mwb research’s analysts expect Aixtron to report mixed Q3 results on 31 October, with revenues expected to be slightly below the midpoint of the guided range of EUR 150 to 180 million. The company's gross margin, which was impacted by a higher proportion of low-margin traditional LED systems in H1, is expected to recover in Q3 as the product mix improves. A key metric to watch will be order intake, where a book-to-bill ratio of less than 1 is possible due to challenging industry conditions. Wolfspeed's recent announcement of a USD 200m capex cut for FY25 has added to the caution, especially in the SiC sector, which may lead to reduced visibility for equipment suppliers such as Aixtron. mwb research’s analysts adjust their price target to EUR 25.20 (old: EUR 29.00). BUY. The full update can be downloaded under https://www.research-hub.de/companies/AIXTRON%20SE

Formycon has received FDA approval for FYB202, its biosimilar to Johnson & Johnson's Stelara, which is the company's third FDA-approved biosimilar. This follows the EU approval and positions FYB202 for U.S. market entry by February 22, 2025, earlier than originally announced, thanks to a settlement agreement with JNJ. The accelerated US launch strengthens Formycon's competitive position, particularly in light of growing competition for Stelara biosimilars. No new details were announced on the European and Canadian market entry, which mwb research’s analysts continue to expect in the first half of 2025. The analysts confirm their price target of EUR 89.00 and maintain their BUY recommendation, while seeing a significant de-risking of Formycon's investment case. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

Swiss Estates AG reported strong financial results for the first half of the year, with net rental income up 32% yoy to CHF 4.1m, driven by rising rents and the new property in Rüthi, St. Gallen. Net income doubled to CHF 1.45m, driven by lower property and administrative expenses, which more than compensated for higher interest expenses. As a result, EPS also doubled yoy to CHF 0.31, in line with mwb research estimates. The company maintained its portfolio of 17 properties with an unchanged investment property value of CHF 191m, and a stable LTV of 60%. Favorable market conditions, including a shortage of residential space and rising rental rates, position Swiss Estates for future growth. With additional acquisitions likely to boost sentiment, mwb research’s analysts maintain their BUY rating with an unchanged PT of CHF 7.50. The full update can be downloaded under https://www.research-hub.de/companies/Swiss%20Estates%20AG

The automotive market is losing momentum, highlighted by recent guidance cuts from Volkswagen and Stellantis due to increased competition and weak demand from China. However, mwb research’s analysts believe this weakness is a short-term issue, and Elmos is well-positioned for long-term growth, driven by key megatrends such as electrification, autonomous driving, and modern vehicle architecture. These trends are fueling the rising demand for smarter electronics, further supported by regulatory initiatives like the EU’s 2035 CO2 ban. While OEM market shares are shifting under pressure from Chinese automakers, Elmos remains resilient, supplying all major players, including those in China. To further strengthen its position, Elmos is expanding its local presence and supply chain in China, enhancing its access to the world’s largest automotive market. mwb research’s analysts expect modest Q3 qoq sales growth, with FY24 sales at the lower end of guidance, and maintain their BUY rating with an unchanged PT of EUR 100.00. The full update can be downloaded under https://research-hub.de/companies/Elmos%20Semiconductor%20SE

123fahrschule SE (123fs) reported a 9.3% revenue growth in H1 2024, reaching EUR 11.1m, with operational improvements driving an increase in adjusted EBITDA to EUR 0.5m. The company's growth strategy focuses on expanding branches in major German cities and optimizing internal processes, with a goal of reaching 90% of Berlin, Hamburg, and Cologne's population by the opening of 20 additional branches by mid-2025. The acquisition of Foerst GmbH in H1 enhances 123fs' product offering with driving simulators, supporting cost-effective and eco-friendly training. In addition, the company reiterated its FY24 adjusted EBITDA target of EUR 1m. All in all, 123fs performed well in H1, despite the difficult economic environment. Hence, mwb research’s analysts confirm the BUY rating with an unchanged PT of EUR 6.20. The full update can be downloaded under https://www.research-hub.de/companies/research/123fahrschule%20SE

