MTU Aero Engines has upgraded its 2025 guidance, now expecting EUR 8.6–8.8bn in revenue and adjusted EBIT growth of 20–25%, driven by strong momentum in commercial MRO and OEM segments. The company also provided a bullish 2030 outlook, targeting EU 13–14bn in revenue and 14.5–15.5% EBIT margins. Defense remains a strategic growth lever, while recent investments in LEAP and GEnx MRO capacity support long-term positioning. However, rising FX risk clouds the outlook beyond 2025, as USD exposure becomes increasingly unhedged. With shares up over 30% in four weeks and now trading near fair value, mwb research’s analysts reiterate to HOLD. The analysts revise their price target to EUR 360.00 (from EUR 350.00), reflecting upgraded fundamentals. The full update can be downloaded under https://www.research-hub.de/companies/MTU%20Aero%20Engines%20AG

At its Capital Markets Day, Fresenius Medical Care (FME) presented its “FME Reignite” strategy, emphasizing operational excellence, innovation, and cultural transformation. Key targets include mid-teens operating margins (excluding special items) by 2030, EUR 1.05bn in cost savings by 2027, and continued investment in high-volume hemodiafiltration technology. The capital framework includes a 30–40% dividend payout and a EUR 1bn share buyback. While the strategy reinforces long-term ambitions and financial discipline, it introduces no new catalysts or disruptive initiatives. As expectations were largely priced in, the event does not justify a re-rating. With only finetuning changes to mwb research’s CAPEX estimates, the analysts reiterate their HOLD rating and maintain the current price target of EUR 52.00. The full update can be downloaded under https://www.research-hub.de/companies/Fresenius%20Medical%20Care

Mister Spex has revised its FY25 revenue guidance downward to a decline of 10–20%, driven by a significant drop in online sunglasses sales, which fell 37% in Q1 and likely worsened in Q2. Despite the topline pressure, the company maintains its EBIT margin guidance (-5% to -15%) and year-end cash outlook (~EUR 65m), underscoring its focus on profitability and cost discipline. Improvements in unit economics—including an 11% rise in average order value and the successful launch of a subscription model—reflect early gains from the SpexFocus transformation program. mwb research’s analysts reiterate their BUY rating with unchanged PT of EUR 4.00, as Mister Spex remains strategically well-positioned with solid liquidity and improving operational fundamentals. The full update can be downloaded under www.research-hub.de/companies/Mister%20Spex%20SE

energenta AG is well-positioned to benefit from the EU’s stricter recycling regulations, which mandate up to 30% recycled content in plastics by 2030 and 50% by 2050. By divesting its stake in the mature substitute fuels segment, energenta sharpens its focus on high-quality recyclates and plans to triple capacity in the Regranulates & Compounds segment by 2027. Although near-term profitability may decline, the strategic shift enhances scalability and regulatory alignment. Supported by strong industry expertise, operational depth, and expected demand growth, energenta remains structurally advantaged. mwb research’s analysts confirm their BUY rating with a target price of EUR 3.60. The full update can be downloaded under https://www.research-hub.de/companies/energenta%20AG

Formycon’s recent investor roundtable provided an in-depth update on its biosimilar pipeline, U.S. market dynamics, and financial outlook. While earlier concerns around FYB201 and FYB202 weighed on sentiment, management delivered a confident and transparent view on execution. FYB202 is now in early commercialization, with volume expected to build through H2 2025 despite initial pricing headwinds FYB206 remains a strategically important asset, with the company among the frontrunners in both development and regulatory progress, though commercial revenues are only expected post-2030. Management reaffirmed its EBITDA break-even target and ruled out near-term equity issuance. We continue to see valuation disconnect and reiterate our BUY rating and EUR 50.00 price target, implying >80% upside. Replay available here: https://research-hub.de/events/video/2025-06-13-10-00/FYB-GR. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

