Hensoldt delivered solid FY24 prelim. results, with strong profitability and cash flow offsetting a slight analyst revenue miss. Growth was largely driven by the ESG acquisition, while organic growth was 9%. The 2025 guidance came in slightly below expectations, and the ambitious EUR 5bn revenue target by 2030 looks increasingly challenging given Hensoldt’s niche position and rising competition from larger players. mwb research’s analysts lower their short-term revenue estimates, raise their mid-term estimates due to favorable industry dynamics, but long-term visibility remains limited due to platform reliance and uncertain order flow. Given the strong recent stock performance and modest revenue adjustments, the analysts raise their PT to EUR 48.00 (prev. EUR 45.00) but maintain Hensoldt at HOLD. The full update can be downloaded under https://www.research-hub.de/companies/Hensoldt%20AG

Enapter announced its preliminary FY24 results, with revenue and EBITDA generally in line with expectations. Despite the challenges in the hydrogen market, the company reported strong demand for its advanced AEM technology, outperforming competitors using PEM. The second-half FY24 revenue decline was mainly due to a one-off payment from a US deal in the prior year, while organic growth remained positive. The expanding order backlog provides a solid basis for our revised FY25 revenue estimates, which now seem more secure. However, given the results, weaker-than-expected FY25 guidance, and ongoing market uncertainties, mwb research’s analysts have adjusted their revenue and EBITDA forecasts. As a result, the analysts have reduced their PT to EUR 7.00 based on more conservative estimates and changed their rating from BUY to Spec. BUY, reflecting the continuing uncertainty in the hydrogen market and Enapter’s relatively high debt burden. The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG

AUTO1 Group delivered a strong Q4 2024, creating multiple all-time highs and beating consensus by a substantial margin. Q4 sales volume was at a record high of 183k units (+25% yoy and 7% above consensus) and drove a strong 28% yoy growth in revenues to EUR 1.7bn (a 11% beat). Gross profit and gross profit per unit (GPU) of EUR 201m and EUR 1,096 (+19% yoy) were ahead of consensus by 15% and 6%, respectively. Moreover, adj. EBITDA of EUR 37m settled at a new best and came in at thrice the consensus estimate. The momentum is expected to continue, with AI-driven pricing and the fast-growing financing arm acting as catalysts for growth. In FY25, AUTO1 expects to sell 735k-795k units, with gross profit and adj. EBITDA of EUR 800m-875m and EUR 135m-165m, respectively, corresponding to mid-point growth rates of 11%, 16% and 37% yoy. mwb research’s analysts adjust their model for recent results and FY25 guidance and confirm their BUY rating at a higher PT of EUR 25.00 (old: EUR 19.00). The full update can be downloaded under https://www.research-hub.de/companies/AUTO1%20GROUP%20SE

Nordex announced its Q4 24 results, reporting a 9% yoy revenue increase to EUR 2.2bn, slightly below expectations but above consensus. The EBITDA margin remained solid at 4.9%, surpassing both consensus and mwb research’s estimates. For FY24, Nordex achieved a 12.5% revenue growth and an EBITDA margin of 4.1%, along with strong free cash flow of EUR 271m, marking a significant recovery from previous years of negative cash flow. The company reported a record-high order intake, including EUR 1.8bn in the service segment, which more than doubled yoy (+114% yoy). Looking to FY25, Nordex expects moderate growth and aims to reach its medium-term EBITDA margin target of 8%. mwb research’s analysts maintain their BUY rating and EUR 20.00 target price, reflecting an improved margin outlook but revised revenue growth expectations. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.

Aixtron's Q4/FY24 results beat expectations for order intake, sales, gross profit and EBIT, but missed on EPS due to a higher-than-expected tax rate. Operating cash flow was slightly negative, driven by higher working capital, with unfavourable trends in DIO, DPO and DSO. The decline in the order backlog suggests cancellations or pushouts. The FY25 revenue guidance of EUR 530-600m is in line with mwb research’s estimates, but margins are slightly lower due to an expected mid-single-digit EUR million charge for a severance programme. A significantly reduced dividend (EUR 0.15) aims to conserve cash amid ongoing market challenges. Despite the short-term challenges, mwb research’s analysts believe there is value for long-term investors willing to ride out some volatility. Based on revised estimates, the analysts arrive at a new price target of EUR 19.50 (old: EUR 20.50) and reiterate their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/AIXTRON%20SE

