Infineon’s stock has recently come under pressure due to turbulence in the automotive sector, particularly driven by weaker demand in China, which accounts for 32% of the company's revenue. Major automakers like Mercedes, BMW, and Volkswagen have all cut guidance, shaking confidence in the supply chain and pushing Infineon’s stock down to around EUR 29. However, Infineon’s leadership in the automotive semiconductor market, where it holds a 13.7% share, along with its top positions in power semiconductors and microcontrollers, provides resilience against these headwinds. Beyond automotive, the company’s diversified portfolio in high-growth areas such as IoT, renewables, and AI & data centers, coupled with its leadership in GaN and SiC technologies, positions Infineon for long-term growth and helps offset shortterm automotive sector challenges. mwb research’s analysts see the recent stock dip as an overreaction, maintaining their PT of EUR 40.00, which already factors in potential headwinds, and reaffirm their BUY recommendation with an attractive 37% upside potential. The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

Scout24 SE has launched a new share buyback program worth up to EUR 150m, expected to run until 2026. This follows a series of buybacks initiated since 2019, returning EUR 1.5bn to shareholders. In the view of mwb research’s analysts, the continued buybacks are signaling the management’s confidence in the company’s business model and future prospects. Despite its capital returns, Scout24 remains able to invest in growth through initiatives and acquisitions. mwb research maintains a HOLD rating and have raised the price target to EUR 73.50 (old: EUR 70.00), incorporating the lower number of shares. The full update can be downloaded under https://www.research-hub.de/companies/research/Scout24%20SE

mwb research hosted a roundtable with Rubean's management confirming the company's strong position in the SoftPOS market. Rubean's solution offers significant advantages, including cost reduction and operational simplicity for merchants. A key differentiator is Rubean's unique approval to process Girocard payments in Germany. The recent launch of Commerz-GlobalPay, using Rubean's technology, is expected to drive substantial growth, already visible in impressive H1 24 sales growth of 340% yoy. Management reaffirmed its FY24 guidance of EUR 2.2-2.5m in sales, representing about 140% yoy growth. The company anticipates continued exponential growth, targeting double-digit sales by ‘26/’27 and break-even by ‘25. These factors position Rubean for significant expansion in the mobile payment solutions market. mwb research’s analysts therefore reiterate to BUY, PT EUR 12.00. The full update can be downloaded under https://www.research-hub.de/companies/Rubean%20AG

LM Pay's preliminary sales figures for H1 2024 show a strong revenue growth of 40.9%, reaching PLN 10.75m (EUR 2.49m), despite challenging market conditions. The company’s growth strategy, focused on acquiring new customers and expanding its clinic network, resulted in a 20.3% increase in customer contracts, reaching 20.5k by June 2024. Recurring customers represent a high and stable 30%, reflecting strong customer loyalty. Although a delayed VISA-card offering may slightly lower FY24 revenues, higher profitability is expected as launch costs will also be delayed. The investment outlook remains positive, and therefore the analysts confirm their BUY rating with an unchanged PT of EUR 66.00. The full update can be downloaded under https://www.research-hub.de/companies/LM%20Pay%20S.A.

Wacker Chemie’s Capital Markets Day on September 19, 2024, provided key insights into its 2030 growth strategy and expectations for FY24. While the company confirmed its FY24 guidance, Q3 sales are expected to fall slightly below Q2 levels at EUR 1.46bn, missing consensus estimates of EUR 1.57bn. Similarly, EBITDA is projected to remain flat at around EUR 160m, below the consensus estimate of EUR 203m. This cautious outlook is driven by weak order intake in Silicones, softness in construction impacting the Polymers division, and lower Polysilicon volumes due to uncertainties in the U.S. solar market. However, Wacker remains focused on long-term growth, reaffirming its 2030 target of exceeding EUR 10bn in sales with an EBITDA margin of over 20%. With global EV sales expected to reach 20m by 2025 and 40m by 2030, requiring 4x more silicone than traditional cars, Wacker’s silicone products will play a key role in battery safety and thermal management. In semiconductors, Wacker is expanding capacity for high-purity chemicals to meet surging demand from AI, IoT, and digitalization, with these markets expected to grow at a 16% CAGR. These strategic investments, coupled with its leadership in specialty markets, position the company for significant upside. Despite near-term challenges, mwb research’s analysts reiterate their BUY rating with an unchanged price target of EUR 128.00. The full update can be downloaded under https://www.research-hub.de/companies/Wacker%20Chemie%20AG

