Gerresheimer (GXI) delivered final FY24 results, with organic revenue growth of 2.9% to EUR 2.04bn and an adjusted EBITDA increase of 4.1% to EUR 419m, in line with expectations. The destocking headwinds in the vial business continued but showed signs of easing, while strong demand in medical devices partially offset this impact. The integration of Bormioli Pharma is progressing well and is expected to significantly contribute to both revenue and margin expansion in the coming years. While the FY25 outlook is softer than previously assumed, mid-term guidance remains intact, targeting 8-10% CAGR in revenue and an EBITDA margin of 23-25%. mwb research maintains the BUY rating with a slightly higher price target of EUR 103.00 (previously EUR 96.00). The full update can be downloaded under https://www.research-hub.de/companies/research/Gerresheimer%20AG

BP is reportedly considering the sale of its lubricants business, Castrol, following pressure from activist investor Elliott Management, which recently acquired a nearly 5% stake in BP. Castrol, the world's third-largest lubricants company, generated FY24 adjusted EBITDA of USD 1.0 billion on USD 7 billion in sales, with a 14.4% EBITDA margin similar to Fuchs' 13.8%. The rumored valuation of around USD 10 billion implies an EV/EBITDA multiple of 9.9x, aligning with Fuchs' valuation. The competitive impact will depend on the type of transaction—whether a sale to a strategic buyer, private equity, or an IPO/spin-off —though private equity seems the most likely given Castrol's stable cash flow. Overall, the rumored valuation of Castrol does not suggest a significant upside for Fuchs as a cross-read. After a strong performance of +19% since mid-January, Fuchs has reached mwb research’s price target of EUR 48.00. The analysts downgrade the stock to HOLD. The full update can be downloaded under https://www.research-hub.de/companies/Fuchs%20Petrolub%20SE

Despite a second consecutive year of sales decline in 2024, Siltronic’s downturn moderated, hinting at a potential inflection point as the broader industry grapples with elevated inventories and sluggish end-market demand. While stabilization is expected in 2025, driven by AI and smartphones alongside a gradual recovery in automotive and PC markets in H2, the real story unfolds in 2026. With inventory headwinds finally dissipating, a new growth cycle is expected to emerge, propelled by structural tailwinds in high yield 300mm leading edge wafers and a long-awaited rebound in 200mm wafers. With a compelling valuation and historical patterns of early market pricing of growth cycles, mwb research views 2025 as a prime entry point ahead of the expected upswing in 2026. Analysts maintain their BUY rating with a PT of EUR 65.00. The full update can be downloaded under https://research-hub.de/companies/Siltronic%20AG

Fresenius Medical Care (FME) delivered a stable performance in FY24, with revenue declining slightly by 1% but remaining stable in constant currency. Operating income improved by 18% due to the FME25 program, driving margin growth and a successful turnaround in Care Enablement. The company met its guidance, demonstrating resilience despite currency and portfolio headwinds. Looking ahead to FY25, FME expects revenue growth in the low-single digits and significant profitability improvements, driven by efficiency gains from the FME25 program. With a raised price target of EUR 47.00 (old EUR 38.00) and improved earnings potential, mwb research upgrades its recommendation from SELL to HOLD. The full update can be downloaded under https://www.research-hub.de/companies/Fresenius%20Medical%20Care

Prosus, Delivery Hero’s main shareholder, is set to shake-up Europe’s food delivery landscape with its EUR 4.1bn acquisition of Just Eat Takeaway.com (JET), offering a 49% premium over its 3-month VWAP. With this move, Prosus strengthens its already extensive food delivery portfolio, which also includes iFood and Swiggy. However, regulatory scrutiny could be a key obstacle, particularly regarding market concentration concerns. Given Prosus’ 28% stake in Delivery Hero, authorities may require divestments before approving the deal. If completed, the transaction could drive consolidation in key markets. Despite these uncertainties, mwb research maintains the EUR 49.00 price target and BUY rating for Delivery Hero, seeing limited near-term impact on its core business. The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE

