Wolftank Group reported a healthy 9.8% yoy revenue increase to EUR 25.7m in Q1 25, driven mainly by strong growth in the Environmental Services segment, which now accounts for 88% of total revenue. The Hydrogen & Renewables segment declined due to longer ramp-up times in large projects, though new hydrogen contracts are expected to support future growth in the coming quarters. EBITDA grew by 5% to EUR 2.1m but lagged behind revenue as expected, due to higher costs linked to operational streamlining and the full consolidation of the Italian subsidiary Petroltecnic. EBIT doubled to EUR 0.6m, aided by lower one-off depreciation charges. The order backlog declined to EUR 100m at the end of Q1 25 but rebounded sharply in Q2 25 to EUR 152m, boosted by new contracts, especially in Italy. Wolftank’s strategic review aims to optimize its market positioning, though slower profit growth led to reduced estimates and a lowered PT of EUR 12.00 (from EUR 15.00), while mwb research’s analysts maintain their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Wolftank-Adisa%20Holding%20AG

Veganz Group AG has announced a capital increase of up to EUR 7.5m through the issuance of up to 500,796 new shares at EUR 15.00 each, granting existing shareholders subscription rights at a ratio of 11 to 4 from June 17 to 30, 2025. The proceeds will primarily fund the expansion of production capacity, especially for Mililk, Veganz’s patented 2D-printed plant-based milk technology. Mililk is entering the U.S. market via a partnership with Jindilli Beverages. With forecast demand of 30 million liters or EUR 30 million in sales over the next year, the capital raised will support both German expansion and a 60m-liter U.S. facility by 2026. Given the growth potential and strong interest from major shareholders, mwb research’s analysts confirm their Spec. Buy rating with a EUR 25.00 price target. A recording of the presentation of CEO Jan Bredack at the recent mwb research “New Food Conference” can be watched here: https://researchhub.de/events/video/2025-06-03-11-30/VEZ-GR. The full update can be downloaded under https://research-hub.de/companies/veganz-group-ag

Siltronic continues to navigate a tough environment marked by weak near-term demand and elevated customer inventories — yet the company is executing with discipline. The real question now is not about Q2, but whether H2 will finally show momentum. While management maintains its view of a second-half pick-up, visibility remains limited, and mwb research analysts now expect the weak dollar to weigh more heavily on 2025 performance. Still, the investment case is intact: Siltronic’s positioning in 300mm wafers and exposure to AI, DRAM, and EVs leaves it well-leveraged to the next upcycle. A high share of LTA coverage continues to provide earnings visibility and downside protection. While the lack of a short-term catalyst may keep sentiment fragile, mwb research analysts believe much of the bad news is already priced in. The analysts expect growth to return in 2026 — albeit from a low base — as inventories normalize and structural demand drivers reassert. The analysts lower their PT to EUR 57.50 (from 60.00) to reflect FX headwinds but reiterate their BUY. The full update can be downloaded under https://research-hub.de/companies/Siltronic%20AG

MHP Hotel AG (MHP) reported strong 18.2% year-on-year revenue growth for FY24, driven by improved occupancy (+6 percentage points) and higher average daily rates (+7%), resulting in a 15% increase in revenue per available room. EBITDA for the year came in at EUR 10.4m, at the upper end of the upgraded guidance range, reflecting a 560 basis point improvement in margin. However, free cash flow turned negative due to higher operating taxes, repayment of liabilities booked in CFO and significant investments in the JW Frankfurt, Koenigshof Munich, Conrad Hamburg and a coinvestment in the Meridien Stuttgart. For FY25, MHP confirmed a revenue forecast of EUR 180m (+12% yoy) and EUR 15m EBITDA, with strong RevPAR growth continuing in Q1 and the opening of the Conrad Hamburg planned for September. The company’s strategy of focusing on high-demand premium segments and key European cities, coupled with a solid project pipeline, supports its growth outlook. MHP's valuation remains attractive, and mwb research’s analysts confirm their price target of EUR 3.35 and the BUY rating. The full update can be downloaded under https://research-hub.de/companies/MHP%20Hotel%20AG

Company Name: MHP Hotel AG ISIN: DE000A3E5C24   Reason for the research: Update Recommendation: Buy from: 13.06.2025 Target price: EUR 3.00 Target price on sight of: 12 months Last rating change: Analyst: Phillipp Sennewald Strong FY24 no surprise after guidance hike, chg. Y24 sales increased by 18.2% yoy to € 161m (eNuW: & [ … ]

Drägerwerk (Dräger) continues to advance its strategic roadmap with a resilient business model and innovative solutions in both Medical and Safety divisions. Investments in connectivity, such as the Dräger ONE platform and Service-oriented Device Connectivity, support higher-margin growth. The company’s strong order backlog, up 6.1% yoy to EUR 861m in Q1, provides visibility into H2 25, supporting revenue and margin growth. After a nearly 60% share price increase to EUR 71.80, Dräger has nearly reached mwb research’s EUR 72.00 price target. At current levels, the valuation reflects operational progress, and the analysts now move their recommendation from BUY to HOLD, as further upside requires a catalyst. Investors can expect deeper insights into new growth drivers at Dräger at the mwb research Health Care Conference on July 1. Thomas Fischler, Head of Investor Relations at Draeger, will present current developments. Click here to register: https://research-hub.de/conference/health-care-conference. The full update can be downloaded under https://www.research-hub.de/companies/Draegerwerk%20AG%20&%20Co.%20KGaA

Company Name: Almonty Industries Inc. ISIN: CA0203981034   Reason for the research: Update Report Recommendation: Buy from: 12.06.2025 Target price: CAD 5.40 (unchanged) Target price on sight of: 36 months Last rating change: - Analyst: Peter Thilo Hasler, CEFA The U.S. House Select Committee on Strategic Competition with China [ … ]

mwb research’s analysts downgrade United Internet to HOLD (from BUY) and raise their price target to EUR 27.00 (from EUR 25.00), reflecting an updated sum-of-the-parts valuation. Despite strong YTD performance in both its subsidiaries IONOS (+89%) and 1&1 (+60%), the analysts see limited catalysts to close the persistent holding discount. IONOS continues to grow strongly, but scalability concerns and global competition limit margin upside. Meanwhile, the Access segment faces execution risk tied to the 1&1 network rollout. mwb research’s valuation implies fair equity value at current levels, with further upside constrained by structural complexity and capital intensity. While the long-term outlook remains constructive, the analysts adopt a more cautious stance near term. HOLD, PT EUR 27.00. The full update can be downloaded https://www.research-hub.de/companies/United%20Internet%20AG

Multitude AG has achieved a +58% year-to-date share price increase, supported by strong Q1 results and an upward revision of guidance—highlighting investor confidence in the company’s earnings momentum and strategic direction. The scalable digital platform model spans Consumer, SME, and Wholesale Banking, offering growth oriented diversification backed by solid financials (equity ratio of 25.4%, cash position of EUR 326m). Strategic M&A activity and a conservative risk profile support sustainable expansion. Headquartered in politically stable Switzerland, Multitude is largely unaffected by global trade conflicts, tariff disputes, and external shocks such as supply chain issues. mwb research’s analysts continue to view Multitude as an attractive investment in volatile markets. The analysts reaffirm their price target of EUR 12.80 and maintain their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/investment-case/Multitude%20SE

Company Name: Swissnet AG (formerly Beaconsmind AG) ISIN: CH0451123589   Reason for the research: Update Recommendation: Buy from: 11.06.2025 Target price: € 18.50 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research has published a research update on swissnet AG  [ … ]