Vulcan Energy Resources has successfully produced battery-grade Lithium Hydroxide Monohydrate (LHM) at its Central Lithium Electrolysis Optimisation Plant (CLEOP) in Frankfurt. This demonstrates the viability of Vulcan’s fully integrated LHM production. The LHM will undergo pre-commercial qualification with major offtakers, including Stellantis, Renault, LG, and Umicore, paving the way for large-scale commercial production in Phase One. Meanwhile, Vulcan has secured substantial financial commitments and is awaiting the signing of definitive financing agreements and subsequent draw-down. mwb research’s analysts confirm their PT of EUR 12.50 and maintain their BUY rating. The previous update can be downloaded under https://www.research-hub.de/companies/research/Vulcan%20Energy%20Resources

Verbio SE's share price took a significant hit yesterday, dropping by 16.5%, following a 40% decline in 2024. This is due to the challenges of a tough FY23/24, marked by market disruptions including dumped biodiesel from China, and a challenging start to FY24/25. Despite no additional factors, concerns remain, such as the decline in emission certificate prices. However, there are signs of potential improvement rather than deterioration. Looking ahead to 2025, regulatory changes in Germany and anti-dumping duties on Chinese biodiesel offer hope of higher greenhouse gas (GHG) quota prices and reduced market pressure. Verbio's international expansion, particularly in the US, further supports its growth prospects. With a strong market position, Verbio remains a solid long-term investment, although mwb research’s analysts have lowered their near-term estimates. The analysts reiterate their BUY rating with a revised PT of EUR 22.00 (from EUR 24.00). The full update can be downloaded under https://www.research-hub.de/companies/Verbio%20SE

Staige One announced yesterday that RTL Télé Lëtzebuerg has extended its live broadcast contract for Staige's AI-based camera technology for three more years. RTL will continue using Staige's cameras to broadcast Luxembourg's top basketball, handball, volleyball, and football leagues. This extension builds on a five-year partnership, with RTL currently using 65 Staige cameras. The renewal, along with a recent development contract from ClipMyHorse.TV, demonstrates confidence in Staige's technology. While the financial impact is likely to be limited (mwb est.), this contract extension marks a strong start to Staige's 2025 fiscal year. It potentially signals a turnaround after setbacks in 2024, paving the way for growth and reduced operating losses. Spec. BUY with unchanged PT of EUR 3.70. The full update can be found under https://www.research-hub.de/companies/Staige%20One%20AG

Wacker’s stock is plummeting as investors react to mounting concerns over the polysilicon market, which is facing headwinds from oversupply fears and pricing pressure driven by Chinese competition and U.S tariffs. In response, Wacker is strategically shifting focus toward high-margin semiconductor-grade polysilicon and reducing exposure to low-priced solar markets, particularly in China, while capitalizing on high-value regional markets. This strategy includes production adjustments and investments to enhance flexibility between solar and semiconductor polysilicon, reducing idle capacity risk further. On top of that, Wacker projects EUR 1.1bn in polysilicon sales for 2024, implying a strong EUR 359m in Q4 alone (+72% qoq, +18% yoy), signaling confidence in its strategic direction. The focus on specialty high-margin products, combined with expected moderate improvements in other segments, and ongoing cost-saving initiatives (EUR 200m p.a. (24-26), is expected to offset headwinds in polysilicon in 2025. mwb research’s analysts view the recent sell-off as overblown and maintain a BUY rating with a revised PT of EUR 100.00. The full update can be downloaded under https://www.research-hub.de/companies/Wacker%20Chemie%20AG

Formycon has entered into a new licensing agreement with Teva for the semi-exclusive commercialization of FYB203 in key European markets and Israel. This expands their existing partnership and marks a significant step for Formycon as it takes on responsibility for managing the full commercial supply chain for the first time. Additionally, Formycon’s recent inclusion in both the SDAX and TecDAX indices boosts its market visibility, with potential inflows from passive investments. Following the Teva deal, mwb research’s analysts slightly raise their PT to EUR 91.00 (old: EUR 89.00) and confirm their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

AUTO1 Group has made a remarkable turnaround, with its share price surging over 400% from its 52-week low, driven by strong operational performance and growing investor confidence. The company’s record-breaking Q3 results, featuring significant revenue growth and profitability improvements, acted as a key catalyst. Inclusion in the MDAX further validates AUTO1’s progress and enhances its market profile. With increased long-term estimates and a revised price target of EUR 19.00 (old: EUR 12:00), mwb research analysts reiterate their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/AUTO1%20GROUP%20SE

Redcare Pharmacy (RDC) reported solid full-year and Q4 prelims, with total sales growing 32% year-over-year to EUR 2.37bn. Growth was largely driven by the successful adoption of e-prescriptions in Germany, leading to a 64% surge in Rx sales. Despite missing consensus estimates slightly, RDC’s performance remains within its guidance range. The company sees continued potential for market expansion, especially in the e-Rx segment. Although short-term profit estimates have been reduced, long-term prospects remain promising, prompting a rating upgrade to BUY with a revised PT of EUR 144.00 (old: EUR 145.00). The full update can be downloaded under https://www.research-hub.de/companies/Redcare%20Pharmacy%20N.V.

Following prioritization by jet engine supplier CFM, Airbus delivered 766 aircraft in FY24, slightly missing the lower end of its revised target of “around” 770 units—up 4% from FY23. However, gross orders fell 72% to 878, showing Airbus’s inability to capitalize on Boeing’s struggles. Notably, Boeing’s recovery is underway, with efforts to ramp up 737 MAX production, which could heighten competition. Additionally, COMAC’s C919 poses an increasing threat, with European certification expected in 2025 and significant production expansion in Shanghai. Airbus also faces headwinds in its space division as Starlink gains market share. With tight margins unlikely to improve amid rising competition and supply chain constraints, we maintain our SELL rating and EUR 127.00 price target. The full update can be downloaded under https://www.research-hub.de/companies/Airbus%20SE

About You (AY) posted mixed Q3 results, with revenue increasing by 1.3% yoy to EUR 558.9m, falling short of consensus expectations. The reported growth was impacted by a timing effect from the Black Weeks promotion, which shifted EUR 25m in revenue to Q4, despite strong performance in the DACH region (+18% yoy). AY delivered robust cash flow, with operating cash flow rising to EUR 134m, driven by improved working capital management. The company reaffirmed its full-year guidance and continues to progress with the takeover by Zalando. Furthermore, AY has just been announced as a new SDAX constituent, effective January 13, 2025. mwb research’s analysts maintain their SELL rating in light of Zalando’s offer price and their unchanged price target of EUR 6.50. The full update can be downloaded under https://www.research-hub.de/companies/ABOUT%20YOU%20Holding%20SE

Nordex has announced new orders from Germany totaling 738 MW for Q4 2024, which, along with the 251 MW already disclosed, brings the total order volume for the quarter to 989 MW. This marks a 62% decrease compared to the same period last year. It is worth noting that not all orders have been disclosed yet, and there may be additional large orders in the pipeline that will be revealed in the coming days. The announced orders are estimated to be valued at around EUR 910m (mwb est.). While concerns about Nordex’s long-term growth prospects are rising due to geopolitical tensions and weaker order flow, mwb research’s analysts remain positive about the company’s short-term outlook. However, a recovery in order intake is essential for sustainable growth and to achieve the mid-term EBITDA margin target of 8%. The analysts maintain their BUY rating with an unchanged PT of EUR 20.00. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.