mwb research analysts are downgrading Infineon from BUY to HOLD as the stock has rallied sharply from April lows and now trades near their fair value estimate of EUR 37.00. While the company holds a leading position in structural growth areas such as AI infrastructure and xEV, recent gains have frontloaded much of the upside. Although a gradual acceleration in H2 is expected, much of the anticipated pickup stems from inventory normalization rather than a true rebound in underlying demand, suggesting the recovery may be tentative. Persistent FX headwinds, fab underutilization, and softer SiC momentum further support mwb research’s view that near-term upside is limited. In the analysts view, further gains would require a clearer acceleration in the underlying end-market demand or easing macro risks, neither of which is currently visible. The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

Rigsave S.p.A. positions itself as a specialized asset manager focused on institutional asset pooling and structured products. Following a capital increase in March, which raised EUR 1.2m via a ~23% share issue, the company is financially prepared to implement 17 mandates secured in 2024. These mandates represent the core of Rigsave’s revenue strategy and could significantly contribute from 2025 onwards. The company must manage rising costs during its scale-up phase while maintaining long-term profitability targets. The FY24 report, expected in June, should offer further clarity on the company’s financial performance. mwb research’s analysts incorporate the new shares into their model and reflect the dilutive effect while keeping estimates unchanged. The analysts revise their price target to EUR 9.50 (prev. EUR 13.00) with an unchanged BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Rigsave%20S.p.A.

Kontron has announced a EUR 26m contract to deliver GSM-R infrastructure for the Czech national railway operator, marking its third major European rail win in recent quarters. The deal follows a EUR 34m GSM-R award in the Czech Republic in 2024 and a EUR 20m contract in Spain in April 2025, reinforcing Kontron’s leading position in railway communication systems. Despite GSM-R being based on legacy 2G technology, it remains the industry standard under ERTMS. Kontron is also well-positioned for the future shift to FRMCS, as the only current supplier of FRMCS-compliant edge hardware. While the latest order is not transformational, it strengthens Kontron’s role in European rail modernization. mwb research’s analysts maintain their BUY rating and EUR 35.00 target on unchanged estimates. The full update can be downloaded under: https://www.research-hub.de/companies/research/Kontron%20AG

Circus has successfully completed its capital increase, raising EUR 18.7m through the placement of 1.17m new shares (5.2% increase) at EUR 16.00 each. The offering included a preplacement of 1.0 million shares to new Co-CEO Claus Holst-Gydesen and a group of existing and new investors, including prominent institutional backers from Europe and the U.S. The funds will support the scale-up of serial production for Circus’s autonomous cooking robot, the CA-1, with manufacturing partner Celestica. The first units will launch this autumn in REWE supermarkets as part of an eight-month pilot. mwb research’s analysts adjust their target price to EUR 72.20 (from EUR 75.00) to reflect dilution and reiterate their BUY recommendation. Last week, Circus CEO Nikolas Bullwinkel presented at the mwb research New Food conference, reinforcing the company’s growth outlook. A recording of the event is available here: https://research-hub.de/events/video/2025- 06-03-12-00/CA1-GR. The full update can be downloaded under https://research-hub.de/companies/circus-se

At the mwb New Food Conference, GEA’s Deputy Head of IR, Rebecca Weigl, highlighted the company’s strategic growth in its New Food vertical, despite near-term macro headwinds. GEA aims to exceed EUR 400m in annual order intake in Food by 2030, driven by its full-line technology leadership in fermentation, cultivation, and plant-based processing. Under its “Mission 30” plan, GEA targets >5% organic sales CAGR, 17–19% EBITDA margin, and >45% ROCE, supported by cost efficiencies and strong service revenue growth. With improving free cash flow and a >60% cash conversion rate expected by 2030, GEA is also returning capital through a EUR 400m buyback and 50% dividend payout. While the outlook is strong and the roadmap credible, much of this is already priced in—leading to a HOLD rating with an updated fair value of EUR 61.00. The full update can be downloaded under https://www.research-hub.de/companies/GEA%20Group%20AG

