Company Name: PNE AG ISIN: DE000A0JBPG2   Reason for the research: Update Recommendation: Buy from: 19.08.2025 Target price: 19,00 Euro Target price on sight of: 12 Monate Last rating change: 02.02.2023: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein Research U [ … ]

Company Name: Valneva SE ISIN: FR0004056851   Reason for the research: Q2 results Recommendation: Buy from: 19.08.2025 Target price: €8.10 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on Valneva SE (ISIN: FR0004056851). Analyst  [ … ]

Company Name: NFON AG ISIN: DE000A0N4N52   Reason for the research: Update Recommendation: BUY from: 19.08.2025 Target price: EUR 12.10 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Against this backdrop, we see the top-line guidance of 8-10% growth at risk, given that macro-related headwin [ … ]

Company Name: Multitude AG ISIN: CH1398992755   Reason for the research: Update Recommendation: BUY from: 19.08.2025 Target price: EUR 12.00 Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow EBT is expected to come in at solid € 7.8m (43% yoy), on the back of the sequentially improving topl [ … ]

Deutsche Rohstoff reported Q2 revenues of EUR 43.2m, a 27% decrease qoq, primarily due to lower realized WTI prices (USD 64 vs. USD 69 in Q1) and the fact that new wells only went into production at the end of the quarter. This led to a 11% drop in output to 1,163k barrels of oil equivalent (BOE). EBITDA fell by 37% qoq, reflecting lower sales volumes and drilling preparation costs in the western areas of the Powder River Basin, despite efficiency gains in operating expenses and depletion per BOE. Robust working capital management helped stabilize operating cash flow, funding higher capital expenditure and leaving a modest positive free cash flow of EUR 2.5m, aided by lower drilling costs (below USD 9m per well). The company has confirmed its FY25 guidance of sales of EUR 170–190m and EBITDA of EUR 115–135m, even at an unfavorable EUR/USD exchange rate of 1.20. We have made a slight upgrade to our FY25 estimates and are confirming our BUY rating with an unchanged price target of EUR 53.00. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

The Malta Financial Services Authority (MFSA) has approved The Payments Group Holding’s (PGH) acquisition of Calida Financial pending formal written confirmation, clearing the last hurdle for PGH’s takeover of The Payments Group (TPG), which includes Calida, Funanga, TWBS, and Surfer Rosa. The deal, agreed in August 2024, shifts PGH from a transitional holding company to a regulated PayTech platform. With the approval through the MFSA, PGH economically holds a call option of the TPG companies, which is no longer dependent on the occurrence of conditions beyond the company’s control and thus represents a separate economic value/asset. In our view, regulatory clarity and commercial milestones strengthen PGH’s equity story, which is why we upgrade our PT to EUR 1.80 (previously EUR 1.50), which prompts an upgrade to BUY (from HOLD). The full update can be downloaded under https://research-hub.de/companies/the-payments-group-holding

Veganz, soon to be renamed Planethic Group AG, held its virtual AGM with 57% of share capital represented and over 97% approval on all items. This includes its transformation into an investment holding structure by spinning off Mililk, Happy Cheeze, Peas on Earth and Veganz into separate subsidiaries to attract external capital while retaining control and to attain the level of focus needed to fulfill the pursued growth goals. Growth prospects are strongest at Mililk, where management cited commitments for 160m liters, equivalent to EUR 160m, mainly from the US. Veganz plans the construction of two plants there, requiring EUR 4–8m capex (mwb est.). CEO Jan Bredack also disclosed further details of the Orbifarm sale, including the payment schedule of the EUR 30m purchase price and earn-out clauses. Leadership changes include Bredack stepping down as CEO in September 2025 (to lead Orbifarm) and being succeeded by finance expert Rayan Tegtmeier, while the Supervisory Board chairmanship passed to food tech specialist Evgeni Kouris. With the new strategy, structure, and governance in place, we confirm our Spec. BUY rating with a EUR 21.50 price target. The full update can be downloaded under https://research-hub.de/companies/veganz-group-ag

Company Name: Energiekontor AG ISIN: DE0005313506   Reason for the research: Update Recommendation: Buy from: 18.08.2025 Target price: 105,00 Euro Target price on sight of: 12 Monate Last rating change: 18.10.2022: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein [ … ]

Company Name: Reply ISIN: IT0005282865   Reason for the research: Update Recommendation: Buy from: 18.08.2025 Target price: 178 Last rating change: Analyst: Sebastian Droste Structural advantages result in strong resilience On July 31, Reply released its Q2 2025 financial results. Revenue growth was strong at +8.3% yoy to EUR 606 [ … ]

Company Name: Lisata Therapeutics Inc ISIN: US1280583022   Reason for the research: Update Recommendation: BUY from: 18.08.2025 Target price: USD 15.00 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research has published a research update on Lisata Therapeutics, Inc. (IS [ … ]