In a well-attended roundtable, Viromed Medical CEO Uwe Perbandt discussed the company's newly announced distribution agreement with UMECO, highlighting its strong potential especially in aesthetic applications of cold atmospheric plasma (CAP) technology. UMECO’s expertise in cosmetic device distribution suggests an initial focus on Viromed’s ViroCAP device, which can for example treat acne and rosacea, while also enhancing skin absorption of creams. With lower regulatory hurdles for aesthetic use and MDR Class 1 compliance in the EU, ViroCAP is well-positioned for rapid adoption, especially in Asia's large beauty market. The agreement includes a USD 5 million license fee (expected in 2025) and purchase commitments totaling EUR 152.5 million from 2026 to 2028. The recurring revenue from consumables and ongoing deal momentum supports a positive outlook. mwb research’s analysts reaffirm their BUY rating with price target EUR 12.50. The full update can be downloaded under https://www.research-hub.de/companies/Viromed%20Medical%20AG

Company Name: LION E-Mobility AG ISIN: CH0560888270   Reason for the research: Update Recommendation: BUY from: 04.04.2025 Target price: EUR 3.20 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Weak Q4 prelims, op. trough should have passed; chg.FY24 preliminary sales came in at a mere €  [ … ]

Redcare Pharmacy kicked off FY25 with a solid first quarter, reporting group sales of EUR 717m, up 28% yoy and in line with consensus. Importantly, EBITDA margin turned positive, supported by improved marketing efficiency. Rx sales were the clear highlight, particularly in Germany where revenues rose 191% yoy to EUR 108m, driven by accelerating e-prescription adoption. Group-wide Rx sales grew 49.5%, with continued strength in non-Rx (+19.7%). The DACH region contributed EUR 582m, while International sales rose 26.3%. Management reiterated FY25 guidance, including over 25% sales growth and EBITDA margins between 2% and 2.5%. Following recent share price weakness, mwb research’s analysts upgrade from HOLD to BUY, maintaining their EUR 144.00 PT. The full update can be downloaded under https://www.research-hub.de/companies/Redcare%20Pharmacy%20N.V.

The Payments Group Holding (PGH) has agreed to improved terms for acquiring The Payments Group (TPG), featuring a variable purchase price based on PGH's share valuation. In addition, the purchase option now extends to January 31, 2027, with an expected improved valuation ratio favoring PGH shareholders. The deadlines for conditions have also been extended to March 2026 until which PGH intends to raise EUR 10m from private equity investors. Separately, PGH sold its stake in a Heritage VC portfolio company, generating approximately EUR 1.9m in cash but incurring a book value loss of EUR 1.7m. The new terms and extended deadlines increase the likelihood of acquisition success. However, selling below book value and ongoing legal issues currently weigh on PGH's stock. mwb research’s analysts value PGH using a conservatively calculated NAV, which is why the analysts reiterate their BUY rating with an unchanged PT of EUR 1.50. The full update can be downloaded under https://www.research-hub.de/companies/The%20Payments%20Group%20Holding

Company Name: Pharming Group NV ISIN: NL0010391025   Reason for the research: Q4/24 results/pipeline expansion Recommendation: Buy from: 03.04.2025 Target price: €2.30 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes, CFA First Berlin Equity Research has published a research update on Pharmin [ … ]

Nagarro SE has announced the takeover of the operations of Notion Edge France, an SAP consultancy with deep expertise in SAP Customer Experience (CX), BTP, and FSM. The move strengthens Nagarro’s SAP CX portfolio and expands its footprint in Europe and Francophone Africa. While the short-term financial impact is expected to be modest, the deal enhances Nagarro’s ability to deliver integrated digital transformation services and opens additional cross-selling opportunities. The transaction aligns with Nagarro’s 2025 outlook, which includes revenues between EUR 1,020–1,080m and an adjusted EBITDA margin of 14.5–15.5%. Additionally, recent upward revisions to Gartner’s global IT spending forecasts provide a favorable demand backdrop. mwb research’s analysts reiterate their BUY rating and maintain their price target of EUR 102.00. The full update can be downloaded under https://www.research-hub.de/companies/Nagarro%20SE

Staige One AG reported prelim. FY24 revenue of EUR 2.1m, slightly exceeding FY23's EUR 2.0m but falling short of expectations due to delayed client orders. The phasing out of EUR 0.6m in Sale & Lease Back revenues impacted year-over-year comparability. EBITDA improved significantly to EUR -3.4m (from EUR -5.5m in FY23) but missed internal targets by EUR 1m, reflecting operational inefficiencies and slower order conversion. For FY25, Staige projects over 90% revenue growth to ~EUR 4.3m, driven by international contracts and R&D in advanced camera systems, with EBITDA improving by up to EUR 2m yoy. A planned capital increase will inject up to EUR 2.18m, supporting growth initiatives while diluting shares by 16.7%. mwb research’s analysts maintain their speculative BUY recommendation with an unchanged PT of EUR 3.70. The full update can be found under https://www.research-hub.de/companies/Staige%20One%20AG

AUTO1 reported a strong set of results for 2024, marking its first full-year net profit since listing. Revenue grew 15% yoy to EUR 6.27bn, and gross profit rose 37% to EUR 724.7m. Both Merchant and Retail segments delivered double-digit volume growth, with notable margin expansion in Retail, where GPU increased by 26% to EUR 2,163. For 2025, the company guides for further growth, expecting total unit sales between 735k and 795k and adjusted EBITDA of EUR 135m to EUR 165m. Stabilizing used car prices support GPU visibility and margin confidence. mwb research’s analysts maintain their BUY rating and raise their price target to EUR 27.00 (previously EUR 25.00), reflecting the stronger profitability base and continued top-line momentum. The full update can be downloaded under https://www.research-hub.de/companies/AUTO1%20GROUP%20SE

Multitude released robust preliminary results FY24, underscore its strategic resilience and operational momentum, driven by higher loan volumes and debt investments, particularly in Wholesale Banking. Net interest income came in at EUR 220.2m, slightly below mwb research’s estimate of EUR 224.9m, nevertheless, EBIT of EUR 67.6m was better than mwb research’s forecast of EUR 66.1m, supported by strong underwriting, cost control and lower credit losses. Based on Multitude’s achieved growth and partnerships, management has confirmed its net profit guidance of EUR 23m for 2025 and EUR 30m for 2026. Given the positive earnings surprise and continued strategic progress, the analysts reiterate their BUY rating on Multitude with a price target of EUR 12.30. The full update can be downloaded under https://www.research-hub.de/companies/investment-case/Multitude%20SE

Dr. Hendrik Finger, Head of IR at tk nucera, presented at the SdK Investor Forum, focusing on the AWE (green hydrogen) growth segment and the stability of the CA segment. He outlined opportunities for tk nucera, particularly if the hydrogen market rebounds. The company has 25 GW in letters of intent, and even if only 30% materialize, it would result in an order intake of EUR 4.5bn (mwb est.). Despite the weak hydrogen market, tk nucera remains in a strong position, supported by a EUR 700m cash reserve that allows flexibility for R&D and potential expansions. The existing 2 GW annual production capacity already allows the company to handle large-scale orders, setting it apart from the competition. While order flow remains delayed, tk nucera is well positioned for both future growth and enduring market weakness. mwb research’s analysts maintain their BUY rating with a EUR 14.50 price target, offering a 67% upside potential. The full update can be downloaded under https://www.researchhub.de/companies/thyssenkrupp%20nucera%20AG%20&%20Co%20KGaA