Company Name: Cenit AG ISIN: DE0005407100   Reason for the research: Research Comment Recommendation: BUY Target price: 19.00 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Cosmin Filker, Marcel Goldmann You can download the research here: http://www.more-ir.de/d/32642.pdf Contact for questions: ++++++++ [ … ]

Ceconomy delivered a resilient Q2 FY24/25, continuing its profitable growth trajectory despite a seasonally softer post-holiday quarter. While brick-and-mortar sales remained flat, online and growth businesses, namely Marketplace, Services & Solutions, and Retail Media, drove gains. Regional dynamics were mixed, with strength in Southern Europe and Türkiye offsetting weakness in DACH and Poland. Profitability improved on the back of margin expansion and disciplined cost control. Management reaffirmed full-year guidance, highlighting confidence in ongoing transformation efforts. The interim leadership team maintains strategic continuity following the CEO's departure to the German government. mwb’s analysts make minor upward adjustments to estimates and raise their price target to EUR 3.90 (old: EUR 3.75), reiterating their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Ceconomy%20AG

ProSiebenSat.1 Media’s (PSM) Q1 results were dampened by persistent weakness in its high-margin TV advertising (ad) business. Revenues declined 1% yoy (a 6% beat vs consensus) and adjusted (adj.) EBITDA fell by a sharp 39% yoy to EUR 44m, posting a 19% miss. The Entertainment and Dating & Video businesses were lackluster; in contrast, Commerce & Ventures fared well. On the strategy front, PSM completed the sale of Verivox in March and has accordingly revised its FY 2025 outlook, now guiding sales of c.EUR 3.85bn (+/- EUR 150m) and adj. EBITDA of EUR 520m (+/- EUR 50m). It is also making good progress on the strategy front to bring in more focus on its core Entertainment business. After MFE-MediaForEurope’s public takeover offer for all outstanding PSM shares in March (cash: EUR 4.48+ 0.4 MFE A-shares), PPF Group has come up with a counter-offer to increase its stake in PSM to 29.99%, offering a cash consideration of EUR 7.00. This provides an alternative to shareholders to unlock value in PSM. mwb research’s analysts revise their target price to EUR 7.00 (old: EUR 5.80), converging with PPF’s offer, and maintain their HOLD rating on the stock. The full update can be downloaded under https://www.research-hub.de/companies/research/ProSiebenSat.1%20Media%20SE

Südzucker (SZU) reported detailed results for FY 24/25. Revenues were down 6% yoy to EUR 9.69bn, as sales slid across all segments except Fruits. Profitability slumped, as EBITDA and operating (op.) results dipped 45% and 63% yoy, respectively, largely on dampened sugar prices. Its Q4 revenue declined 11% yoy; however, op. results were up 31% yoy, aided by better results in non-sugar segments. SZU expects a slow start to FY 25/26, with Q1 likely to witness lower sales and a significant decline in EBITDA and op. results yoy. Sugar prices are not likely to recover until the start of the next marketing season in October 2025. Despite this, management reaffirmed its outlook for FY 25/26. However, with sugar accounting for c.40% of SZU’s revenues, the ongoing weakness in sugar prices, geopolitical uncertainties, and continued influx of tariff-free Ukrainian imports into the EU will continue to drag the sugar segment’s performance. As such, mwb research’s analysts continue to take a conservative view, reiterating their SELL rating while slightly raising their price target to EUR 10.00 (from EUR 9.50). The full update can be downloaded under https://www.research-hub.de/companies/Suedzucker%20AG

Nagarro delivered a resilient performance in FY24, achieving healthy growth and exceeding margin expectations despite a challenging macroeconomic backdrop. Strong execution and an improved project mix supported profitability, even as net income was affected by higher taxes and interest costs. While Q1 25 began with softer momentum due to cautious client spending and currency headwinds, underlying business fundamentals remain intact. Growth was driven by solid demand in Central Europe and select verticals like Automotive and Travel, offsetting weakness in Horizontal Tech and Life Sciences. Management reiterated confidence in a recovery later this year, backed by strategic initiatives in AI, digital transformation, and targeted M&A. A new capital return framework reinforces Nagarro’s commitment to long-term value creation and disciplined growth. mwb research’s analysts stick to their EUR 97.00 PT and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Nagarro%20SE

Dermapharm Holding SE (DMP) reported mixed Q1 results, clouded by ongoing restructuring in Arkopharma and Axicorp and planned downsizing of its vaccine business. Despite these challenges, its topline grew 1.2% yoy to EUR 302m, supported by organic growth in Branded Pharmaceuticals’ existing business and good traction in Parallel Import segments. However, its Q1 adj. EBITDA dipped 8.3% yoy to EUR 81m (margin: -2.8ppt yoy to 26.9%) on general weakness across all segments, led by contracting high-margin Vaccine business and cost rises/revenue dips from Axicorp and Arkopharma restructures. The impact to Q1 results from the restructurings were largely accounted for by management, and as such, its FY 25 guidance was retained. Despite the short-term glitches, DMP has been progressing well on its strategic initiatives and broadening its international presence, whereby reaffirming its strong market position. Therefore, mwb research’s analysts continue to maintain their BUY rating at an unchanged PT of EUR 45.00. The full update can be downloaded under research-hub.de/companies/Dermapharm%20Holding%20SE

Company Name: Energiekontor AG ISIN: DE0005313506   Reason for the research: Update Recommendation: Buy from: 16.05.2025 Target price: 104,00 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: Semperit AG Holding ISIN: AT0000785555   Reason for the research: Update Recommendation: BUY from: 16.05.2025 Target price: EUR 18.20 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Soft Q1 numbers // guidance confirmed Topic: Semperit released soft Q1 results which were burdened [ … ]

Company Name: Flughafen Wien AG ISIN: AT00000VIE62   Reason for the research: Update Recommendation: HOLD from: 16.05.2025 Target price: EUR 60.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Solid Q1 out and slightly improved summer outlook; chg. est. Following a 4.6% increase in group passeng [ … ]

Company Name: MLP SE ISIN: DE0006569908   Reason for the research: Update Recommendation: BUY from: 16.05.2025 Target price: EUR 13.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Q1 slightly softer than expected, key drivers remain intact Topic: MLP released Q1 results which came in slightly l [ … ]