Knorr-Bremse AG is driving forward its portfolio optimization strategy under the BOOST 2026 program with two major steps: the divestiture of R.H. Sheppard Co., Inc. and the write-off of receivables from the sale of Kiepe Electric GmbH. These actions will have a combined non-cash impact on Q4 2024 earnings per share (EPS) of approximately EUR 0.68. Despite these short-term effects, Knorr-Bremse reaffirms its operating guidance for 2024, with sales of EUR 7.8 to 8.1bn, an EBIT margin of 11.5% to 13%, and free cash flow of EUR 550 to 650m. The BOOST 2026 program remains on track with EUR 400m of the planned EUR 700m already sold. Given the EPS pressure and the market volatility, especially in the Commercial Vehicle Systems segment, mwb research’s analysts maintain their HOLD rating and their PT of EUR 76.00. The full update can be downloaded under https://www.research-hub.de/companies/Knorr%20-%20Bremse%20AG

Novo Nordisk's CagriSema study showed promising weight-loss results (22.7%) but fell short of the anticipated 25%, raising concerns about competitive positioning against Eli Lilly. Gerresheimer (GXI), a key supplier of double-chamber syringes for these slimming drugs, saw its share price impacted but stands to benefit long-term from the growing obesity market. With nearly three billion overweight individuals globally, demand for weight-loss products remains immense. Despite the study’s mixed reception, GXI’s conservative annual EUR 350m GLP-1 sales potential signals strong future growth. The overreaction in GXI’s stock presents a BUY opportunity for investors. With unchanged estimates mwb research’s analysts confirm their price target of EUR 96.00. BUY. The full update can be downloaded under https://www.research-hub.de/companies/research/Gerresheimer%20AG

Fraport has reached a four-year agreement with airlines on airport charges at Frankfurt Airport, effective 1 January 2025, with an average annual increase of approximately 4%, including a 5.7% increase in 2025, followed by smaller adjustments until 2028. This moderate fee trajectory is likely to support the recovery of passenger traffic, which has been slow post-COVID due to the high cost of air travel, weak economic conditions and regulatory burdens. Now that it has become clear that Fraport has found a reasonable trade-off between higher charges and PAX growth, major uncertainties have been removed. mwb research analysts adjust their estimates, raise their PT to EUR 67.00 (old: EUR 65.00) and reiterate their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Fraport%20AG

Viromed Medical has completed the acquisition of Hamburg-based pharmedix GmbH, a healthcare product company specializing in medical devices, supplements, and cosmetics, for up to EUR 2.0m, paid entirely in Viromed shares. pharmedix is expected to contribute EUR 5.5m revenues with profits in 2025. The acquisition complements Viromed’s capabilities in brand building and omni-channel sales. Following the acquisition, Viromed projects FY25 revenues in the low double-digit million EUR range. Separately, Viromed is in discussions with a major global pharmaceutical company, potentially TDK, for a worldwide license for its Cold Atmospheric Plasma (CAP) technology, with expected revenue in the low double-digit million range by H2 2025. The deal could also include the group taking a stake in Viromed, boosting its credibility and visibility. With these developments, mwb research’s analysts confirm their Spec. BUY rating with PT EUR 6.00. The full update can be downloaded under https://www.research-hub.de/companies/Viromed%20Medical%20AG

Company Name: European Lithium Limited ISIN: AU000000EUR7   Reason for the research: Update Recommendation: Buy from: 20.12.2024 Target price: €0.14 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on European Lithium Limited (ISIN: [ … ]

Following the mandatory takeover offer from OEP, Cicor was triggered to publish a detailed report on its latest financial data. In line with this, Cicor reported detailed 9M 2024 results, with sales up 19.4%, driven by acquisitions, and a significant boost in profitability. While the full-year sales outlook has been slightly revised to CHF 470– 490m (before: CHF 470-510m) due to currency headwinds, EBITDA remains forecasted at CHF 55–60m, reflecting strong operational performance. Cicor’s successful integration of acquisitions and strategic market gains position it well for continued growth. mwb research’s analysts maintain their PT of CHF 83.00 and reiterate their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

Siltronic's stock stumbled yesterday following Micron Technology’s Q1’25 results, which highlighted sluggish near-term demand in consumer-driven markets. While AI and leading-edge applications significantly fuel wafer demand, mwb research believes this is unlikely to offset the impact of elevated inventories at end customers and persistent weakness in broader markets, including soft automotive, subdued industrial demand, and the slow recovery of PCs and smartphones in the short term. Against this backdrop, mwb research’s analysts lower their price target to EUR 80.00 (previously EUR 92.00) but reiterate their BUY recommendation, as the current 0.7x P/B valuation remains attractive, and the cyclical nature of the market could swiftly turn in Siltronic's favor, offering significant long-term upside potential. The full update can be downloaded under https://research-hub.de/companies/Siltronic%20AG

Vulcan Energy Resources is achieving significant progress in securing funding for its Phase One Lionheart Project, which has garnered robust support in the past weeks, including EUR 500m in approved funding from the European Investment Bank and a EUR 879m conditional commitment from Export Finance Australia and seven commercial banks. Additional backing from German federal grants and equity raises further underscores strong institutional and governmental confidence. With a clear strategy to address the remaining funding requirements, Vulcan is set to advance critical infrastructure and execution activities. mwb research’s analysts are dropping their discount on valuation and increase their PT to EUR 12.50, which better reflects Vulcan’s project NPV. The analysts maintain their BUY rating. The previous update can be downloaded under https://www.research-hub.de/companies/research/Vulcan%20Energy%20Resources

Friedrich Vorwerk Group (FVG) has secured a major contract from Open Grid Europe (OGE) to execute a phase of the Wardenburg-Drohne (WAD) natural gas pipeline, marking a significant development in the Natural Gas segment. This contract adds to other major orders this year, further strengthening FVG's momentum in the sector. In 2024, the Electricity segment was a key driver, with higher sales contributions, while Clean Hydrogen saw a slight decline. The Natural Gas segment showed notable margin improvement, although Electricity's profitability dropped. FVG's order backlog of EUR 1.18bn, largely from the Electricity segment, is now bolstered by new Natural Gas orders, ensuring continued growth. As Germany invests in expanding energy infrastructure, FVG is well-positioned for strong performance, which is why the analysts maintain their BUY rating with an unchanged PT of EUR 36.00, indicating a 30% upside. The full update can be downloaded under https://www.researchhub.de/companies/Friedrich%20Vorwerk%20Group%20SE

ProSiebenSat.1 Media (PSM) struggles with declining advertising revenues as streaming competition intensifies and economic challenges in the DACH region reduce consumer spending. Despite restructuring efforts, including divesting non-core assets and focusing on digital growth through Joyn, these measures cannot fully offset losses from traditional TV. High debt refinancing in 2027 and the sale of growth businesses Verivox and Flaconi add to uncertainties. PSM's FY24 targets reflect lower revenues and margins due to weak advertising and higher costs. Amid economic challenges, the stock is downgraded from BUY to HOLD with a reduced PT to EUR 5.00 (old EUR 6.00). The full update can be downloaded under https://www.research-hub.de/companies/research/ProSiebenSat.1%20Media%20SE