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

Knorr-Bremse’s final Q4/FY24 results align with the previously announced preliminary figures. Q4 revenue dropped 4% yoy to EUR 1.99bn, and EBIT fell 12.7% yoy to EUR 217m. EPS dropped sharply to EUR 0.11 from EUR 1.17 in Q4 of the previous year. Free cash flow remained stable in Q4, with a 32.3% yoy increase for FY24. Despite challenges in the Commercial Vehicle Systems (CVS) segment, customer demand remained strong, particularly in the rail sector. Knorr-Bremse’s BOOST 2026 program is progressing well, with 60% of the EUR 700m divestment goal achieved. Due to this faster progress, estimates for 2025 have been slightly revised upward, aligning with the company’s guidance. Given ongoing uncertainties, geopolitical risks, and the stock's 30% rise, mwb research’s analysts reiterate their SELL rating but raising the price target slightly to EUR 79.00 (from EUR 76.00). The full update can be downloaded under https://www.research-hub.de/companies/Knorr%20-%20Bremse%20AG

Performance One (PO1) announced a rights issue of up to 522,292 new shares at EUR 1.60 each, raising up to EUR 0.84m (44% of existing capital). The funds will support the restructuring into a holding company focused on digital health and AI, thereby increasing strategic flexibility. The service business (~EUR 10m revenue) will be separated, possibly preparing a sale of the unit and providing a special dividend to investors. Due to the dilution (~31%) and execution risks related to the capital increase and the new strategy, the PT is lowered from EUR 6.20 to EUR 4.40, but the BUY rating is reiterated. The full update can be downloaded under https://www.research-hub.de/companies/research/Performance%20One%20AG

Krones delivered robust FY24 results, with revenue surpassing EUR 5bn for the first time, growing 12.1% yoy to EUR 5.29bn. Profitability improved, with EBITDA margin expanding to 10.1% and EBT margin rising to 7.2%. Order intake grew 1.6% yoy to EUR 5.46bn, with a 4.1% increase in order backlog to EUR 4.29bn. Management confirmed its 7-9% revenue growth for FY25, with an EBITDA margin of 10.2-10.8% and ROCE of 18-20%. The company aims to reach EUR 7bn in revenues, 11-13% EBITDA margin, and over 20% ROCE by 2028. mwb research’s analysts reiterate their BUY rating, increasing their price target to EUR 160.00. Krones proposes an 18.2% dividend increase to EUR 2.60 per share, representing 30% of consolidated net income. The full update can be downloaded under https://www.research-hub.de/companies/research/Krones%20AG

The aerospace industry, traditionally dominated by Airbus and Boeing, is witnessing the emergence of China's COMAC as a formidable competitor. COMAC's C919 aircraft has secured over 1,000 orders and is progressing toward European Union Aviation Safety Agency (EASA) certification. This development could disrupt the existing duopoly, introducing more competition into the market and is not reflected in the valuation. Airbus, having delivered 766 aircraft in 2024 - slightly below its 770 target - faces challenges such as a 60% yoy decline in net orders, indicating a potential end to the post-COVID boom. The anticipated entry of COMAC into international markets could further pressure Airbus's market share and profitability. mwb research’s analysts maintain their SELL recommendation for Airbus, with a PT of EUR 145.00, as COMAC's expansion and potential EASA certification of the C919 this year intensify competition, posing downside risks. This risk is currently not reflected in the share price, as seen in the relatively inexpensive OTM put options with low implied volatility ahead of the potential certification. The full update can be downloaded under https://www.research-hub.de/companies/Airbus%20SE

Yesterday, during mwb research’s roundtable, CEO Jürgen Laakmann and CFO Gerrit Kaufhold shared insights into Enapter's ongoing development, covering FY24 results, the order situation, production expansion, and the joint venture with Wolong Group in China. Enapter remains on a solid growth path, with a record order intake of EUR 53m and a book-to-bill ratio of 2.5x, demonstrating resilience and a strong market position even in a challenging hydrogen market. The integration of battery storage solutions further strengthens the product portfolio and supports continued growth. For FY25, Enapter expects revenue of EUR 39-42m and EBITDA ranging from EUR -2m to breakeven. The company is well-positioned to capture market share as the hydrogen market rebounds. mwb research’s analysts maintain their Spec. BUY rating with an unchanged PT of EUR 7.00. The recording of the roundtable is available here: research-hub.de. The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG

