MBB SE, the main shareholder of Friedrich Vorwerk Group (FVG) and an investment holding company, has steadily increased its stake from 36% at the beginning of 2023 to 49.97% this year, acquiring c. 621k shares (3.1%) in 2024. Prior to FVG's IPO in 2021 at a price of EUR 45.00, MBB SE was already the largest shareholder with 66.67%. MBB SE's decision to increase its shareholding once again, despite the recent difficult years, underlines its confidence in FVG. This trust is confirmed by FVG's strong Q2 results with revenues up 27% yoy to EUR 117m, an unexpectedly robust EBIT margin of 10.7% (+680 bps yoy) and an order backlog of EUR 1.2bn. Despite the c. 100% yoy rise in the share price, mwb research’s analysts reiterate their BUY rating with a PT of EUR 24.00, reflecting the quick margin recovery and the strong order book. The complete analysis is available at https://www.researchhub.de/companies/Friedrich%20Vorwerk%20Group%20SE

Redcare Pharmacy (RDC) shares have declined by approximately 17% since the end of July, with much of the drop occurring after competitor DocMorris released its H1 results. DocMorris reported strong customer growth and progress with e-prescriptions (eRx) but surprised the market with a weaker sales outlook and a reduced profit forecast due to higher marketing expenses. RDC also plans to increase its marketing spend for eRx in Germany, but this has already been accounted for in their confirmed outlook. Thus, mwb research’s analysts see the share price drop as unwarranted. RDC's first-mover advantage and the high potential in the German Rx market should continue to support growth. As mwb research’s price target remains at EUR 145.00, the share price decline offers an opportunity. mwb research’s rating has been upgraded from HOLD to BUY. The full update can be downloaded under https://www.research-hub.de/companies/Redcare%20Pharmacy%20N.V.

Staige One AG's first public AGM demonstrated strong shareholder support, with unanimous approval of all resolutions. The company's shift to a B2B model is yielding positive results, evidenced by significant contracts in Chinese football and equestrian sports. Staige confirmed its 2024 guidance, projecting revenue growth to EUR 4-4.4m and reduced EBITDA loss. New partnerships with prominent football clubs expand its customer portfolio. The company's equity story is built on innovative AI-powered technology, comprehensive digitalization for amateur sports, strong growth potential, strategic partnerships, and expansion plans. Despite these positive developments, Staige's current valuation of 2.8x FY24 sales is significantly lower than the 5.8x average for comparable SaaS companies. This undervaluation, combined with the company's growth prospects, supports mwb research’s BUY rating with an unchanged PT of EUR 6.00. The full update can be found under https://www.research-hub.de/companies/Staige%20One%20AG

Aixtron's Senior Investor Relations Manager Ralf Penner gave a presentation at the mwb research German Select Conference. The presentation was very well attended, and the latest developments led to a large number of questions in the Q&A session. Many of these were answered, and a recording of the event (in German) is available at https://research-hub.de/events for investors who would like to catch up. For those questions that could not be answered due to time constraints, Aixtron has kindly provided mwb research’s analysts with detailed written answers, which the analysts are happy to share with you in this update. Overall, mwb research’s analysts see confirmation of the investment case, their estimates, rating (BUY) and price target (EUR 29.00). The full update can be downloaded under https://www.research-hub.de/companies/AIXTRON%20SE

Siemens Healthineers AG’s (SHL) is set to acquire Novartis' molecular imaging unit, bidding over EUR 200m to enhance its PET imaging capabilities crucial for cancer diagnostics. This strategic acquisition allows SHL to strengthen its position in the nuclear medicine market, particularly in Europe. Although specific sales and earnings figures for F-18 products are not disclosed by Novartis, the move is expected to bolster SHL's market presence. mwb research’s analysts maintain their BUY-rating with an unchanged price target of EUR 62.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Siemens%20Healthineers%20AG

