Brenntag reported decent set of numbers in Q4 2024 with flat yoy sales in constant currencies (c.c.), and an operating (op.) gross profit growth of 1% yoy c.c., 1% ahead of consensus. However, volume-driven cost increases and inflationary pressure weighed on op. EBITA, dragging it down 9% yoy in c.c. to EUR 264m, 5% below consensus. In FY 2024, sales declined 3% yoy in c.c. to EUR 16.24bn and op. EBITA was down 13% yoy to EUR 1.1bn, ending at the lower end of its guidance range. Management expects depressed consumer sentiment, economic uncertainties, together with competition from Chinese imports, to prolong recovery. It guides for modest improvement in volumes and slightly better qoq pricing trends and op. EBITA to reach EUR 1.1bn-1.3bn (+9% yoy at the mid-point) in FY 25. On the strategy front, Brenntag continues to invest in cost containment programmes and is carrying out targeted segment disentanglement. These should help the company capitalize on emerging opportunities as markets regain momentum. mwb research’s analysts maintain their BUY rating with a new PT of EUR 79.00. The full update can be downloaded under https://www.research-hub.de/companies/Brenntag%20SE

Puma’s Q4 2024 results were in line with prelims, Q4 sales rising 16% yoy (+10% c.a.) to EUR 2.29bn, driven by broad-based growth across regions and channels. However, despite a 15% EBIT increase to EUR 109m, margins remained flat at 4.8%. FY24 saw moderate 3% revenue growth, but management’s cautious FY25 guidance—projecting low-to-mid single-digit sales growth and an EBIT range of EUR 520m-600m—fell short of consensus. Puma aims to restore profitability through its "nextlevel" program, focusing on product simplification and cost control, targeting an EBIT margin of 8.5% by 2027. With the stock down ~50% YTD, valuation appears attractive, prompting a reiterated BUY rating at a lower PT of EUR 35.00 (old: EUR 50.00) after mwb research’s analysts trimmed their EBIT trajectory to reflect a slower recovery. The full update can be downloaded www.research-hub.de/companies/research/Puma%20SE

Company Name: LAIQON AG ISIN: DE000A12UP29   Reason for the research: Update Recommendation: Buy from: 13.03.2025 Target price: EUR 7.40 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Prelims show solid underlying growth; all eyes on scaling AuM LAIQON released FY’24 sales and EBITDA preli [ … ]

Company Name: Nynomic AG ISIN: DE000A0MSN11   Reason for the research: Update Recommendation: Buy from: 13.03.2025 Target price: EUR 34.50 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Q4 prelims in line, returning to growth in FY25; chg. est. Topic: Nynomic released preliminary Q4 figures  [ … ]

Rheinmetall’s FY24 earnings call confirmed its strong position as a key player in the defense sector, surpassing expectations. The company’s strategic focus on the "3 Ps" - Products, Price, and Politics - reinforces mwb research’s bullish outlook. Products: Rheinmetall is at the forefront of European defense needs, securing high-profile meetings and contracts while demonstrating unmatched production efficiency. Price: Its high vertical integration delivers a clear cost advantage over competitors, particularly in ammunition and tank production. Politics: With rising defense budgets and increasing equipment expenditures, Rheinmetall’s market share is set to grow significantly, supporting long term revenue projections in a range between EUR 34bn to EUR 70bn by 2032. Given these factors, mwb research’s analysts raise their price target to EUR 1,990 (previously 1,280) and maintain their BUY rating ahead of Germany’s crucial defense budget decision next week. The full update can be downloaded under https://www.research-hub.de/companies/Rheinmetall%20AG

Company Name: Grand City Properties SA ISIN: LU0775917882   Reason for the research: vorläufige Ergebnisse 2024 Recommendation: Kaufen from: 12.03.2025 Target price: €14,40 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Grand City  [ … ]

Redcare Pharmacy’s FY24 results were largely in line with preliminary figures, with sales up 32% yoy to EUR 2.37bn, reaching the lower end of guidance. Q4 revenue grew 27% yoy to EUR 675m, fueled by strong Rx (+37% yoy) and non-Rx (+22% yoy) sales. However, adjusted EBITDA fell 38% yoy to EUR 33m (1.4% margin) due to higher e-Rx marketing spend and a weaker flu season, leading to a Q4 EUR 4.9m EBITDA loss. e-Rx adoption in Germany continues to accelerate, driving Rx sales up 142% yoy in the country. RDC guides for 2025 sales growth of over 25%, with German Rx sales doubling to EUR 500m. The adjusted EBITDA margin is expected at 2-2.5%. mwb research’s analysts revise their estimates for a more measured profitability outlook, maintaining their EUR 144.00 PT but downgrading to HOLD (before: BUY). The full update can be downloaded under https://www.research-hub.de/companies/Redcare%20Pharmacy%20N.V.

GEA reported strong Q4 2024 results, with order intake and sales surpassing consensus by 17% and 3%, respectively. Order intake grew organically by 29.3% yoy on good traction in large orders (7 won in the >EUR15m range) and also benefitted from a lower comparable base. Revenues were up 9% yoy organically, led by its service business (+19% yoy). Adjusted (adj.) EBITDA came in higher by 15% yoy at EUR 239m, with the margin improving +1.4ppt yoy to 15.9% on better gross margins. FY 2024 org. sales were up 4% yoy and adj. EBITDA was higher by 8% yoy (margin of 15.4%; +1ppt yoy). For FY 2025, management guides for org. revenue growth of 1%-4% yoy and an adj. EBITDA margin of 15.6%-16.0%, with a yoy expansion of 40bps expected at the mid-point, which appears realistic. GEA achieved its FY 2026 targets two years in advance; however, its FY 2030 goals appear highly ambitious in the context of current macroeconomic risks. mwb research’s analysts reiterate their HOLD rating on GEA at a higher PT of EUR 55.00 (old: EUR 50.00) after incorporating the latest results. The full update can be downloaded under https://www.research-hub.de/companies/GEA%20Group%20AG

Rheinmetall delivered strong FY 2024 results, driven by surging defense demand and record profitability. The order backlog hit an all-time high and could have been even higher, as key projects will be booked in Q1 2025, potentially pushing it to EUR 67bn. Defense margins remain strong with further upside, and while some analysts expected slightly higher revenue, the company is still in its ramp-up phase, with major growth ahead. With CAPEX at 9% of sales - far exceeding peers - Rheinmetall is clearly positioning itself to secure a dominant share of the potential EUR 200bn German special fund. FY 2024 met expectations, but the real focus is on long-term expansion. Its strong product portfolio and aggressive investments make it well positioned to be the clear winner of the defense cycle. mwb research’s analysts maintain their EUR 1,280 price target and reiterate their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Rheinmetall%20AG

Company Name: Nabaltec AG ISIN: DE000A0KPPR7   Reason for the research: Update Recommendation: Buy from: 12.03.2025 Target price: EUR 25.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Strong Q4 prelims; FY25 guidance conservative Preliminary Q4 sales stood at € 45.4m (in line with ex [ … ]