At yesterday's mwb research Health Care Conference, Dräger’s IR Head Thomas Fischler confirmed the company’s FY 2025 guidance (sales growth 1–5%, EBIT margin 3.5–6.5%) and emphasized a strategic focus on margin improvement. In Q1, Dräger showed stable revenues and a slightly positive EBIT, with a strong order backlog (EUR 861m, +6.1% yoy) supporting H2 visibility. Historically, Q4 is generally the strongest quarter for Dräger. Defense was also discussed as a potential structural growth driver, particularly within the Safety Division, and the company acknowledged potential US tariff risks, viewing them as manageable. A recording of the presentation is available for interested investors here: https://research-hub.de/events/video/2025-07-01-09-30/DRW3-GR. With the share trading near to our target price of EUR 72.00, mwb research's analysts maintain their HOLD rating, reflecting a fair valuation and solid fundamentals. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

Circus has published its annual report for 2024. The FY24 results reflect a strategic transition from R&D to industrial production. As expected, there was minimal revenue and a negative EBITDA of EUR 11.9m due to high development costs. Major milestones were achieved during the year, including the industrial maturity of the fourth-generation CA-1 cooking system, a significant manufacturing partnership with Celestica and the accelerated development of the CA-M autonomous field kitchen. Despite having a reduced equity base of EUR 2.4m at the end of the year, the company raised EUR 18.7m in the first half of 2025 to support its expansion plans. Notable recent achievements include commercial agreements with REWE, Tamoil (HEM) and Mangal, as well as inclusion in the MSCI Global Micro Cap Index. With initial CA-1 deliveries expected in autumn 2025, and with finetuned financial forecasts, mwb research's analysts are revising their price target slightly to EUR 70.00 (previously EUR 72.20) and reaffirming their BUY rating. The full update can be downloaded under https://research-hub.de/companies/circus-se

Q2 2025 saw a muted lottery environment despite two jackpot peaks, as average jackpot sizes declined notably yoy in both Eurojackpot and 6aus49, weighing on player engagement and overall spending. Still, mwb research's analysts expect ZEAL to deliver strong results, with estimated revenue of EUR 52.5–54.5m (+32% yoy at midpoint) and an EBITDA margin of 30–33% (+4,5pp yoy at midpoint). This performance reflects an expanding active user base, favourable pricing, stronger contribution from new verticals and rising operating leverage, partially offset by lower per-user spend and elevated marketing around jackpot peaks. mwb research's analysts believe that ZEAL continues to benefit from structural tailwinds in online lottery adoption, gaining market share even amid subdued consumer spending. The analysts reiterate their BUY rating and EUR 63.50 price target, confident in ZEAL ability to meet its full-year guidance potentially exceed it slightly. The full update can be downloaded under https://research-hub.de/companies/zeal-network-se

LM PAY has confirmed its audited FY24 results, showing a 30% yoy revenue increase to PLN 22.8m and a sharp EBIT rise to PLN 7.0m, driven by higher transaction volumes and network expansion. Customer retention remained stable at 30%, with a 16% increase in active clients. The FY25 outlook remains strong, supported by strategic partnerships like CUK Flex Pay. Entry into insurance financing marks a key diversification step. mwb research's analysts have updated their model, introduced 2027 estimates, and reiterated their BUY rating with a EUR 63.00 target. For more insights, LM Pay will discuss final FY24 results in an Earnings Call on July 9. CEO Jakub Czarzasty. Please register here: https://research-hub.de/events/registration/2025-07-09-11-00/Y00-GR. The full update can be downloaded under https://research-hub.de/companies/lm-pay-sa

Westwing continues to advance its asset-light growth strategy, having entered six new countries YTD (3 in Q1, 3 in Q2) while selectively expanding its physical presence in key cities. The ongoing shift to a global, premium assortment is improving margins but still weighing on short-term revenue. Q1 2025 showed strong operating leverage, with adjusted EBITDA up 45% yoy despite a 1% revenue decline. FY25 guidance (EUR 25-35m EBITDA) was maintained. mwb research's analysts expect margin strength to continue, supported by the Westwing Collection and scaling efficiencies. While topline growth remains subdued, strategic execution positions the company for profitable growth from 2026 onward. For the time being, mwb research's estimates remain unchanged. Therefore, the analysts maintain their PT of EUR 11.00 and BUY rating. The full update can be downloaded under https://research-hub.de/companies/westwing-group-se