CTS Eventim reported a good set of numbers in Q2 2024. Revenue growth picked up pace to 21% yoy to reach EUR 794m (+12% yoy in Q1), coming 15% ahead of consensus, while adjusted (adj.) EBITDA also grew at a strong 23% yoy to EUR 110m, registering a 5% beat. Overall results benefitted from a healthy momentum in both the Ticketing and Live Entertainment segments. First-time contribution from the recently acquired See Tickets group and its live entertainment activities (consolidated since June 2024) also boosted Q2 numbers. Considering the good business progress in H1, promising line-up of events, and consolidation of See Tickets, management now expects significant yoy increase in adj. EBITDA in 2024 (vs moderate yoy increase earlier), mainly led by stronger development in the Ticketing segment. However, it still expects overall revenues to moderately increase yoy, given high comps. Promising partnerships, including the ones to offer ticketing services for the 2026 Winter Olympics and 2028 Summer Olympic and Paralympic Games, along with strategic acquisitions such as the recently completed Vivendi's festival and International Ticketing business, should provide continued impetus. mwb research’s analysts adjust their estimates to reflect the guidance update and raise their target price to EUR 90.00 (before: EUR 86.00), while maintaining their HOLD recommendation. The full update can be downloaded under https://www.research-hub.de/companies/CTS%20Eventim%20AG%20&%20Co%20KGaA

tonies reported strong Q2 results with revenues of EUR 68.4m, up 33% yoy and 6% ahead of consensus. The H1 adjusted EBITDA margin of 2.6% was in line with expectations, showing a significant improvement driven by higher gross margins and operational efficiencies. Sales growth was strong in all regions, particularly in the US, where Q2 growth surged to 85% yoy. H1 free cash flow was negative as expected, reflecting the additional working capital requirements of a strongly growing business and the typical seasonal build-up, which is expected to reverse in H2. tonies confirmed all elements of its FY24 guidance, including a revenue target of at least EUR 480m, an adjusted EBITDA margin of 6% to 8% and FCF of at least EUR 10m. The H1 results and guidance are in line with mwb research’s estimates, and the analysts reiterate their BUY rating with an unchanged price target of EUR 8.70. The full update can be downloaded under https://www.research-hub.de/companies/tonies%20SE

Ulrich Brockmann, Fielmann Group's Head of Investor Relations, presented at the German Select Conference by mwb research, showcasing the company's position as a quality stock on the German market. Fielmann, the undisputed market leader in German and European optical retail, is focusing on digitalization, internationalization, and generational transition. Fielmann's competitive edge stems from its productivity-driven approach, enabling best prices for customers. The company's Vision 2025 strategy shifts focus from sales growth to profitability enhancement, aiming to improve EBITDA margins from 21% to 25% by 2025. Fielmann's growth is evident in its expansion into new markets, strategic acquisitions in Spain and the USA, and cross-selling into adjacent product categories like hearing aids. Operating in a structurally growing market, mwb research’s analysts reiterate their BUY rating with unchanged PT of EUR 66.00. The full update can be downloaded under https://www.research-hub.de/companies/Fielmann%20AG

Multitude SE demonstrated strong Q2 performance despite challenging macroeconomic conditions, with net interest income growing 7.1% yoy to EUR 54.6m. The company achieved significant EBIT growth, with margins improving to 30.6%, reflecting enhanced operational efficiency. A new EUR 80m bond issued in June provides stability, with a lower interest rate and refinancing secured until 2028. Management remains committed to achieving its 2024 EBIT and 2026 net profit targets, reaffirming confidence in the company's growth trajectory. Backed by a solid Q2 performance, mwb research’s analysts believe the company is well on track to achieve both short- and midterm targets. The analysts therefore confirm their BUY rating and their unchanged price target of EUR 13.20. The full update can be downloaded under https://www.research-hub.de/companies/investment-case/Multitude%20SE

The Mayr-Melnhof Group (MM) reported revenues of EUR 1.02bn in Q2, down 4% yoy and roughly flat qoq, with Board & Paper showing slight growth, but both Packaging divisions declining. Despite challenging market conditions, margins improved due to self-help measures. Board & Paper saw a volume recovery and a return to profitability after 4 quarters of losses. Packaging, now split into two divisions - Food & Premium Packaging and Pharma & Healthcare Packaging - faced the challenges of weak consumer sentiment and continued industry destocking. FCF of EUR 98m was a positive surprise, reflecting reduced capex needs and the success of the Profit & Cash Protection Programme. Looking ahead, MM remains cautious on H2, as consumer spending is still expected to be weak and factory shutdowns are expected. mwb research’s analysts adjust estimates, come to a new PT of EUR 136.00 (old: EUR 148.00) and maintain their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Mayr-Melnhof%20Karton%20AG