Speculation is swirling around BASF, with rumors hinting at a major strategic shift that could be unveiled during its Capital Markets Day on September 26-27. The buzz suggests a potential IPO of its Agricultural Solutions division, valued at up to EUR 18bn based on an 8x EV/EBITDA multiple. This would represent about 45% of BASF’s current market capitalization, despite contributing only 15% of total revenue and around 30% of total EBITDA. Given BASF’s current valuation gap compared to peers like Corteva, an IPO could help highlight the true worth of its agricultural segment. Additionally, with its Coatings business contributing 6.5% of revenue and being less integrated into BASF's core operations, a divestment could streamline the portfolio while freeing up capital for growth areas like battery materials and sustainability-driven innovations. 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/BASF%20SE

Geratherm has announced the sale of its 60.55% stake in apoplex medical technologies GmbH, which specializes in stroke prevention, to a German-American consortium for EUR 16.5m, of which EUR 8m is payable on signing and the rest is structured as an earnout depending on future EBITDA results. The deal is expected to close by the end of October 2024 and values apoplex at 3.2x EV/sales excluding the earn-out, which looks attractive given that apoplex has not been profitable in recent years. The transaction marks Geratherm's strategy shift towards a MedTech investment company. mwb research’s analysts expect Geratherm to report a profit of EUR 1.6m and a cash inflow or debt reduction of EUR 4.8m in FY24 as a result of the transaction. The favorable terms make this deal value accretive for Geratherm and the analysts raise their price target to EUR 7.70 (old: EUR 7.30) and confirm their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Geratherm%20Medical%20AG

Rheinmetall’s share price sharply declined this week following media coverage about potential ceasefire discussions among Ukraine’s allies. Still, there are several key issues that suggest a lengthy timeline for any resolution. Ukraine accounts for ~15% of revenues for Rheinmetall After a potential ceasefire, the Ukraine will still have to replenish military stock in any case. A potential end of the conflict is already included in mwb research’s base case. Moreover, mwb research’s analysts believe the long-term potential of Rheinmetall bases on supplying NATO countries, supported by the NATO 2%-target for defense spending, which has not been reached yet by many countries. In the analyst’s view, Rheinmetall is well-positioned for growth, and they maintain a 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

Viromed Medical AG has announced plans to acquire ActivCell Group AG, a company specializing in cold plasma therapy pens. Founded in 2014, ActivCell initially focused on veterinary products and recently received MDR approval for its Class IIa cold plasma device for skin and wound treatment in human medicine. The acquisition is expected to be completed in 2024, with a purchase price in the mid-single-digit million EUR range, to be paid by way of a capital increase against contribution in kind. mwb research’s analysts believe that the combination of ActiveCell's products with Viromed's cold plasma distribution network can potentially generate significant synergies. The analysts have not included the acquisition in their estimates as it has not yet been completed. With their estimates unchanged, the analysts confirm their Spec. BUY rating and their price target of EUR 4.60. The full update can be downloaded under https://www.research-hub.de/companies/Viromed%20Medical%20AG

Jan Taube, CEO of Staige yesterday held a digital roundtable with mwb research. The company highlighted significant progress in customer acquisition, including a major contract in China worth at least EUR 10m until 2029 for 1,200 camera systems. This deal taps into China's vast market potential, with 60,000 new football pitches being built. Staige also secured a contract with ClipMyHorse.TV for equestrian event broadcasting, running until 2028. Additionally, the company has partnered with several international football clubs, demonstrating its technological leadership in data-driven match analysis. To fund growth, Staige is raising capital through a share issuance, with major shareholders showing strong support. The company aims to reach break-even by 2026, with potential to achieve it earlier. mwb research’s analysts reiterate their 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