Recent developments highlight a growing divergence between the structurally stronger Specialties segment and the more challenged Essentials business, where pricing pressure and regional softness persist. Ongoing bolt-on acquisitions support Brenntag’s strategic push into niche and value-added services, though near-term financial impact remains limited. Looking ahead, execution risks around cost discipline, divisional disentanglement, and macro fragility remain elevated. With guidance now skewed toward the lower end, any narrative of resilience must be supported by clear evidence of strategic momentum, including volume recovery and pricing stability, not just cost discipline. That said, mwb research’s analysts believe much of this caution is already priced in. The analysts reiterate their BUY rating and price target of EUR 75.00, supported by strategic positioning and valuation. The full update can be downloaded under https://www.research-hub.de/companies/Brenntag%20SE

Formycon has appointed Valorum Biologics as U.S. commercialization partner for FYB203, following Coherus’ strategic exit from ophthalmology back in 2024. While Valorum’s leadership brings experience, the firm lacks a commercial track record, introducing execution risk alongside strategic upside. Concurrently, Formycon is placing a EUR 50m corporate bond with strong institutional interest. The yield reflects prevailing market levels for small-cap issuers and aligns with Formycon’s current risk profile. Proceeds will support the commercial rollout and pipeline development. With FYB202 ramping up, and catalysts including FYB203 market entry and FYB206 partnering expected, execution will be critical. mwb research’s analysts reiterate their EUR 50.00 price target and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

Formycon has appointed Valorum Biologics as U.S. commercialization partner for FYB203, following Coherus’ strategic exit from ophthalmology back in 2024. While Valorum’s leadership brings experience, the firm lacks a commercial track record, introducing execution risk alongside strategic upside. Concurrently, Formycon is placing a EUR 50m corporate bond with strong institutional interest. The yield reflects prevailing market levels for small-cap issuers and aligns with Formycon’s current risk profile. Proceeds will support the commercial rollout and pipeline development. With FYB202 ramping up, and catalysts including FYB203 market entry and FYB206 partnering expected, execution will be critical. mwb research’s analysts reiterate their EUR 50.00 price target and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

Company Name: Flughafen Wien AG ISIN: AT00000VIE62   Reason for the research: Update Recommendation: Hold from: 25.06.2025 Target price: EUR 60.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Summer kick-off at strong levels and above peer group Topic: Last week, FWAG released May traffic figur [ … ]

Nordex has announced a major 435.2 MW order from German developer UKA in Q2, including 64 turbines and 20-year service contracts, one of its largest domestic deals. A 160 MW order from Turkey was also announced today. Earlier in the quarter, several smaller contracts in Germany and France were secured. Together, these deals point to strong Q2 order momentum. Demand remains robust, supported by a solid pipeline into late 2024 and early 2025, with an order backlog nearly twice the company’s annual revenue. As Nordex typically announces more deals at quarter-end, further Q2 orders are likely. The strong intake underscores Nordex’s solid position in the expanding European onshore wind market, particularly in Germany. mwb research’s analysts maintain their BUY rating and PT of EUR 20.00, confident in growth and improving profitability, though our midterm estimates remain conservative for now versus the company’s mid-term targets. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.

Carl Zeiss Meditec (CZM) remains a global leader in ophthalmic and microsurgical technologies, supported by secular growth drivers such as ageing demographics and rising vision disorders. Despite cyclical headwinds in hospital spending and macro uncertainties, the business benefits from a resilient, growing base of recurring revenues. New platforms like KINEVO and VISUMAX, coupled with a good order backlog, provide near-term momentum. While management maintains a cautious FY outlook, current valuation appears compelling after a sharp stock decline by c. 15% since mid-May. With the share price now well below our EUR 65.00 target, mwb research’s analysts upgrade the rating from HOLD to BUY, anticipating margin recovery and product-driven growth. The full update can be downloaded under https://www.research-hub.de/companies/Carl%20Zeiss%20Meditec%20AG

Company Name: HORNBACH Holding AG & Co. KGaA ISIN: DE0006083405   Reason for the research: Update Recommendation: Buy from: 24.06.2025 Target price: 110.00 Last rating change: Analyst: Ralf Marinoni Q1-25/26: strong increase of sales, earnings and cash flowHORNBACH Holding started strong into the current business year; in our [ … ]

Company Name: Vidac Pharma Holding Plc ISIN: GB00BM9XQ619   Reason for the research: Update Report Recommendation: Buy from: 24.06.2025 Target price: EUR 4.30 (previously: EUR 4.90) Target price on sight of: 36 months Last rating change: - Analyst: Peter Thilo Hasler Vidac Pharma recently announced encouraging pharmacokinetic r [ … ]

Company Name: PFISTERER Holding SE ISIN: DE000PFSE212   Reason for the research: Research study (Initial Coverage) Recommendation: BUY Target price: 48.00 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Cosmin Filker, Marcel Goldmann You can download the research here: http://www.more-ir.de/d/32900.pdf Co [ … ]

Company Name: Netfonds AG ISIN: DE000A1MME74   Reason for the research: Update Recommendation: Buy from: 24.06.2025 Target price: EUR 78.00 Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow Strong start into FY25 // Guidance upgrade; chg Netfonds reported promising Q1 figures indicating that the  [ … ]