Company Name: THE NAGA GROUP AG ISIN: DE000A161NR7   Reason for the research: Update Recommendation: BUY from: 11.06.2025 Target price: EUR 1.20 Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow Final FY24 above prelims // Solid Q1 figures; chg Last week, NAGA reported final FY24 figures that came [ … ]

MTU shares have surged over 30% in the past four weeks, driven by easing cash flow concerns following a strong Q1, optimism around defense investments (with military OEM contributing 8% of revenues), and anticipation of upbeat 2030 targets at the upcoming Paris Air Show. Commercial OEM (25% of revenues) is buoyed by solid order backlogs and aircraft deliveries, while Commercial MRO (67%) is set for strong growth, particularly in narrow-body engine services, despite ongoing supply chain constraints. However, FX headwinds loom, as MTU’s USD exposure is only partially hedged beyond FY25, posing EBIT risks if current exchange rates persist. Reflecting updated FX assumptions, mwb research’s analysts lower their price target to EUR 350.00 (from EUR 365.00), and given the recent rally, downgrade the stock to HOLD (from BUY). The full update can be downloaded under https://www.research-hub.de/companies/MTU%20Aero%20Engines%20AG

mwb research analysts are downgrading Infineon from BUY to HOLD as the stock has rallied sharply from April lows and now trades near their fair value estimate of EUR 37.00. While the company holds a leading position in structural growth areas such as AI infrastructure and xEV, recent gains have frontloaded much of the upside. Although a gradual acceleration in H2 is expected, much of the anticipated pickup stems from inventory normalization rather than a true rebound in underlying demand, suggesting the recovery may be tentative. Persistent FX headwinds, fab underutilization, and softer SiC momentum further support mwb research’s view that near-term upside is limited. In the analysts view, further gains would require a clearer acceleration in the underlying end-market demand or easing macro risks, neither of which is currently visible. The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

Rigsave S.p.A. positions itself as a specialized asset manager focused on institutional asset pooling and structured products. Following a capital increase in March, which raised EUR 1.2m via a ~23% share issue, the company is financially prepared to implement 17 mandates secured in 2024. These mandates represent the core of Rigsave’s revenue strategy and could significantly contribute from 2025 onwards. The company must manage rising costs during its scale-up phase while maintaining long-term profitability targets. The FY24 report, expected in June, should offer further clarity on the company’s financial performance. mwb research’s analysts incorporate the new shares into their model and reflect the dilutive effect while keeping estimates unchanged. The analysts revise their price target to EUR 9.50 (prev. EUR 13.00) with an unchanged BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Rigsave%20S.p.A.

Kontron has announced a EUR 26m contract to deliver GSM-R infrastructure for the Czech national railway operator, marking its third major European rail win in recent quarters. The deal follows a EUR 34m GSM-R award in the Czech Republic in 2024 and a EUR 20m contract in Spain in April 2025, reinforcing Kontron’s leading position in railway communication systems. Despite GSM-R being based on legacy 2G technology, it remains the industry standard under ERTMS. Kontron is also well-positioned for the future shift to FRMCS, as the only current supplier of FRMCS-compliant edge hardware. While the latest order is not transformational, it strengthens Kontron’s role in European rail modernization. mwb research’s analysts maintain their BUY rating and EUR 35.00 target on unchanged estimates. The full update can be downloaded under: https://www.research-hub.de/companies/research/Kontron%20AG

Circus has successfully completed its capital increase, raising EUR 18.7m through the placement of 1.17m new shares (5.2% increase) at EUR 16.00 each. The offering included a preplacement of 1.0 million shares to new Co-CEO Claus Holst-Gydesen and a group of existing and new investors, including prominent institutional backers from Europe and the U.S. The funds will support the scale-up of serial production for Circus’s autonomous cooking robot, the CA-1, with manufacturing partner Celestica. The first units will launch this autumn in REWE supermarkets as part of an eight-month pilot. mwb research’s analysts adjust their target price to EUR 72.20 (from EUR 75.00) to reflect dilution and reiterate their BUY recommendation. Last week, Circus CEO Nikolas Bullwinkel presented at the mwb research New Food conference, reinforcing the company’s growth outlook. A recording of the event is available here: https://research-hub.de/events/video/2025- 06-03-12-00/CA1-GR. The full update can be downloaded under https://research-hub.de/companies/circus-se

Company Name: Almonty Industries Inc. ISIN: CA0203981034   Reason for the research: Research Comment Recommendation: Buy Target price: 5.50 CAD Target price on sight of: 31.12.2025 Last rating change: Analyst: Matthias Greiffenberger, Cosmin Filker Almonty reported CAD 7.91 million in revenue for the three months ended March 31 [ … ]

Company Name: Warimpex Finanz- und Beteiligungs AG ISIN: AT0000827209   Reason for the research: Update Recommendation: BUY Target price: EUR 1.12 Target price on sight of: 12-months Last rating change: Analyst: Adrian Kowollik After reporting disappointing full-year 2024 results compared to our estimates from early April, Warim [ … ]

Company Name: Daldrup & Söhne AG ISIN: DE0007830572   Reason for the research: Update Recommendation: Buy from: 06.06.2025 Target price: 18.00 Last rating change: Analyst: Ralf Marinoni FY 2024: EBIT more than doubledDaldrup & Söhne closed 2024 extremely successfully: the company managed to increase EBIT from EU [ … ]

At the mwb New Food Conference, GEA’s Deputy Head of IR, Rebecca Weigl, highlighted the company’s strategic growth in its New Food vertical, despite near-term macro headwinds. GEA aims to exceed EUR 400m in annual order intake in Food by 2030, driven by its full-line technology leadership in fermentation, cultivation, and plant-based processing. Under its “Mission 30” plan, GEA targets >5% organic sales CAGR, 17–19% EBITDA margin, and >45% ROCE, supported by cost efficiencies and strong service revenue growth. With improving free cash flow and a >60% cash conversion rate expected by 2030, GEA is also returning capital through a EUR 400m buyback and 50% dividend payout. While the outlook is strong and the roadmap credible, much of this is already priced in—leading to a HOLD rating with an updated fair value of EUR 61.00. The full update can be downloaded under https://www.research-hub.de/companies/GEA%20Group%20AG