Recent newsflow has been positive for Siemens Energy. The energy transition and electrification of everything continues to drive order activity, also confirmed by recent positive remarks by competitor GE Vernova. Order backlog now covers more than 3x annual revenues, with a favorable margin profile supporting the company’s mid-erm targets. At the same time, it seems as if the string of negative surprises in the onshore wind business has come to an end: there have been no new technical finding recently and sales of the 4.X platform is to resume in Europe by the end of FY24. In view of the strong momentum in Gas Service, Grid Technologies and Transformation of Industry, and the expected recovery of Siemens Gamesa, mwb research’s analysts have adjusted their profitability outlook for SE and raise their PT to EUR 34.00 (old EUR 30.00), while maintaining their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Siemens%20Energy%20AG

mwb research’s analysts re-initiate coverage of SynBiotic SE with a BUY recommendation and a PT of EUR 12.50, offering an upside potential of 109.7%. Recently, SynBiotic has published its annual report for 2023 and provided its short and mid-term guidance. The annual general meeting is scheduled for September 20, 2024. Overall, in the past 12 months a lot has changed at SynBiotic, initiated by the new management team led by CEO Daniel Kruse. In addition to the new management, the strategy, the structure and the commercial organization have been restructured and processes redefined. Furthermore, several financing measures were implemented, and three major acquisitions were made with Bushdoctor, Ilesol Pharmaceuticals and WEECO Pharma. This is an opportunity for mwb research’s analysts to completely revise their investment case, make new model assumptions and restart of their coverage. SynBiotic is and will remain the only investment vehicle to participate in the strong trends of the hemp and cannabis industry in Europe. This includes industrial hemp, medical cannabis and recreational cannabis. The full update can be downloaded under research-hub.de/companies/Synbiotic%20SE

Suedzucker (SZU) announced preliminary figures for the second quarter of 2025 (FY 01.03.-28.02.) showing group revenues of EUR 2.54bn, close to last year's EUR 2.56bn, but profits were significantly lower. EBITDA fell by 50% to EUR 190m and operating profit by 63% to EUR 115m. SZU has revised its 2025 guidance slightly for revenues (down about 5%) but significantly for EBITDA (down about 35%). The sugar segment is expected to post an operating loss. SZU is dependent on its sugar segment, which accounts for 40% of its revenues. EU spot prices are down 30% yoy due to increased local production and high Ukrainian imports into the EU. Given the ongoing macroeconomic uncertainty, a near-term recovery in revenues and especially earnings seem unlikely. mwb research’s analysts downgrade SZU to SELL with a revised PT of EUR 9.00 (old EUR 13.00). The full update can be downloaded under https://www.research-hub.de/companies/Suedzucker%20AG

Since late August, Elmos' stock has dropped 21%, driven by broader concerns in the automotive sector, where car giants like BMW and Volkswagen face temporary headwinds from weak demand. Despite Elmos' niche focus on stable and critical automotive semiconductors for safety, health, and comfort, it has not been immune to the volatility rippling through the semiconductor market, fueled by shifts in sentiment around AI and companies like Nvidia. However, with 40 years of expertise in analog mixed signals, along with its flexibility, agility, and strong fundamentals, Elmos is well-positioned in high-growth segments like driver assistance and vehicle electrification, providing a compelling long-term story. While concerns about the automotive industry's weakness are valid, mwb research’s analysts believe the recent dip in Elmos' stock represents an overreaction, amplified by broader market volatility, negative sentiment, and uncertainty, rather than a change in the company’s strong fundamentals. Elmos is poised for a rebound, with multiples at an average of 40% discount and long-term demand trends intact. mwb research’s analysts see this as an entry opportunity for patient investors, with a revised price target of EUR 100.00 (Old: EUR 105.00), offering 56% upside. The full update can be downloaded under https://research-hub.de/companies/Elmos%20Semiconductor%20SE

Lufthansa will extend the minimum connecting time (MCT) for its flights at Frankfurt Airport from 45 to 60 minutes from 30 March 2025, recognizing that the shorter MCT has led to missed connections and passenger dissatisfaction. A short MCT is a competitive advantage for hub airports as it improves connectivity and reduces overall travel time. The new 60-minute MCT puts Frankfurt in the midfield compared to other European hubs, but it could put Frankfurt at a disadvantage, especially when competing with Lufthansa's Munich hub, which has shorter MCTs. Lufthansa has announced plans to reduce some frequencies at Frankfurt. mwb research’s analysts slightly adjust their estimates to take into account LH's plans and arrive at a new PT of EUR 65.00 (old: EUR 67.00). BUY. The full update can be downloaded under https://www.research-hub.de/companies/Fraport%20AG

