Deutsche Rohstoff's CFO, Henning Döring, gave an update at the Equity Forum Fall Conference. mwb research’s analysts focus on two of the topics discussed, the potential impact of the US elections on the fracking industry and the company's operations in the Powder River Basin. Despite the political controversy surrounding fossil fuels, and fracking in particular, the impact of the US election is expected to be minimal. Donald Trump has always been an ardent supporter, and Kamala Harris reversed her negative stance after becoming Joe Biden's running mate. In the Powder River Basin, Deutsche Rohstoff remains optimistic despite some challenges, with most wells delivering strong returns and continued improvements in infrastructure and drilling techniques. The company has confirmed its guidance for 2024, with revenues of EUR 210-230m and EBITDA of EUR 160-180m. mwb research’s analysts reiterate their BUY recommendation with a price target of EUR 55.70. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG

Christian Frick, CEO of Geratherm Medical AG, presented the company's business model, latest developments and strategic initiatives at the Equity Forum Fall Conference. The Healthcare Diagnostics division, Geratherm's largest, is facing challenging market conditions due to increasing competition from lower-standard Chinese imports. In addition to cost-cutting measures, the company is now placing greater emphasis on consumer-oriented products to strengthen the Geratherm brand. Geratherm plans to launch its own online shop in 2025, primarily to gain more insight into consumer preferences. Meanwhile, other divisions reported progress, including new product developments and certifications, such as MDR certification in Respiratory and AI-enhanced ECG analysis in Cardio/Stroke. With the recent changes in the corporate structure, the company is transitioning into a MedTech investment company, focusing more on active portfolio management. With unchanged estimates, mwb research analysts reiterate their BUY recommendation with a price target of EUR 7.30. The full update can be downloaded under https://www.research-hub.de/companies/Geratherm%20Medical%20AG

cyan AG’s CEO Thomas Kicker presented at the German Fall Conference in Frankfurt, highlighting the company's transformation into a pure-play cybersecurity provider and its rich growth opportunities. cyan's USP is its proprietary threat intelligence engine, which powers cyan's white-label security products, offering protection against phishing, click-jacking and other malicious content. In recent months, the company has refined its product to reach new customer groups. Through a partnership with wefox, cyan is now about to launch its first product for the insurance sector. The ability to embed cyan's solutions in consumer applications opens up enormous growth and scaling opportunities. Based on unchanged estimates, mwb research’s analysts reiterate their PT of EUR 3.85. The rating remains BUY. The full update can be downloaded under https://www.research-hub.de/companies/cyan%20AG

mwb research analysts initiate the coverage of Rheinmetall AG with a BUY recommendation and a PT of EUR 645.00, offering an upside potential of 22.3%. Rheinmetall is strategically positioned to benefit from the significant increase in defense spending across Europe, driven by heightened geopolitical tensions and a substantial budget expansion in Germany. The company's robust presence in NATO markets, coupled with its ongoing expansion in the US, positions it well for sustained growth. Rheinmetall's efforts to internalize key production capabilities such as nitrocellulose and its focus on high-demand segments such as ammunition and military vehicles further enhance its investment appeal. Key triggers include potential defense contract wins in the US (EUR 54bn) and Italy (EUR 20bn), increased EU defense budgets and the successful implementation of new production initiatives, all of which could lead to significant upside to mwb research’s analysts current estimates. The full update can be downloaded under https://www.research-hub.de/companies/Rheinmetall%20AG

Yesterday at the Equity Forum, ZEAL's CFO spotlighted the company's leadership in online lottery brokerage, fueled by a robust business model and strategic growth initiatives. With approximately 1.4m monthly active users and rising online penetration, ZEAL's brokerage business continues to thrive, benefiting from increased margins through higher service fees and the convenience of digital access. The company’s expansion into new growth areas, including the games business and social lotteries, holds strong potential for boosting revenue and profitability. ZEAL stands strong against the 16 state-lottery providers, thanks to its marketing expertise and nationwide scale. Although Lottoland Germany, recently granted lottery brokerage permission, poses a future challenge, lottoland limited capital and ZEAL’s established market presence mitigate this risk. Management confidently reaffirmed its mid-to-high teens growth outlook through 2026, and mwb research’s analysts reiterate their BUY recommendation with an unchanged PT of EUR 56.50. The full update can be downloaded under https://www.research-hub.de/companies/ZEAL%20Network%20SE

