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

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

Vulcan Energy Resources has achieved a significant milestone with its Phase One Lionheart Project being granted Strategic Project status under the EU’s Critical Raw Materials Act (CRMA). This designation strengthens Vulcan’s position in Europe’s raw materials strategy and enhances its ability to secure financing. The CRMA framework, designed to reduce EU dependency on external sources for critical materials, provides benefits such as accelerated permitting, improved access to EU funding, and a pathway to favorable financing terms. Vulcan’s strong institutional backing, including support from ECAs and the EIB, positions it well to advance the Zero Carbon Lithium project. On this basis, mwb research’s analysts remain bullish and maintain their BUY rating with a PT of EUR 12.50. The previous update can be downloaded under https://www.research-hub.de/companies/research/Vulcan%20Energy%20Resources

HMS Bergbau presented at an investor roundtable hosted by mwb research. HMS Bergbau's CEO Dennis Schwindt and CFO Jens Moir provided valuable insights into the company’s growth trajectory and strategic direction. The following discussion highlighted HMS's positioning in the coal trading market, along with its efforts in vertical integration, including investments in coal and critical minerals projects. Despite ongoing decarbonization trends, HMS remains well-positioned in markets where coal demand is expected to grow. The event underscored the company’s resilient operational model and robust financing position, providing a solid foundation for future growth. mwb research’s analysts reiterate their BUY rating and price target of EUR 39.00. Access the recording here: https://research-hub.de/events/video/2025-03-25-13- 00/HMU-GR. The full update can be downloaded under https://www.research-hub.de/companies/HMS%20Bergbau%20AG

Koenig & Bauer's FY24 results showed a mixed performance characterized by challenges and signs of recovery. Despite a 4% yoy decline in sales to EUR 1.27bn, Q4 showed robust growth and set a new quarterly record. For the full year, the company's order intake increased by 8.9% to EUR 1.4bn, indicating that SKB is poised for growth in FY25 and beyond. While one-off costs led to a net loss, free cash flow improved significantly, suggesting effective restructuring efforts. Management's guidance for FY25 projects modest revenue growth and improved operating EBIT, subject to macroeconomic conditions. The revised medium-term outlook for 2026, while slightly tempered, still offers significant upside potential to mwb research’s estimates. The analysts maintain their optimistic stance and emphasize the need to monitor the company's implementation of restructuring initiatives as a key factor in achieving the stated financial targets. BUY with an unchanged PT of EUR 21.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Koenig%20&%20Bauer%20AG

Sugar prices remain under pressure, particularly in Europe, which is a significant concern for Südzucker ("SZU"), as its sugar segment accounts for about 40% of revenue. The outlook for sugar prices is uncertain, influenced by macroeconomic, geopolitical, and environmental factors. Despite a weak Q3 24/25 and reduced forecasts, SZU's preliminary Q4/FY results announced last week exceeded expectations. Q4 revenue fell 11% yoy to EUR 2.2bn, while EBITDA increased 19% to EUR 232m. Full-year revenue reached EUR 9.7bn, slightly below consensus, but EBITDA of EUR 715m surpassed expectations. For FY 25/26, SZU expects a moderate revenue decline with a recovery in sugar prices. Given ongoing geopolitical challenges and the continued influx of tariff-free Ukrainian agricultural imports (e.g., sugar and grain) into the EU, mwb research’s analysts remain cautious, maintaining their SELL rating with a slightly increased PT of EUR 9.50 (up from EUR 9.00). The full update can be downloaded under https://www.research-hub.de/companies/Suedzucker%20AG