Puma SE’s Q1 results were soft impacted by a challenging business environment in key markets but were ahead of market estimates. Q1 sales were 2% ahead of consensus but declined 1% yoy (flat yoy in constant currency) to EUR 2.08bn, as the strong growth momentum in the e-commerce channel was negated by weak wholesale demand in China and the US. Adj. EBIT plunged 52% yoy to EUR 76m but beat consensus by 7%. However, the EBIT margin narrowing 4.0ppt yoy to 3.6%, impacted by a contracting gross profit margin and rising operating costs. Despite the challenges, Puma reiterated its FY 2025 guidance but failed to address the looming doubts over tariffs impact on earnings. We would like to wait for strategic clarity from the newly appointed CEO, Arthur Hoeld, who is set to take over the role effective 1 July 2025. The near-term visibility remains low, and execution risks are elevated, and against this backdrop, shares are currently undervalued. Therefore, mwb research maintains our BUY rating at an unchanged PT of EUR 27.65. The full update can be downloaded www.research-hub.de/companies/research/Puma%20SE

Enapter has announced a planned capital increase of up to 2.07m new shares at EUR 2.90 each, raising up to EUR 6m. The funds would support working capital, operations, and the ramp-up of production volumes, increasing shares outstanding to 31.14m (an around 7% rise). However, with a strong order backlog and growing demand for multi-core systems, Enapter is well-positioned for future growth and could use the funds from the planned capital increase to support this. In the view of mwb research analysts this capital increase as positive, as it would improve liquidity and reduce the need for additional debt. However, it would lower their price target to EUR 6.20 to reflect fair value dilution. Nonetheless, this would still imply a 120% upside. For now, the analysts maintain their Spec. BUY rating and EUR 7.00 price target, as the capital increase has not yet been completed. The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG

LANXESS delivered a resilient Q1 2025 in a challenging macro environment, with flat sales but a strong 32% jump in profitability, driven by operational efficiency and restructuring. While pricing pressure, weak end-market demand, and geopolitical uncertainty persist, the company is navigating well—benefiting from tariff exemptions, streamlining its portfolio, and preparing for margin uplift through cost-cutting and divestitures. With its transformation into a pure-play specialty chemicals firm now complete, LANXESS is positioned for more stable, higher-quality earnings as market conditions normalize. mwb research’s analysts confirm their BUY rating with a slightly lower PT of EUR 32.00. The full update can be downloaded under https://www.research-hub.de/companies/Lanxess%20AG

Bechtle AG’s (Bechtle) final Q1 2025 results confirm a weak start to the year, with revenue down 2.8% yoy to EUR 1,461m and EBT falling 32.5% to EUR 55.3m, mainly due to higher personnel costs and lower supplier bonuses. Management reaffirmed its FY25 guidance, expecting 0–5% growth in business volume, revenue development of 3% to +3% yoy and EBT within a -5% to +5% range. Despite ongoing macro headwinds and a likely subdued Q2, Bechtle sees early signs of demand recovery, particularly in the public sector. With a strong, leading market position and long-term drivers intact, mwb research’s analysts maintain their BUY rating with an unchanged price target of EUR 46.00. The full update can be downloaded under https://www.research-hub.de/companies/Bechtle%20AG

Westwing’s Q1 2025 results were broadly in line, with revenue down 1% yoy to EUR 107m amid ongoing assortment shifts. Adjusted EBITDA rose 45% yoy to EUR 9m (margin: 8.5%, +2.7ppt yoy), supported by cost discipline and efficiency gains. While active customers and order volumes declined, average basket size jumped 28% yoy to EUR 236, reflecting the successful premium repositioning. DACH grew 1% yoy; International fell 4% yoy. Profitability improved across both segments. FY25 guidance was reiterated, with revenue of EUR 425–455m and adj. EBITDA of EUR 25–35m. Despite topline pressure, margin momentum remains strong. mwb research’s analysts maintain their EUR 11.00 PT and reiterate their BUY rating. The full update can be downloaded under https://research-hub.de/companies/Westwing%20Group%20SE

Bauer AG's 2024 performance highlights the successful execution of its turnaround strategy, delivering strong revenue growth despite geopolitical and market headwinds. The company benefited from major project completions and continued restructuring in underperforming regions, while maintaining financial discipline and advancing innovation in sustainable construction technologies. Although earnings were weighed down by provisions and input costs, Bauer’s streamlined operations and reinforced balance sheet position it well for margin improvement. With a clear focus on profitability before growth and exposure to long-cycle infrastructure trends, Bauer is strategically positioned to benefit from future demand upswings. Despite uncertainty, mwb research’s analysts reiterate their BUY with a revised price target of EUR 13.00, underpinned by improving margin quality, accelerating innovation, and strategic discipline. The full update can be downloaded under https://www.research-hub.de/companies/Bauer%20AG

Company Name: Nynomic AG ISIN: DE000A0MSN11   Reason for the research: Update Recommendation: BUY from: 09.05.2025 Target price: EUR 34.50 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Muted start into the year; gradual improvements expected Topic: Nynomic published a muted start into FY25,  [ … ]

Company Name: INDUS Holding AG ISIN: DE0006200108   Reason for the research: Update Recommendation: BUY from: 09.05.2025 Target price: EUR 34.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr FY’25e outlook reduced due to tungsten supply chains; chg. est. Topic: On Wednesday evening, IN [ … ]

Company Name: DEMIRE AG ISIN: DE000A0XFSF0   Reason for the research: Update Recommendation: BUY from: 09.05.2025 Target price: EUR 1.30 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Q1 results in line with guidance, chg. Topic: Yesterday, DMRE released Q1’25 figures, showing the expect [ … ]

Company Name: Westwing Group SE ISIN: DE000A2N4H07   Reason for the research: Update Recommendation: BUY from: 09.05.2025 Target price: EUR 18.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Q1 according to plan: margins up, top line to follow Flat top line as anticipated due to strategic assor [ … ]