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