KWS announced last week the divestment of its 50% stake in the North American corn joint ventures AgReliant to GDM, an Argentinian plant genetics company. This follows the recent sale of its corn business in South America and China. The stake was held as a financial asset and accounted for using the equity method, will be sold alongside licensing agreements for corn genetic material in North America. The transaction marks KWS’s full exit from operational corn activities in South and North Americas, enabling the company to focus on its more profitable core European corn business. Valued in the low triple-digit USDm range plus licensing fees, the deal is expected to close in Q3 2025. This move supports KWS’s continued focus on high-growth, profitable areas, reinforced by expanded R&D in the promising vegetable segment announced on June 23. mwb research’s analysts maintain their BUY rating with a PT of EUR 83.00. The North American corn business sale is not yet reflected in their model, as the deal remains pending. The full update can be downloaded under https://research-hub.de/companies/kws-saat-se-co-kgaa

1&1 AG, United Internet’s telecom subsidiary, has lowered its FY25 EBITDA forecast to ~EUR 545m (prior: ~EUR 571m), driven by higher-than-expected wholesale roaming costs under its agreement with Vodafone. Access segment EBITDA is now expected at ~EUR 810m (prev: ~EUR 836m), while mobile network losses remain unchanged at c. –EUR 265m. This highlights ongoing execution risk in 1&1’s network rollout, despite stable revenue and capex guidance. mwb research reiterates its HOLD rating on United Internet with slightly lower PT of EUR 26.00 (from EUR 27.00). Solid share gains year-to-date suggest a more balanced risk-reward at current levels, with limited near-term catalysts to close the persistent holding company discount. The full update can be downloaded under https://research-hub.de/companies/united-internet-ag

Bechtle has acquired E-Storage B.V., a Netherlands-based specialist in data infrastructure and cyber recovery, adding EUR 23m in revenue and 38 employees to its Dutch operations. The deal strengthens Bechtle’s managed services offering and supports its ongoing European consolidation strategy. Integration follows Bechtle’s proven M&A template, aiming to leverage cross-selling potential and local expertise. With limited financial impact, the transaction aligns with Bechtle’s long-term focus on high-value IT services and recurring revenues. Backed by a strong balance sheet and clear strategic direction, Bechtle remains well-positioned for future growth. mwb research`s analysts confirm their BUY rating with a price target of EUR 46.00. The full update can be downloaded under https://www.research-hub.de/companies/Bechtle%20AG

LM PAY has entered the Polish insurance market via a strategic partnership with CUK Ubezpieczenia, launching "CUK Flex Pay" to enable flexible premium financing. This addresses a widespread liquidity gap, as over 60% of Polish households struggle with one-off payments of PLN 1,000–2,500. With access to CUK’s extensive distribution network (4,000 advisors, 4 million contacts annually), the product offers significant scalability beyond LM PAY’s existing 38,000 medical financing clients. A 10% penetration scenario suggests up to 400,000 potential users. For more insights, LM Pay will share final FY24 results in an Earnings Call on July 9. CEO Jakub Czarzasty will also provide deep insight into LM PAY’s current performance. For more insights, please register here: https://research-hub.de/events/registration/2025-07-09-11-00/Y00-GR. While short-term financial impact remains limited, the initiative could evolve into a key mid-term growth driver. BUY rating and EUR 63 target maintained. The full update can be found on https://research-hub.de/companies/lm-pay-sa

Puma is approaching a key strategic turning point as Arthur Hoeld steps in as CEO on 1 July. The company continues to face a demanding backdrop shaped by subdued consumer demand, margin pressure, while undergoing restructuring. At the same time, the company is balancing cost discipline with necessary investment in retail, e-commerce, and digital infrastructure. Q2 expectations remain muted, but with valuation at multi-year lows (2026E P/E 9.6x, EV/EBIT 6.6x), much of the downside appears priced in. A credible reset under new leadership and improved execution could support a re-rating. Price target: EUR 27.65. Rating: BUY. The full update can be downloaded www.research-hub.de/companies/research/Puma%20SE