Company Name: Nabaltec AG ISIN: DE000A0KPPR7   Reason for the research: Update Recommendation: BUY from: 07.05.2025 Target price: EUR 24.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr FY24 marked by strong op. CF; soft start into FY25 2024 figures inline with prelims. To recap: FY24 sales  [ … ]

Company Name: MHP Hotel AG ISIN: DE000A3E5C24   Reason for the research: Update Recommendation: BUY from: 07.05.2025 Target price: EUR 3.00 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Strong beat on the bottom-line; chg. Topic: Yesterday, MHP released an ad-hoc stating that FY24 EBITDA is e [ … ]

Company Name: MLP SE ISIN: DE0006569908   Reason for the research: Update Recommendation: BUY from: 07.05.2025 Target price: EUR 13.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Q1 preview: Improving RE to drive a solid start into 2025 Topic: MLP will publish Q1 results on 15th May, which sho [ … ]

Zalando posted a solid Q1 2025, with revenue up 7.9% yoy to EUR 2,420m, 2% above consensus. Growth was driven by B2B (+11.6% yoy) and B2C (+7.6% yoy to EUR 2,200m), supported by strong end-of-season sales and demand for spring/summer collections. GMV rose 6.5% yoy to EUR 3,500m. Adjusted EBIT surged 65% yoy to EUR 46.7m (1% below consensus), with margin up 70bps yoy to 1.9% on strong gross margins (+90bps yoy to 39.1%), offsetting higher marketing costs. FY 2025 guidance was reaffirmed: GMV/revenue growth of 4–9% and adj. EBIT up ~10% yoy. The ABOUT YOU acquisition is on track for summer, with expected synergies supporting mid- to high-single-digit growth. mwb research’s analysts maintain their BUY rating and EUR 39.00 target. The full update can be downloaded under https://www.research-hub.de/companies/Zalando%20SE

WashTec’s Q1 25 performance was a mixed bag. Revenues were up 7.9% yoy to EUR 108.8m, driven by strong equipment sales in Europe, which more than offset softness in key accounts in North America. Equipment order inflows were significantly higher yoy on healthy momentum across all segments and regions, driving order backlog up yoy. Meanwhile, EBIT declined 3.9% yoy to EUR 4.9m, and the margin contracted 60bps yoy to 4.5%, due to lower revenues from North America. Assuming no further deterioration in global trade conflicts and no major impact on car wash equipment sales, management reiterated its cautious guidance for FY25, with mid-single-digit revenue growth, high-single-to-low-double-digit EBIT growth, and FCF of EUR 35-45m. The high order backlog, together with its digital product offerings, should help WashTec attain is FY25 targets and sustain healthy sales momentum, in the view of mwb research’s analysts. The analysts confirm their BUY rating at an unchanged PT of EUR 55.00. The full update can be downloaded under https://www.research-hub.de/companies/WashTec%20AG

Company Name: PSI SE ISIN: DE000A0Z1JH9   Reason for the research: Q1/25 results Recommendation: Buy from: 06.05.2025 Target price: €40 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on PSI SE (ISIN: DE000A0Z1JH9). Analyst Simon S [ … ]

Company Name: Zalando SE ISIN: DE000ZAL1111   Reason for the research: Update Recommendation: Buy from: 06.05.2025 Target price: 46.50 Last rating change: Analyst: Ralf Marinoni Q1 performance confirms full-year outlook Zalando delivered strong results in the first quarter of FY 2025: Revenue grew 7.9% yoy to EUR 2.4bn compared w [ … ]

Kontron reported a solid Q1 2025, beating earnings expectations despite muted topline growth. Revenues rose 8.2% yoy to EUR 385.4m, while gross margin improved to 44.0%, driving a 36% yoy EBITDA increase to EUR 48.0m. Europe showed positive revenue growth and margin gains; the Global segment saw a margin recovery despite lower sales. Software + Solutions boasted a 43% EBITDA growth despite headwinds in solar. Design wins rose sharply to EUR 7.45bn (+12% qoq), supporting future order intake. With a 1.28x book-to-bill and a growing backlog, Kontron is confident on a stronger H2 and reaffirmed FY25 guidance. mwb research’s analysts reiterate their BUY rating and EUR 35.00 price target. The full update can be downloaded under: https://www.research-hub.de/companies/research/Kontron%20AG

Company Name: UmweltBank AG ISIN: DE0005570808   Reason for the research: Research Comment Recommendation: BUY Target price: 10.40 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Cosmin Filker, Marcel Goldmann You can download the research here: http://www.more-ir.de/d/32474.pdf Contact for questions: GBC [ … ]

Stabilus again reported weak organic (org.) results for Q2 FY 25 - revenues were down 5.0% yoy and adjusted (adj.) EBIT slumped 24.2% yoy, mainly due to a sluggish automotive sector. However, inorganic contributions from Destaco and improving demand for aftermarket/spare parts business drove the reported revenues up 7.8% yoy to EUR 338m and resulted in a slower 3.1% yoy drop in adj. EBIT to EUR 37.7m, with the margin down 1.2ppt yoy to 11.2% (in part bolstered by Destaco’s 18.8% margin). Management expects some catch-up effects in H2 and left its FY 25 outlook unchanged. It continues to guide for revenues of EUR 1.3bn-1.45bn (+5% yoy at the midpoint) and an adj. EBIT margin of 11%-13% (12.0% in FY 24). Destaco’s consolidation has started delivering sales and cost synergies, which are guided to reach EUR 50m and EUR 10m by FY 28, respectively. However, given the current macro challenges and tariff uncertainties, mwb research’s analysts take a cautious view on Stabilus’s time-line to reach a sustained growth trajectory. The analysts slightly increase their estimates for Destaco synergies and reiterate their BUY rating on the stock at an unchanged target price of EUR 42.00. The full update can be downloaded under https://www.research-hub.de/companies/Stabilus%20SE