123fahrschule SE (123fs) reported preliminary FY24 revenues of EUR 22.8m (+10% yoy) and an EBITDA of EUR 400k, reflecting significant operational improvements. Both figures are fully in line with mwb research’s estimates. Furthermore, 123fs reported on the issuance of a EUR 3.4m convertible bond, which will fund growth investments, especially in simulators and online training. For FY25, the company projects revenues of EUR 28-30m (EUR 27.8m mwb est.) and an EBITDA of EUR 1.5-2.5m (EUR 2.1m mwb est.), with simulators expected to drive growth. Legislative changes and an expanding branch network bolster the outlook. mwb research’s analysts maintain their EUR 6.20 target price and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/research/123fahrschule%20SE

MHP Hotel AG (MHP) reported strong Q4 KPI, with a 17% yoy increase in revenue per available room to EUR 185, driven by an 81% occupancy rate (+5PP yoy) and a 9% higher average daily rate of EUR 227. The company likely achieved its upgraded FY24 guidance of EUR 160m revenue and EUR 9m group EBITDA. Looking ahead, MHP is expecting FY25 revenues of EUR 180m, in line with mwb research estimates. As a positive surprise, MHP expects FY25 EBITDA of EUR 15m on anticipated stable demand and the opening of the Conrad Hamburg in summer 2025, well ahead of mwb research expectations. Adjusting estimates to reflect the updated guidance leads to a confirmed BUY recommendation with a new price target of EUR 3.30 (old: EUR 3.00). mwb research invites all interested investors to a roundtable tomorrow (28 January) at 14:00 with CEO Jörg Frehse and Senior Director Corporate Finance Maximilian Michaelsen. Please register here: https://research-hub.de/events/registration/2025-01-28-14-00/CDZ0-GR. The full update can be downloaded under https://research-hub.de/companies/MHP%20Hotel%20AG

Redcare Pharmacy’s share price dip this week, triggered by DocMorris’ weaker-than-expected results, fails to reflect its superior performance and leadership in the e-prescription market. With 32% revenue growth and a strong financial foundation, Redcare remains well-positioned for sustained success in the competitive European online pharmacy sector. mwb research’s analysts confirm their PT of EUR 144.00 and maintain their BUY rating on the stock. The full update can be downloaded under https://www.research-hub.de/companies/Redcare%20Pharmacy%20N.V.

VARTA AG announced that the majority of voting groups approved its restructuring plan under StaRUG, with only free float shareholders opposing. The plan includes reducing share capital to zero, resulting in current shareholders exiting without compensation and delisting VARTA's shares. New equity of EUR 60m will be raised through a capital increase involving entities controlled by Michael Tojner and a Porsche AG subsidiary. The plan also reduces debt from EUR 485m to EUR 230m and secures a EUR 60m senior loan. These measures aim to ensure sustainable financing and future viability. The restructuring court in Stuttgart is expected to confirm the plan by year-end. Despite potential challenges, the intrinsic value is considered higher, but investment value remains low, leading to a maintained SELL rating with a EUR 0.00 target price. The full update can be downloaded under https://www.research-hub.de/companies/research/Varta%20AG

CVC has secured 17.5% of CGM shares, exceeding the 17% threshold, and extended its offer until February 11, aiming for 75% ownership to enable delisting. CGM’s management recommends shareholders accept the EUR 22.00 per share offer, deemed fair and reasonable. Risks for remaining shareholders include illiquid securities and limited reporting after delisting. CVC has pledged no control agreements for two years, but trust concerns remain in mwb research’s point of view. mwb research’s analysts suggest selling shares as trading opportunities may soon diminish, revising the target price to EUR 22.00 (old EUR 27.50.). SELL. The full update can be downloaded under https://www.research-hub.de/companies/CompuGroup%20Medical%20SE

Nagarro has abandoned its plans for a potential take-private transaction and instead outlined a strategy to enhance shareholder value. This includes a focus on organic and inorganic growth, share buybacks of up to EUR 400m over three years, and a dividend policy targeting 10-20% of EBIT distribution. The company provided a 2025 revenue guidance of EUR 1,020-EUR 1,080m with an adjusted EBITDA margin of 14.5-15.5%. mwb research’s analysts reiterate their PT of EUR 102.00 and maintain their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Nagarro%20SE

Puma delivered a good top-line comeback in Q4 2024, with sales reaching EUR 2.29bn (+15.5% reported, +9.8% ca), supported by robust growth in Asia/Pacific (+19.0% ca) and Accessories (+14.5% ca). Full-year sales of EUR 8.82bn met consensus, growing 2.5% yoy reported and 4.4% ca. However, profitability fell short, with FY EBIT flat at EUR 622m, but below consensus, and net income declining by 7.5% to EUR 282m. Compared to Adidas’ recent performance, Puma’s underwhelming bottom line highlights pressing cost issues, prompting intensified measures under its "nextlevel" program. mwb research’s analysts adjusted their estimates to reflect a less pronounced recovery, leading to a reduced PT of EUR 50.00 (old: EUR 55.00). The rating remains BUY. The full update can be downloaded www.research-hub.de/companies/research/Puma%20SE

Knorr-Bremse continues to optimize its portfolio as part of the BOOST 2026 program, making significant progress with divestments and strategic acquisitions. The company sold GT Emissions Systems in line with its focus on streamlining operations and reducing exposure to the weaker Commercial Vehicle Systems (CVS) segment. In 2024, the divestiture of R.H. Sheppard and a write-off of receivables from Kiepe Electric impacted short-term earnings but are in line with Knorr-Bremse's long-term strategy. The acquisition of Alstom Signaling North America strengthens the company's position in the rail market, specifically in the growing control, command, and signaling (CCS) sector. While the BOOST 2026 strategy is progressing well, potential market volatility, especially in the CVS segment, leads mwb research’s analysts to reiterate their HOLD rating with an unchanged PT of EUR 76.00. The full update can be downloaded under https://www.research-hub.de/companies/Knorr%20-%20Bremse%20AG

LM Pay S.A. presented at a well-attended roundtable with international investors yesterday, providing valuable insights into its operations and strategic positioning. CEO Jakub Czarzasty provided in-depth insights and clarity on critical differentiators in the market. A recording is available here: https://research-hub.de/events. In the view of mwb research’s analysts, LM Pay remains an attractive investment with its scalable business model and consistent expansion into high-margin services. This view is supported by LM Pay's innovative approach and the growing demand for consumer healthcare financing in Poland. With its focused strategy, LM Pay secures its leading position. mwb research’s analysts reiterate their BUY rating and confirm their price target of EUR 63.00, which represents an upside of around 67%. The full update can be downloaded under https://www.research-hub.de/companies/LM%20Pay%20S.A.

Aixtron will report its Q4 results on 27 February. The recently reaffirmed FY24 guidance implies a strong Q4 performance in terms of gross and EBIT margins. However, the order intake is likely to reflect the continued weak momentum in Power Electronics (SiC and GaN), which contributed 66% of orders in H1 but only 45% in Q3. For FY25, Aixtron expects revenues to be flat or slightly down. mwb research’s analysts now expect a 10% decline as the SiC investment cycle slows. Despite these challenges, the current valuation looks reasonable even based on FY25 estimates, which could mark the bottom of the cycle. Based on mwb research’s revised estimates, the analysts arrive at a new price target of EUR 20.50 (old: EUR 21.40) and reiterate their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/AIXTRON%20SE