Viscom SE shares have rallied approximately 30% in the last month, which mwb research’s analysts view as a delayed market recognition of early signs of operational improvement and execution wins, including a return to positive EBIT, lower personnel costs, and commercial traction in Asia. While the broader macro backdrop remains fragile, early indicators such as stabilizing automotive demand and easing input cost pressures suggest the sector may be approaching a cyclical turning point, with a potential recovery taking shape from 2026. Emerging traction in non-automotive verticals adds incremental, albeit early-stage, upside potential in the mid-term. Against this backdrop, mwb research’s analysts are raising their medium-term assumptions on growth and profitability, lifting their price target to EUR 6.50 and reiterating their BUY rating, reflecting improved visibility and risk-reward ratio. The full update can be downloaded under https://research-hub.de/companies/viscom-se

Rubean's final FY24 results highlight impressive growth, with revenue nearly doubling to EUR 1.96m, up 94% from FY23. This strong performance was driven by the successful expansion of its SoftPOS solution and key partnerships with Deichmann, BBVA, and Sparkassen. Despite a net loss of EUR 3.26m, an improvement from the previous year, Rubean’s operational scale and continued cost management position it for operational break-even in FY25 (mwb est.). The company also strengthened its balance sheet with a EUR 0.9m capital increase. Looking ahead, Rubean is targeting EUR 4m in sales for FY25E, which means another doubling in sales in the current fiscal year. mwb research’s analysts maintain their BUY rating with unchanged PT of EUR 10.00, with significant upside potential, once Rubean has demonstrated its break-even ability. The full update can be downloaded under https://www.research-hub.de/companies/Rubean%20AG

Enapter has successfully completed a capital increase, raising approximately EUR 4.3m through the issuance of 1.48m new shares at EUR 2.90 each, representing a 3.5% premium to the current share price. The new shares are expected to be listed around June 25, 2025, on the Frankfurt and Hanseatic Stock Exchanges. Strategic investors participated again, reflecting ongoing confidence in Enapter’s business model. While the original plan targeted up to EUR 6m with 2.07m shares, the actual outcome fell short by around 29%, likely because, in the view of mwb research’s analysts, the main shareholder BluGreen chose not to participate fully to allow for controlled dilution and new investor involvement. The analysts expect the proceeds will support ongoing operations, securing financing through early 2026. Enapter’s strong order backlog and improving hydrogen sector fundamentals underpin a positive outlook. Adjusted for a 5% share dilution, mwb research’s analysts have accordingly revised their estimates and PT to EUR 6.40, while maintaining the Spec. BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG

Wolftank Group reported a healthy 9.8% yoy revenue increase to EUR 25.7m in Q1 25, driven mainly by strong growth in the Environmental Services segment, which now accounts for 88% of total revenue. The Hydrogen & Renewables segment declined due to longer ramp-up times in large projects, though new hydrogen contracts are expected to support future growth in the coming quarters. EBITDA grew by 5% to EUR 2.1m but lagged behind revenue as expected, due to higher costs linked to operational streamlining and the full consolidation of the Italian subsidiary Petroltecnic. EBIT doubled to EUR 0.6m, aided by lower one-off depreciation charges. The order backlog declined to EUR 100m at the end of Q1 25 but rebounded sharply in Q2 25 to EUR 152m, boosted by new contracts, especially in Italy. Wolftank’s strategic review aims to optimize its market positioning, though slower profit growth led to reduced estimates and a lowered PT of EUR 12.00 (from EUR 15.00), while mwb research’s analysts maintain their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Wolftank-Adisa%20Holding%20AG

Veganz Group AG has announced a capital increase of up to EUR 7.5m through the issuance of up to 500,796 new shares at EUR 15.00 each, granting existing shareholders subscription rights at a ratio of 11 to 4 from June 17 to 30, 2025. The proceeds will primarily fund the expansion of production capacity, especially for Mililk, Veganz’s patented 2D-printed plant-based milk technology. Mililk is entering the U.S. market via a partnership with Jindilli Beverages. With forecast demand of 30 million liters or EUR 30 million in sales over the next year, the capital raised will support both German expansion and a 60m-liter U.S. facility by 2026. Given the growth potential and strong interest from major shareholders, mwb research’s analysts confirm their Spec. Buy rating with a EUR 25.00 price target. A recording of the presentation of CEO Jan Bredack at the recent mwb research “New Food Conference” can be watched here: https://researchhub.de/events/video/2025-06-03-11-30/VEZ-GR. The full update can be downloaded under https://research-hub.de/companies/veganz-group-ag