Company Name: Verve Group SE ISIN: SE0018538068   Reason for the research: Research study (Anno) Recommendation: BUY Target price: 9.20 EUR Last rating change: Analyst: Marcel Goldmann, Cosmin Filker Verve also achieved a significant increase in revenue of 32.2% to € 109.04 million in the first quarter of the current financ [ … ]

At yesterday's mwb research Health Care Conference, Dräger’s IR Head Thomas Fischler confirmed the company’s FY 2025 guidance (sales growth 1–5%, EBIT margin 3.5–6.5%) and emphasized a strategic focus on margin improvement. In Q1, Dräger showed stable revenues and a slightly positive EBIT, with a strong order backlog (EUR 861m, +6.1% yoy) supporting H2 visibility. Historically, Q4 is generally the strongest quarter for Dräger. Defense was also discussed as a potential structural growth driver, particularly within the Safety Division, and the company acknowledged potential US tariff risks, viewing them as manageable. A recording of the presentation is available for interested investors here: https://research-hub.de/events/video/2025-07-01-09-30/DRW3-GR. With the share trading near to our target price of EUR 72.00, mwb research's analysts maintain their HOLD rating, reflecting a fair valuation and solid fundamentals. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

Company Name: ZEAL Network SE ISIN: DE000ZEAL241   Reason for the research: Update Recommendation: BUY Target price: EUR 64.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Q2 lottery spending remains at high levels Yesterday, we analyzed the Q2 lottery data published by the DLTB (German state lo [ … ]

Circus has published its annual report for 2024. The FY24 results reflect a strategic transition from R&D to industrial production. As expected, there was minimal revenue and a negative EBITDA of EUR 11.9m due to high development costs. Major milestones were achieved during the year, including the industrial maturity of the fourth-generation CA-1 cooking system, a significant manufacturing partnership with Celestica and the accelerated development of the CA-M autonomous field kitchen. Despite having a reduced equity base of EUR 2.4m at the end of the year, the company raised EUR 18.7m in the first half of 2025 to support its expansion plans. Notable recent achievements include commercial agreements with REWE, Tamoil (HEM) and Mangal, as well as inclusion in the MSCI Global Micro Cap Index. With initial CA-1 deliveries expected in autumn 2025, and with finetuned financial forecasts, mwb research's analysts are revising their price target slightly to EUR 70.00 (previously EUR 72.20) and reaffirming their BUY rating. The full update can be downloaded under https://research-hub.de/companies/circus-se

Q2 2025 saw a muted lottery environment despite two jackpot peaks, as average jackpot sizes declined notably yoy in both Eurojackpot and 6aus49, weighing on player engagement and overall spending. Still, mwb research's analysts expect ZEAL to deliver strong results, with estimated revenue of EUR 52.5–54.5m (+32% yoy at midpoint) and an EBITDA margin of 30–33% (+4,5pp yoy at midpoint). This performance reflects an expanding active user base, favourable pricing, stronger contribution from new verticals and rising operating leverage, partially offset by lower per-user spend and elevated marketing around jackpot peaks. mwb research's analysts believe that ZEAL continues to benefit from structural tailwinds in online lottery adoption, gaining market share even amid subdued consumer spending. The analysts reiterate their BUY rating and EUR 63.50 price target, confident in ZEAL ability to meet its full-year guidance potentially exceed it slightly. The full update can be downloaded under https://research-hub.de/companies/zeal-network-se

Company Name: Jaguar Health Inc ISIN: US47010C8055   Reason for the research: Update Recommendation: Buy from: 30.06.2025 Target price: USD40 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research has published a research update on Jaguar Health, Inc. (ISIN: US47010C8055 [ … ]

Company Name: ParTec AG ISIN: DE000A3E5A34   Reason for the research: Update Recommendation: Under Review from: 30.06.2025 Target price: Under Review Target price on sight of: 12 months Last rating change: 30.06.2025 (previously: Buy) Analyst: Simon Scholes First Berlin Equity Research has published a research update on ParTec A [ … ]

Company Name: Marinomed Biotech AG ISIN: ATMARINOMED6   Reason for the research: Initiation of coverage Recommendation: Buy from: 30.06.2025 Target price: 50,00 Euro Target price on sight of: 12 months Last rating change: - Analyst: Alexander Rihane First Berlin Equity Research hat am 30.06.2025 die Coverage von Marinomed Biotec [ … ]

LM PAY has confirmed its audited FY24 results, showing a 30% yoy revenue increase to PLN 22.8m and a sharp EBIT rise to PLN 7.0m, driven by higher transaction volumes and network expansion. Customer retention remained stable at 30%, with a 16% increase in active clients. The FY25 outlook remains strong, supported by strategic partnerships like CUK Flex Pay. Entry into insurance financing marks a key diversification step. mwb research's analysts have updated their model, introduced 2027 estimates, and reiterated their BUY rating with a EUR 63.00 target. For more insights, LM Pay will discuss final FY24 results in an Earnings Call on July 9. CEO Jakub Czarzasty. Please register here: https://research-hub.de/events/registration/2025-07-09-11-00/Y00-GR. The full update can be downloaded under https://research-hub.de/companies/lm-pay-sa

Westwing continues to advance its asset-light growth strategy, having entered six new countries YTD (3 in Q1, 3 in Q2) while selectively expanding its physical presence in key cities. The ongoing shift to a global, premium assortment is improving margins but still weighing on short-term revenue. Q1 2025 showed strong operating leverage, with adjusted EBITDA up 45% yoy despite a 1% revenue decline. FY25 guidance (EUR 25-35m EBITDA) was maintained. mwb research's analysts expect margin strength to continue, supported by the Westwing Collection and scaling efficiencies. While topline growth remains subdued, strategic execution positions the company for profitable growth from 2026 onward. For the time being, mwb research's estimates remain unchanged. Therefore, the analysts maintain their PT of EUR 11.00 and BUY rating. The full update can be downloaded under https://research-hub.de/companies/westwing-group-se