Yesterday, HelloFresh (HF) announced that its CEO Dominik Richter acquired a considerable block of shares, worth EUR 10m off-market through his investment company DSR Ventures, at a price of EUR 6.71 per share. This corresponds to approx. 1.5m shares. This purchase sends a positive signal to the market, as CEO Richter expresses confidence in the recovery and growth prospects of HF. His strong personal commitment to the company’s success can be seen as a reassurance and positive signal, especially for those investors that have lost their trust in the company. This news flow follows the latest quarterly figures which showed a positive development in the Ready-To-Eat business, which is now expected to be the company's growth engine. mwb research’s analysts reiterate their PT of EUR 11.00 and their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/research/HelloFresh%20SE

Infineon’s unveiling of the world’s first 300 mm GaN wafer technology, following its acquisition of GaN Systems, marks a pivotal breakthrough in the semiconductor industry. This innovation places Infineon well ahead of competitors, offering a 2.3x increase in semiconductor output compared to 200mm wafers. GaN, which is gaining momentum in applications like AI systems, solar inverters, and EV chargers, is set to revolutionize industries with its superior efficiency, speed, and ability to handle high temperatures and voltages. The scalability of Infineon’s 300mm GaN wafers, compatible with existing silicon production lines, is expected to drive down costs, bringing GaN prices closer to silicon and accelerating its adoption. While modest sales are expected next year, volume production of 300 mm GaN is still a few years away. With the global GaN market projected to grow at a 26% CAGR through 2030 from its current value of USD 2.5bn, and Infineon holding about 15-20% of it, the company’s 450 GaN experts and more than 350 patents position it to lead this expanding field. This innovation strengthens Infineon’s market leadership, showcasing its mastery of all three key semiconductor materials, and supports mwb research’s BUY recommendation with a price target of EUR 40. The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

Nordex has received a new order for 43 MW for the Irish market worth c. EUR 38m (mwb est.). While this may seem modest, it is a significant milestone as it is the first order from Ørsted, a major Danish energy company and one of the world's leading renewable energy companies. The company already has over 2.8 GW of installed onshore capacity, including a large 367 MW wind farm in the US. Although Nordex recorded a strong order intake of over 2 GW in Q1 (+104% yoy), Q2 was slower and this trend is likely to continue in Q3. This smaller order from a new potential large customer opens up the possibility of further orders. In addition, Nordex is ramping up its US factory, which offers the possibility of stimulating the US market. mwb research’s analysts reiterate their BUY rating with a price target of EUR 22.00, as the analysts are confident that order momentum will pick up again and margins will continue to improve. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.

Infineon has successfully produced 300mm GaN wafers on an integrated pilot line at its silicon fab, marking a significant advance for GaN production, which has been limited to 150mm and 200mm wafers in volume production. GaN devices are typically grown on silicon substrates, benefiting from the wide availability and lower cost of silicon wafers. Despite some concerns to the contrary, it seems unlikely that Infineon could bypass MOCVD equipment in favour of other epitaxy methods on standard silicon equipment, especially when scaling up production. Aixtron has confirmed that it is working on 300mm GaN systems and that pilot systems are in operation at some customers, although it is not clear whether Infineon is one of them. Aixtron has been developing a 300mm system in the EU's YESvGaN project since 2021 and is also rumoured to have delivered a 300mm system to Chinese GaN wafer epi foundry Enkris. mwb research’s analysts therefore believe that Aixtron will not be late to the party and that the shift to 300mm production and the associated cost reductions should accelerate GaN adoption, ultimately benefiting equipment suppliers. mwb research’s analysts leave their estimates unchanged and reiterate their BUY recommendation with a price target of EUR 29.00. The full update can be downloaded under https://www.research-hub.de/companies/AIXTRON%20SE

Verbio SE has published its first guidance for FY 24/25 (01.07-30.06), targeting an EBITDA range of EUR 120-160m, which – at mid-point – is in line with consensus. The ramp-up of the plant in Nevada, Iowa, and increased production in South Bend, Indiana, are expected to have a positive impact on results in the bioethanol/biomethane segment, benefiting from attractive margins in North America. In addition, net debt is expected to increase to EUR 190m by end FY 24/25, driven by investments in the expansion of production capacities in both Europe and North America, as well as in the future-oriented VerbioChem business (biochemicals e.g. plastics). With its strategic expansion into the North American market, Verbio is well positioned for continued profitable growth while stabilizing its European operations. mwb research’s analysts remain optimistic on Verbio and reiterate their BUY rating with a PT of EUR 30.00. Verbio will hold its earnings call for the past fiscal year on September 26. Register here: https://research-hub.de/events/registration/2024-09-26-14-00/VBK-GR. The full update can be downloaded under https://www.research-hub.de/companies/Verbio%20SE