Koenig & Bauer (SKB) had a record-breaking Q4 in FY24 with sales of EUR 455m, the highest quarterly turnover in the company's history. Despite challenges in Q1-Q3, SKB achieved FY24 sales of EUR 1.27bn, slightly below estimates but in line with the company's targets. Order intake grew 8.9% yoy to EUR 1.4bn, with a record year-end order book of EUR 1.04bn (+14.1% yoy). Adjusted EBIT was EUR 25.8m, impacted by special charges for the "Spotlight" programme and drupa costs. For FY25, SKB expects sales to grow to EUR 1.3bn and operating EBIT to reach EUR 35-50m. The company maintains its 2026 target of EUR 1.5bn in sales and a 6% EBIT margin, despite global uncertainties. mwb research’s analysts reiterate their BUY rating with a PT of EUR 21.00, based on SKB's strong order book and efficiency improvements. The full update can be downloaded under https://www.research-hub.de/companies/research/Koenig%20&%20Bauer%20AG

energenta AG continues its strategic transformation by shifting its focus more on the "Regranulates & Compounds" segment. With the successful sale of its 50% stake in Energenta Ersatzbrennstoffe GmbH (EBS) and the associated real estate in Ochtrup, the company is sharpening its profile as a pure play in plastics recycling. The proceeds (c. EUR 19m mwb est.) from the transaction will be used 1) to significantly reduce debt and 2) for targeted expansion in high-margin recycling segments. energenta aims to triple capacity from currently 4,000 tons annually to 12,000 tons annually to benefit from the EU regulatory framework (kicking in at least in 2030) and the increasing market demand for sustainable plastics solutions. Mwb research reiterates the BUY recommendation with a slightly lower price target of EUR 3.60 (old EUR 4.30), due to lower profitability (EBIT margin 4% in FY26 vs 8% in FY23) in the mid-term, which, however, should recover in the long-term. The full update can be downloaded under https://www.research-hub.de/companies/energenta%20AG

Gerresheimer (GXI) delivered final FY24 results, with organic revenue growth of 2.9% to EUR 2.04bn and an adjusted EBITDA increase of 4.1% to EUR 419m, in line with expectations. The destocking headwinds in the vial business continued but showed signs of easing, while strong demand in medical devices partially offset this impact. The integration of Bormioli Pharma is progressing well and is expected to significantly contribute to both revenue and margin expansion in the coming years. While the FY25 outlook is softer than previously assumed, mid-term guidance remains intact, targeting 8-10% CAGR in revenue and an EBITDA margin of 23-25%. mwb research maintains the BUY rating with a slightly higher price target of EUR 103.00 (previously EUR 96.00). The full update can be downloaded under https://www.research-hub.de/companies/research/Gerresheimer%20AG

BP is reportedly considering the sale of its lubricants business, Castrol, following pressure from activist investor Elliott Management, which recently acquired a nearly 5% stake in BP. Castrol, the world's third-largest lubricants company, generated FY24 adjusted EBITDA of USD 1.0 billion on USD 7 billion in sales, with a 14.4% EBITDA margin similar to Fuchs' 13.8%. The rumored valuation of around USD 10 billion implies an EV/EBITDA multiple of 9.9x, aligning with Fuchs' valuation. The competitive impact will depend on the type of transaction—whether a sale to a strategic buyer, private equity, or an IPO/spin-off —though private equity seems the most likely given Castrol's stable cash flow. Overall, the rumored valuation of Castrol does not suggest a significant upside for Fuchs as a cross-read. After a strong performance of +19% since mid-January, Fuchs has reached mwb research’s price target of EUR 48.00. The analysts downgrade the stock to HOLD. The full update can be downloaded under https://www.research-hub.de/companies/Fuchs%20Petrolub%20SE

Despite a second consecutive year of sales decline in 2024, Siltronic’s downturn moderated, hinting at a potential inflection point as the broader industry grapples with elevated inventories and sluggish end-market demand. While stabilization is expected in 2025, driven by AI and smartphones alongside a gradual recovery in automotive and PC markets in H2, the real story unfolds in 2026. With inventory headwinds finally dissipating, a new growth cycle is expected to emerge, propelled by structural tailwinds in high yield 300mm leading edge wafers and a long-awaited rebound in 200mm wafers. With a compelling valuation and historical patterns of early market pricing of growth cycles, mwb research views 2025 as a prime entry point ahead of the expected upswing in 2026. Analysts maintain their BUY rating with a PT of EUR 65.00. The full update can be downloaded under https://research-hub.de/companies/Siltronic%20AG