Intershop Communications AG reported preliminary figures, showing strong momentum in its cloud business and reinforcing its shift toward a subscription-based revenue model. Despite macroeconomic challenges, the company returned to profitability and continues to expand its AI-driven innovations. The cautious 2025 guidance reflects economic uncertainties, but ongoing cloud migrations and AI investments present significant growth potential. With a strong pipeline of customers transitioning to the cloud and improving margins, Intershop is well-positioned for sustained long-term growth. As AI-powered solutions gain traction, the company could see even stronger adoption rates than expected. BUY, price target EUR 3.00. A recording of the earnings call can be watched here: https://research-hub.de/events/video/2025-02-19-13-30/ISHA-GR . The full update can be downloaded under https://www.research-hub.de/companies/Intershop%20Communications%20AG

Pyramid AG reported preliminary FY24 results slightly below guidance, but 5-6% above mwb research's EBITDA estimates. Consolidated revenues were EUR 68.6m, down 9.7% yoy, missing the guidance of EUR 70-73m due to a lack of economic recovery. Core businesses Akhet and Polytouch grew 5-7% yoy, demonstrating the strength of the portfolio. However, the Faytech segment declined 35% yoy and suffered from the loss of a major North American customer. Preliminary EBITDA was EUR 3.6m, down 1/3 yoy, with the EBITDA margin falling to 5.2%. Despite the challenges, CFO Christian Damjakob was cautiously optimistic for 1Q25. On the positive side, Pyramid maintained its positive cash generation even in these difficult markets. However, mwb research remains cautious on the turnaround timeframe and therefore slightly adjust their estimates to a new PT of EUR 1.50 (previously EUR 1.60), which represents 100% upside. BUY. The full update can be downloaded under https://www.research-hub.de/companies/research/Pyramid%20AG

Krones witnessed positive business momentum in Q4 2024. Revenues grew 15% yoy to EUR 1.42bn, supported by easing supply concerns, while EBITDA increased 17% yoy to EUR 146m (margin: +17bps yoy to 10.3%), both slightly missing consensus by 1%. Order inflows were healthy at EUR 1.35bn (+7% yoy; book-to-bill: 0.95x) in Q4 and took the order backlog to EUR 4.3bn (+4% yoy), providing good visibility until early 2026. Management is confident of its book-to-bill ratio staying above 1.0x in FY25 and is guiding for revenue growth of 7-9% yoy and an increase in the EBITDA margin to 10.2%-10.8% (2024: 10.1%) for the ongoing fiscal year. Krones’ robust order backlog, diverse product range, and strong recent results underscore its market strength (25% global market share). With solid financials, the company remains an attractive investment. mwb research maintains its BUY rating with an unchanged PT of EUR 145.00. That said, geopolitical tensions and the tariff policy of the new US administration would be key monitorable ahead. The full update can be downloaded under https://www.research-hub.de/companies/research/Krones%20AG

Deutsche Rohstoff holds an 11.3% stake in Almonty Industries. Almonty has a strategic position in the tungsten industry and with the development of the Sangdong mine in South Korea, is expected to become a major supplier outside of China. China's export controls and US restrictions on tungsten from "hostile" countries have positioned Almonty as a critical supplier of conflict-free tungsten to Western partners. This has resulted in Almonty's share price more than doubling since mid-January, lifting the value of Deutsche Rohstoff's stake to EUR 42m. In addition, Deutsche Rohstoff's oil and gas reserves have grown significantly, with proved developed reserves increasing by over 30% yoy to 25m BOE. The discounted cash flow (DCF) of these reserves alone exceeds Deutsche Rohstoff's enterprise value by 40%, and including proved undeveloped and probable reserves, the DCF exceeds the current enterprise value by more than 80%. These factors, together with the higher value of Almonty, lead to an increased target price of EUR 53.00 (old: EUR 50.40). Deutsche Rohstoff is a compelling value play trading at a deep discount to its reserves and peer group. BUY. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG

Company Name: PNE AG ISIN: DE000A0JBPG2   Reason for the research: Update Recommendation: Buy from: 20.02.2025 Target price: 19,00 Euro Target price on sight of: 12 Monate Last rating change: 02.02.2023: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein Research U [ … ]

