INDUS Holding AG reported FY24 results in line with the pre-announcement at the beginning of the year. Given the challenging macroeconomic environment, the 4.5% yoy decline in revenues to EUR 1.72bn should be viewed positively. The main highlight was once again the company's FCF, which came in better than expected at EUR 135m. The FY25 guidance of EUR 1.75-1.85bn in revenues and EUR 150-175m in adjusted EBITA is in line with expectations. In addition, INDUS unveiled an ambitious acquisition strategy and plans to invest EUR 500m in growth areas by 2030. The company will propose a stable dividend of EUR 1.20 per share for FY24, representing a 6% yield. mwb research’s analysts maintain their BUY rating with a EUR 34.00 price target, as the analysts see the company's outlook as a reassuring sign that the momentum seen in Q3 and Q4 is likely to continue into FY25. Further insights are expected from the upcoming Capital Markets Day. The full update can be downloaded under https://www.research-hub.de/companies/INDUS%20Holding%20AG

Bayer can’t seem to catch a break in its Roundup legal saga, with a fresh EUR 2bn verdict in Georgia sending shares down 7%, despite the company’s firm plan to appeal and its pushback against the ruling—citing glyphosate’s safety when used as directed and conflicting scientific assessments from global regulators like the U.S. EPA and European agencies. With a 17-out-of-25-win record in related trials and a history of slashing payouts by up to 90%, the final settlement could land closer to EUR 200m. Despite a track record of underestimating Roundup risk, CEO Bill Anderson aims to resolve the litigation by 2026, potentially via the U.S. Supreme Court. A successful execution could unlock immense value and trigger a rally, backed by re-rating, multiple expansion, and stronger fundamentals as legal strain eases. While risks linger, mwb research’s analysts believe much of the downside is priced in, offering compelling long-term upside. The analysts reiterate their BUY rating with a price target of EUR 29.00. The full update can be downloaded under https://www.research-hub.de/companies/Bayer%20AG

Fuchs reported a dull set of Q4/FY results amidst a weak macro environment. Reported revenue grew 2% yoy to EUR 859m in Q4 on the back of M&A contribution and FX tailwinds, more than offsetting softer organic sales (-1% yoy), which helped take the print to green. EBIT was flat yoy at EUR 100m, while the margin narrowed by 30bps yoy to 11.6%. Similar weak sentiments were echoed with its FY24 topline development, where lower prices and FX headwinds resulted in flat yoy revenue of EUR 3.53bn, below its guidance of +2% yoy. However, its EBIT was better-than-expected, coming in above guidance point and at EUR 434m, up 5% yoy (margin: +60bps yoy to 12.3%). Fuchs detailed a better outlook for FY25, expecting sales of EUR 3.7bn (+5% yoy) and EBIT of EUR 460m (+6% yoy), implying a 10bps yoy improvement in the margin to c.12.4%. Despite the macro challenges, the short to medium term profitability targets seem achievable and are reflected in mwb research’s estimates. The analysts present their FY27 estimates and, with only minor adjustments, maintain their HOLD rating with an unchanged PT of EUR 48.00. The full update can be downloaded under https://www.research-hub.de/companies/Fuchs%20Petrolub%20SE

HMS Bergbau has progressed its diversification strategy with a non-binding Heads of Agreement for future offtake from Surefire Resources’ Victory Bore vanadium-titanium project in Western Australia. While still at an early stage, the agreement marks a formal step beyond the previously announced expression of interest. The HOA allows HMS to secure a foothold in the critical minerals space — without near-term financial commitments — while monitoring project development. Victory Bore offers scale and strong economics, with strategic relevance as Western economies seek alternatives to Chinese and Russian supply. HMS’s role could also help unlock project financing. mwb research’s analysts reiterate their BUY rating and price target of EUR 39.00. On Tuesday, 25 March 2025, mwb research will host a roundtable with HMS Bergbau, represented by CEO Dennis Schwindt and CFO Jens Moir. Register for the event here: https://research-hub.de/events/registration/2025-03-25-13-00/HMU-GR. The full update can be downloaded under https://www.research-hub.de/companies/HMS%20Bergbau%20AG

Company Name: 123fahrschule SE ISIN: DE000A2P4HL9   Reason for the research: Update Recommendation: Buy from: 24.03.2025 Target price: EUR 7.20 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Promising addition to management / Strong FY24 figures ahead 123f announced that the Supervisory Board  [ … ]

