Verbio’s removal from the SDAX on June 23 triggered some short-term technical selling and reduced liquidity from index-tracking funds. However, despite the announcement on June 4, the share price rose by more than 20%, suggesting the market viewed this as a temporary dislocation. Meanwhile, US policy momentum in June 2025, driven by higher Environmental Protection Agency (EPA) biofuel mandates and regulatory clarity, aligns well with Verbio’s strategy. The company’s Nevada-based RNG and bioethanol facility stands to benefit from stronger demand and domestic supply preferences. With deep expertise in biofuels and vertical integration, Verbio is well positioned for growth. While European operations remain stable, the US expansion offers the clearest nearterm upside. US regulatory support and full-scale ramp-up in Nevada could be key catalysts for re-rating. mwb research’s analysts reiterate their BUY rating and maintain their PT of EUR 15.00. The full update can be downloaded under https://www.research-hub.de/companies/Verbio%20SE

Nagarro SE will be included in the TecDAX on 25 June 2025, replacing CompuGroup Medical. The index re-entry enhances visibility and could attract ETF-related inflows. However, Accenture’s recent bookings decline highlights a more cautious enterprise IT spending environment, particularly for discretionary and transformation-led projects. As a result, mwb research’s analysts revise their sales and EBIT estimates downward to reflect softer demand in horizontal tech and early-phase digital engagements. In contrast, verticals like Automotive and Travel remain resilient. Nagarro continues to execute on capital returns and growth, supported by a EUR 400m buyback and its first-ever dividend. At 11.5x P/E and 6.6x EV/EBITDA (2025E), valuation remains attractive. mwb research’s new price target is EUR 92.00 (previously EUR 97.00), reflecting a more balanced near-term view. The full update can be downloaded under https://www.research-hub.de/companies/Nagarro%20SE

Oil prices are climbing amid escalating U.S.–Iran tensions, with Brent nearing USD 80 after Iran’s parliament backed the potential closure of the Strait of Hormuz, a vital shipping corridor responsible for around 20% of global oil flows. A formal shutdown could drive Brent above USD 95, triggering a major shock to global energy markets and disrupting inflation-sensitive supply chains. For BASF, already grappling with margin pressure and softening volumes, a surge in energy costs would further strain its energy intensive operations and heighten the risk of deeper margin compression across key segments, especially in Europe, where energy competitiveness is already under stress. Despite a resilient Q1, mounting Q2 softness and cautious customer sentiment could intensify further if tensions around the Strait of Hormuz escalate. mwb research’s analysts revise their estimates downward and reiterate their BUY rating with a lower price target of EUR 53.00. The full update can be downloaded under https://www.research-hub.de/companies/BASF%20SE

tk nucera announced the acquisition of key technology assets from Danish electrolyzer specialist Green Hydrogen Systems (GHS), including intellectual property, a test facility, and an operational prototype in Skive. The transaction, fully funded from existing cash reserves, excludes GHS’s full operations but gives tk nucera access to pressurized alkaline technology designed for dynamic, modular use. GHS’s HyProvide® A- and X Series electrolyzers operate at 30–35 bar and are suited for applications such as hydrogen refueling, power-to-X, and distributed renewables—markets tk nucera had yet to address. This asset deal complements its industrial-scale portfolio and accelerates its R&D capabilities while limiting operational risks. In a still-challenging hydrogen environment, the company is positioning itself strongly for a future rebound. mwb research’s analysts maintain their BUY rating and EUR 12.00 price target, based on their DCF valuation. The full update can be downloaded under https://www.researchhub.de/companies/thyssenkrupp%20nucera%20AG%20&%20Co%20KGaA

Kontron and congatec have signed a term sheet for congatec’s majority acquisition of Kontron’s subsidiary JUMPtec GmbH, including a stake in Kontron America Modules, LLC. This transaction is part of Kontron’s ongoing divestment strategy to streamline operations, unlock capital, and reduce operational complexity. JUMPtec specializes in standardized and customized Computer-on-Modules (COMs) and related design and production services across multiple industries. The deal will generate a high double-digit million euro gain for Kontron through deconsolidation and supports a ‘local-for-local’ production strategy to mitigate geopolitical risks, particularly in the US. mwb research’s analysts reaffirm their BUY rating and price target of EUR 35.00, viewing this deal as value accretive. The full update can be downloaded under: https://www.research-hub.de/companies/research/Kontron%20AG

