Company Name: Warimpex Finanz- und Beteiligungs AG ISIN: AT0000827209   Reason for the research: Update Recommendation: BUY Target price: EUR 1.12 Target price on sight of: 12-months Last rating change: Analyst: Adrian Kowollik After reporting disappointing full-year 2024 results compared to our estimates from early April, Warim [ … ]

Company Name: Daldrup & Söhne AG ISIN: DE0007830572   Reason for the research: Update Recommendation: Buy from: 06.06.2025 Target price: 18.00 Last rating change: Analyst: Ralf Marinoni FY 2024: EBIT more than doubledDaldrup & Söhne closed 2024 extremely successfully: the company managed to increase EBIT from EU [ … ]

Company Name: Multitude SE ISIN: CH1398992755   Reason for the research: Update Recommendation: BUY from: 06.06.2025 Target price: EUR 12.00 Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow Guidance hike after impressive Q1 profitability; chg Multitude recently reported Q1´25 figures with n [ … ]

Company Name: Marley Spoon Group SE ISIN: LU2380748603   Reason for the research: Update Recommendation: BUY from: 06.06.2025 Target price: EUR 2.70 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Q1 shows further margin and cash flow improvements While Q1 sales decreased by 7.4% yoy to € [ … ]

Company Name: Ernst Russ AG ISIN: DE000A161077   Reason for the research: Update Recommendation: Buy from: 05.06.2025 Target price: 10.00 Last rating change: Analyst: Klaus Soer Solid performance in volatile shipping markets - High value of shipping fleet Ernst Russ AG reported solid results for Q1/25. The company’s revenue [ … ]

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

At mwb’s New Food Conference, Delivery Hero provided a strategic update through Barbara Jeitler, Director of Investor Relations. Key highlights included robust growth in global food delivery and quick commerce, particularly with its own delivery model and expanding ad-tech business. The company confirmed strong FY24 performance, reporting 8% GMV growth and 22% revenue growth, with adjusted EBITDA of EUR 693m. For FY25, it expects GMV growth of 8-10% and EBITDA of EUR 975-1,025m. Delivery Hero also focused on its ongoing debt reduction, including proceeds from the Talabat IPO and a termination fee from the canceled Taiwan business sale. Despite strong growth prospects, the current valuation does not fully reflect the company’s long-term potential. mwb research believes there is significant value to be unlocked, which could drive higher market valuations. The company remains well-positioned for long-term growth, with a PT of EUR 45.00 and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE

tk nucera has announced it has been selected for a Front-End Engineering and Design (FEED) study on a 600 MW green hydrogen project in Europe, targeting a final investment decision (FID) in 2026. The hydrogen will support hard-to-abate industrial sectors and marks the third major project in the region using tk nucera’s technology. A positive FID could translate into EUR 200–300m in order intake (mwb est.), or about one-third of expected AWE orders for FY26. With the AWE backlog at EUR 400m and recent order intake very low (EUR 4m in Q2 FY25), the contract would provide much-needed support. An actively pursued project pipeline of EUR 12bn offers further near-term potential. mwb research’s analysts keep their estimates unchanged for now but note that successful conversion of feasibility-stage projects into orders could significantly raise our forecasts. The BUY rating and PT of EUR 12.00 are reiterated based on their DCF model. The full update can be downloaded under https://www.researchhub.de/companies/thyssenkrupp%20nucera%20AG%20&%20Co%20KGaA

R. STAHL continues to follow its long-term strategy through EXcellence 2030, focusing on international expansion and digitalization. Key initiatives include investments in growth markets like India and China, as well as new product launches such as the digital twin platform. The company confirmed its FY25 revenue forecast of EUR 340-350m and EBITDA of EUR 35-40m, despite challenges in the macroeconomic environment. While Q1 2025 showed a 13.4% revenue decline, strong order intake offers optimism for H2 2025. R. STAHL remains a reliable, strategically sound investment. mwb research’s analysts maintain the BUY rating with a price target of EUR 25.30. The full update can be downloaded under https://research-hub.de/companies/r-stahl-ag