TeamViewer (TMV) closed FY24 with a remarkable performance, reporting preliminary revenue of c. EUR 671m (+9% cc yoy), exceeding the upper end of its guidance (EUR 662m-668m). Full-year billings reached EUR 700m, reflecting strong momentum in large Enterprise and Frontline deals in Q4. The adjusted EBITDA margin guidance of at least 44% remains unchanged, affirming operational efficiency. The BUY rating remains unchanged with a slightly raised price target from EUR 14.10 to EUR 14.80. The full update can be downloaded under https://www.research-hub.de/companies/research/TeamViewer%20AG

Shares in Suss MicroTec have been hit recently by doubts over the company's ability to continue its growth trajectory into 2025. Suss MicroTec supplies equipment for two key AI processes: the production of high-bandwidth memory (HBM), a key component for AI chips, and TSMC's CoWoS packaging process. Despite some recent concerns, such as weak order intake as HBM manufacturers focus on installation and production ramp-up, and TSMC's warning to equipment suppliers to temporarily pause 2026-related planning, the main growth driver, i.e. AI capacity expansion, remains intact: TSMC is aggressively ramping CoWoS capacity and major HBM producers are expected to increase capex in both 2025 and 2026. The recent weakness in the share price could therefore prove to be a good entry point, as the discount to a peer group on EV/EBITDA and EV/EBIT 25E has widened to around 50%, leaving a large margin of error. mwb research reiterates the BUY rating and confirms the target price of EUR 77.00. The full update can be downloaded under https://www.research-hub.de/companies/SUESS%20MicroTec%20SE

The DLTB reported record billings of EUR 8.56bn for FY24 (+4.4% yoy), driven by a surge in new customers and engagement amid an exceptional 13 jackpot peaks. Online lottery led the charge, with billings up 17% yoy to EUR 1.4bn, reinforcing the ongoing shift toward digital channels. ZEAL is expected to outperform the market with billings of approximately EUR 1.1bn (+30% yoy), increasing its online market share to 44% (up from 41.4% in 2023) and lifting online lottery penetration to 29.3% (+5pp yoy). While fewer jackpot peaks are anticipated in 2025, we expect solid sales growth of around 8% yoy at midpoint, supported by ZEAL’s expanding customer base and rising online penetration. Additional growth catalysts such as social lotteries and games are expected to sweeten the pot further. Levering the continuation of trend, ZEAL remains well-positioned to capture further market gains. mwb research reiterate their BUY recommendation with an unchanged price target of EUR 60.00. The full update can be downloaded under https://www.research-hub.de/companies/ZEAL%20Network%20SE

Fresenius Medical Care (FME) showed resilience in 9M 24 with 1% adjusted sales growth to EUR 14.4bn and a 21% rise in operating income, driven by cost savings from its FME25 program. Despite ongoing inflationary pressures, FME targets an ambitious operating income margin of 10-14% by FY25. Management expects low to mid-single digit revenue growth and 16-18% operating income growth in FY24, provided Q4 performance remains strong. While acknowledging FME’s operational improvements, mwb research maintains the conservative expectations, projecting now results at the lower end of guidance, resulting in a new PT of EUR 38.00 (old: EUR 36.00). Due to the recent share price gains driven by the DAX-inclusion, the recommendation is downgraded from HOLD to SELL. The full update can be downloaded under https://www.research-hub.de/companies/Fresenius%20Medical%20Care

Koenig & Bauer (SKB) experienced a challenging 2024 with a mixed financial performance after 9M 24, particularly driven by one-off charges from the "Spotlight" focus program and drupa expenses. Consequently, SKB is projected to end the year with an EBIT loss. However, there is light at the end of the tunnel, not only because the company experienced improvements towards the end of the year but above all because of a record order intake and an all-time high order backlog of EUR 1.08bn, which the mwb research’s analysts believe now sets the stage for a good FY25. As a result, alongside its Q3 results, management reaffirmed its medium-term targets of a 6% EBIT margin and EUR 1.5bn in revenues by FY26. The company's restructuring efforts should deliver tangible improvements, supporting a potential EBIT of EUR 90m in 2026. The mwb research’s analysts raise their PT to EUR 21.00 (previously EUR 16.00) and maintain their BUY rating, anticipating positive revenue and earnings momentum in upcoming quarters. The full update can be downloaded under https://www.research-hub.de/companies/research/Koenig%20&%20Bauer%20AG