Performance One (PO1) has launched its new Mental Health Super App harmony on the Apple and Google App Stores, expanding its e-health offerings through its subsidiary E-Health Evolutions GmbH. The app extends beyond psychological counseling to include well-being, prevention, and features like a mental health check-up, nutrition content, and meditations. Already introduced in the B2B market, PO1 is in discussions with companies interested in using the app for employees, while consumers can access subscription plans starting at EUR 29.99. With scalable content and a realistic target of reaching 767,000 users, the e-health subsidiary aims to achieve EUR 58m in revenue and an EBITDA margin of 25% by 2027. Despite the growth potential, PO1’s current market valuation does not yet reflect the value of its subsidiary. Therefore, mwb research’s analysts confirm their BUY rating and maintain a price target of EUR 14.20. The full update can be downloaded under https://www.research-hub.de/companies/research/Performance%20One%20AG

Nagarro SE is a globally operating IT services company specializing in digital transformation, product engineering, and IT consulting, serving industries like automotive, healthcare, retail, and telecom. The company's competitive strength lies in its industry-specific expertise, strong client retention and global geographical presence. With over 75% of revenue coming from outside its top 10 clients, Nagarro is well diversified, reducing risk. Despite current economic uncertainties, mwb research’s analysts expect Nagarro to benefit from key trends such as cloud services and Generative AI. After a repricing, Nagarro’s current valuation suggests potential upside if it continues executing on its growth strategy. The analysts initiate coverage with a BUY and a price target of EUR 107.00. The full update can be downloaded under https://www.research-hub.de/companies/Nagarro%20SE

123fahrschule SE (123fs) made significant progress in executing its growth strategy, highlighted by the acquisition of Foerst GmbH, which strengthens its driving simulator offering. The company's H1 2024 results showed revenue growth to roughly EUR 11m and improved operational efficiency, reflected in an adjusted EBITDA of EUR 0.5m. In addition, 123fs is raising approximately EUR 1m through a capital increase to fund new branches in Berlin, Hamburg and Cologne. The company's ‘Strategy 2027’ focuses on expanding to 70 locations (+20 locations) by mid-2025 and generating revenues of EUR 50m in 2026. Despite the dilutive effect of the capital increase, the BUY rating is reiterated with a new PT of EUR 6.20 (old: EUR 6.80). The full update can be downloaded under https://www.research-hub.de/companies/research/123fahrschule%20SE

Yesterday, Verbio SE held its FY 23/24 (July 1 - June 30) earnings call and confirmed that a turnaround is imminent. In Q4 23/24, the company reported revenues of EUR 339m, down -24% yoy and -17% qoq. However, EBITDA increased to EUR 39.5m compared to EUR 26.6m in the previous year and EUR 7.3m in the previous quarter. This signals that a return to better profitability is on the horizon, with Q4 no longer being so heavily impacted by lower biodiesel prices and the ramp-up of bioethanol production in the US. The scaling up of US production strengthens our confidence in Verbio's strategic growth in North America. mwb research’s analysts believe the company is positioned for renewed growth through its US operations while stabilizing its European business, particularly in biodiesel. The analysts reiterate their BUY rating with a PT of EUR 30.00. A replay of the earnings call is available here: https://www.research-hub.de/events. The full update can be downloaded under https://www.research-hub.de/companies/Verbio%20SE

FY23 continued to be very challenging for the real estate sector. High interest rates, regulatory uncertainty and rising construction costs led to subdued demand and a sharp drop in investment volumes in the commercial sector. In this environment, GIEAG also clearly felt the effects of the crisis. Sales slumped by 80% to EUR 16m, with portfolio management accounting for the largest share. The annual result slipped further into the red at EUR -12.6m due to value adjustments and increased interest expenses. Despite the deterioration in balance sheet ratios, the outlook remains cautiously optimistic. Successful refinancing measures secure liquidity for existing projects. The interest rate turnaround initiated by the central banks is expected to provide positive impetus for the real estate market in the medium term. mwb research's analysts therefore reiterate their BUY recommendation with a new price target of EUR 5.00 (previously EUR 6.00) due to a further (partial) shift in the project pipeline. The full update can be downloaded under https://www.research-hub.de/companies/GIEAG%20Immobilien%20AG