Suss MicroTec's final FY24 results showed revenues of EUR 446.1m, in line with the preliminary figures, with a growth rate of c. 46% for both FY24 and Q4. The company's EBIT margin was 16.8%, slightly below the preliminary figure of 17.5%, impacted by a EUR 3m write-off from the closure of a used equipment trading unit. However, the Q4 EBIT margin reached 18.4%, a recent high. For FY25, Suss MicroTec has issued an upbeat revenue guidance of EUR 470-510m, reflecting 10% midpoint growth despite a 5% yoy decline in the order backlog. The company expects stable gross margins and a likely slight decline in the EBIT margin due to digitization projects. The solid performance and positive outlook confirm mwb’s BUY recommendation with a price target of EUR 77.00. The full update can be downloaded under https://www.research-hub.de/companies/SUESS%20MicroTec%20SE

WashTec confirmed its solid Q4 prelim numbers. Revenue grew 7.4% yoy to EUR 143m, driven by the strong equipment sales in Europe offsetting a sluggish demand situation in North America. The return to top-line growth in Q4 marks an end to the declines seen over the first three quarters of 2024. Its Q4 EBIT grew disproportionally by 19.3% yoy to EUR 18m, driven by better product pricing and cost efficiencies, causing the EBIT margin to broaden by 1.3ppt yoy to 12.6%. However, its FY free cash flow (FCF) declined 14.3% yoy to EUR 40m from an uptick in receivables by year-end. Despite the low FCF, controlled capex, coupled with a healthy equity ratio, enabled the company to return an attractive EUR 2.4 per share in dividends (yield: 6%). Its 2025 outlook is stable, with mid-single-digit revenue growth, high-single-to-low-double digit EBIT growth, and FCF of EUR 35m-45m. This, together with its upcoming digital product offering, strengthens its product portfolio and secures its long-term growth. mwb research’s analysts confirm their BUY rating with a PT of EUR 55.00. The full update can be downloaded under https://www.research-hub.de/companies/WashTec%20AG

Hensoldt’s FY24 results were in line with preliminary figures, showing solid growth driven by increased defense spending but no major surprises. Its 9% organic revenue growth lags significantly behind Rheinmetall’s 40%, and the company has limited exposure to key defense sectors, impacting long-term growth potential. The sharp drop in the effective tax rate from 38.4% to 9.9%, primarily due to the realization of active deferred taxes, inflated EPS to EUR 0.93, but using the appropriate tax rate of 28%, EPS would have been EUR 0.74, indicating a miss. With limited growth catalysts and weaker revenue momentum, Hensoldt’s valuation appears unjustified compared to its peers. mwb research’s anlaysts reiterate their SELL rating with an EUR 48.00 target price. The full update can be downloaded under https://www.research-hub.de/companies/Hensoldt%20AG.

123fahrschule SE ("123fs") reported a 9.3% yoy revenue growth, reaching EUR 22.5m in FY24, with EBITDA significantly improving to EUR 532k, up EUR 1.42m from last year. The company completed the acquisition of simulator manufacture Foerst GmbH, boosting its position in the digital driver training market. The strong cash flow improvement and 25% growth in student registrations highlight operational success. Looking ahead, 123fs forecasts revenue of EUR 28m - EUR 30m for FY25 in line with expectations. The EBITDA guidance of EUR 1.5m - 2.5m is also fully in line with mwb research’s forecast of EUR 2.1m. The analysts update their model and introduce FY27 estimates. With only smaller adjustments, the analysts confirm their BUY and a PT of EUR 6.20. The full update can be downloaded under https://www.research-hub.de/companies/research/123fahrschule%20SE

FCR Immobilien AG has sold its 10% stake in Immoware24 GmbH for EUR 25.2m, representing an enterprise value of approximately EUR 250m. The exit generates a profit of more than EUR 15m on the book value and multiplies the original investment of EUR 2m by a factor of 12.5 from 2020. The annual yield is an impressive 66%. Immoware24 offers a SaaS property management solution used by more than 4,000 customers. The proceeds of the sale will significantly strengthen FCR's annual results in FY24 and will allow FCR to use the funds to repay debt or to expand its real estate portfolio. The parties have agreed not to disclose the buyer, but PE funds fit the potential profile. mwb research’s analysts reiterate their BUY rating and raise their target price from EUR 20.50 to EUR 22.00. The previous full update can be downloaded under https://www.research-hub.de/companies/FCR%20Immobilien%20AG

Amadeus Fire's FY24 results were in line with its pre-release. Sales declined moderately by 1.2% to EUR 437m, impacted by weak demand in the cyclical Personnel Services segment, where revenues were down almost 5% yoy. In contrast, the Training segment grew, with revenues up almost 10% yoy. While these results look reasonable, especially given the dismal economic situation in Germany, momentum deteriorated further towards the end of the year, which mwb research’s analysts believe will set the tone for FY25, where Amadeus expects challenging conditions to persist. A key highlight in mwb research’s view remains the company's FCF generation. Although down from FY23, EUR 45m reflects healthy cash generation, supporting a generous dividend of EUR 4.03 per share (yield >5%). The analysts remain positive based on the expected medium-term growth driven by shortage of skilled workers, and therefore maintain their BUY rating with an unchanged PT of EUR 97.00. The full update can be found on https://www.research-hub.de/companies/Amadeus%20FiRe%20AG

Company Name: INDUS Holding AG ISIN: DE0006200108   Reason for the research: Update Recommendation: BUY from: 27.03.2025 Target price: EUR 34.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Solid FY24 numbers and promising mid-term outlook; chg.Topic: INDUS released solid final FY24 numbers [ … ]

Company Name: ZEAL Network SE ISIN: DE000ZEAL241   Reason for the research: Update Recommendation: BUY from: 27.03.2025 Target price: EUR 61.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Q4 beating all odds and strong shareholder returns; chg. PTTopic: Following an unprecedented jackpot situa [ … ]

Company Name: Knaus Tabbert AG ISIN: DE000A2YN504   Reason for the research: Update Recommendation: Kaufen from: 26.03.2025 Target price: €29 Target price on sight of: 12 Monate Last rating change: -- Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Knaus Tabbert AG (ISIN: DE000A2YN504) verö [ … ]

ZEAL delivered extraordinary FY24 results, surpassing expectations with record KPIs. Sales for the year reached EUR 188.2m (+62% yoy), while EBITDA surged to EUR 61.9m (+88% yoy), driven mainly by improved billing margins, an exceptionally favorable jackpot environment and thus increased engagement, as well as efficient customer acquisition. On top of that, ZEAL announced a dividend of EUR 2.40 per share (special dividend of EUR 1.10), highlighting its commitment to shareholders. Looking ahead to 2025, ZEAL expects sales to reach EUR 195-205m (+6% yoy at midpoint), surpassing consensus of EUR 194m. Meanwhile EBITDA may face some pressure, anticipated at EUR 55-60m (-7% yoy at midpoint), which is slightly below consensus, primary due to higher marketing expenses and investments in the new segments. mwb research’s analysts refine their model and maintain their BUY rating with unchanged PT of EUR 60.00. For additional firsthand insights on ZEAL from the CFO, please register for the upcoming roundtable under: https://research-hub.de/events/registration/2025-04-08-11-30/TIMA-GR. The full update can be downloaded under https://www.research-hub.de/companies/ZEAL%20Network%20SE