Elmos delivered roughly in-line Q1 results, navigating ongoing customer inventory adjustments and broader market softness with strong execution on adjusted free cash flow. While visibility remains limited, improving order trends and a book-to-bill above 1.0 support the view that Q1 likely marked the trough, with stronger order momentum expected in H2 as destocking eases and customer purchasing behavior begins to normalize. The company reaffirmed its 2025 full-year guidance but cautioned that further escalation in trade tensions could have an indirect but meaningful impact on financial performance. In mwb research’s view, the guidance looks achievable but skewed toward the mid-point of the range unless demand picks up meaningfully in H2. That said, Elmos remains well positioned structurally, with strong leverage to secular trends in automotive semis and clear operational discipline following its transition to a fabless model. mwb research’s analysts reiterate their BUY and price target of EUR 90.00. The full update can be downloaded under https://research-hub.de/companies/Elmos%20Semiconductor%20SE

MHP Hotel AG has raised its FY24 EBITDA guidance to EUR 10.0-10.5m (from EUR 9m) following a stronger than expected performance, driven by its strategic focus on the premium and luxury hotel segment, which continues to outperform in Germany. The recently released Q1 results showed continued robust growth with RevPAR up 12% and revenue up 17% yoy, supported by higher occupancy, higher rates and the opening of the Koenigshof Munich. The company remains confident in its growth strategy and the ongoing consolidation in the European hotel industry creates attractive opportunities. If warranted, MHP would consider raising funds to capitalize on these opportunities. The 2025 guidance is confirmed. mwb research’s analysts raise their estimates and increase their target price to EUR 3.35 (from EUR 3.30). MHP trades at a very attractive 25E EV/EBITDA multiple of less than 3x, which supports mwb research’s BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/MHP%20Hotel%20AG

R. STAHL posted record Q1 25 order intake of EUR 98.8m (+7.1% yoy), driven by strong demand in Asia/Pacific (+84%), boosting backlog to EUR 122.4m. However, revenues declined 13.4% yoy to EUR 73.3m due to the lag from H2 24’s weak demand. EBITDA before special items fell 56.6% yoy to EUR 3.7m, with the EBITDA margin halving to 5.0%, impacted by lower sales and rising personnel costs. As a result, net income turned negative at EUR -2.5m. While short-term earnings are under pressure, strong order momentum and strategic progress in Asia support management's cautiously optimistic outlook for H2 25. mwb research’s analysts have revised their model assumptions, incorporating the reported FY24 numbers and the Q1 25 update, as well as the FY outlook. Although the analysts have lowered their near-term estimates, their long-term forecasts remain intact. mwb research lowers its price target from EUR 27.20 to EUR 25.30, while maintaining the BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/r-stahl-ag

Company Name: Semperit AG Holding ISIN: AT0000785555   Reason for the research: Initiation Recommendation: BUY from: 06.05.2025 Target price: EUR 18.20 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Overlooked niche player, Initiating coverage with BUYSemperit is a specialized niche player fo [ … ]

Rational's Q1 2025 results were mixed, with revenues of EUR 295m (+3% yoy) slightly below consensus and EBIT of EUR 72m (+1% yoy) missing expectations due to a planned 10% rise in operating costs, particularly R&D. EPS came in at EUR 5.00, about 3% below consensus, while free cash flow turned negative due to timing-related tax and working capital effects. Regional growth was led by Europe ex-Germany (+7%) and North America (+11%), while Asia declined 20% due to a tough prior-year comparison. Management reaffirmed its FY 2025 guidance for mid-single-digit sales growth and ~26% EBIT margin, maintaining a cautiously optimistic outlook. mwb research’s analysts see no major changes to the underlying investment case but note limited near-term upside given the current valuation (~35x FY25E P/E). The analysts maintain their HOLD rating with an unchanged PT of EUR 835.00. The full update can be downloaded under https://www.research-hub.de/companies/research/RATIONAL%20AG

Koenig & Bauer (SKB) reported Q1 2025 sales of EUR 252.2m (-0.4% yoy), in line with expectations amid seasonal weakness. The Paper & Packaging segment grew 7.4% yoy, partially offsetting a 7.2% yoy decline in the Special & New Technologies segment. Order intake rose slightly to EUR 245.2m (+0.9% yoy), and the order backlog reached a record EUR 1.03bn (+14.6% yoy), ensuring solid visibility for FY25. EBIT margin declined due to temporary volume/mix effects and Spotlight-related costs. Despite this, FY25 guidance was reaffirmed, with revenue expected at EUR 1.3bn and EBIT between EUR 35–50m. Strategic initiatives, including a CFO transition, digital spin-off, and partnerships with Google and Siemens, bolster SKB’s transformation. mwb research’s analysts maintain their BUY rating and EUR 21.00 price target. The full update can be downloaded under https://www.research-hub.de/companies/research/Koenig%20&%20Bauer%20AG

Company Name: The Platform Group AG ISIN: DE000A2QEFA1   Reason for the research: Update Recommendation: Buy from: 05.05.2025 Target price: 19,00 Euro Target price on sight of: 12 months Last rating change: - Analyst: Alexander Rihane First Berlin Equity Research hat ein Research Update zu The Platform Group AG (ISIN: DE000A2QEF [ … ]

Company Name: Deutz AG ISIN: DE0006305006   Reason for the research: Update Recommendation: Buy from: 05.05.2025 Target price: 9,00 Last rating change: Analyst: Klaus Soer Climing up the growth path despite geopolitic uncertainties Deutz had a good start into the new FY25 indicated by the strong order intake of Q1/25 of EUR 546.1 [ … ]

Company Name: ad pepper media International N.V. ISIN: NL0000238145   Reason for the research: Update Recommendation: Buy from: 05.05.2025 Target price: 4,10 Euro Target price on sight of: 12 Monate Last rating change: 20.07.2020: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity  [ … ]

Company Name: Deutsche Rohstoff AG ISIN: DE000A0XYG76   Reason for the research: 2024 annual report Recommendation: Buy from: 05.05.2025 Target price: €43 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on Deutsche Rohstoff AG (ISI [ … ]