Cicor has closed its strategic partnership with Mercury Mission Systems, including the acquisition of a Geneva-based electronics facility. Mercury’s five-year supply commitment enhances revenue visibility and utilization across Cicor’s European footprint. Beyond immediate volume, both parties aim to deepen collaboration, which mwb research expects to drive incremental organic growth from 2027 onward. The deal adds momentum to Cicor’s path toward CHF 1bn in 2028 sales. While mwb research views the company positively, recent share gains limit upside to the analyst’s new CHF 135 price target, up from CHF 120. Mwb research maintains a HOLD rating. For further insight, watch Cicor’s recent strategy presentation at mwb’s A&D conference: https://research-hub.de/events/video/2025-05-20-11-30/CICN-SW The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

INDUS Holding AG has acquired METFAB Engineering, Inc., a U.S.-based specialist in precision metal fabrication with ~EUR 7m in annual sales. The company will be integrated into INDUS subsidiary M. BRAUN, strengthening local manufacturing capabilities and supporting growth in North America. Strategically aligned with INDUS' “EMPOWERING MITTELSTAND” strategy, the deal secures supply chain resilience and unlocks cross-selling opportunities. Estimated at EUR 4–6m, the acquisition is likely margin-accretive and funded from INDUS’ strong cash position. Following the recent acquisition of Sunbelt, this marks INDUS’ fourth M&A deal in 2025, with further activity expected. mwb research’s analysts reiterate their BUY rating and maintain their EUR 33.00 price target, offering ~50% upside. The full update can be downloaded under https://www.research-hub.de/companies/INDUS%20Holding%20AG

At the Capital Markets Day, Stabilus reaffirmed its medium-term targets: aiming for a revenue of up to EUR 2bn and an adjusted EBIT margin of 15% by 2030. Key growth drivers include innovation in comfort, security, and automation across automotive and industrial sectors. Regional projections show balanced growth across EMEA, the Americas, and APAC. Despite short-term challenges, Stabilus remains confident to reach the targets and also plans to reduce its net leverage significantly by 2030. While the revenue goal may be ambitious organically, historical M&A trends support its feasibility. Having said, the margin target appears realistic in the view of mwb research’s analysts. Overall, current valuation remains attractive, as their DCF analysis continues to yield a value of EUR 42.00, which is why the analysts are maintaining their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Stabilus%20SE

Wolftank Group has secured over EUR 50m in new and renewed contracts in its core Environmental Services segment, strengthening its position in Italy. Key wins include a EUR 20m+ soil remediation contract via subsidiary Petroltecnica and the renewal of two framework agreements with Italiana Petroli worth EUR 30m over three years. Additional contracts with Tamoil and e-Distribuzione further support the Group’s recurring revenue base. This strong order intake enhances multi-year visibility and underscores Wolftank’s ability to secure technically complex projects while maintaining long-term client relationships. The newly announced and renewed contracts contribute more than EUR 20m in revenues per year, fully aligned with mwb research’s analysts existing estimates and optimistic view on Wolftank. The analysts maintain their BUY rating and price target of EUR 15.00, implying an upside potential of over 100%, reflecting the Group’s strong strategic positioning, recurring revenue base, and attractive exposure to long-term environmental infrastructure trends. The full update can be downloaded under https://www.research-hub.de/companies/Wolftank-Adisa%20Holding%20AG

Veganz Group AG has entered into a strategic partnership with Canadian food and beverage company Lassonde Industries (TSX: LAS.A) to adapt its patented Mililk technology—a cost- and energy-efficient 2D food printing process—for juices, smoothies, and functional "better-for-you" beverages in North America as part of a three-month, paid R&D project. The technology, which is currently used to produce plant-based milk alternatives (“Mililk”), offers key benefits such as extended shelf life, up to 94% less packaging, significantly reduced CO₂ emissions, and lower logistics costs. The cooperation demonstrates the potential of the technology and is another potential catalyst in a rerating of Veganz shares, next to the introduction of Mililk into the US market and a potential strategic investor in Orbifarm. mwb research’s analysts confirm Spec. BUY rating with PT EUR 25.00. A recording of this week’s presentation of CEO Jan Bredack at the mwb research’s “New Food Conference” can be watched here: https://researchhub.de/events/video/2025-06-03-11-30/VEZ-GR . The full update can be downloaded under https://research-hub.de/companies/veganz-group-ag