Infineon’s Q2 confirms the cycle has likely bottomed, with stable execution and early signs of recovery across segments, especially in Automotive and AI-driven PSS. As mwb research’s analysts anticipated in their preview, mounting FX and tariff-related uncertainties have led to a cautious full-year guidance cut. While near-term sentiment may result in some volatility, the company’s structural growth drivers and the underlying dynamics are positive. mwb research’s analysts maintain their BUY rating and EUR 34.00 price target unchanged, reflecting their conviction in Infineon in delivering shareholder value despite the tough environment. The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

AUTO1 reported record Q1 2025 results, beating consensus across all metrics. Revenues rose 34% yoy to EUR 1.9bn (13% beat), driven by double-digit volume growth in both Merchant (+24%) and Retail (+28%) segments, with average selling prices up 7% yoy. Gross profit jumped 45% yoy, and gross profit per unit rose 17% to EUR 1,160 (6% above consensus). Adj. EBITDA more than tripled to EUR 58.1m. Management reaffirmed unit sales guidance of 735k–795k vehicles, while raising gross profit to EUR 845m–905m (from EUR 800m–875m) and adj. EBITDA to EUR 150m–180m (from EUR 135m–165m). AUTO1’s integrated model and growing network support further growth. mwb research’s analysts maintain their BUY rating with an unchanged EUR 27.00 price target. The full update can be downloaded under https://www.research-hub.de/companies/AUTO1%20GROUP%20SE

Fielmann delivered a strong Q1 2025, confirming preliminaries, with revenues up 12.2% yoy to EUR 593m and adjusted EBITDA rising 28% to EUR 146m (margin: 24.2%). Growth was driven by international markets, particularly the US, Poland, and Spain, while Germany showed steady performance. Profitability improved on the back of better sellout structure and cost efficiencies. EPS rose to EUR 0.62 (+26% yoy). The company confirmed its full-year guidance and proposed a dividend of EUR 1.15 per share (2.1% yield). With international expansion on track and margin targets met early, mwb research’s analysts maintain their BUY rating and EUR 68.00 price target. The full update can be downloaded under https://www.research-hub.de/companies/Fielmann%20AG

Siemens Healthineers AG’s (SHL) Q2 FY25 revenues and adjusted (adj.) EBIT beat consensus (cons.) by 2% and 4%, respectively. Revenues were up 7% yoy on a comparable basis, supported by strong growth in Imaging and Varian segments. Its order intake was solid, at a book-to-bill ratio of 1.14x. Adj. EBIT grew disproportionately by 19% yoy to EUR 982m (margin: +150bps yoy to 16.6%) on positive revenue development and cost savings. Despite rising macro volatility, SHL’s performance in the first half of FY25 has been strong, and its comparable revenue guidance for FY25 was left unchanged at 5%-6% with a downgrade in the lower end of the EPS guidance range to account for tariffs impact (EUR 2.20-2.50 vs EUR 2.35-2.50 prior). Moreover, its order book is solid and healthy demand trends are seen across Asia Pacific, Japan, and the Americas. mwb research’s analysts believe SHL’s FY25 targets are achievable, and it will continue to benefit from structural mega-trends in the MedTech industry, backed by its strong market position. Hence, the analysts reiterate their BUY rating at an unchanged PT of EUR 64.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Siemens%20Healthineers%20AG

LM Pay shared preliminary FY24 and Q1 results during a well-attended investor roundtable yesterday, offering deep insight into its performance and growth targets FY25. A recording is available here: https://research-hub.de/events/video/2025-05-07-14-00/Y00-GR. LM Pay’s preliminary FY24 results confirm strong operational momentum, with revenue up 29% yoy to PLN 22.7m and EBIT significantly beating expectations at PLN 7.0m. The business scaled efficiently and a 16% rise in clients served in 2024. Q1 FY25 continued the growth trend (+22% yoy revenue), though EBIT dipped slightly due to strategic expansion costs. FY25 guidance (PLN 32–42m revenue, PLN 7–12m EBIT) reflects confidence in product innovation and regional expansion. A planned PLN 62m shareholder loan repayment signals balance sheet strengthening. mwb research’s analysts maintain their BUY with an unchanged price target of EUR 63. The full update can be downloaded under https://www.research-hub.de/companies/LM%20Pay%20S.A.

Mister Spex delivered a solid Q1 2025, with early gains from its "SpexFocus" transformation strategy. While revenue declined 13% yoy to EUR 44.7m due to strategic store closures and reduced discounting, gross margin improved sharply by 441bps to 56.4%. EBIT loss narrowed to EUR -6.3m, beating consensus by 19%, and operating cash flow turned positive at EUR 2.3m. The German store network showed strong momentum, with like-for-like growth of 13% and rising store profitability. International sales remained weak as expected. With a solid cash position of EUR 70m, Mister Spex reaffirmed its FY25 guidance. mwb research’s analysts see clear signs of operational progress and maintain their BUY rating with a price target of EUR 4.00, implying significant upside. The full update can be downloaded under www.research-hub.de/companies/Mister%20Spex%20SE

Company Name: ZEAL Network SE ISIN: DE000ZEAL241   Reason for the research: Update Recommendation: BUY from: 08.05.2025 Target price: EUR 64.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Strong Q1; sales guidance too conservative, PT up Sales grew by 42% yoy to € 51.1m (eNuW: € 50.5 [ … ]

SUSS MicroTec delivered an overall strong Q1 with order intake in line with guidance and top-line outperformance, underscoring solid execution and sustained demand in AI-exposed segments. Free cash flow also improved meaningfully, supported by better working capital discipline, reinforcing the underlying operational quality beneath the top-line growth. That said, gross margin softness and a notably more cautious tone from management signal rising external pressure, with FX swings and US tariffs posing real risks to profitability in the second half. While fundamentals remain intact and long-term growth drivers compelling, mwb research’s analysts are nudging their margin assumptions toward the lower end of guidance to reflect a more risk-aware stance. mwb research’s analysts maintain their BUY rating, as the stock offers an attractive upside despite a more volatile near-term setup. The full update can be downloaded under https://www.research-hub.de/companies/SUESS%20MicroTec%20SE

Company Name: EV Digital Invest AG ISIN: DE000A3DD6W5   Reason for the research: Update Recommendation: Under Review from: 08.05.2025 Target price: n.a. Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow Weak FY24 // Clouded outlook and tense liquidity situation; chg Topic: EVDI published weak fina [ … ]

Company Name: q.beyond AG ISIN: DE0005137004   Reason for the research: Update Recommendation: BUY from: 08.05.2025 Target price: EUR 1.30 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Q1’25e set for further profitability improvements Topic: Next Tuesday, q.beyond is going to release it [ … ]