Enapter's H1 2024 results show an increase in revenues to EUR 8.3m, up 73.5% yoy. This growth follows H2 2023 revenues of EUR 26.8m, driven by a one-time payment of EUR 15m from a US distribution agreement. Gross margin increased to 31.7% compared to 12.5% in H1 last year. EBITDA loss narrowed to EUR 3m from a loss of EUR 7m in H1 last year, indicating effective scaling of production and increased productivity. The company secured orders worth EUR 23.4m in H1, resulting in a strong order backlog of EUR 41m. Of this, EUR 13m is allocated to H2 2024, leaving only EUR 12m to reach Enapter's revenue target of EUR 34m. With EUR 28m already secured for 2025, Enapter is well positioned for further growth. Enapter's sales and production strategies, including outsourcing and partnerships, are starting to pay off. mwb research’s analysts maintain their BUY rating with a PT of EUR 15.00, supported by continued customer acquisition and production expansion. The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG

Frasers Group has significantly increased its stake in Hugo Boss, signaling a deeper strategic partnership with the luxury brand. The UK-based retail conglomerate now holds a direct 15% stake in the company and is eyeing further investments within the next year. Frasers is also seeking a seat on Hugo Boss’s Supervisory Board, indicating a strong commitment to supporting the company’s strategic initiatives, particularly the “Claim 5” strategy. Despite recent challenges, including a dip in Hugo Boss's share price due to weaker demand in China, this move by Frasers could bolster shareholder value and strengthen both companies' market positions. mwb research’s analysts reiterate their PT and rating (EUR 68.00, BUY). The full update can be downloaded under https://www.research-hub.de/companies/research/Hugo%20Boss%20AG

Knorr-Bremse has announced the completion of the acquisition of Alstom Signaling North America, including c. 800 employees at six locations. In the last fiscal year, which ended on March 31, Alstom Signaling North America generated sales of around 300m and an EBIT margin of around 16%. The move marks Knorr-Bremse's entry into the highly profitable North American rail signaling market and is in line with the company's BOOST 2026 strategy for sustainable growth and long-term profitability. Following the recent sale of GT Emissions Systems, this was the fourth successful divestiture or acquisition under the BOOST 2026 program. By 2026, Knorr-Bremse aims to achieve sales of EUR 8-9bn, an EBIT margin of over 14% and a cash conversion rate of 80-90%. mwb research’s analysts reiterate their BUY rating with a PT of EUR 85.00. The full update can be downloaded under https://www.research-hub.de/companies/Knorr%20-%20Bremse%20AG

INDUS Holding AG has acquired a 75% stake in DECKMA, a German systems provider for technical ship equipment specializing in lighting, fire alarm systems, corrosion protection, and automation solutions. DECKMA generates EUR 19m in annual revenue and serves customers in shipbuilding and offshore industries. The acquisition includes a 33% stake in NEXTCORR Ltd, a British anti-fouling and corrosion protection provider. This strategic move strengthens INDUS's Engineering segment, particularly in measurement and control technology. It aligns with growing demand in offshore wind farm sectors and naval vessel outfitting. To date, INDUS has acquired two first-level investments and two additions to existing investments in 2024, including DECKMA. The company plans further acquisitions, focusing on infrastructure networks and energy technology sectors. mwb research’s analysts reiterate their BUY rating with unchanged PT of EUR 35.00. The full update can be downloaded under https://www.research-hub.de/companies/INDUS%20Holding%20AG

LAIQON AG's H1 2024 results were disappointing, with sales growth below expectations. The company reported a 7% year-over-year decline in revenue to EUR 14.8m, primarily due to divesting parts of its legacy business. Adjusted for this, revenue would be approximately EUR 16.3m, indicating a 17% growth, yet still below the anticipated >25%. Assets under Management (AuM) increased from EUR 6bn in H1 2023 to EUR 6.5bn, but sequential growth was modest at 1.6%, adding only EUR 0.1 bn in Q2. The EBITDA loss widened to EUR 2.9m, with earnings per share falling to a loss of EUR 0.20. Consequently, the equity ratio declined to 40.9%. mwb research’s analysts downgrade the stock from "BUY" to "HOLD" with a new price target of EUR 4.50. The full update can be downloaded under https://www.research-hub.de/companies/LAIQON%20AG.