Wolftank Group reported solid FY24 results, with revenue up 40% yoy to EUR 121.5m, slightly above mwb research’s forecast, driven primarily by the full-year consolidation of Petroltecnica, while organic growth was only around 8–10% (mwb est). One-off effects of EUR 2.7m temporarily weighed on margins, but adjusted EBITDA still rose to EUR 9.4m. By segment, Environmental Services was the main growth driver, while Hydrogen & Renewables continued its dynamic expansion. Despite margin pressure, these effects were largely non-recurring and related to a proactive balance sheet clean-up. The Group remains financially stable, with manageable net debt and solid cash flow. mwb research’s analysts maintain their BUY rating but reduce their estimates following the FY24 results due to lower organic growth assumptions, higher depreciation, and—most notably—a mid-term guidance that came in below our expectations. Consequently, the analysts lower their PT to EUR 15.00 (from EUR 20.00) to reflect a more cautious stance amid a challenging market environment for environmental companies, which currently face a more difficult political and economic backdrop than in previous year. The full update can be downloaded under https://www.research-hub.de/companies/Wolftank-Adisa%20Holding%20AG

Photon Energy delivered solid Q1 2025 results, with revenues rising 27% yoy to EUR 22.0m, driven by a 300%+ surge in PV technology trading and higher electricity prices despite lower generation volumes. EBITDA improved 54% yoy to EUR 1.2m (5.5% margin), aided by a favorable revenue mix. The New Energy segment declined 20% yoy due to weaker Polish capacity market dynamics, as Photon prioritizes margin over volume. Operating cash flow of EUR 3.9m, a positive free cash flow and a carve-out adjusted equity ratio of 26.0% provide some room for continued investment. No formal FY25 guidance was issued, but strategic progress in Romania and South Africa signals further growth potential. The company’s diversified model and expansion into highvalue services underpin its long-term outlook. mwb research’s analysts maintain their Speculative 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

FCR Immobilien (“FCR”) delivered a resilient Q1 2025, with EBT at EUR 2.1m (vs. EUR 3.6m in the previous year’s period) amid a challenging real estate market and tight financing. Despite a slight dip, FFO remained robust at EUR 1.8m, keeping the company on track for mwb research EUR 7.5m full-year forecast. In addition, operational metrics remained strong with occupancy rates at 94.1% and WAULT at 5.7 years, reflecting the stability of FCR’s retail-focused portfolio. With a crisis-resistant model and attractive valuation (~15% discount to NAV), FCR is well-positioned for 2025. mwb research’s analysts reiterate their BUY rating and EUR 22.00 price target, with potential upside if financing conditions improve and/or value accretive portfolio expansions occur. The previous full update can be downloaded under https://www.research-hub.de/companies/FCR%20Immobilien%20AG

Bayer is sharpening its legal strategy with a dual-track approach: preparing a largescale Roundup settlement while actively exploring a conventional Chapter 11 filing for Monsanto. This marks a clear departure from the controversial “Texas Two-Step” tactic, which has faced growing legal pushback. The shift signals Bayer’s commitment to legal finality and a more credible approach in the eyes of courts and stakeholders. While mwb research’s analysts see encouraging signs of legal de-risking, the road ahead remains complex. Bayer must still navigate political, operational, and financial crosscurrents as it works toward its 2026 resolution target. The analysts reiterate their BUY rating and price target of EUR 29.00. The full update can be downloaded under https://www.research-hub.de/companies/Bayer%20AG

Ceconomy delivered a resilient Q2 FY24/25, continuing its profitable growth trajectory despite a seasonally softer post-holiday quarter. While brick-and-mortar sales remained flat, online and growth businesses, namely Marketplace, Services & Solutions, and Retail Media, drove gains. Regional dynamics were mixed, with strength in Southern Europe and Türkiye offsetting weakness in DACH and Poland. Profitability improved on the back of margin expansion and disciplined cost control. Management reaffirmed full-year guidance, highlighting confidence in ongoing transformation efforts. The interim leadership team maintains strategic continuity following the CEO's departure to the German government. mwb’s analysts make minor upward adjustments to estimates and raise their price target to EUR 3.90 (old: EUR 3.75), reiterating their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Ceconomy%20AG

