Just days after Nagarro ruled out take-private plans and reaffirmed its stock market commitment, the company announced a EUR 70m share buyback starting February 6, 2025. This move follows two years of guidance downgrades and appears to be part of a broader effort to regain investor confidence. Coupled with a clearer FY25 outlook and plans for a dividend policy, Nagarro signals a strategic shift toward maximizing shareholder value while reinforcing its growth ambitions. mwb research’s analysts reiterate their PT of EUR 102.00 and maintain their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Nagarro%20SE

Metro AG reported a 7.1% yoy sales increase (local currencies) in Q1 FY 24/25, driven by strong growth in Eastern Europe and its delivery segment. However, adjusted EBITDA rose only 1.2% due to inflation and FX headwinds. Despite confirming a cautious FY outlook, Metro expects long-term cost savings from ongoing transformation efforts. Concurrently, Metro and major shareholder EP Global Commerce (EPGC) announced a delisting offer at EUR 5.33 per share. mwb research’s analysts raise their PT to EUR 5.10 (old: EUR 5.00), and downgrade from BUY to HOLD following the surge in share price. In mwb research’s view, the offer undervalues the company, also compared to EPGC’s higher 2019 bid. The non-tender agreement of key shareholders Meridian/Beisheim and the management’s concerns in regard to the valuation underpin this view. Overall, the analysts see the possibility of a better offer emerging. The full update can be downloaded under https://www.research-hub.de/companies/research/Metro%20AG

Benefiting from typical year-end seasonality, Rational reported record Q4 sales of EUR 318m (+9% yoy), bringing FY24 revenues to EUR 1.19bn (+6% yoy), in line with expectations. Growth was driven by strong performances in North America and Europe (excluding Germany), while Latin America (+17%) and Rest of the World (+15%) outpaced from lower bases. iVario sales rebounded (+16% yoy), while iCombi growth slowed to 5%, indicating demand normalization. Margins exceeded expectations, with FY24 EBIT margin at 26.3% (+1.7pp yoy), reaching pre-covid crisis levels and Q4 hitting a record 27.5% (+1.1pp qoq), reflecting strong cost control despite elevated R&D. Management remains cautiously optimistic heading into 2025 amid mounting uncertainties, prompting mwb research’s analysts to adjust their estimates and upgrade their rating to HOLD (from SELL) with a new PT of EUR 850.00, reflecting a stretched valuation with capped upside, despite Rational’s undeniable operational excellence. The full update can be downloaded under https://www.research-hub.de/companies/research/RATIONAL%20AG

WashTec AG delivered a satisfactory performance in FY24, with Q4 showing particularly strong results. Despite a 2.5% yoy revenue decline to EUR 477m, Q4 sales grew 7% yoy to EUR 142m, marking the second-strongest quarter in company history. EBIT improved by 9% yoy to over EUR 45m, with the EBIT margin expanding 100 bps to 9.6%. This resilient earnings performance was attributed to the strong showing of the high-margin "Chemicals" division. Free cash flow decreased to EUR 39m due to increased trade receivables, but ROCE improved to 28.1% (24% by WashTec's definition), highlighting the company's efficient capital utilization. The stable year-end order book suggests improving demand dynamics, setting a positive tone for FY25E. mwb research’s analysts maintain their BUY rating with an upwards revised PT of EUR 55.00 (previously EUR 53.00), reflecting WashTec's improved operational execution and attractive dividend yield of 5.6%. The full update can be downloaded under https://www.research-hub.de/companies/WashTec%20AG

Wolftank Group has secured a EUR 4.9m order from TPER to build a third hydrogen refueling station in Bologna, as part of a broader EUR 30m framework agreement for hydrogen systems running through 2026. This follows earlier contracts in Bologna and Ferrara, strengthening the company's presence in the sustainable transport market. The recent Hydrogen order flow since Q4, including the EUR 4.9m deal, has added EUR 15m to the Hydrogen & Renewables segment. In the first 9M of 2024, Wolftank’s order backlog grew already by 150% yoy to EUR 110m, with a solid book-to-bill ratio of 1.74x. Despite this strong order momentum, the share price has not yet reflected the company’s growth, its strong market position and substantial growth potential. mwb research’s analysts maintain their BUY rating and EUR 20.00 target price. mwb research’s analysts believe that the market has not yet fully recognized Wolftank's long-term opportunities. The full update can be downloaded under https://www.research-hub.de/companies/Wolftank-Adisa%20Holding%20AG

