TeamViewer (TMV) announced on Friday that it had been the victim of a cyber-attack, detected on Wednesday. The company activated its defense team and involved external IT security experts to investigate and implement protective measures. Fortunately, the attack was limited to the internal corporate IT environment, keeping customer data safe. The attack is attributed to Midnight Blizzard, a Russian cyber espionage group. Despite the incident, mwb research’s analysts see only limited financial and reputational risk and maintain their BUY rating with an unchanged price target of EUR 15.00, viewing the current share price as an entry point. The full update can be downloaded under https://www.research-hub.de/companies/research/TeamViewer%20AG

Rigsave S.p.A., an Italian financial services firm, was listed on the Frankfurt Stock Exchange last December, with its share price rising from EUR 18.00 to a high of EUR 37.00 by the end of May. However, trading was suspended without explanation by the stock exchange, leading to the rating ‘Under Review’, due to the inability to determine price potential. Rigsave offers a wide range of investment solutions and has a strong growth strategy, leveraging its fintech platforms and diverse client base. The company's rating will be reassessed once trading resumes. The full update can be downloaded under https://www.research-hub.de/companies/Rigsave%20S.p.A.

mwb research’s analysts initiate coverage of energenta AG with a BUY recommendation and a PT of EUR 4.30, offering an upside potential of 22.9%. energenta is revolutionizing the plastic recycling industry by turning plastic waste into valuable secondary raw materials. This aligns with the EU's new regulations, requiring up to 35% of recycled content in new plastics by 2030. energenta aims to fill this gap, leveraging its expertise and advanced processing technologies. By converting non-recyclable plastic waste into energy-rich fuels and recyclable plastic waste into high-quality recyclates, energenta supports industries in reducing their carbon footprint and improving sustainability, positioning energenta as a key player in the emerging plastics circular economy. The full update can be downloaded under https://www.research-hub.de/companies/energenta%20AG

Staige One AG has partnered with Club Atlético Osasuna, integrating four AI-equipped cameras into their training facilities. These cameras will record and analyze plays, as well as live stream matches for various Osasuna teams. This collaboration demonstrates Staige's technological leadership and potential for growth in the Spanish market. The partnership offers Osasuna advanced analysis capabilities for coaches and players, while also providing additional revenue through match broadcasts. This move could facilitate Staige's expansion into grassroots Spanish clubs, contributing to the digitalization of youth football in Spain. Following recent partnerships with Beşiktaş Istanbul and FC Dordrecht, Osasuna becomes the second LaLiga club to adopt Staige's technology. This trend aligns with expert opinions that data-based match analysis will be crucial for top teams' performance in the future, positioning Staige as a potential major beneficiary in providing necessary expertise to football and other sports clubs. BUY, PT EUR 6.00. The full update can be found under https://www.research-hub.de/companies/Staige%20One%20AG

Ceconomy is expanding its Swiss footprint by acquiring 20 Melectronics stores from Migros. These strategically chosen locations will be converted into smaller Xpress format stores offering convenient electronics and a strong online connection. Separately, Ceconomy issued a new EUR 500m bond with a 6.25% interest rate tied to sustainability goals. Alongside, the company launched a tender offer to buy back their existing EUR 500m bond maturing in 2026 (1.75%). Moreover, mwb research’s analysts have upgraded their estimates to reflect the company’s transformation progress in context of the FY25/26 goals. The analysts raise their PT to EUR 3.50 (old: EUR 3.00). The rating is confirmed: BUY. The full update can be downloaded under https://www.research-hub.de/companies/Ceconomy%20AG

As mentioned in mwb research’s April update, there were initial signs of a revival in US business. Today's announcement by Nordex that it is restarting its US factory in order to comply with the local production requirements of the Inflation Reduction Act (IRA) confirms this trend. The IRA had severely curtailed US business in the past two years, resulting in zero installations and orders. However, after record highs in Europe (Europe order intake up 60% yoy in FY23 and 108% yoy in Q1 24), the revival of the US market could have a significant positive impact on further total order intake, supporting mwb research’s initial investment thesis for Nordex. mwb research’s analysts believe that Nordex will be able to return to higher growth and profitability as contract terms improve and order intake is likely to be even stronger than at present, especially if the US market returns to its former strength. The analysts confirm their BUY rating and maintain their PT of EUR 22.00. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.

CompuGroup Medical (CGM) has expanded its Northern European presence by acquiring the Norwegian software company Pridok AS, a specialist in healthcare solutions. Founded in 2013, Pridok has become a key player in Scandinavia's digitized healthcare sector, with a 20% market share in primary care. Despite its small size with 2023 revenues of EUR 4.1m and a growth of 32%, the acquisition price of EUR 35.7m (potentially rising to 12.7 times sales with additional earn-out costs of EUR 16.7m) is notably high. The deal aims to utilize Pridok’s web-based patient journal system to bolster CGM’s offerings and potentially expand into new markets. However, the high cost and Norway’s mature digital market pose challenges for the anticipated value from this acquisition. The very expensive micro-acquisition will completely evaporate in CGM's P&L, which is why mwb research’s analysts only marginally adjust their estimates. Remains a BUY with an unchanged price target. The full update can be downloaded under https://www.research-hub.de/companies/CompuGroup%20Medical%20SE

Carl Zeiss Meditec (CZM) recently lowered its FY 23/24 outlook due to weak demand and cautious customer investments, leading to a significant share price decline. However, CZM's leading market positions, brand strength, and robust R&D pipeline present a strong investment case. The global healthcare demand is expected to grow, potentially boosting CZM's sales and profitability. The company's financial resilience and increasing recurring revenue support its ability to recover from short-term disruptions. With cost reduction measures and a forecasted return to growth in FY 24/25, CZM's long-term prospects remain solid. mwb research’s analysts confirm their price target of EUR 80.00 and upgraded their rating from HOLD to BUY, highlighting the current low share price as an attractive entry point for investors. The full update can be downloaded under https://www.research-hub.de/companies/Carl%20Zeiss%20Meditec%20AG

In a call with the management of HWK 1365 SE (HWK), mwb research’s analysts have updated key planning assumptions. In particular, the tax rate is expected to be lower than previously assumed by the analysts. After adjusting the model, the experts arrive at a new price target of EUR 86.50 (old: EUR 80.00) and continue to recommend BUY. As a reminder: HWK is the global market leader for large calender rolls, a high-tech product that is essential for the production of high-quality paper and cardboard. With a market share of 80% in this niche, the company supplies leading paper machine manufacturers and benefits from growth drivers such as the increasing use of coated board and folding cartons as well as the expansion of the service business and diversification into the food industry. The full update can be downloaded under https://www.research-hub.de/companies/HWK%201365%20SE

Atoss Software just completed a stock split, giving shareholders one extra share for each one they held. This doubles the total number of shares outstanding but doesn't affect the company's overall value. The goal is to increase stock liquidity. In May, Atoss also changed its legal form to an SE, which better suits global businesses. mwb research’s analysts adjusted their price target to EUR 114.50 (before split: EUR 229.00) to reflect the stock split, while their rating remains HOLD. The full update can be downloaded under https://www.research-hub.de/companies/ATOSS%20Software%20SE