After a weaker Q1, mwb research’s analysts also expect Q2 2025 to show a yoy decline, mainly due to a strong comparison base from prior years, particularly driven by robust activity in China decline. The weakness reflects the typical wave-like pattern of project execution in the rail infrastructure business. We anticipate a recovery in H2 2025 as business momentum picks up, especially supported by catch-up effects from China. Vossloh continues to benefit from strong order intake, underpinned by Europe’s rail infrastructure renewal and global projects. The company maintains a book-to-bill ratio of 1.35x, and the analysts see organic growth of over 5% CAGR through 2030 as realistic. In today’s uncertain geopolitical and economic environment, Vossloh stands out as a safe haven—a stable, infrastructure-focused company with strong international growth potential and a key role in the shift toward sustainable rail transport. Following mwb research’s model adjustment, reflecting increased confidence in Vossloh’s ability to reach its long-term targets and to steadily improve free cash flow, the analysts raise their PT from EUR 65.00 to EUR 90.00 and upgrade to BUY. Vossloh will present at the German Select Conference on August 26 at 2:30 PM. Register here: https://research-hub.de/conference/german-select-v. The full update can be downloaded under https://www.research-hub.de/companies/research/Vossloh%20AG

Rising tensions in the Middle East, particularly around the Strait of Hormuz, are creating tightening dynamics in global shipping markets. While Ernst Russ AG (“ER”) has no direct exposure to the region, indirect effects, such as rerouted tonnage, and extended voyage times, could support charter rates globally. With 84% of 2025 revenues secured and a modern, consolidated fleet, ER is well positioned to capture possible upside while their downside is sufficiently protected in case of a wider economic collapse. Strong liquidity and a simplified ownership structure enhance strategic flexibility. mwb research’s analysts view current geopolitical volatility as an earnings catalyst rather than a threat, supporting their BUY rating and EUR 10.00 price target.The previous full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

The proposed phaseout of the U.S. solar Investment Tax Credit (ITC) by 2028 adds uncertainty to long-term demand but could also incentivize U.S. solar companies to accelerate investment decisions over the next 12–18 months to lock in favorable economics, potentially driving a front-loaded project pipeline. With just 17.5% of sales from the Americas and most solar revenue coming from Asia, Singulus appears well insulated from immediate risk, though the shift could constrain future solar expansion potential and slow diversification in the region. mwb research’s analysts believe FY25 guidance does not assume significant U.S. solar orders, suggesting potential upside if pull-forward effects materialize. While Q1 order intake was soft, recent order wins from ROLTEC and WIKA point to improving momentum. Meanwhile, the company continues to pivot toward higher-value, innovation-led segments, supporting a structurally stronger earnings profile. The analysts maintain their Spec. BUY rating and EUR 4.00 target, pending greater visibility from Q2. The full update can be found under https://research-hub.de/companies/singulus-technologies-ag

In early June 2025, Gerresheimer (GXI) issued a second downward revision to its FY25 guidance, citing continued softness in key markets and execution delays. The dividend was cut drastically to EUR 0.04 to preserve financial flexibility. Meanwhile, takeover speculation involving Warburg Pincus and KPS has fueled market volatility, though talks remain non-binding. Despite near-term headwinds, the long-term investment case in high-value pharma packaging remains intact and at ~10.6x P/E 2026E, the valuation appears attractive. mwb research’s analysts maintain their BUY rating and EUR 72.00 price target, while noting that the short-term share price performance is likely to depend on operational execution, the mitigation of current headwinds, and the outcome of ongoing strategic interest from financial sponsors. The full update can be downloaded under https://www.research-hub.de/companies/research/Gerresheimer%20AG

Leifheit has revised its FY25 guidance downward amid continued weak consumer demand in key markets. The company now expects full-year revenue to slightly decline compared to 2024’s EUR 259.2m, down from an earlier forecast of 2–4% growth. EBIT guidance was reduced to around 2024 level (EUR 12.1m), mainly due to EUR 3m in oneoff costs related to relocating injection moulding operations from Nassau to Blatná. The consolidation at Blatná is part of a broader production optimization strategy, aiming to deliver annual cost savings of about EUR 2m starting in H2 25, although upfront investments will imapct profitability in H1 25. Free cash flow guidance has also been revised downward to a mid-single-digit EURm range. Despite near-term challenges, the company’s mid-term outlook remains positive, supported by operational efficiency, a strong balance sheet, and a shareholder-friendly dividend policy. mwb research’s analysts have revised their estimates downward and slightly reduced their PT to EUR 29.00 (from EUR 30.00) but maintain their BUY rating. The full update can be downloaded under: https://research-hub.de/companies/leifheit-ag