Company Name: Grand City Properties S.A. ISIN: LU0775917882   Reason for the research: Dreimonatsbericht Recommendation: Kaufen from: 15.05.2025 Target price: €14,20 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Grand City Properties S [ … ]

Brenntag continues to be impacted by the negative macroeconomic environment, largely driven by tariff uncertainties. As a result, both sales and operating (op.) EBITA were flat yoy in constant currencies (c.c.) but fell short of consensus. Op gross profit grew 2% yoy c.c., supported by positive per-unit contribution in the Specialties division (owing to portfolio optimisation) and improved volumes in the Essentials division (driven by M&A). Op. EBITA was up 2% yoy on a reported basis to EUR 264m, as weak organic development was offset by M&A contribution and FX tailwinds. Management reiterated its FY 2025 targets but expects performance to be at the lower end of the guidance range, due to depressed consumer sentiment, economic uncertainties, and competitive pressure from low-cost Chinese imports. While near-term performance will likely be muted, mwb research’s analysts believe the company’s strong balance sheet, cost reduction measures, and M&A strategy should support its long-term growth story. The analysts maintain their BUY rating with a lower PT of EUR 75.00. The full update can be downloaded under https://www.research-hub.de/companies/Brenntag%20SE

Carl Zeiss Meditec’s (CZM) Q2 FY25 results confirmed their strong preliminary numbers. Revenues and adj. EBITA beat consensus by 6% and 31%, respectively, at the time of pre-release. The top-line was up 19% yoy (+18% yoy in constant currency), led by DORC acquisition and organic growth across segments. Adj. EBITA grew by a staggering 62% yoy to EUR 80m (margin: +3.8ppt yoy to 14.2%), led by DORC and prudent cost management, partly offset by base effect. Management kept its cautious FY 25 guidance for now, as uncertainties around US trade tariffs and increased currency risks loom. Nevertheless, its order intake, book-to-bill, and backlog remain healthy and improving and equipment sales should pick up from H2, led by the new KINEVO and VISUMAX technologies. mwb research’s long-term estimates already reflect these positives and the analysts increase their FY 25 forecast for the strong H1. mwb research’s analysts maintain their PT at EUR 65.00, however, following the strong share price rally since the past 1 month, the analysts change their rating to HOLD from BUY. The full update can be downloaded under https://www.research-hub.de/companies/Carl%20Zeiss%20Meditec%20AG

Daimler Truck (DTG) reported mixed results in Q1 25 – revenues were 1% ahead of consensus, adj. EBIT beat consensus by a significant 13% while incoming orders missed by 4%. Revenues declined by 6% yoy to EUR 12.45bn in Q1, dragged by 8% yoy lower volumes (-20% qoq) on weakness in Trucks North America and Mercedes-Benz Trucks (Europe down 32% yoy). Incoming orders were tepid at 103,151 units (-3% yoy, -17% qoq; book-to-bill at 1.03x), amid disappointing inflows in Trucks North America (-29% yoy; an 18% miss). Adj. EBIT fell 4% yoy to EUR 1.16bn. However, the margin improved by 23bps yoy to 9.4%. Amid increasing macro uncertainties in North America, management trimmed its FY 25 volume guidance to 430k-460k units (460k-480k units previously) and now expects group adj. EBIT to come in between -5% to +5% yoy (+5% to +15% yoy previously). External pressures like US tariffs still weigh on the near-term outlook, but a prolonged dispute appears increasingly unlikely. mwb research’s analysts expect volume recovery from FY26, especially from Europe, with improved momentum from FY27. The analysts increase their PT to EUR 34.00 (EUR 29.00), while the rating remains SELL and will wait for more signs of a meaningful recovery. The full update is available at https://www.research-hub.de/companies/Daimler%20Truck%20Holding%20AG

tk nucera reported Q2 FY25 results (FY ends 30 Sept.) broadly in line with expectations, with revenue of EUR 216m, up 28.6% yoy but slightly below consensus. EBIT improved significantly to EUR -4m, supported by a favorable product mix and efficiency gains. However, order intake remained weak at EUR 83m (EUR 4m from AWE/green hydrogen), with a low book-to-bill of 0.38x. This raise concerns as major AWE projects near completion. Despite a solid EUR 800m backlog and EUR 12bn pipeline of actively pursued projects, delays, particularly for large-scale green hydrogen projects, persist. Management confirmed FY25 guidance and expects long-term order recovery driven by policy and corporate momentum. mwb research’s analysts take a more cautious view due to the continued weak order situation in AWE, cut their FY26–27 estimates, and lower their PT to EUR 12.00 (from EUR 14.50), but maintain their BUY rating due to tk nucera’s strong market position and long-term green hydrogen potential. The full update can be downloaded under https://www.researchhub.de/companies/thyssenkrupp%20nucera%20AG%20&%20Co%20KGaA

Company Name: Rosenbauer International AG ISIN: AT0000922554   Reason for the research: Update Recommendation: BUY from: 15.05.2025 Target price: EUR 55.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Solid start into the year // record high order backlog Topic: Rosenbauer released solid Q1 [ … ]

Company Name: INDUS Holding AG ISIN: DE0006200108   Reason for the research: Update Recommendation: BUY from: 15.05.2025 Target price: EUR 34.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Soft start into the year // order intake better than expected Topic: INDUS released mixed Q1 figures  [ … ]

tonies delivered a strong Q1 2025 performance with revenues of EUR 97.2m, exceeding expectations (EUR 95.7m) and growing 22.1% yoy in constant currency (cc). Growth was driven by robust international expansion, with North America up 37.5% and Rest of World surging 78.6%, offsetting a modest -3.0% decline in the DACH region due to Easter timing and prior sell-in. Tonies figurines outperformed with 26.3% cc growth, while Tonie boxes grew 8.0%, reflecting a maturing user base in DACH. Despite ongoing tariff uncertainty, tonies remains confident in its growth trajectory, supported by pricing power and supply chain diversification. With performance tracking well against full-year expectations, mwb research’s analysts reiterate their BUY rating and EUR 11.00 price target. The full update can be downloaded under https://www.research-hub.de/companies/tonies%20SE

Veganz Group AG's FY24 results confirmed a year of structural transformation, with revenue dropping 34% to EUR 10.8m amid tough macro conditions, but a significantly reduced EBITDA loss of EUR 2.4m due to cost cuts, a shift toward higher-margin selfproduced goods and non-recurring items. Strategic milestones included scaling production of Mililk and Peas on Earth, launching new products, optimizing the portfolio, and securing a tech licensing deal for Orbifarm, the indoor farming innovation. FY25 guidance is cautious, but upside potential exists as key initiatives mature. Notably, Mililk is entering the US via a deal with Jindilli Beverages and will be sold under the milkadamia brand, with first revenues expected in Q3 2025. Meanwhile, the Orbifarm bidding process is advancing, with Veganz planning to sell a 25.1% stake for up to EUR 10m. A conservative valuation uplift from Orbifarm raises their fair value estimate to EUR 18.00 (from EUR 11.00), supporting their Spec. BUY rating. Positive news from Orbifarm and Mililk could soon serve as a catalyst for a re-rating. The full update can be downloaded under https://research-hub.de/companies/veganz-group-ag

Company Name: MBB SE ISIN: DE000A0ETBQ4   Reason for the research: Update Recommendation: Buy from: 14.05.2025 Target price: 200 Last rating change: Analyst: Strong start into FY 2025 MBB showed strong Q1-25 results by having increased sales by 27% yoy to EUR 260.0m and EBITDA by 32% to EUR 29.9m. Its subsidiary Friedrich Vorwer [ … ]