Vossloh strengthened its position in the UK market by winning a EUR 30m order from PORR for the HS2 high-speed rail project. This order is in line with the growing demand for sustainable transport infrastructure and secures stable sales until 2027. The order follows Vossloh's record order intake of EUR 1.03bn in the first 9M 2024, up 8.5% yoy. The Customized Modules segment posted strong growth, driving the overall performance. The new order is particularly important as it comes from the Core Components segment, which has a high EBIT margin, supporting the overall margin development of the company. The HS2 project is a major milestone in the modernization of the UK's transport system, with the potential for further UK projects for Vossloh. mwb research’s analysts reiterate their BUY rating, raise their EBIT estimates and their PT to EUR 60.00 (from EUR 57.00). The full update can be downloaded under https://www.research-hub.de/companies/research/Vossloh%20AG

Cicor Technologies has confirmed discussions about a potential acquisition of certain Éolane France businesses, though no agreement has been reached. Éolane, a leading French manufacturer of electronic boards and subassemblies, serves critical sectors such as defense and aerospace but faces market challenges. A deal could align with Cicor’s strategy to become a leading pan-European EMS provider, expanding its footprint in high-reliability industries. However, uncertainty remains high due to Éolane’s ties to national security and unclear divestiture plans. mwb research’s analysts reiterate their PT of CHF 83.00 and confirm their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

Company Name: Lisata Therapeutics Inc ISIN: US1280583022   Reason for the research: Initiation of coverage Recommendation: BUY from: 21.01.2025 Target price: USD15.00 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research on 21/01/2025 initiated coverage on Lisata Therap [ … ]

Kontron’s preliminary FY24 results highlight dynamic growth, with revenues exceeding EUR 1.7bn (+40% yoy) and EBITDA surpassing EUR 190m. Q4 showed continued strong momentum, with revenues up 49% and EBITDA growing 71% yoy, driven by organic growth and the successful integration of Katek. With a healthy order backlog providing good visibility, the company’s set FY25 targets of EUR 1.9–2.0bn in revenue and at least EUR 220m in EBITDA, indicating a solid growth trajectory. mwb research’s analysts reiterate their EUR 35.00 price target and maintain their BUY rating. The full update can be downloaded under: https://www.research-hub.de/companies/research/Kontron%20AG

123fahrschule SE (123fs) held a press event and an investor roundtable yesterday. mwb research’s analyst had the opportunity to discuss the latest developments at 123fs with CEO Polenske and he also had the chance to test the 123fs driving school simulators and gained some impressive insights. With the use of e-learning and in-house developed simulators, 123fs is in an excellent position to benefit from the upcoming market changes and the long-term assumptions largely reflect this solid growth potential. After yesterday's meeting, mwb research reiterates the BUY rating with an unchanged price target of EUR 6.20. The full update can be downloaded under https://www.research-hub.de/companies/research/123fahrschule%20SE

Lanxess reported a strong Q4, with pre-exceptionals EBITDA reaching EUR 159m, beating consensus by 22%, and FY24 EBITDA hitting EUR 614m, the upper end of its 10-20% growth guidance, driven by robust U.S. volume growth in Specialty Additives and Consumer Protection. Nevertheless, this performance was bolstered by pull-forward demand, likely triggered by price uncertainty stemming from the new U.S government. This early purchasing may create a demand vacuum in early 2025, potentially depressing short-term performance. Additionally, management has signaled no recovery in key markets heading into 2025. Despite this, Lanxess reduced net financial debt by EUR 100m, reflecting prudent financial management. As a leader in niche specialty chemicals, mwb research’s analysts believe the company is well-positioned to leverage future demand acceleration, particularly with its ongoing transformation to an asset-light, high-margin business model. Against this backdrop, the analysts adjust their estimates slightly and remain conservative for 2025 with no material impact on valuation. mwb research reiterates the BUY rating with an unchanged PT of EUR 30.00, emphasizing its long-term potential despite near-term challenges. The full update can be downloaded under https://www.research-hub.de/companies/Lanxess%20AG

Interest in German real estate stocks has been rather low recently, but mwb research’s analysts see potential for a turnaround, particularly in FCR Immobilien. The improved interest rate environment, with ECB rate cuts and possible further easing in 2025, could provide a tailwind for the real estate sector. After two years of declining FFOs, FCR could be poised for a recovery, driven by more stable financing costs, further portfolio expansion and index-linked rentals. In the view of mwb research’s analysts, the niche of local retail properties in secondary German locations with high initial yields and stable rents remains very attractive. Nevertheless, the stock is currently trading at around 30% below NAV, which the analysts believe offers significant upside potential. mwb research therefore reiterates the BUY rating with an unchanged price target of EUR 20.50. mwb research is organizing a virtual roadshow with CFO Christoph Schillmaier on 11 February. Interested investors can send an email to feedback@mwb-research.com. The previous full update can be downloaded under https://www.research-hub.de/companies/FCR%20Immobilien%20AG

MS Industrie recently decided to focus on its core business by selling 51% of its subsidiary MS Ultraschall in mid-24. The move will allow the company to focus on its highly automated MS XTEC division, which produces mechanical parts and systems as a single-source, first-tier supplier primarily for the heavy-duty truck market. MS XTEC's products are known for their high quality, consistency and long-life cycles. The company has long-term contracts with major customers, including Daimler Trucks and Traton, that specify planned annual purchase volumes. Despite the current downturn in the European truck market, growth is expected as demand picks up. The company's low future CAPEX requirements, long-term contracts and low price-to-book ratio of 0.5x make the stock an attractive investment. mwb research’s analysts initiate their coverage of MS Industrie with a BUY rating and a PT of 2.40, offering an upside of 75.2%. The full update can be downloaded under https://research-hub.de/companies/ms-industrie-ag

HWK 1365 SE (HWK) has announced that two board members, Frank Günther and Wolf Waschkuhn (also managing director of HWK), are in custody and under investigation on charges unrelated to HWK. The company's operations, which are managed by Hüttenwerke Königsbronn GmbH, remain unaffected as its managing director is not under investigation. The investigations could lead to prolonged uncertainty, potentially necessitating interim management changes. The situation is further complicated by the fact that Frank Günther and Wolf Waschkuhn directly or indirectly control approximately two-thirds of the share capital of HWK. Until the impact of the investigations on HWK become clearer, mwb research’s analysts put their rating under review and suspend their price target. The full update can be downloaded under https://www.research-hub.de/companies/HWK%201365%20SE

Nemetschek (NEM) reported strong preliminary FY24 results, with revenues growing 17% yoy to EUR 996m, driven by organic growth of 14% and contributions from GoCanvas (+3pp). Exceptional performance in the Design and Build segments, fueled by the subscription transition and final sales of perpetual licenses, boosted Q4 revenues to EUR 291m (+33% yoy mwb est.). Preliminary EBITDA margins exceeded the upper end of guidance, showcasing robust operational execution. The shift to SaaS and recurring revenues continues to solidify Nemetschek’s position, with ARR growing over 40% yoy and recurring revenues contributing 86% to the total. Mwb research raises the PT to EUR 110.00 (from EUR 96.00) but maintains our HOLD rating. The full update can be downloaded under https://www.research-hub.de/companies/research/Nemetschek%20SE