MTU Aero Engines announced preliminary Q4 2024 numbers, reporting robust adj. revenue growth of 31% yoy to EUR 2.20bn, led by a 30%+ increase in the commercial engine and commercial MRO businesses. Adj. EBIT grew 39% yoy to EUR 307m, and the margin improved 82bps yoy to 14.0% on a better OEM business mix. Overall revenues and adj. EBIT during the quarter beat consensus by 4% and 6%, respectively. MTU anticipates strong business momentum to continue on solid MRO demand for the mature engine programme and healthy spares demand. It targets to report revenues of EUR 8.7bn-8.9bn in FY25 (vs earlier guidance of EUR 8.3bn-8.5bn) and adj. EBIT to increase in the mid-teens % (vs low-to-mid-teens % earlier), which largely appears to be because of FX tailwinds (assumption of EUR 1 = USD 1.05 vs USD 1.10 earlier). mwb research increased their estimates to reflect the guidance update and increase the PT to EUR 365.00 (old: EUR 351.00). However, the rating remains HOLD amid high valuation (2025E P/E of 20.5), with ambitious growth expectations already priced in and sector trends returning to more normalised demand levels. The full update can be downloaded under https://www.research-hub.de/companies/MTU%20Aero%20Engines%20AG

Photon Energy's preliminary FY24 results slightly missed guidance, with revenues of EUR 89.2m just below the EUR 90-100m range and EBITDA of EUR 8.7m falling short of the EUR 10m target due to a postponed PV project sale and restructuring costs. Q4 saw strong revenue growth (+124% yoy to EUR 25.1m), driven by power generation, capacity market contracts, and PV component sales, though EBITDA remained weak at EUR -1.1m due to clearance of excess inventory and negative one-off effects. Positive free cash flow of EUR 11.6m in Q4 allowed for over EUR 7m in debt repayment. The adjusted equity ratio of 25.7% remains above bond covenants. With minor model adjustments, mwb research confirms the Spec. BUY rating with a price target of EUR 1.40. The full update can be downloaded under https://www.research-hub.de/companies/Photon%20Energy%20NV

Kontron has secured a major USD 250m contract to supply 5G automotive IoT connectivity modules to multiple global OEMs. This seven-year agreement, with production set to begin in 2026, positions Kontron as the only European supplier of 5G modules, reinforcing its commitment to Europe-based production and technological independence. With the 5G automotive Network Access Devices market expected to exceed USD 10bn by 2030, Kontron is strategically positioned to capture further opportunities. This contract underscores Kontron’s competitive edge and long-term growth potential. mwb research maintains their BUY rating with a PT of EUR 35.00. The full update can be downloaded under: https://www.research-hub.de/companies/research/Kontron%20AG

LANXESS continues to navigate a tough industry environment, with sluggish demand in agrochemicals and construction, relatively weak margins, and slow deleveraging. However, its transformation into a pure specialty chemicals leader is gaining traction, with the Urethane Systems sale marking its final polymer exit and sharpening focus on high-margin, less cyclical businesses. A stronger U.S. presence, volume growth in 90% of segments, and potential geopolitical easing in Europe add further potential upside. While challenges may persist into 2025, we see LANXESS as an opportunity to capitalize on its transformation into specialty chemical leader. mwb research reiterates the BUY rating with revised PT of EUR 33.00 (old: EUR 30.00), confident in LANXESS’ long-term gradual recovery and margin expansion. The full update can be downloaded under https://www.research-hub.de/companies/Lanxess%20AG

Knorr-Bremse's preliminary Q4/FY24 results show mixed performance. The Rail Vehicle Systems (RVS) division performed well, with higher orders and revenue, while the Commercial Vehicle Systems (CVS) division faced significant market challenges. Q4 results underperformed expectations, with declines in revenue and EBIT, and a sharp drop in EPS. However, free cash flow remained stable, showing strong growth for the full year. Despite the weak Q4, customer demand, especially in the rail sector, remained solid. For FY25, Knorr-Bremse expects stable growth, supported by the BOOST 2026 program, which is progressing faster than expected. Given short-term challenges, mwb research maintain their HOLD rating, with an unchanged PT of EUR 76.00. The full update can be downloaded under https://www.research-hub.de/companies/Knorr%20-%20Bremse%20AG