Pyramid AG’s performance in early 2025 suggests that it has successfully navigated through a challenging period marked by declining revenues. The combination of topline growth, margin expansion, and strategic innovation in FY25 positions the company well for sustained improvement in its financial performance. With clear upside potential, Pyramid remains an attractive investment opportunity for equity investors seeking exposure to the technology hardware sector. At a one year forward P/E below 9x, downside risk looks limited in mwb research’s view. Consequently, the analysts reaffirm their BUY rating with an unchanged PT of EUR 1.50 per share. The full update can be downloaded under https://www.research-hub.de/companies/research/Pyramid%20AG

coinIX has published its annual financial statements for 2024, which confirm the positive preliminary figures. The pre-tax result increased by c. 270% compared to the previous year, and the hidden reserves as a measure of success in portfolio management grew to EUR 9.5m. However, the net asset value of coinIX has fallen by over 50% since the beginning of the year, mainly due to the weakness of Ethereum (ETH), which has a high weight in coinIX's portfolio. The ETH weakness results from several factors, including the largest crypto hack of all time at Bybit with 400,000 ETH stolen, doubts about Trump's planned crypto reserve, outflows from ETH ETFs and competition from faster blockchains such as Solana. Technical selling constraints such as margin calls further exacerbated the price slump. However, the Pectra upgrade expected for the end of April, which is intended to improve Ethereum technically and strengthen its competitiveness, offers hope. As the current price of coinIX is already below the value of the liquid crypto assets and does not reflect the valuable equity holdings, the price level offers an attractive entry opportunity in the view of mwb research’s analysts. mwb research reiterates the BUY recommendation with a price target of EUR 2.50 (previously EUR 4.60). The full update can be downloaded under research-hub.de/companies/coinIX%20GmbH%20&%20Co%20KGaA

Company Name: Rakovina Therapeutics Inc. ISIN: CA75103L1013   Reason for the research: Initiation of coverage Recommendation: Buy from: 02.04.2025 Target price: 0,40 CAD Target price on sight of: 12 Months Last rating change: - Analyst: Alexander RIhane First Berlin Equity Research hat am 02.04.2025 die Coverage von Rakovina The [ … ]

Scout24 SE continued to witness healthy business momentum in Q4 2024, with both revenue and ordinary operating (op.) EBITDA coming broadly in line with consensus at EUR 147m (+11% yoy) and EUR 91m (+15% yoy), respectively. Reported revenue benefitted from a record high subscription base and the resultant acceleration in subscription revenue. On the other hand, op. EBITDA growth was largely supported by operating leverage and the successful execution of a streamlining/interconnectivity strategy. The business remains highly cash generative, returning EUR 24m in Q4 2024 (+12% qoq) to shareholders in buy-backs despite acquiring neubau kompass in November. Scout24 expects the strong momentum to continue into FY 2025, with double-digit revenue growth of 12%-14% yoy and up to a 50bps yoy improvement in the op. EBITDA margin. Moreover, its medium-term growth target remains promising and on track. mwb research’s analysts reiterate their HOLD rating at a revised PT of EUR 88.00 (old: EUR 81.00). The full update can be downloaded under https://www.research-hub.de/companies/research/Scout24%20SE

Synbiotic has introduced a THC-containing medical cannabis lozenge, developed over three years with BOLDER Arzneimittel, launching in Germany in Q2 FY25. This patient-specific dosage form addresses the limited range of existing products and aligns with regulatory easing since April 2024. With medical cannabis imports quadrupling in FY24 to 72 tons, Synbiotic’s innovation may enhance its position in the growing MedCan market (CAGR 14% to 2029). Short-term financial impact is limited, but margin upside is possible in mid-term. Supported by WEECO Pharma’s strong performance, Synbiotic remains strategically well-positioned in the fast-growing market for medical cannabis. mwb research reaffirms the BUY rating with an unchanged target price of EUR 12.50 per share. The full update can be downloaded under research-hub.de/companies/Synbiotic%20SE

