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

ABOUT YOU (AY) reported solid FY 2024/25 results, with revenue up 3.4% to EUR 2,001.7m and gross profit rising 7.9% to EUR 807.8m. Adjusted EBITDA improved to EUR 28.1m, and despite a net loss of EUR 106.7m, free cash flow was strong at EUR 55.5m, reflecting operational discipline and a working capital release. Q4 saw accelerating momentum with revenue up 8.7% and narrowed EBITDA losses. For FY 2025/26, AY expects moderate revenue growth and stronger EBITDA, with segment reporting aligning to Commerce and SCAYLE. The Zalando takeover offer at EUR 6.50/share has secured over 90% acceptance and is set to close by summer. mwb research’s analysts recommend accepting the offer and rate the stock SELL. The full update can be downloaded under https://www.research-hub.de/companies/ABOUT%20YOU%20Holding%20SE

Schloss Wachenheim’s Q3 results reflect macro and seasonal softness following a strong holiday-driven Q2, with Easter timing shifting demand into Q4. Q3 Group revenue was slightly down (-0.7% yoy), though gross profit held up. Eastern Europe underperformed, while Germany and France showed resilience. 9M performance remains solid, with revenues up 1.5% yoy and EBIT up 13.0%. Notably, operating cash flow surged 70.9% to EUR 29.3m, driven by working capital efficiency. Management reaffirmed FY guidance, with Q4 expected to benefit from delayed holiday demand. The analysts from mwb research confirm their EUR 22.00 PT and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Schloss%20Wachenheim%20AG

Fresenius Medical Care (FME) delivered a decent set of results in Q1 2025. Revenues grew 5% yoy organically (org.), and by 3% yoy on a reported basis to EUR 4.9bn, coming in line with consensus. Both Care Delivery and Care Enablement segments contributed to the positive performance, with the former reporting 4% yoy and the latter posting 5% yoy org. top-line growth. The company is progressing well on its FME25 plan and generated EUR 68m in savings in Q1, which drove 13% yoy growth in operating income to EUR 457m, a 2% beat vs consensus. The margin improved 90bps yoy to 9.4% on the back of more pronounced improvement at Care Enablement (+2.4ppt yoy to 8.3%). Looking ahead to FY25, FME reiterated its guidance, expecting revenue growth to be positive to low-single digits and significant profitability improvements (margin of c. 11%-12%), driven by efficiency gains from the FME25 program. Based on the positive earnings potential (EPS), mwb research raises the PT to EUR 52.00 (old EUR 47.00), while the analyst confirms the HOLD rating. The full update can be downloaded under https://www.research-hub.de/companies/Fresenius%20Medical%20Care

Infineon’s Q2 confirms the cycle has likely bottomed, with stable execution and early signs of recovery across segments, especially in Automotive and AI-driven PSS. As mwb research’s analysts anticipated in their preview, mounting FX and tariff-related uncertainties have led to a cautious full-year guidance cut. While near-term sentiment may result in some volatility, the company’s structural growth drivers and the underlying dynamics are positive. mwb research’s analysts maintain their BUY rating and EUR 34.00 price target unchanged, reflecting their conviction in Infineon in delivering shareholder value despite the tough environment. The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

AUTO1 reported record Q1 2025 results, beating consensus across all metrics. Revenues rose 34% yoy to EUR 1.9bn (13% beat), driven by double-digit volume growth in both Merchant (+24%) and Retail (+28%) segments, with average selling prices up 7% yoy. Gross profit jumped 45% yoy, and gross profit per unit rose 17% to EUR 1,160 (6% above consensus). Adj. EBITDA more than tripled to EUR 58.1m. Management reaffirmed unit sales guidance of 735k–795k vehicles, while raising gross profit to EUR 845m–905m (from EUR 800m–875m) and adj. EBITDA to EUR 150m–180m (from EUR 135m–165m). AUTO1’s integrated model and growing network support further growth. mwb research’s analysts maintain their BUY rating with an unchanged EUR 27.00 price target. The full update can be downloaded under https://www.research-hub.de/companies/AUTO1%20GROUP%20SE

