AUTO1 Group has made a remarkable turnaround, with its share price surging over 400% from its 52-week low, driven by strong operational performance and growing investor confidence. The company’s record-breaking Q3 results, featuring significant revenue growth and profitability improvements, acted as a key catalyst. Inclusion in the MDAX further validates AUTO1’s progress and enhances its market profile. With increased long-term estimates and a revised price target of EUR 19.00 (old: EUR 12:00), mwb research analysts reiterate their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/AUTO1%20GROUP%20SE

Redcare Pharmacy (RDC) reported solid full-year and Q4 prelims, with total sales growing 32% year-over-year to EUR 2.37bn. Growth was largely driven by the successful adoption of e-prescriptions in Germany, leading to a 64% surge in Rx sales. Despite missing consensus estimates slightly, RDC’s performance remains within its guidance range. The company sees continued potential for market expansion, especially in the e-Rx segment. Although short-term profit estimates have been reduced, long-term prospects remain promising, prompting a rating upgrade to BUY with a revised PT of EUR 144.00 (old: EUR 145.00). The full update can be downloaded under https://www.research-hub.de/companies/Redcare%20Pharmacy%20N.V.

Following prioritization by jet engine supplier CFM, Airbus delivered 766 aircraft in FY24, slightly missing the lower end of its revised target of “around” 770 units—up 4% from FY23. However, gross orders fell 72% to 878, showing Airbus’s inability to capitalize on Boeing’s struggles. Notably, Boeing’s recovery is underway, with efforts to ramp up 737 MAX production, which could heighten competition. Additionally, COMAC’s C919 poses an increasing threat, with European certification expected in 2025 and significant production expansion in Shanghai. Airbus also faces headwinds in its space division as Starlink gains market share. With tight margins unlikely to improve amid rising competition and supply chain constraints, we maintain our SELL rating and EUR 127.00 price target. The full update can be downloaded under https://www.research-hub.de/companies/Airbus%20SE

Company Name: INDUS Holding AG ISIN: DE0006200108   Reason for the research: Update Recommendation: Buy from: 10.01.2025 Target price: EUR 34.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Solid FY25e ahead for INDUS due to reasoned capital allocation Topic: FY24e was clearly overshadowed [ … ]

About You (AY) posted mixed Q3 results, with revenue increasing by 1.3% yoy to EUR 558.9m, falling short of consensus expectations. The reported growth was impacted by a timing effect from the Black Weeks promotion, which shifted EUR 25m in revenue to Q4, despite strong performance in the DACH region (+18% yoy). AY delivered robust cash flow, with operating cash flow rising to EUR 134m, driven by improved working capital management. The company reaffirmed its full-year guidance and continues to progress with the takeover by Zalando. Furthermore, AY has just been announced as a new SDAX constituent, effective January 13, 2025. mwb research’s analysts maintain their SELL rating in light of Zalando’s offer price and their unchanged price target of EUR 6.50. The full update can be downloaded under https://www.research-hub.de/companies/ABOUT%20YOU%20Holding%20SE

Nordex has announced new orders from Germany totaling 738 MW for Q4 2024, which, along with the 251 MW already disclosed, brings the total order volume for the quarter to 989 MW. This marks a 62% decrease compared to the same period last year. It is worth noting that not all orders have been disclosed yet, and there may be additional large orders in the pipeline that will be revealed in the coming days. The announced orders are estimated to be valued at around EUR 910m (mwb est.). While concerns about Nordex’s long-term growth prospects are rising due to geopolitical tensions and weaker order flow, mwb research’s analysts remain positive about the company’s short-term outlook. However, a recovery in order intake is essential for sustainable growth and to achieve the mid-term EBITDA margin target of 8%. The analysts maintain their BUY rating with an unchanged PT of EUR 20.00. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.

INDUS Holding AG's subsidiary HAUFF-TECHNIK has acquired KETTLER GmbH, a German manufacturer of pipeline components. The acquisition, effective January 1, 2025, strengthens INDUS' Infrastructure segment and expands its portfolio in water and gas supply networks. KETTLER, with 60 employees, produces installation fittings, operating keys, and wall ducts. This move aligns with INDUS' strategy of supporting portfolio companies through targeted acquisitions, capitalizing on growing infrastructure demand. The deal showcases INDUS' buy-develop-hold approach and its commitment to long-term business development. Despite its small size (EUR 9m in annual sales but potentially margin accretive), the acquisition reinforces INDUS' position in the infrastructure sector and demonstrates its ability to identify profitable, complementary businesses. BUY with unchanged PT of EUR 34.00. The full update can be downloaded under https://www.research-hub.de/companies/INDUS%20Holding%20AG

Rubean achieved significant growth in FY24, almost doubling its revenues to EUR 1.94m. This success has been attributed to partnerships with major financial institutions, most notably Commerz-GlobalPay, a joint venture between Commerzbank and Global Payments. While this growth was impressive in itself and demonstrated Rubean's ability to hyperscale, it still fell some 10-15% short of the company's guidance and mwb research’s expectations. In addition, the company completed a capital increase, raising EUR 0.9m to fund its growth. Looking ahead to FY25, Rubean expects similarly strong growth, potentially doubling revenues again. Despite slightly lower-than-expected results, Rubean's performance points to a successful hyperscaling of its innovative payment solutions, positioning the company for profitability in the current fiscal year. mwb research’s analysts reiterate their BUY rating with a new PT of EUR 10.00 (old EUR 12.00). In addition, Rubean continues its discussions with a potential strategic partner initiated in ‘24. The full update can be downloaded under https://www.research-hub.de/companies/Rubean%20AG

While the market is buzzing with AI hype, mwb research’s analysts believe Infineon offers a steady, tangible opportunity rather than a quick game changer. Its role in AI is critical but less flashy—it powers energy-hungry infrastructure through its unmatched power semiconductor solutions (Si, SiC, GaN), which are essential for AI servers and data centers. With EUR 500m in expected AI-related revenue for FY25, representing 3.4% of total guidance, AI won’t redefine Infineon overnight. However, this revenue will sweeten the pot, helping to balance softness in Infineon’s core business, particularly in automotive and industrial markets. With revenue projected to double to EUR 1bn by 2027 and demand for AI infrastructure surging, Infineon is well-positioned to capitalize on this long-term growth opportunity and enhance its margins. mwb research’s analysts reiterate their BUY rating with an unchanged PT of EUR 37.00, confident in its ability to weather short-term headwinds and steadily benefit from rising AI adoption. The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

Company Name: MAX Automation SE ISIN: DE000A2DA588   Reason for the research: Update Recommendation: BUY Target price: EUR 7.00 Target price on sight of: 12 months Last rating change: Analyst: Konstantin Völk Mixed FY25e outlook due to restrained demand; chg. est. Topic: After an already muted FY24e, we expect the situation  [ … ]