Company Name: MAX Automation SE ISIN: DE000A2DA588   Reason for the research: Update Recommendation: Buy from: 21.03.2025 Target price: E'UR 7.00 Target price on sight of: 12 months Last rating change: Analyst: Konstantin Völk Mixed FY24 due to investment reluctance in automotive; Chg. Topic: MAX published mixed FY24 numbe [ … ]

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

Company Name: DEMIRE AG ISIN: DE000A0XFSF0   Reason for the research: Update Recommendation: Buy from: 21.03.2025 Target price: EUR 1.30 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Softer profitability in FY25 and going forward; chg. Topic: DEMIRE released FY24 results, showing rental inco [ … ]

Company Name: Netfonds AG ISIN: DE000A1MME74   Reason for the research: Update Recommendation: Buy from: 21.03.2025 Target price: EUR 78.00 Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow Strong FY24 prelims // Growth to continue; chg Topic: Netfonds reported strong FY24 prelims beating our exp [ … ]

Company Name: Knaus Tabbert AG ISIN: DE000A2YN504   Reason for the research: vorläufige Ergebnisse 2024 Recommendation: Kaufen from: 20.03.2025 Target price: €29 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Knaus Tabbert AG (ISIN [ … ]

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

Company Name: Grand City Properties SA ISIN: LU0775917882   Reason for the research: Jahresbericht 2024 Recommendation: Kaufen from: 20.03.2025 Target price: €14,20 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Grand City Properties S. [ … ]

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