HMS Bergbau presented at an investor roundtable hosted by mwb research. HMS Bergbau's CEO Dennis Schwindt and CFO Jens Moir provided valuable insights into the company’s growth trajectory and strategic direction. The following discussion highlighted HMS's positioning in the coal trading market, along with its efforts in vertical integration, including investments in coal and critical minerals projects. Despite ongoing decarbonization trends, HMS remains well-positioned in markets where coal demand is expected to grow. The event underscored the company’s resilient operational model and robust financing position, providing a solid foundation for future growth. mwb research’s analysts reiterate their BUY rating and price target of EUR 39.00. Access the recording here: https://research-hub.de/events/video/2025-03-25-13- 00/HMU-GR. The full update can be downloaded under https://www.research-hub.de/companies/HMS%20Bergbau%20AG

Koenig & Bauer's FY24 results showed a mixed performance characterized by challenges and signs of recovery. Despite a 4% yoy decline in sales to EUR 1.27bn, Q4 showed robust growth and set a new quarterly record. For the full year, the company's order intake increased by 8.9% to EUR 1.4bn, indicating that SKB is poised for growth in FY25 and beyond. While one-off costs led to a net loss, free cash flow improved significantly, suggesting effective restructuring efforts. Management's guidance for FY25 projects modest revenue growth and improved operating EBIT, subject to macroeconomic conditions. The revised medium-term outlook for 2026, while slightly tempered, still offers significant upside potential to mwb research’s estimates. The analysts maintain their optimistic stance and emphasize the need to monitor the company's implementation of restructuring initiatives as a key factor in achieving the stated financial targets. BUY with an unchanged PT of EUR 21.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Koenig%20&%20Bauer%20AG

Company Name: 123fahrschule SE ISIN: DE000A2P4HL9   Reason for the research: Update Recommendation: BUY from: 26.03.2025 Target price: EUR 7.90 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Final FY EBITDA even ahead of prelims; Chg. Topic: 123f released a strong set of FY24 results, where sa [ … ]

Company Name: mVISE AG ISIN: DE0006204589   Reason for the research: Update Recommendation: BUY from: 26.03.2025 Target price: EUR 1.30 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald FY24 in line as profitabilty strongly increases; chg. Topic: mVISE released a sound set of FY24 figures, were s [ … ]

Company Name: Scandinavian Astor Group AB ISIN: SE0019175274   Reason for the research: Update Recommendation: BUY from: 26.03.2025 Target price: SEK 30.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Bullish new mid-term targets & capital increase for further M&A Yesterday, Astor annou [ … ]

Sugar prices remain under pressure, particularly in Europe, which is a significant concern for Südzucker ("SZU"), as its sugar segment accounts for about 40% of revenue. The outlook for sugar prices is uncertain, influenced by macroeconomic, geopolitical, and environmental factors. Despite a weak Q3 24/25 and reduced forecasts, SZU's preliminary Q4/FY results announced last week exceeded expectations. Q4 revenue fell 11% yoy to EUR 2.2bn, while EBITDA increased 19% to EUR 232m. Full-year revenue reached EUR 9.7bn, slightly below consensus, but EBITDA of EUR 715m surpassed expectations. For FY 25/26, SZU expects a moderate revenue decline with a recovery in sugar prices. Given ongoing geopolitical challenges and the continued influx of tariff-free Ukrainian agricultural imports (e.g., sugar and grain) into the EU, mwb research’s analysts remain cautious, maintaining their SELL rating with a slightly increased PT of EUR 9.50 (up from EUR 9.00). The full update can be downloaded under https://www.research-hub.de/companies/Suedzucker%20AG

CHAPTERS has published preliminary FY 2024 pro-forma figures, reporting a 42% increase in revenue to EUR 124m and a 22% rise in adjusted operating EBITDA to EUR 30m. Organic growth reached ~11% for revenue and ~1% for EBITDA, reflecting early traction from the “Manuscript Method” — the group’s framework to drive organic expansion. Digital solutions now contribute ~90% of EBITDA, with public sector software as a core growth engine. For 2025, CHAPTERS guides to low-teens organic growth in both revenue and EBITDA. Financial flexibility has improved through a EUR 40m junior debt facility. Also, the company announced the planned redemption of its perpetual bond. mwb research’s analysts raised their long-term growth assumptions and increased their price target to EUR 36.00 (prev. EUR 34.00). mwb research maintains the BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/CHAPTERS%20Group%20AG

TUI published an IR release and a presentation ahead of today's Capital Markets Day in Madrid. In the publications, TUI reaffirmed its strategic focus on increasing customer lifetime value as a key driver of shareholder returns. The company is transforming itself into a scalable, curated leisure marketplace, leveraging its data and integrated platforms to cross-sell and up-sell, increasing spend per customer. Despite subdued consumer sentiment in core European markets, TUI notes that demand for travel is proving resilient. Markets & Airline is on track to improve margins, while Holiday Experiences is expanding its hotel and cruise offerings (new ‘Mein Schiff’ ships are entering the fleet and a re-fleeting of ‘Marella’ is under consideration). Building on the improved credit ratings and the continued focus on profitable growth and cash flow, TUI plans to define a shareholder return strategy by the end of FY25. TUI confirms its guidance for FY25 and the medium term. mwb research’s analysts reiterate their BUY rating with an unchanged PT of EUR 16.00. The full update can be downloaded under https://www.research-hub.de/companies/TUI%20AG

Company Name: dynaCERT Inc. ISIN: CA26780A1084   Reason for the research: Research Report (Initial Coverage) Recommendation: BUY Target price: 0.75 CAD Target price on sight of: 31.12.2025 Last rating change: Analyst: Matthias Greiffenberger, Marcel Goldmann Historically, dynaCERT has faced challenges generating sustainable rev [ … ]

INDUS Holding AG reported FY24 results in line with the pre-announcement at the beginning of the year. Given the challenging macroeconomic environment, the 4.5% yoy decline in revenues to EUR 1.72bn should be viewed positively. The main highlight was once again the company's FCF, which came in better than expected at EUR 135m. The FY25 guidance of EUR 1.75-1.85bn in revenues and EUR 150-175m in adjusted EBITA is in line with expectations. In addition, INDUS unveiled an ambitious acquisition strategy and plans to invest EUR 500m in growth areas by 2030. The company will propose a stable dividend of EUR 1.20 per share for FY24, representing a 6% yield. mwb research’s analysts maintain their BUY rating with a EUR 34.00 price target, as the analysts see the company's outlook as a reassuring sign that the momentum seen in Q3 and Q4 is likely to continue into FY25. Further insights are expected from the upcoming Capital Markets Day. The full update can be downloaded under https://www.research-hub.de/companies/INDUS%20Holding%20AG