Synbiotic has introduced a THC-containing medical cannabis lozenge, developed over three years with BOLDER Arzneimittel, launching in Germany in Q2 FY25. This patient-specific dosage form addresses the limited range of existing products and aligns with regulatory easing since April 2024. With medical cannabis imports quadrupling in FY24 to 72 tons, Synbiotic’s innovation may enhance its position in the growing MedCan market (CAGR 14% to 2029). Short-term financial impact is limited, but margin upside is possible in mid-term. Supported by WEECO Pharma’s strong performance, Synbiotic remains strategically well-positioned in the fast-growing market for medical cannabis. mwb research reaffirms the BUY rating with an unchanged target price of EUR 12.50 per share. The full update can be downloaded under research-hub.de/companies/Synbiotic%20SE

Viromed Medical AG has signed a transformative five-year exclusive distribution agreement with Korea-based UMECO Group for its cold plasma devices, ViroCAP and PulmoPlas, targeting medical and dermatological applications across ten Asian markets. The deal includes a USD 5m upfront license fee and purchase commitments totaling EUR 152.5m through 2028, with a focus likely on ViroCAP due to its applications in high-demand aesthetic treatments like acne and rosacea. UMECO, a specialist in medical and beauty device distribution, is well-positioned to leverage Southeast Asia’s large aesthetics market. Viromed is confident in ramping up production. Reflecting the deal's significance and reduced investor risk, mwb research’s analysts increase the price target to EUR 12.50 (from EUR 7.40) and now rate the share as a BUY (from Speculative BUY). For more first-hand information, we invite you to register for our roundtable with CEO Uwe Perbandt tomorrow, 03 April, here: https://research-hub.de/events/registration/2025-04-03-13-00/VMED-GR The full update can be downloaded under https://www.research-hub.de/companies/Viromed%20Medical%20AG

Viromed Medical AG has signed a transformative five-year exclusive distribution agreement with Korea-based UMECO Group for its cold plasma devices, ViroCAP and PulmoPlas, targeting medical and dermatological applications across ten Asian markets. The deal includes a USD 5m upfront license fee and purchase commitments totaling EUR 152.5m through 2028, with a focus likely on ViroCAP due to its applications in high-demand aesthetic treatments like acne and rosacea. UMECO, a specialist in medical and beauty device distribution, is well-positioned to leverage Southeast Asia’s large aesthetics market. Viromed is confident in ramping up production. Reflecting the deal's significance and reduced investor risk, mwb research’s analysts increase the price target to EUR 12.50 (from EUR 7.40) and now rate the share as a BUY (from Speculative BUY). For more first-hand information, we invite you to register for our roundtable with CEO Uwe Perbandt tomorrow, 03 April, here: https://research-hub.de/events/registration/2025-04-03-13-00/VMED-GR The full update can be downloaded under https://www.research-hub.de/companies/Viromed%20Medical%20AG

Wolftank Group is expanding its hydrogen infrastructure footprint with the ACTIVA H2 project in Spain, which focuses on developing a hydrogen refueling station to support hydrogen mobility in urban areas and the Trans-European Transport Network. This initiative follows a series of projects in Italy and strengthens Wolftank's position in the growing hydrogen market in southern Europe. The project could pave the way for further infrastructure developments across Europe, especially as both Spain and Italy have set ambitious hydrogen targets. With these prospects, Wolftank is well-positioned for continued growth, and the expansion of its Hydrogen & Renewables segment could lead to further opportunities in the future. mwb research’s analysts maintain their BUY rating and EUR 20.00 target price, as they see substantial long-term growth potential. The full update can be downloaded under https://www.research-hub.de/companies/Wolftank-Adisa%20Holding%20AG

Company Name: Lisata Therapeutics Inc ISIN: US1280583022   Reason for the research: Update Recommendation: Buy from: 01.04.2025 Target price: USD 15.00 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research has published a research update on Lisata Therapeutics, Inc. (IS [ … ]