Company Name: Schloss Wachenheim AG ISIN: DE0007229007   Reason for the research: Q3 2024/25 results Recommendation: Buy from: 12.05.2025 Target price: €21 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on Schloss Wachenheim AG (I [ … ]

Formycon’s Q1 2025 results showed a significant decline in revenue to EUR 5.3m, mainly due to the absence of prior-year milestone payments and weaker performance from FYB201. Adjusted EBITDA was negative, reflecting lower at-equity income and higher R&D spend. Nonetheless, full-year guidance was maintained. Operationally, the launch of FYB202 in the U.S. and Europe contributed EUR 0.74m in initial revenue, while FYB201 commercialization in the U.S. was paused by commercial partner Sandoz due to pricing pressure. Looking ahead, a proposed U.S. executive order may pressure biosimilar pricing but could also support adoption. mwb research’s analysts reiterate their BUY rating and EUR 50.00 price target, though acknowledge increasing regulatory risks in the U.S. market. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

Krones’s Q1 25 results were slightly ahead of consensus. Revenue grew 13.1% yoy to EUR 1.41bn (a 1% beat) on easing supply concerns, production efficiencies, and M&A contributions. Despite a decline in order intake (-3.2% yoy), its book-to-bill ratio was healthy at 1.02x (FY 25 target: 1x), with the backlog rising 1% qoq to EUR 4.32bn by endQ1, providing sales visibility till early Q2 2026. Meanwhile, EBITDA grew at a stronger 19.1% yoy to EUR 149m (a 3% beat) on better capacity utilization and efficiency measures and the margin improved 50bps yoy to 10.6%. Despite the current macro uncertainties, Krones kept its FY25 guidance unchanged, forecasting 7-9% revenue growth and an EBITDA margin of 10.2-10.8%, and reiterated its mid-term 2028 targets. The company’s global leadership in beverage filling and packaging technology, an impressive order backlog complemented by its execution capabilities, and ongoing efficiency improvements reaffirm its ability to continue on a profitable growth path. Therefore, mwb research’s analysts reiterate their BUY rating at an unchanged PT of EUR 160.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Krones%20AG

Company Name: Marley Spoon Group SE ISIN: LU2380748603   Reason for the research: Update Recommendation: BUY from: 12.05.2025 Target price: EUR 2.70 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Further op. improvements // focus on margins; chg. FY24 sales increased by 0.5% yoy to € 330 [ … ]

Company Name: Borussia Dortmund GmbH & Co KGaA ISIN: DE0005493092   Reason for the research: Update Recommendation: BUY from: 12.05.2025 Target price: EUR 5.20 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Q3 prelims better than expected / CL chances rising; Chg. BVB released a strong Q3  [ … ]

Company Name: PSI Software ISIN: DE000A0Z1JH9   Reason for the research: Update Recommendation: Buy from: 09.05.2025 Target price: 35.50 Last rating change: Analyst: Sebastian Droste Orders surge & outlook confirmed On April 30, PSI Group released its Q1 financial results and confirmed its guidance for 2025. Revenue growth wa [ … ]

Company Name: Intershop Communications ISIN: DE000A254211   Reason for the research: Update Recommendation: Buy from: 09.05.2025 Target price: 3.20 Last rating change: Analyst: Sebastian Droste Solid start to 2025 with positive EBIT On 30 April, Intershop released its Q1 financial results and confirmed its guidance for FY2025. Re [ … ]

Company Name: GFT Technologies ISIN: DE0005800601   Reason for the research: Update Recommendation: Buy from: 09.05.2025 Target price: 38 Last rating change: Analyst: Sebastian Droste Growth in Americas and insurance On May 8, 2025, GFT released its Q1 financial results and confirmed its guidance for 2025. Revenue growth was stab [ … ]

Company Name: Mister Spex SE ISIN: DE000A3CSAE2   Reason for the research: Update Recommendation: Buy from: 09.05.2025 Last rating change: Analyst: Ralf Marinoni “SpexFocus” strategy shows first successes Mister Spex’ Q1-25 results have demonstrated that its transformation program, which was launched in August 20 [ … ]

Siemens Energy (SE) announced detailed Q2 25 results, confirming its upbeat preliminary release that had significantly exceeded market expectations. Revenues grew 20% yoy to EUR 9.96bn (7% ahead of consensus), profit before special items (exSI) came in at EUR 906m (5.3x Q2 24; a staggering 57% beat), and the margin of 9.1% (+7.0ppt yoy) surpassed consensus of 6.2%. Notably, order intake surged 52% yoy on a comparable basis (comp.) to EUR 14.43bn (16% better), implying a book-to-bill ratio of 1.45x. This took the order backlog to EUR 133bn. Divisional performance was solid, especially in Gas Services and Grid Technologies, and losses at Gamesa narrowed. SE confirmed its recently raised FY 25 guidance, now expecting 13%-15% comp. revenue growth and profit ex-SI margins of 4%-6%, with net income up to EUR 1bn, and FCF before tax of c.EUR 4bn. mwb research’s analysts maintain their estimates that were updated after the prelims and retain their price target at EUR 52.00. However, mwb research’s analysts reiterate their SELL rating, due to a demanding valuation and ongoing geopolitical risks. The full update can be downloaded under https://www.research-hub.de/companies/Siemens%20Energy%20AG