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

Dermapharm (DMP) has shown strong resilience and growth in 2024, driven by strategic initiatives in the Branded Pharmaceuticals segment, the successful integration of Montavit and a steady recovery in Arkopharma. These factors, combined with improved sourcing strategies, drove revenue and margin expansion, resulting in a reported EBITDA margin of 26.3% in 9M '24. With full-year guidance of EUR 1.17-1.21bn in revenues and EUR 305-315m in adjusted EBITDA in line with mwb research’s assumptions, the company remains on track. Founder Wilhelm Beier has increased his stake to around 75.2%, opening the door to a potential going-private bid. Nevertheless, as the shares have reached the price target of EUR 41.50, the recommendation is changed from BUY to HOLD. The full update can be downloaded under research-hub.de/companies/Dermapharm%20Holding%20SE

LM Pay specializes in providing consumer loans designed to pre-finance medical and dental procedures, including hospital expenses. These loans cover a wide range of medical treatments. Additionally, the company’s business model includes financing veterinary services. LM Pay also sees further growth potential through a partnership with VISA and expansion into neighboring European countries. In this context, mwb research is hosting an online roundtable on January 22, 2025, at 2:00 PM with Jakub Czarzasty, CEO of LM Pay. Following a presentation, attendees will have the opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will be conducted online in English. Participation is free of charge, and access details will be provided upon registration at the following link: https://research-hub.de/events/registration/2025-01-22-14-00/Y00-GR?utm_source=brevo&utm_campaign=2025%2002%2001%20Invitation%20to%20LM%20Pay%20Roundtable&utm_medium=email.

Delivery Hero (DH) has encountered a series of challenges after a rather strong performance in 2024. The Taiwan Fair Trade Commission (TFTC) blocked the proposed USD 950 million sale of its foodpanda business to Uber, citing competition concerns. Additionally, DH’s Talabat IPO, while raising EUR 1.9bn, saw a 7.5% first-day share price decline. Regulatory issues with its Glovo subsidiary in Spain further compounded recent headwinds. Despite these setbacks, DH’s operational performance had been solid in the first 9 months, and the company showed promising progress in improving its financial situation. mwb research’s analysts confirm their BUY rating with a price target of EUR 45.00. The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE

With the completion of its fab sale to Littelfuse, Elmos has begun a new chapter as a fabless powerhouse, unlocking access to top-notch technology from world-class foundry partners like TSMC, enhancing its flexibility, and improving its risk profile. This transformation positions Elmos to thrive in the accelerating autonomous driving revolution, as Waymo leads the charge with tripled yoy paid trips and global expansion, while Tesla and Zoox push the boundaries with bold, innovative concepts. Regulatory backing, such as the NHTSA’s new guidelines, signals readiness for mainstream adoption, fueled by a projected EUR 480bn ride-sharing market by 2032. As vehicle autonomy advances, with L2+ projected to rise from 25% today to over 60% by 2030 and L3-L6 from 0.5% to 7%, Elmos stands out by leveraging its global leadership in Ultrasonic Sensor ICs to capitalize on rising demand, perfectly aligning with its EUR 1bn sales target by 2030. While the industry is experiencing short-term softness, long-term growth catalysts remain intact. mwb research views Elmos as a compelling play for 2025 and beyond, supported by its tactical shift to a fabless powerhouse, attractive valuation, and strategic initiatives paving the way for a record-breaking FCF year in 2025. mwb research’s analysts remain bullish and reiterate their BUY rating with a EUR 105.00 price target. The full update can be downloaded under https://research-hub.de/companies/Elmos%20Semiconductor%20SE