Fielmann delivered a strong Q1 2025, confirming preliminaries, with revenues up 12.2% yoy to EUR 593m and adjusted EBITDA rising 28% to EUR 146m (margin: 24.2%). Growth was driven by international markets, particularly the US, Poland, and Spain, while Germany showed steady performance. Profitability improved on the back of better sellout structure and cost efficiencies. EPS rose to EUR 0.62 (+26% yoy). The company confirmed its full-year guidance and proposed a dividend of EUR 1.15 per share (2.1% yield). With international expansion on track and margin targets met early, mwb research’s analysts maintain their BUY rating and EUR 68.00 price target. The full update can be downloaded under https://www.research-hub.de/companies/Fielmann%20AG

Siemens Healthineers AG’s (SHL) Q2 FY25 revenues and adjusted (adj.) EBIT beat consensus (cons.) by 2% and 4%, respectively. Revenues were up 7% yoy on a comparable basis, supported by strong growth in Imaging and Varian segments. Its order intake was solid, at a book-to-bill ratio of 1.14x. Adj. EBIT grew disproportionately by 19% yoy to EUR 982m (margin: +150bps yoy to 16.6%) on positive revenue development and cost savings. Despite rising macro volatility, SHL’s performance in the first half of FY25 has been strong, and its comparable revenue guidance for FY25 was left unchanged at 5%-6% with a downgrade in the lower end of the EPS guidance range to account for tariffs impact (EUR 2.20-2.50 vs EUR 2.35-2.50 prior). Moreover, its order book is solid and healthy demand trends are seen across Asia Pacific, Japan, and the Americas. mwb research’s analysts believe SHL’s FY25 targets are achievable, and it will continue to benefit from structural mega-trends in the MedTech industry, backed by its strong market position. Hence, the analysts reiterate their BUY rating at an unchanged PT of EUR 64.00. The full update can be downloaded under https://www.research-hub.de/companies/research/Siemens%20Healthineers%20AG

LM Pay shared preliminary FY24 and Q1 results during a well-attended investor roundtable yesterday, offering deep insight into its performance and growth targets FY25. A recording is available here: https://research-hub.de/events/video/2025-05-07-14-00/Y00-GR. LM Pay’s preliminary FY24 results confirm strong operational momentum, with revenue up 29% yoy to PLN 22.7m and EBIT significantly beating expectations at PLN 7.0m. The business scaled efficiently and a 16% rise in clients served in 2024. Q1 FY25 continued the growth trend (+22% yoy revenue), though EBIT dipped slightly due to strategic expansion costs. FY25 guidance (PLN 32–42m revenue, PLN 7–12m EBIT) reflects confidence in product innovation and regional expansion. A planned PLN 62m shareholder loan repayment signals balance sheet strengthening. mwb research’s analysts maintain their BUY with an unchanged price target of EUR 63. The full update can be downloaded under https://www.research-hub.de/companies/LM%20Pay%20S.A.

Mister Spex delivered a solid Q1 2025, with early gains from its "SpexFocus" transformation strategy. While revenue declined 13% yoy to EUR 44.7m due to strategic store closures and reduced discounting, gross margin improved sharply by 441bps to 56.4%. EBIT loss narrowed to EUR -6.3m, beating consensus by 19%, and operating cash flow turned positive at EUR 2.3m. The German store network showed strong momentum, with like-for-like growth of 13% and rising store profitability. International sales remained weak as expected. With a solid cash position of EUR 70m, Mister Spex reaffirmed its FY25 guidance. mwb research’s analysts see clear signs of operational progress and maintain their BUY rating with a price target of EUR 4.00, implying significant upside. The full update can be downloaded under www.research-hub.de/companies/Mister%20Spex%20SE