Oil prices have weakened in recent months, with WTI falling below USD 70 before stabilizing around USD 74. At the same time, the US dollar has strengthened from EUR/USD 1.12 to 1.03. The net effect of these two divergent trends on Deutsche Rohstoff's estimates is almost to cancel each other out. The company was busy streamlining its operations towards the end of 2024, transferring Bright Rock Energy's acreage to 1876 Resources, acquiring minority interests and selling its 85% stake in Prime Lithium AG to focus on its core oil assets. In addition, Deutsche Rohstoff improved its financial position by fully repaying a EUR 20.5m bond and completing a share buyback program, reducing the number of shares outstanding by 2.2%. With a 25E EV/EBITDA of 2.2x and a P/E of 4.4x, the company represents a compelling investment opportunity at a 50% discount to peers. mwb research’s analysts reiterate their BUY rating with a price target of EUR 50.40. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG

Siemens Energy (SE) achieved a strong FY24 turnaround, surpassing key expectations. The company saw significant growth in orders and revenue, driven by strong performance across all segments. Profitability improved markedly, turning positive after a substantial loss in the previous year, supported by reduced losses at Siemens Gamesa. Free cash flow also increased significantly. For FY25, SE projects steady revenue growth and improved profit margins, with ambitious mid-term targets for FY28. Following a share price increase of more than 300% over the past year, reflecting the strong performance, mwb research’s analysts maintain their previously raised estimates with an unchanged PT of EUR 45.00 based on the DCF model. However, the analysts downgrade their rating from HOLD to SELL as they believe that expectations are now more than priced in given the continued rise in the share price. The full update can be downloaded under https://www.research-hub.de/companies/Siemens%20Energy%20AG

Swiss Estates has successfully sold its largest asset, the properties at Badenerstrasse 288-296 in Zurich. This strategic move will significantly reduce the company's financial debt and improve liquidity. The decision is in line with Swiss Estates' focus on residential real estate. In this context, the company mentioned that it is currently negotiating the acquisition of five residential properties, which are planned for H1 25, in line with its long-term strategy of investing in urban residential properties throughout Switzerland. On a separate note, the company expects a 3-5% yoy increase in the market values of its property portfolio for FY24, driven by declining key interest rate in Switzerland. This, together with the sale of the Badenerstrasse property, is expected to generate a profit of several million CHF, which will enable the payment of a dividend. mwb research’s analysts therefore view today's news as a positive sign with upside potential to their estimates once the deal is finalized. BUY with unchanged PT of CHF 7.50. The full update can be downloaded under https://www.research-hub.de/companies/Swiss%20Estates%20AG

Bayer’s global defense strategy is gaining momentum after a key legal win in Australia, where the last Roundup case was dismissed following a detailed 322-page ruling that found no scientific link between glyphosate and non-Hodgkin lymphoma (NHL). However, the U.S. remains the primary battleground, with 58,000 active lawsuits still pending despite 114,000 claims resolved at a cost of over USD 11bn. Bayer’s 15 wins in 25 trials demonstrate a solid defense, but conflicting Circuit Court rulings create uncertainty. Bayer is intensifying lobbying efforts with over 360 industry groups to align state laws with EPA standards, aiming to cut long-term liability risks. The pivotal development of Schaffner ruling backs Bayer’s federal preemption argument under FIFRA, raises the odds of a Supreme Court review that could set a nationwide precedent. A favorable Supreme Court decision, though unlikely before late 2025, could block state-level claims and reduce liabilities significantly. Meanwhile, Bayer is navigating pressures with a focus on cash flow, debt reduction, and EUR 2bn in planned savings. mwb research’s analysts maintain their BUY rating, supported by a compelling valuation at 5-6x EV/EBITDA, well below peers, and strong turnaround potential as legal risks diminish, and industry regains momentum. The full update can be downloaded under https://www.research-hub.de/companies/Bayer%20AG

HelloFresh’s share price has rebounded significantly after its sharp decline in March 2024, reflecting renewed investor confidence. The company’s dual focus on stabilizing the core meal-kit business and scaling its Ready-to-Eat (RTE) segment is central to its long-term strategy. While premiumization and efficiency measures in the meal kit business should provide improving margins, RTE offers significant growth potential, despite margin pressure through growth initiatives. With expectations of better fixed-cost leverage and enhanced profitability, mwb research’s analysts have updated their estimates beyond 2026. Although HelloFresh’s strategy shows promise, the analysts maintain a conservative stance given the uncertain consumer environment and execution risks, reiterating the HOLD rating with a revised PT of EUR 12.50 (old: EUR 10.00). The full update can be downloaded under https://www.research-hub.de/companies/research/HelloFresh%20SE