Siltronic continues to navigate a tough environment marked by weak near-term demand and elevated customer inventories — yet the company is executing with discipline. The real question now is not about Q2, but whether H2 will finally show momentum. While management maintains its view of a second-half pick-up, visibility remains limited, and mwb research analysts now expect the weak dollar to weigh more heavily on 2025 performance. Still, the investment case is intact: Siltronic’s positioning in 300mm wafers and exposure to AI, DRAM, and EVs leaves it well-leveraged to the next upcycle. A high share of LTA coverage continues to provide earnings visibility and downside protection. While the lack of a short-term catalyst may keep sentiment fragile, mwb research analysts believe much of the bad news is already priced in. The analysts expect growth to return in 2026 — albeit from a low base — as inventories normalize and structural demand drivers reassert. The analysts lower their PT to EUR 57.50 (from 60.00) to reflect FX headwinds but reiterate their BUY. The full update can be downloaded under https://research-hub.de/companies/Siltronic%20AG

MHP Hotel AG (MHP) reported strong 18.2% year-on-year revenue growth for FY24, driven by improved occupancy (+6 percentage points) and higher average daily rates (+7%), resulting in a 15% increase in revenue per available room. EBITDA for the year came in at EUR 10.4m, at the upper end of the upgraded guidance range, reflecting a 560 basis point improvement in margin. However, free cash flow turned negative due to higher operating taxes, repayment of liabilities booked in CFO and significant investments in the JW Frankfurt, Koenigshof Munich, Conrad Hamburg and a coinvestment in the Meridien Stuttgart. For FY25, MHP confirmed a revenue forecast of EUR 180m (+12% yoy) and EUR 15m EBITDA, with strong RevPAR growth continuing in Q1 and the opening of the Conrad Hamburg planned for September. The company’s strategy of focusing on high-demand premium segments and key European cities, coupled with a solid project pipeline, supports its growth outlook. MHP's valuation remains attractive, and mwb research’s analysts confirm their price target of EUR 3.35 and the BUY rating. The full update can be downloaded under https://research-hub.de/companies/MHP%20Hotel%20AG

Drägerwerk (Dräger) continues to advance its strategic roadmap with a resilient business model and innovative solutions in both Medical and Safety divisions. Investments in connectivity, such as the Dräger ONE platform and Service-oriented Device Connectivity, support higher-margin growth. The company’s strong order backlog, up 6.1% yoy to EUR 861m in Q1, provides visibility into H2 25, supporting revenue and margin growth. After a nearly 60% share price increase to EUR 71.80, Dräger has nearly reached mwb research’s EUR 72.00 price target. At current levels, the valuation reflects operational progress, and the analysts now move their recommendation from BUY to HOLD, as further upside requires a catalyst. Investors can expect deeper insights into new growth drivers at Dräger at the mwb research Health Care Conference on July 1. Thomas Fischler, Head of Investor Relations at Draeger, will present current developments. Click here to register: https://research-hub.de/conference/health-care-conference. The full update can be downloaded under https://www.research-hub.de/companies/Draegerwerk%20AG%20&%20Co.%20KGaA

mwb research’s analysts downgrade United Internet to HOLD (from BUY) and raise their price target to EUR 27.00 (from EUR 25.00), reflecting an updated sum-of-the-parts valuation. Despite strong YTD performance in both its subsidiaries IONOS (+89%) and 1&1 (+60%), the analysts see limited catalysts to close the persistent holding discount. IONOS continues to grow strongly, but scalability concerns and global competition limit margin upside. Meanwhile, the Access segment faces execution risk tied to the 1&1 network rollout. mwb research’s valuation implies fair equity value at current levels, with further upside constrained by structural complexity and capital intensity. While the long-term outlook remains constructive, the analysts adopt a more cautious stance near term. HOLD, PT EUR 27.00. The full update can be downloaded https://www.research-hub.de/companies/United%20Internet%20AG

Multitude AG has achieved a +58% year-to-date share price increase, supported by strong Q1 results and an upward revision of guidance—highlighting investor confidence in the company’s earnings momentum and strategic direction. The scalable digital platform model spans Consumer, SME, and Wholesale Banking, offering growth oriented diversification backed by solid financials (equity ratio of 25.4%, cash position of EUR 326m). Strategic M&A activity and a conservative risk profile support sustainable expansion. Headquartered in politically stable Switzerland, Multitude is largely unaffected by global trade conflicts, tariff disputes, and external shocks such as supply chain issues. mwb research’s analysts continue to view Multitude as an attractive investment in volatile markets. The analysts reaffirm their price target of EUR 12.80 and maintain their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/investment-case/Multitude%20SE