HMS Bergbau AG, which is active in coal trading and distribution, will publish its half year report on September 30. Ahead of the report, market data pictures a positive development in H1. Despite declining demand in Europe, global coal demand grew by 1% in H1 2024, driven by strong growth in Asia, particularly in India, China and the ASEAN region, which is a key market for HMS. In addition, CEO Dennis Schwindt's recent contract extension to 2029 underscores the stability and strategic expansion of HMS. With strong demand in key markets, mwb research’s analysts expect HMS to continue to deliver solid returns, supporting a price target of EUR 36.00 per share. The full update can be downloaded under https://www.research-hub.de/companies/HMS%20Bergbau%20AG

Last week, Staige One ("Staige") delivered a compelling and well-attended presentation at the Fall Conference in Frankfurt. CEO Jan Taube provided insights into the company's investment case, which is based on its innovative AI sports video technology, comprehensive digitization of amateur sports and enormous growth potential going forward, not least after the successful pivot to a highly scalable B2B business model. A major contract from China alone, worth up to EUR 10m, provides visibility and steady revenue growth until 2029. Additional partnerships with renowned football clubs as well as expansion into adjacent sports categories provide the basis for CAGR growth of >50% (23-26E). A planned uplisting to Xetra as well as a potential increase in free float through a new capital raise should make an investment in Staige feasible for institutional investors. mwb research’s analysts reiterate their BUY rating with an unchanged PT of EUR 6.00. On Sept 17, mwb will host an online roundtable with CEO Jan Taube. Register here: https://research-hub.de/events/registration/2024-09-17-11-00/SPC-GR. The full update can be found under https://www.research-hub.de/companies/Staige%20One%20AG

FCR Immobilien AG showed a resilient performance in H1 24 despite challenging market conditions. The company reported revenues of EUR 26.6m from rental and property sales, down ~14% on the previous year. Despite higher financing costs, FCR maintained robust profitability metrics with EBT of EUR 4.8m and FFO of EUR 3.9m. The company's balance sheet was strengthened, with the company’s real estate portfolio exceeding EUR 400m, and the equity ratio rising to 28.6%. Put into perspective, FCR’s properties are valued at 12.5x its annualized net rental income, reflecting a conservative and sustainable valuation. The EPRA net asset value increased to EUR 143.2m or EUR 14.61 per share. Management remains optimistic for FY24 and expects continued profitable development, not least in view of the impending interest rate turnaround. mwb research’s analysts maintain their BUY rating with an unchanged PT of EUR 20.50 and note that the positive re-rating of the real estate sector at FCR is still pending. The previous full update can be downloaded under https://www.research-hub.de/companies/FCR%20Immobilien%20AG

Fraport has signed an agreement to sell its 10% stake in Delhi Airport for USD 126m, with the transaction expected to close within 180 days, subject to approvals. Fraport has had an investment in the airport since 2006. Although the sale reduces Fraport's exposure to the fast-growing Indian aviation market, it is in line with its strategy to streamline its international portfolio and focus on airports where it has larger stakes and greater operational control, such as in Greece, Brazil and Peru. The sale price is close to book value, so the impact on the income statement is negligible. The proceeds will be used to reduce debt. mwb research’s analysts reiterate their BUY recommendation with a target price of EUR 67.00. The full update can be downloaded under https://www.research-hub.de/companies/Fraport%20AG

A new study from the Kiel Institute underscores the widening gap in military capabilities between Germany (24% of revenues) and Russia, reinforcing Rheinmetall's key role in addressing Europe’s defense shortages. Despite Chancellor Scholz’s proclaimed “Zeitenwende” (turning point) in defense policy, Germany’s rearmament is progressing slowly. According to the Kiel Institute, Russia could replicate Germany’s entire weapons stockpile within just six months, while Germany is projected to take nearly 100 years to restore its pre-2004 levels of military readiness at the current procurement rate. With upcoming elections next year (09/28/2025) and a critical need for accelerated procurement, Rheinmetall is positioned to benefit from new political mandates and international contracts. mwb research analysts reaffirm their BUY rating with a target price of EUR 645.00. The full update can be downloaded under https://www.research-hub.de/companies/Rheinmetall%20AG