Bechtle AG’s (Bechtle) final Q1 2025 results confirm a weak start to the year, with revenue down 2.8% yoy to EUR 1,461m and EBT falling 32.5% to EUR 55.3m, mainly due to higher personnel costs and lower supplier bonuses. Management reaffirmed its FY25 guidance, expecting 0–5% growth in business volume, revenue development of 3% to +3% yoy and EBT within a -5% to +5% range. Despite ongoing macro headwinds and a likely subdued Q2, Bechtle sees early signs of demand recovery, particularly in the public sector. With a strong, leading market position and long-term drivers intact, mwb research’s analysts maintain their BUY rating with an unchanged price target of EUR 46.00. The full update can be downloaded under https://www.research-hub.de/companies/Bechtle%20AG

Westwing’s Q1 2025 results were broadly in line, with revenue down 1% yoy to EUR 107m amid ongoing assortment shifts. Adjusted EBITDA rose 45% yoy to EUR 9m (margin: 8.5%, +2.7ppt yoy), supported by cost discipline and efficiency gains. While active customers and order volumes declined, average basket size jumped 28% yoy to EUR 236, reflecting the successful premium repositioning. DACH grew 1% yoy; International fell 4% yoy. Profitability improved across both segments. FY25 guidance was reiterated, with revenue of EUR 425–455m and adj. EBITDA of EUR 25–35m. Despite topline pressure, margin momentum remains strong. mwb research’s analysts maintain their EUR 11.00 PT and reiterate their BUY rating. The full update can be downloaded under https://research-hub.de/companies/Westwing%20Group%20SE

Bauer AG's 2024 performance highlights the successful execution of its turnaround strategy, delivering strong revenue growth despite geopolitical and market headwinds. The company benefited from major project completions and continued restructuring in underperforming regions, while maintaining financial discipline and advancing innovation in sustainable construction technologies. Although earnings were weighed down by provisions and input costs, Bauer’s streamlined operations and reinforced balance sheet position it well for margin improvement. With a clear focus on profitability before growth and exposure to long-cycle infrastructure trends, Bauer is strategically positioned to benefit from future demand upswings. Despite uncertainty, mwb research’s analysts reiterate their BUY with a revised price target of EUR 13.00, underpinned by improving margin quality, accelerating innovation, and strategic discipline. The full update can be downloaded under https://www.research-hub.de/companies/Bauer%20AG

Company Name: Nynomic AG ISIN: DE000A0MSN11   Reason for the research: Update Recommendation: BUY from: 09.05.2025 Target price: EUR 34.50 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Muted start into the year; gradual improvements expected Topic: Nynomic published a muted start into FY25,  [ … ]

Company Name: INDUS Holding AG ISIN: DE0006200108   Reason for the research: Update Recommendation: BUY from: 09.05.2025 Target price: EUR 34.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr FY’25e outlook reduced due to tungsten supply chains; chg. est. Topic: On Wednesday evening, IN [ … ]

Company Name: DEMIRE AG ISIN: DE000A0XFSF0   Reason for the research: Update Recommendation: BUY from: 09.05.2025 Target price: EUR 1.30 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Q1 results in line with guidance, chg. Topic: Yesterday, DMRE released Q1’25 figures, showing the expect [ … ]

Company Name: Westwing Group SE ISIN: DE000A2N4H07   Reason for the research: Update Recommendation: BUY from: 09.05.2025 Target price: EUR 18.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Q1 according to plan: margins up, top line to follow Flat top line as anticipated due to strategic assor [ … ]

ABOUT YOU (AY) reported solid FY 2024/25 results, with revenue up 3.4% to EUR 2,001.7m and gross profit rising 7.9% to EUR 807.8m. Adjusted EBITDA improved to EUR 28.1m, and despite a net loss of EUR 106.7m, free cash flow was strong at EUR 55.5m, reflecting operational discipline and a working capital release. Q4 saw accelerating momentum with revenue up 8.7% and narrowed EBITDA losses. For FY 2025/26, AY expects moderate revenue growth and stronger EBITDA, with segment reporting aligning to Commerce and SCAYLE. The Zalando takeover offer at EUR 6.50/share has secured over 90% acceptance and is set to close by summer. mwb research’s analysts recommend accepting the offer and rate the stock SELL. The full update can be downloaded under https://www.research-hub.de/companies/ABOUT%20YOU%20Holding%20SE

Schloss Wachenheim’s Q3 results reflect macro and seasonal softness following a strong holiday-driven Q2, with Easter timing shifting demand into Q4. Q3 Group revenue was slightly down (-0.7% yoy), though gross profit held up. Eastern Europe underperformed, while Germany and France showed resilience. 9M performance remains solid, with revenues up 1.5% yoy and EBIT up 13.0%. Notably, operating cash flow surged 70.9% to EUR 29.3m, driven by working capital efficiency. Management reaffirmed FY guidance, with Q4 expected to benefit from delayed holiday demand. The analysts from mwb research confirm their EUR 22.00 PT and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Schloss%20Wachenheim%20AG

Fresenius Medical Care (FME) delivered a decent set of results in Q1 2025. Revenues grew 5% yoy organically (org.), and by 3% yoy on a reported basis to EUR 4.9bn, coming in line with consensus. Both Care Delivery and Care Enablement segments contributed to the positive performance, with the former reporting 4% yoy and the latter posting 5% yoy org. top-line growth. The company is progressing well on its FME25 plan and generated EUR 68m in savings in Q1, which drove 13% yoy growth in operating income to EUR 457m, a 2% beat vs consensus. The margin improved 90bps yoy to 9.4% on the back of more pronounced improvement at Care Enablement (+2.4ppt yoy to 8.3%). Looking ahead to FY25, FME reiterated its guidance, expecting revenue growth to be positive to low-single digits and significant profitability improvements (margin of c. 11%-12%), driven by efficiency gains from the FME25 program. Based on the positive earnings potential (EPS), mwb research raises the PT to EUR 52.00 (old EUR 47.00), while the analyst confirms the HOLD rating. The full update can be downloaded under https://www.research-hub.de/companies/Fresenius%20Medical%20Care