In its August report, Photon Energy reported a 27% year-on-year increase in production from its PV power plants, driven by additional capacity and higher yields, despite outages in Romania and curtailments in Australia. Average electricity prices rose to EUR 177/MWh, up 14% year-on-year, resulting in a 50% increase in revenue from power generation. The company also connected a 7.5 MWp plant in Romania, with further capacity expected by the end of the year, supporting capital ratios. In addition, Photon Energy's Polish subsidiary became the first listed energy aggregator, setting the stage for an expansion of its services. mwb research’s analysts maintain their price target of EUR 2.50 and their Spec. BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Photon%20Energy%20NV

ulcan Energy Resources has published its half-year report. The company achieved several key milestones in 2024, marking significant progress towards its Zero Carbon Lithium Project. It initiated the production of Lithium Chloride at its LEOP demo plant in Germany, achieving over 90% extraction efficiency, and began commissioning its CLEOP plant, set to produce battery-grade Lithium Hydroxide Monohydrate (LHM) by the end of the year. Financing remains a critical focus, with the company entering the final stage of securing the EUR 1.4bn required for Phase One, with potential backing from the European Investment Bank and strategic investors. Vulcan’s future success hinges on its financing, expected to conclude in Q4 2024 to further progress towards commercial lithium production. mwb research’s analysts confirm their BUY recommendation with a PT of EUR 10.50. The previous update can be downloaded under https://www.research-hub.de/companies/research/Vulcan%20Energy%20Resources

Enapter has announced a capital increase with subscription rights of c. 1.9m shares, representing c. 7% of its current share capital, at an offer price of EUR 4.26. This price represents a discount of c. 2% to yesterday's closing price and a total volume of c. EUR 8m. The major shareholder, BluGreen Company, will subscribe for EUR 1.5m and waive the remaining EUR 2.95m. The Wolong Group, which cooperates with Enapter in a joint venture in China, together with others, has committed to subscribe for EUR 5.5m. This commitment means that 87.5% of the capital increase has already been subscribed, signaling strong confidence in the company. However, the involvement of the Wolong Group could indicate an intensification of the partnership, possibly involving the increased transfer of labor-intensive operations to the Chinese joint venture. Taking in into account a slightly lower pace of decarbonization and the dilution from the capital increase, mwb research’s analysts come to a new PT of EUR 12.00 (old: EUR 15.00). Remains a BUY.

BASF has strengthened its global leadership in chemical intermediates by inaugurating a new alkyl ethanolamines plant at its Antwerp Verbund site, boosting production capacity by 30% to over 140,000 metric tons annually. These essential chemicals, used across industries like gas treatment, water purification, and coatings, reflect BASF's commitment to meeting rising global demand while driving sustainable solutions. While the additional 30% capacity equate to well below 1% of BASF's total revenue, it is not a significant growth driver on its own. However, it aligns with BASF’s strategy to optimize efficiency through the Verbund system, reducing resource use and emissions. This move positions BASF to capitalize on demand in high-potential sectors and strengthens its operational efficiency and competitiveness. mwb research’s analysts maintain their BUY rating with an unchanged price target of EUR 62.00, underscoring confidence in BASF's sustainable growth. The full update can be downloaded under https://www.research-hub.de/companies/BASF%20SE

The Payments Group Holding (PGH), formerly SGT German Private Equity, has undergone a significant transformation through a reverse merger integrating three Internet payment service providers. This strategic move transforms the company from an asset management-based model to an operating fintech company providing closed and open loop prepaid payment services to global online merchants. With a nicely differentiated offering, PGH is well positioned to benefit from the rapidly growing e- voucher market. With the overall market growing at a CAGR of over 15%, PGH is likely to enter hyperscaling mode given a bundle of innovative products, regional expansion and possible economies of scale. Yet, the market does not seem to have fully grasped the large potential of PGH's new business, which leads mwb research’s analysts to reiterate their BUY rating with a new PT of EUR 3.00 (previously EUR 2.40). The full update can be downloaded under https://www.research-hub.de/companies/The%20Payments%20Group%20Holding