MTU shares have surged over 30% in the past four weeks, driven by easing cash flow concerns following a strong Q1, optimism around defense investments (with military OEM contributing 8% of revenues), and anticipation of upbeat 2030 targets at the upcoming Paris Air Show. Commercial OEM (25% of revenues) is buoyed by solid order backlogs and aircraft deliveries, while Commercial MRO (67%) is set for strong growth, particularly in narrow-body engine services, despite ongoing supply chain constraints. However, FX headwinds loom, as MTU’s USD exposure is only partially hedged beyond FY25, posing EBIT risks if current exchange rates persist. Reflecting updated FX assumptions, mwb research’s analysts lower their price target to EUR 350.00 (from EUR 365.00), and given the recent rally, downgrade the stock to HOLD (from BUY). The full update can be downloaded under https://www.research-hub.de/companies/MTU%20Aero%20Engines%20AG

mwb research analysts are downgrading Infineon from BUY to HOLD as the stock has rallied sharply from April lows and now trades near their fair value estimate of EUR 37.00. While the company holds a leading position in structural growth areas such as AI infrastructure and xEV, recent gains have frontloaded much of the upside. Although a gradual acceleration in H2 is expected, much of the anticipated pickup stems from inventory normalization rather than a true rebound in underlying demand, suggesting the recovery may be tentative. Persistent FX headwinds, fab underutilization, and softer SiC momentum further support mwb research’s view that near-term upside is limited. In the analysts view, further gains would require a clearer acceleration in the underlying end-market demand or easing macro risks, neither of which is currently visible. The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

Rigsave S.p.A. positions itself as a specialized asset manager focused on institutional asset pooling and structured products. Following a capital increase in March, which raised EUR 1.2m via a ~23% share issue, the company is financially prepared to implement 17 mandates secured in 2024. These mandates represent the core of Rigsave’s revenue strategy and could significantly contribute from 2025 onwards. The company must manage rising costs during its scale-up phase while maintaining long-term profitability targets. The FY24 report, expected in June, should offer further clarity on the company’s financial performance. mwb research’s analysts incorporate the new shares into their model and reflect the dilutive effect while keeping estimates unchanged. The analysts revise their price target to EUR 9.50 (prev. EUR 13.00) with an unchanged BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Rigsave%20S.p.A.

Kontron has announced a EUR 26m contract to deliver GSM-R infrastructure for the Czech national railway operator, marking its third major European rail win in recent quarters. The deal follows a EUR 34m GSM-R award in the Czech Republic in 2024 and a EUR 20m contract in Spain in April 2025, reinforcing Kontron’s leading position in railway communication systems. Despite GSM-R being based on legacy 2G technology, it remains the industry standard under ERTMS. Kontron is also well-positioned for the future shift to FRMCS, as the only current supplier of FRMCS-compliant edge hardware. While the latest order is not transformational, it strengthens Kontron’s role in European rail modernization. mwb research’s analysts maintain their BUY rating and EUR 35.00 target on unchanged estimates. The full update can be downloaded under: https://www.research-hub.de/companies/research/Kontron%20AG

Circus has successfully completed its capital increase, raising EUR 18.7m through the placement of 1.17m new shares (5.2% increase) at EUR 16.00 each. The offering included a preplacement of 1.0 million shares to new Co-CEO Claus Holst-Gydesen and a group of existing and new investors, including prominent institutional backers from Europe and the U.S. The funds will support the scale-up of serial production for Circus’s autonomous cooking robot, the CA-1, with manufacturing partner Celestica. The first units will launch this autumn in REWE supermarkets as part of an eight-month pilot. mwb research’s analysts adjust their target price to EUR 72.20 (from EUR 75.00) to reflect dilution and reiterate their BUY recommendation. Last week, Circus CEO Nikolas Bullwinkel presented at the mwb research New Food conference, reinforcing the company’s growth outlook. A recording of the event is available here: https://research-hub.de/events/video/2025- 06-03-12-00/CA1-GR. The full update can be downloaded under https://research-hub.de/companies/circus-se