ProSiebenSat.1 Media’s (PSM) Q1 results were dampened by persistent weakness in its high-margin TV advertising (ad) business. Revenues declined 1% yoy (a 6% beat vs consensus) and adjusted (adj.) EBITDA fell by a sharp 39% yoy to EUR 44m, posting a 19% miss. The Entertainment and Dating & Video businesses were lackluster; in contrast, Commerce & Ventures fared well. On the strategy front, PSM completed the sale of Verivox in March and has accordingly revised its FY 2025 outlook, now guiding sales of c.EUR 3.85bn (+/- EUR 150m) and adj. EBITDA of EUR 520m (+/- EUR 50m). It is also making good progress on the strategy front to bring in more focus on its core Entertainment business. After MFE-MediaForEurope’s public takeover offer for all outstanding PSM shares in March (cash: EUR 4.48+ 0.4 MFE A-shares), PPF Group has come up with a counter-offer to increase its stake in PSM to 29.99%, offering a cash consideration of EUR 7.00. This provides an alternative to shareholders to unlock value in PSM. mwb research’s analysts revise their target price to EUR 7.00 (old: EUR 5.80), converging with PPF’s offer, and maintain their HOLD rating on the stock. The full update can be downloaded under https://www.research-hub.de/companies/research/ProSiebenSat.1%20Media%20SE

Südzucker (SZU) reported detailed results for FY 24/25. Revenues were down 6% yoy to EUR 9.69bn, as sales slid across all segments except Fruits. Profitability slumped, as EBITDA and operating (op.) results dipped 45% and 63% yoy, respectively, largely on dampened sugar prices. Its Q4 revenue declined 11% yoy; however, op. results were up 31% yoy, aided by better results in non-sugar segments. SZU expects a slow start to FY 25/26, with Q1 likely to witness lower sales and a significant decline in EBITDA and op. results yoy. Sugar prices are not likely to recover until the start of the next marketing season in October 2025. Despite this, management reaffirmed its outlook for FY 25/26. However, with sugar accounting for c.40% of SZU’s revenues, the ongoing weakness in sugar prices, geopolitical uncertainties, and continued influx of tariff-free Ukrainian imports into the EU will continue to drag the sugar segment’s performance. As such, mwb research’s analysts continue to take a conservative view, reiterating their SELL rating while slightly raising their price target to EUR 10.00 (from EUR 9.50). The full update can be downloaded under https://www.research-hub.de/companies/Suedzucker%20AG

Nagarro delivered a resilient performance in FY24, achieving healthy growth and exceeding margin expectations despite a challenging macroeconomic backdrop. Strong execution and an improved project mix supported profitability, even as net income was affected by higher taxes and interest costs. While Q1 25 began with softer momentum due to cautious client spending and currency headwinds, underlying business fundamentals remain intact. Growth was driven by solid demand in Central Europe and select verticals like Automotive and Travel, offsetting weakness in Horizontal Tech and Life Sciences. Management reiterated confidence in a recovery later this year, backed by strategic initiatives in AI, digital transformation, and targeted M&A. A new capital return framework reinforces Nagarro’s commitment to long-term value creation and disciplined growth. mwb research’s analysts stick to their EUR 97.00 PT and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Nagarro%20SE

Dermapharm Holding SE (DMP) reported mixed Q1 results, clouded by ongoing restructuring in Arkopharma and Axicorp and planned downsizing of its vaccine business. Despite these challenges, its topline grew 1.2% yoy to EUR 302m, supported by organic growth in Branded Pharmaceuticals’ existing business and good traction in Parallel Import segments. However, its Q1 adj. EBITDA dipped 8.3% yoy to EUR 81m (margin: -2.8ppt yoy to 26.9%) on general weakness across all segments, led by contracting high-margin Vaccine business and cost rises/revenue dips from Axicorp and Arkopharma restructures. The impact to Q1 results from the restructurings were largely accounted for by management, and as such, its FY 25 guidance was retained. Despite the short-term glitches, DMP has been progressing well on its strategic initiatives and broadening its international presence, whereby reaffirming its strong market position. Therefore, mwb research’s analysts continue to maintain their BUY rating at an unchanged PT of EUR 45.00. The full update can be downloaded under research-hub.de/companies/Dermapharm%20Holding%20SE

An in vitro study led by Professor Hortense Slevogt of the Hannover Medical School and the Helmholtz Centre for Infection Research has shown that cold atmospheric plasma effectively eliminated 100% of MRSA bacteria without harming lung cells, indicating strong potential for treating ventilator-associated pneumonia (VAP), a serious risk for ventilated patients. While CE certification under the EU MDR will likely require further clinical trials, the promising results may enable short-term use under compassionate use exemptions, subject to case-by-case authority approval. With over 1,900 hospitals in Germany and significant ICU presence, PulmoPlas could see short term sales of up to 1,000 units (c. EUR 15m), and a long-term market potential exceeding EUR 150m for VAP prevention in Germany alone. mwb research’s analysts reaffirm thei BUY rating with a target price of EUR 12.50. The full update can be downloaded under https://www.research-hub.de/companies/Viromed%20Medical%20AG