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In the Research & Ratings section, you can access assessments from renowned analyst firms that specialize in the due diligence and valuation of companies that are generally listed on the stock exchange. Starting from the research reports, you can access further research tools and information with just a few mouse clicks, which offer you additional options for obtaining and assessing information.
Tue, 11.02.2025       urban-gro, Inc

Company Name: urban-gro, Inc ISIN: US91704K2024   Reason for the research: Update Recommendation: Kaufen from: 11.02.2025 Target price: $4,70 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu urban-gro, Inc. (ISIN: US91704K2024) veröffentl [ … ]
Tue, 11.02.2025       Sernova Biotherapeutics Inc

Company Name: Sernova Biotherapeutics Inc ISIN: CA81732W1041   Reason for the research: Update Recommendation: Buy from: 11.02.2025 Target price: CAD1.90 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research has published a research update on Sernova Biotherapeutics Inc [ … ]
Tue, 11.02.2025       https://research-hub.de/companies/Ceconomy AG

Ceconomy began FY24/25 with strong momentum, outperforming the market. While underlying growth was fueled by solid performances in brick-and-mortar and online channels, with Retail Media and Marketplace scaling rapidly, new Xpress and Smart stores and acquisitions in Germany and Switzerland expanded the company’s footprint. Operating profit improved through better cost control, with DACH leading and Italy showing recovery. Despite challenges in Poland, Ceconomy is addressing competitive pressures. Effective inventory management boosted free cash flow, supporting strong holiday sales. While the FY outlook has been confirmed, Ceconomy remains on a solid path. mwb research’s analysts raise their price target to EUR 3.75 (EUR 3.50) and maintain their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Ceconomy%20AG
Tue, 11.02.2025       https://research-hub.de/companies/Amadeus Fire AG

Amadeus Fire reported prelim. results for Q4/FY24, showing resilience (FY revenues down only 1.2% yoy) in the face of challenging economic conditions. However, Q4 showed a more pronounced decline of 11% yoy, highlighting the ongoing (and deteriorating) negative sentiment among German businesses and political uncertainties. The operating gross profit margin declined by 80 bps to 54.2%, resulting in a 3% yoy decline in operating gross profit. Nevertheless, EBITA declined by c. 21% yoy to EUR 55.5m, slightly below the company's guidance of EUR 58m, as Amadeus has limited scope to adjust costs, and if so, only with a time lag. Looking ahead, the negative sentiment in Germany is likely to persist, potentially setting the company up for another weak financial year. However, bold investors should be able to capture some upside optionality, as the analysts of mwb research believe most of the weaknesses are already priced into Amadeus' share price. The analysts therefore reiterate their BUY rating with an unchanged PT of EUR 105.00. The full update can be found on https://www.research-hub.de/companies/Amadeus%20FiRe%20AG
Tue, 11.02.2025       Scandinavian Astor Group AB

Company Name: Scandinavian Astor Group AB ISIN: SE0019175274   Reason for the research: Initiation Recommendation: Buy from: 11.02.2025 Target price: SEK 17.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Target acquired and locked on. Initiating coverage with BUY With the world's highest PhD r [ … ]
Tue, 11.02.2025       THE NAGA GROUP AG

Company Name: THE NAGA GROUP AG ISIN: DE000A161NR7   Reason for the research: Update Recommendation: Buy from: 11.02.2025 Target price: EUR 1.20 Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow Mixed FY24 prelims // Detailed guidance for FY25&26; chg. NAGA reported preliminary FY24 figures t [ … ]
Tue, 11.02.2025       https://research-hub.de/companies/Nemetschek SE

Nemetschek’s Investor Relations manager, Patrick Horch, participated in mwb research’s well-attended ‘Focus on IT’ conference, providing insights into the company’s latest business developments. A recording of the presentation can be found here: mwb research | Digital ResearchHub | Equity Research. Nemetschek is capitalizing on the digital transformation of the construction and design software industry, leveraging AI integration and a diversified revenue base across key segments. Preliminary FY24 results show a 17% yoy revenue increase to EUR 996m, driven by strong organic growth and the GoCanvas acquisition, with recurring revenues now exceeding 86% due to the transition to SaaS. The successful integration of GoCanvas reduces the dependency on European markets and is expected to improve profitability in the medium term. Despite the price target increase to EUR 117.00 (old EUR 110.00), the HOLD rating is maintained due to limited near-term catalysts and a rich valuation. The full update can be downloaded under https://www.research-hub.de/companies/research/Nemetschek%20SE
Mon, 10.02.2025       https://research-hub.de/companies/Gerresheimer AG

Gerresheimer (GXI) has confirmed that it is in preliminary discussions with private equity investors. According to GXI, these investors have expressed an interest in exploring a possible public takeover offer on a non-binding basis. In mwb research’s view, this is a clear sign that the mostly US-based investors consider German SMEs to be undervalued. In mwb research’s believes, GXI is an attractive target that trades well below its peer group valuation (EV/EBIT '25 of 14x vs. 24x peer median). For a successful takeover, PE investors would have to offer a premium that the analysts believe should be at least 30% above the 3-months volume-weighted average price of EUR 74.38. With estimates unchanged, the analysts reiterate their BUY rating with a price target of EUR 96.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Gerresheimer%20AG
Mon, 10.02.2025       https://research-hub.de/companies/Elmos Semiconductor SE

Following the chip shortage crisis, the automotive semiconductor cycle peaked in late 2023 and entered a correction phase in 2024, marked by inventory gluts and muted chip orders. This is expected to persist through H1 2025, with gradual recovery anticipated in H2 2025 and a new growth cycle to begin in 2026 driven by structural trends. Modest price erosion of 2-3% is expected as supply chains normalize. Mwb research’s analysts have already factored in the impact on Elmos and yet remain confidently bullish at current valuations heading into 2025. Elmos outperformed its peers during the 2024 downturn, and the analysts expect this momentum to continue as the market recovers. mwb research’s analysts reiterate their BUY rating with a PT of EUR 98.00. The full update can be downloaded under https://research-hub.de/companies/Elmos%20Semiconductor%20SE
Mon, 10.02.2025       https://research-hub.de/companies/Airbus SE

Airbus is grappling with multiple headwinds that undermine its growth prospects and valuation. The significant delay of its hydrogen-powered ZEROe project, now potentially pushed from 2035 to 2045, not only stalls its efforts in sustainable aviation but also erodes a key pillar of its long-term growth strategy under the net-zero agenda. This delay, combined with the discontinuation of its Beluga Transport operations, highlights broader operational and innovation challenges. Financially, Airbus is struggling with a ROCE of just 8%, barely covering capital costs, while facing intensified competition from COMAC, whose rapid production expansion threatens Airbus’s margins and market share. A sharp 72% drop in gross orders further signals the end of the post-pandemic recovery cycle. With 51% of the DCF valuation tied to terminal value—highly sensitive to these negative developments—the stock appears significantly overvalued. mwb research’s analysts therefore maintain their SELL rating and a price target of EUR 127.00, urging investors to take profits amid growing risks. The full update can be downloaded under https://www.research-hub.de/companies/Airbus%20SE

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