MTU Aero Engines delivered strong Q4 24 preliminary results with revenues and adjusted EBIT above consensus, driven by robust performances in both the OEM and commercial MRO segments. The company also raised its FY25 guidance, mainly due to currency factors. However, shares fell more than 10% on concerns over weaker-than-expected cash flow, as FY24 free cash flow fell 48%, with a low cash conversion ratio of 24%. A closer look reveals that the decline was related to growing working capital needs, which however increased almost in line with reported (not adjusted!) revenues. Improvements in DIO and DSO almost offset a slight deterioration in DPO, making cash flow concerns look overdone. After the recent share price decline, MTU's solid results, robust order book and optimistic guidance support an upgrade to BUY (from HOLD) with an unchanged price target of EUR 365.00. The full update can be downloaded under https://www.research-hub.de/companies/MTU%20Aero%20Engines%20AG

Germany is considering a EUR 200bn special defense fund to bypass the constitutional debt brake. With a narrow approval window before the Bundestag convenes in late March, CDU leader Friedrich Merz is pushing for a constitutional amendment, which still holds a two-thirds majority but will be blocked by AfD and the Left Party in the next term. For Rheinmetall, this presents a major opportunity. The company confirmed that it has secured ~50% of Germany’s initial EUR 100bn defense fund, exceeding expectations. Given its market dominance and production strength, the analyst expect it to capture over 50% of the new fund, potentially securing at least EUR 100bn in orders— a transformational jump from its FY24E EUR 10bn sales. As European defense consolidation accelerates, Rheinmetall is positioned as the leading contractor according to the analyst. Standardization efforts will drive demand for its next-gen tanks, ammunition, drones, and armored vehicles. With economies of scale and greater revenue visibility post-2027, the analyst sees Rheinmetall as the clear winner. The analyst therefore raises his post-2027 revenue estimates, adjust margins for lower COGS, and increase his price target to EUR 1,115.00 (from EUR 1,025.00), maintaining his BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Rheinmetall%20AG

mwb research initiates coverage of Schloss Wachenheim AG (SWA) with a BUY recommendation and a PT of EUR 22.00 offering an upside potential of 52.8%. The company is a leading European producer of sparkling and semi-sparkling wines, combining over 130 years of tradition with innovation. Its diverse portfolio spans sparkling, semi-sparkling, still, and de-alcoholized wines, along with cider and wine-based drinks, catering to a wide range of consumer preferences. SWA excels in the high-growth non-alcoholic segment, projected to grow at a 6.6% CAGR in Europe, and leverages its strong positions in Eastern Europe and e-commerce to drive further expansion. With well-known brands like Light Live and Charles Volner, the company blends traditional expertise with modern trends to stay ahead in a dynamic market. Undervalued relative to peers, with significant upside supported by strong cash flow generation, SWA represents a compelling investment opportunity. The full update can be downloaded under https://www.research-hub.de/companies/Schloss%20Wachenheim%20AG

Airbus delivered mixed results in FY 2024. Despite revenue growth and strong free cash flow, adjusted EBIT fell and margins narrowed, with deliveries slightly missing the target. The Commercial Aircraft segment saw a sharp 60% drop in new orders amid rising competition from COMAC, while the Helicopters segment enjoyed robust growth driven by defense demand. Meanwhile, the Defence and Space segment faced significant challenges from rising costs and U.S. competition. Looking ahead, Airbus targets modest improvements in FY 2025 but must navigate mounting financial and competitive pressures according to the analyst. By updating their model they arrive at a new PT of EUR 145.00 (old: 127.00) and maintain their SELL recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Airbus%20SE

Intershop Communications AG reported preliminary figures, showing strong momentum in its cloud business and reinforcing its shift toward a subscription-based revenue model. Despite macroeconomic challenges, the company returned to profitability and continues to expand its AI-driven innovations. The cautious 2025 guidance reflects economic uncertainties, but ongoing cloud migrations and AI investments present significant growth potential. With a strong pipeline of customers transitioning to the cloud and improving margins, Intershop is well-positioned for sustained long-term growth. As AI-powered solutions gain traction, the company could see even stronger adoption rates than expected. BUY, price target EUR 3.00. A recording of the earnings call can be watched here: https://research-hub.de/events/video/2025-02-19-13-30/ISHA-GR . The full update can be downloaded under https://www.research-hub.de/companies/Intershop%20Communications%20AG