Wolftank has announced significant leadership changes. CEO Peter Werth will step down at the end of 2024 after a decade and will chair the newly created Strategic Advisory Board. Simon Reckla, a current board member, will assume the role of CEO starting January 1, 2025, while Christian Pukljak will continue as CFO, ensuring financial continuity. These changes are part of a strategic realignment aimed at driving the company’s growth. The Strategic Advisory Board will collaborate with the Executive Committee to develop growth strategies and set guidelines for expansion, innovation, and risk management. Wolftank recently reported strong half-year results and a robust order intake. The management restructuring aims to strengthen its market position in the energy and environmental sectors while capitalizing on new opportunities. mwb research reiterates its BUY rating with unchanged PT of EUR 20.00. The full update can be downloaded under https://www.research-hub.de/companies/Wolftank-Adisa%20Holding%20AG

In September, Photon Energy's PV power production declined by 6% year-on-year despite increased capacity, due to a 19% drop in specific yields caused by poor weather conditions. The average realized electricity price was EUR 171/MWh, down 3% from August but up 9% year-on-year, with the sequential decline mainly due to lower prices in Australia. The company signed an agreement in early October, expected to close this month, to sell two solar power plants and a hybrid solar/battery project in Australia. The sale would reduce Photon Energy’s IPP portfolio capacity by 10% and generate EUR 6m in net cash. The transaction is another step in the strategic shift toward energy storage technologies and asset-light energy services. mwb research confirms their EUR 2.50 price target and the Spec. Buy rating. The full update can be downloaded under https://www.research-hub.de/companies/Photon%20Energy%20NV

ZEAL is set to announce its Q3 results on 6 November. Despite the absence of significant jackpot peaks, which typically boost engagement and attract more participants, we remain optimistic about yoy growth. This optimism is driven by several catalysts, including a projected increase in gross margins to around 15% (up from 13.8% in Q2) thanks to the increase in service fees, gradual and modest improvement in the games business which is still restricted, and the promising contribution from charity lotteries, which offer attractive margins of 25-30%. Notably, we are closely watching the performance of the new raffle lottery, Traumhausverlosung, which launched in August. Mwb research expects Q3 sales to reach approximately EUR 36m (+15.5% yoy) and EBITDA around EUR 9.5m, with a margin of 26%. Overall, mwb research is expecting a strong yoy performance and thus reaffirm their estimates and maintain a BUY recommendation with an unchanged price target of EUR 56.50. The full update can be downloaded under https://www.research-hub.de/companies/ZEAL%20Network%20SE

Enapter has announced that series production of its megawatt (MW) electrolysers has started in China through its joint venture with the Wolong Group. The core of the electrolyser will continue to be manufactured by Enapter in Europe and shipped to China for final assembly. Outsourcing to China has several advantages: Firstly, costs will be reduced and secondly, the joint venture will provide access to the Chinese market. A MoU has already been signed with China's largest steel producer for the purchase of electrolysers. Enapter is already successfully supplying MW systems to the EU and US markets. Orders for approx. 20 MW were booked in H1 24, which will have to be doubled in H2 24 in order to achieve the targets set. The MoU in China confirms the view of the analysts at mwb research that Enapter's strategy of expanding via distribution partners is paying off. The analysts of mwb research maintain their BUY recommendation with a price target of EUR 12.00, as we are convinced that Enapter can continue to grow its order intake so strongly. The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG

Rheinmetall has announced a 50:50 joint venture with Leonardo, forming Leonardo Rheinmetall Military Vehicles (LRMV), to strengthen its position in the defense market. With 60% of operations based in Italy, this JV is set to lay the groundwork for Rheinmetall's potential EUR 20bn order from Italy's AICS program, which will be the largest in the company's history. Despite the strategic importance of this partnership, the small price reaction so far presents a great entry point for investors according to the analyst. The experts see this JV as a critical step toward Rheinmetall's long-term growth. mwb research’s analysts reaffirm their BUY rating and upgrade their target price to EUR 650.00. The full update can be downloaded under https://www.research-hub.de/companies/Rheinmetall%20AG