LANXESS wrapped up FY24 with no major surprises. Despite volume growth in 9 out of 10 business units, sales dipped 5% yoy to EUR 6.37bn, weighted down by soft selling prices, partially due to lack of pricing power. However, adj. EBITDA grew 20% yoy to EUR 614m, coming in at the upper end of the guidance range (margin: +2.0pp yoy to 9.6%). FY25 outlook is dull with no clear signs of a global demand recovery. Yet, the company is expecting some growth, potentially low-single digits. Its FY25 adj. EBITDA is expected to come in at EUR 600m-650m, a mere 2% yoy growth at midpoint. Even with the near-term softness, mwb research’s analysts remain optimistic about LANXESS’s mid-to-long-term trajectory, driven by its strategic pivot toward less-cyclical, high-margin businesses. The company is also expected to benefit from an improved cost base, ongoing deleveraging, and strong geographic diversification especially in the US. The analysts confirm their BUY rating with a revised PT of EUR 32.50. The full update can be downloaded under https://www.research-hub.de/companies/Lanxess%20AG

Circus has announced a capital increase with subscription rights, issuing 1.33m new shares (approximately 5.9% of current share capital) at EUR 16.00 per share, targeting gross proceeds of EUR 21.3m. A majority of existing shareholders, holding 78.6%, have waived their rights. The corresponding 1.0m shares have already been preplaced with new and existing high-profile investors, including Co-CEO Claus Holst-Gydesen, raising EUR 16m. The remaining shares will be offered in April 2025. Proceeds will support Circus' growth, including a major rollout of 500 CA-1 robotic units through a partnership with food franchise Mangal which is about to start with production beginning in May at a new facility in China. The capital increase should put Circus in a position to meet funding requirements throughout 2025. mwb research’s analysts reiterate their BUY recommendation with a target price of EUR 75.00. The full update can be downloaded under https://research-hub.de/companies/circus-se

Nemetschek (NEM) reported solid topline growth of 32.5% yoy to EUR 291m in Q4 24, driven by an organic (org.) increase of 25.9% yoy in constant currencies (c.c.) and the rest coming from GoCanvas acquisition. The company registered solid subscription/SaaS business growth of 102% yoy to EUR 187m during the quarter (org. c.c.: +86.8% yoy). At the same time, EBITDA grew at a higher pace of 37.4% yoy, resulting in a margin improvement of 1.2ppt yoy (org.: +2.6ppt yoy to 34.1%). The cost discipline and improvements to operating leverage, together with the transition to SaaS/subscription model, offset a lower profitability development at GoCanvas. Management expects the strong growth momentum to extend into 2025, at midpoint guiding a topline growth of 18% yoy in c.c. (including +3.5ppt from GoCanvas) and an EBITDA margin expansion to c. 31% (inclusive of GoCanvas). NEM’s solid results and its successful shift towards stable and predictable recurring revenues and SaaS models underscore its leadership in its markets. mwb research’s analysts only fine-tune their estimates and confirm their PT of EUR 117.00, reiterating their HOLD recommendation. The full update can be downloaded under https://www.research-hub.de/companies/research/Nemetschek%20SE

Amadeus Fire's FY25 outlook disappoints, signaling a challenging year ahead. The company projects revenue of EUR 387-417m, an 8% yoy decline, and operating EBITA of EUR 36-44m, a 28% yoy decrease. This underperformance is attributed to Germany's economic stagnation, with GDP growth near zero since Q3 2021 and rising unemployment. The staffing services segment faces headwinds from cautious hiring practices and slowing demand in commercial and IT sectors. However, the Training and Education segment provides stability, expecting slight growth in B2G and stable to increasing revenues in B2B and B2C segments. Despite the disappointing outlook, Amadeus Fire's ability to maintain double-digit margins in difficult markets is encouraging. The recent clarity on Germany's political direction and investment program may eventually improve sentiment. mwb research’s analysts maintain their BUY rating with a revised PT of EUR 97.00, as the current weakness appears priced in. The full update can be found on https://www.research-hub.de/companies/Amadeus%20FiRe%20AG

Backed by its innovative solutions, Elmos wrapped up FY24 with modest yet solid results, outperforming peers in an industry battling with customer inventory overhang and geopolitical uncertainty. On top of that, the company hiked its dividend by 18% to a record EUR 1.00 per share. For FY25, management anticipates a flat topline at midpoint, with muted demand persisting in H1 and a pick-up expected in H2. With 40 years of niche expertise, Elmos enters a new era as a fabless powerhouse, enhancing its flexibility, agility, and focus on innovation. Trading at the lower end of key valuation multiples despite above-median margins reinforces its appeal as an undervalued asset, while long-term growth remains compelling, supported by structural automotive megatrends pushing for a +8% industry CAGR (2023-2030E). Meanwhile, management remains strategically aligned with shareholders, focused on unlocking long-term value. Amid short-term headwinds, mwb research’s analysts refine their model and reiterate their BUY rating with an unchanged PT of EUR 98.00. The full update can be downloaded under https://research-hub.de/companies/Elmos%20Semiconductor%20SE