BASF is gaining strong tailwinds as geopolitical tensions ease and Germany’s massive EUR 500bn infrastructure push gains traction. Germany’s infrastructure boom is set to drive demand across key end-markets like construction, chemicals, and industrial manufacturing, positioning BASF as a prime beneficiary. Meanwhile, a 2h Trump-Putin call yesterday has triggered a temporary halt on attacks in Ukraine’s energy infrastructure, promoting speculations and fueling hopes for potential full de-escalation soon and, in turn, stabilizing energy prices and supply chains, which is a key drag on the company’s profitability. With tailwinds gaining momentum and paving the way for a favorable operating landscape for the chemical giant, mwb research’s analysts revise their estimates slightly upward and maintain a BUY rating with a revised PT of EUR 60.00 (old: EUR 58.00). The full update can be downloaded under https://www.research-hub.de/companies/BASF%20SE

Circus SE has signed a framework agreement with Mangal to launch a fully autonomous quick-service restaurant franchise, beginning with 500 CA-1 robotic units in Germany by the end of 2027, with the grand opening set for autumn 2025. The agreement could generate approximately EUR 100m in equipment sales and EUR 70m in annual recurring SaaS revenues (mwb est.). Beyond this, the deal could expand to up to 2,400 locations across Europe, highlighting the vast potential for automation in the quick-service industry. To support this rollout, Circus has completed its high-volume production setup, with manufacturing set to begin in May 2025 at a 35,000m² facility in China, scalable to 6,000 units per year. With strong leadership, including recent high profile additions like former Adidas and Henkel CEO Kasper Rørsted, Circus is well-positioned to disrupt the food service market. 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

mwb research’s analysts initiate coverage of R. STAHL AG with a BUY recommendation and a PT of EUR 27.20 offering an upside potential of 59%. As a top 3 global player in explosion protection technology, R. STAHL benefits from rising demand for mission-critical safety and automation solutions in hazardous environments across chemicals, energy, and pharma. With over 150 years of expertise and a certified, high-barrier product portfolio, R. STAHL’s niche positioning supports pricing power and customer stickiness. The EXcellence 2030 strategy targets sales of EUR 500m and a 20% EBITDA margin, leveraging international expansion (Asia, Americas) and product digitalization (digital twins). Early 2025 order intake already shows strong recovery momentum, supporting mwb research’s view that operating leverage will drive margins higher from FY25 onwards. Trading at just 3.4x 2025E EV/EBITDA, well below peers at ~15x, R. STAHL offers a compelling mix of defensive earnings resilience and growth upside at an undemanding valuation. The full update can be downloaded under https://research-hub.de/companies/r-stahl-ag

Fraport's FY24 results were broadly in line, with revenues slightly exceeding expectations at EUR 4,427m, while EBITDA of EUR 1,302m fell 3% short of estimates but remained within guidance. Passenger traffic at Frankfurt Airport reached 61.6 million, at the lower end of expectations, and no dividend will be proposed for 2024. Aviation performed well due to higher airport and security charges, while Ground Handling disappointed with rising staff costs leading to a larger operating loss. International operations, particularly in Greece and Lima, showed strong growth. For 2025, Fraport expects single-digit percentage EBITDA growth, moderate passenger increases in Frankfurt, and improving free cash flow as major projects near completion, though net profit may be flat to down due to higher interest and depreciation costs. No dividend is expected for 2025. mwb research’s analysts adjust their estimates, reflecting the slight shortfall in operating profitability, resulting in a reduced PT of EUR 65.00 (old: EUR 67.00). mwb research’s analysts reiterate their BUY recommendation as the cash flow cycle is turning positive. The full update can be downloaded under https://www.research-hub.de/companies/Fraport%20AG