downloaded under https://www.research-hub.de/companies/MTU%20Aero%20Engines%20AG

At its Capital Markets Day, Fresenius Medical Care (FME) presented its “FME Reignite” strategy, emphasizing operational excellence, innovation, and cultural transformation. Key targets include mid-teens operating margins (excluding special items) by 2030, EUR 1.05bn in cost savings by 2027, and continued investment in high-volume hemodiafiltration technology. The capital framework includes a 30–40% dividend payout and a EUR 1bn share buyback. While the strategy reinforces long-term ambitions and financial discipline, it introduces no new catalysts or disruptive initiatives. As expectations were largely priced in, the event does not justify a re-rating. With only finetuning changes to mwb research’s CAPEX estimates, the analysts reiterate their HOLD rating and maintain the current price target of EUR 52.00. The full update can be downloaded under https://www.research-hub.de/companies/Fresenius%20Medical%20Care

Mister Spex has revised its FY25 revenue guidance downward to a decline of 10–20%, driven by a significant drop in online sunglasses sales, which fell 37% in Q1 and likely worsened in Q2. Despite the topline pressure, the company maintains its EBIT margin guidance (-5% to -15%) and year-end cash outlook (~EUR 65m), underscoring its focus on profitability and cost discipline. Improvements in unit economics—including an 11% rise in average order value and the successful launch of a subscription model—reflect early gains from the SpexFocus transformation program. mwb research’s analysts reiterate their BUY rating with unchanged PT of EUR 4.00, as Mister Spex remains strategically well-positioned with solid liquidity and improving operational fundamentals. The full update can be downloaded under www.research-hub.de/companies/Mister%20Spex%20SE

energenta AG is well-positioned to benefit from the EU’s stricter recycling regulations, which mandate up to 30% recycled content in plastics by 2030 and 50% by 2050. By divesting its stake in the mature substitute fuels segment, energenta sharpens its focus on high-quality recyclates and plans to triple capacity in the Regranulates & Compounds segment by 2027. Although near-term profitability may decline, the strategic shift enhances scalability and regulatory alignment. Supported by strong industry expertise, operational depth, and expected demand growth, energenta remains structurally advantaged. mwb research’s analysts confirm their BUY rating with a target price of EUR 3.60. The full update can be downloaded under https://www.research-hub.de/companies/energenta%20AG

Formycon’s recent investor roundtable provided an in-depth update on its biosimilar pipeline, U.S. market dynamics, and financial outlook. While earlier concerns around FYB201 and FYB202 weighed on sentiment, management delivered a confident and transparent view on execution. FYB202 is now in early commercialization, with volume expected to build through H2 2025 despite initial pricing headwinds FYB206 remains a strategically important asset, with the company among the frontrunners in both development and regulatory progress, though commercial revenues are only expected post-2030. Management reaffirmed its EBITDA break-even target and ruled out near-term equity issuance. We continue to see valuation disconnect and reiterate our BUY rating and EUR 50.00 price target, implying >80% upside. Replay available here: https://research-hub.de/events/video/2025-06-13-10-00/FYB-GR. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

Viscom SE shares have rallied approximately 30% in the last month, which mwb research’s analysts view as a delayed market recognition of early signs of operational improvement and execution wins, including a return to positive EBIT, lower personnel costs, and commercial traction in Asia. While the broader macro backdrop remains fragile, early indicators such as stabilizing automotive demand and easing input cost pressures suggest the sector may be approaching a cyclical turning point, with a potential recovery taking shape from 2026. Emerging traction in non-automotive verticals adds incremental, albeit early-stage, upside potential in the mid-term. Against this backdrop, mwb research’s analysts are raising their medium-term assumptions on growth and profitability, lifting their price target to EUR 6.50 and reiterating their BUY rating, reflecting improved visibility and risk-reward ratio. The full update can be downloaded under https://research-hub.de/companies/viscom-se