Nagarro SE has revised its 2024 sales outlook to approximately EUR 960m, down from EUR 1bn, while maintaining an adjusted EBITDA margin of over 14%. The company’s earlier forecast had already been cautiously optimistic, but slower-than-expected recovery led to this adjustment. This is consistent with the performance so far this year, as Nagarro saw a moderate revenue increase in H1, alongside a strong improvement in adjusted EBITDA, largely due to cost-cutting efforts. Persistent macroeconomic uncertainties have caused clients to tighten budgets and delay innovation projects. Despite the lowered outlook, Nagarro’s long-term growth drivers remain strong, and mwb research continues to recommend a BUY rating with a revised price target of EUR 102.00 (old: EUR 107.00). The full update can be downloaded under https://www.research-hub.de/companies/Nagarro%20SE

MTU Aero Engines has reported preliminary figures for 9M 24. Numbers indicate strong Q3 growth, with revenues increasing c. 23% yoy, significantly higher than the 10% growth observed in H1. The commercial maintenance sector led this growth, but OEM also was surprisingly strong. The Q3 adj. EBIT margin improved by 200bp yoy, most likely driven by increased fixed cost absorption. MTU has raised its earnings forecast for FY24, now expecting an adjusted EBIT of just over EUR 1bn, up from the previous range of EUR 950m to EUR 980m. This revision is attributed to positive developments across all business segments despite a challenging market environment. mwb research adjusts estimates and raises the target price from EUR 310.00 to EUR 318.00. After the strong performance of the MTU share (+74% in 12M), the good prospects seem fully reflected in the current share price. mwb research downgrades to HOLD. The full update can be downloaded under https://www.research-hub.de/companies/MTU%20Aero%20Engines%20AG

Siltronic is gearing up to release its Q3 results on October 24 after a tough year, with its stock down 29% year-to-date, mostly due to sluggish wafer demand and higher-than-expected inventory levels at customers. AI trends are expected to be the main sales driver in 2024, as AI servers require significantly 8x more silicon content compared to traditional servers. The automotive sector may see a temporary dip in wafer demand due to short-term weak demand while gradual recovery in smartphone and PC markets is contributing positively. Industrial and IoT sectors have stabilized at low levels and await a rebound. Overall, the high inventory in all segments continue to offset strong AI-driven growth and delay a full recovery in 2024. All eyes are on the Q3 performance, as investors hunt for signs of a rebound in the wafer market to ride the industry’s next upcycle. That said, mwb analysts anticipate a real surge in wafer demand kicking off only in 2025. Despite the wait, they are confident in Siltronic’s ability to stay strong, thanks to its solid position in booming industries like AI and electrification. mwb research sticks with the BUY rating and a price target of EUR 94.00, which points to a high upside potential of around 48.6%. The full update can be downloaded under https://research-hub.de/companies/Siltronic%20AG

Cicor Technologies delivered strong Q3 2024 results, with sales reaching CHF 120.4 million, a 26.3% increase compared to the previous year, significantly improving from the 16.1% growth in H1. This rise was mainly driven by acquisitions, which contributed 28.5% to growth, while organic growth, though still negative, improved from H1. The order intake also showed resilience, with a book-to-bill ratio of 1.01x, marking a recovery from the first half of the year. Looking ahead, Cicor remains confident in achieving its full-year targets, driven by strong customer relationships and continued market share gains. mwb research maintains a BUY rating and its price target of CHF 82.00. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

Nordex's order intake in Q3 was better than expected, driven by improved momentum particularly towards the end of the quarter. At 1.7 GW in Q3, Nordex's order situation thus improved sequentially. However, this still represents a yoy decline of 23%. The company's cumulative order intake for the first nine months of 2024 - a more appropriate measure - rose by 4% yoy to 4.9 GW. The average selling price (ASP) remained stable at EUR 0.90m per MW in the first nine months, with an increase to EUR 0.92m per MW in Q3. With the expected positive momentum in terms of both volumes and prices, mwb research analysts believe that Nordex is well on track for profitable growth in the future. The analysts reiterate our BUY recommendation with a price target of EUR 22.00. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.