mwb research hosted a well-attended online roundtable with the two Co-CEOs of Circus, Nikolas Bullwinkel and Claus Holst-Gydesen, as well as CFO Fabian Becker. A recording of the event is available here: https://research-hub.de/events/video/2025-02-05-13- 30/CA1-GR. Claus joined Circus this month, and with 40 years of international leadership experience—including as CEO of Viega, where he doubled revenue and led US expansion—brings valuable expertise for Circus' ambitions global growth plans. Circus is currently preparing to enter the US market, supported by the planned opening of a showroom in New York. With mass production starting this summer and first significant revenues expected in H2, the year 2025 is pivotal. mwb research’s analysts reiterate to BUY with a EUR 75.00 target price. The full update can be downloaded under https://research-hub.de/companies/circus-se

Viromed's participation in a Dubai trade fair generated strong interest in its innovative cold atmospheric plasma-based medical devices, specifically ViroCAP, with leads from several multinational companies. The company is now showcasing its products in the U.S., the largest medical device market. Meanwhile, Viromed is advancing PulmoPlas certification for ventilator-associated pneumonia (VAP) in Germany, with research results expected this summer, potentially leading to special authorization by BfArM. Additionally, a strategic investor from the healthcare industry has acquired a 6.17% stake, signalling confidence in Viromed's growth potential and aiding its European expansion. mwb research’s analysts adjust their mid- to long-term estimates to reflect a more positive view on PulmoPlas, resulting in a new price target of EUR 6.90 (old: EUR 6.00) and an upside of more than 300%. The analysts confirm their Spec. BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Viromed%20Medical%20AG

At mwb research’s "Focus on IT" conference, cyan AG CEO Thomas Kicker shared exciting updates on the company’s expansion and future strategy. Having achieved FY24 targets, including cash flow break-even, cyan is now scaling beyond telecom, securing partnerships in North and South America and Asia. With Guard 360, its new cybersecurity product for SMBs, the company is targeting an underserved but high-growth market. While maintaining a solid financial position, cyan may increase investments in growth opportunities. Preliminary financial figures are expected by late February/early March, and the analysts maintain their BUY rating with a PT of EUR 3.85. The full update can be downloaded under https://www.research-hub.de/companies/cyan%20AG

Bechtle's Head of Investor Relations, Mr. Link, participated in mwb research’s well-attended IT conference, providing insights into the company’s latest business developments. A recording of the presentation can be found research-hub.de. Bechtle's FY24 revenues declined by ~2% yoy to EUR 6.29bn, slightly below mwb research’s estimate of EUR 6.48bn, reflecting weak demand, especially in Germany and France. Despite the challenging market conditions, Bechtle's EBT margin of 5.5% exceeded mwb research’s and the market's expectations, highlighting the first impact of cost-cutting measures. The company reaffirmed its commitment to digitization, IT security and AI, which remain key long-term growth drivers. With a potential market stabilization after the German elections and ongoing efficiency improvements, the analysts remain confident in Bechtle's prospects. mwb research reiterates to BUY with an unchanged PT of EUR 49.00. The full update can be downloaded under https://www.research-hub.de/companies/Bechtle%20AG

KION Group reported preliminary FY24 and Q4 results, with full-year revenues of EUR 11.5 bn (+0.6%) meeting expectations and adjusted EBIT of EUR 917 million beating forecasts. The adjusted EBIT margin improved by 110 basis points for both the full year and Q4. Free cash flow at EUR 702m surprised positively and exceeded guidance. The Industrial Trucks & Services (ITS) segment saw a slight revenue decline in Q4 but improved profitability, while Supply Chain Solutions (SCS) reported flat sales with a significant rebound in margins. In response to sluggish European demand and increasing Chinese competition, KION has initiated an efficiency program expected to result in annual cost savings of EUR 140-160m from FY26 onwards. This leads to an unchanged PT of EUR 46.00 and mwb research reiterates the BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Kion%20Group%20AG