At the mwb New Food Conference, GEA’s Deputy Head of IR, Rebecca Weigl, highlighted the company’s strategic growth in its New Food vertical, despite near-term macro headwinds. GEA aims to exceed EUR 400m in annual order intake in Food by 2030, driven by its full-line technology leadership in fermentation, cultivation, and plant-based processing. Under its “Mission 30” plan, GEA targets >5% organic sales CAGR, 17–19% EBITDA margin, and >45% ROCE, supported by cost efficiencies and strong service revenue growth. With improving free cash flow and a >60% cash conversion rate expected by 2030, GEA is also returning capital through a EUR 400m buyback and 50% dividend payout. While the outlook is strong and the roadmap credible, much of this is already priced in—leading to a HOLD rating with an updated fair value of EUR 61.00. The full update can be downloaded under https://www.research-hub.de/companies/GEA%20Group%20AG

Cicor has closed its strategic partnership with Mercury Mission Systems, including the acquisition of a Geneva-based electronics facility. Mercury’s five-year supply commitment enhances revenue visibility and utilization across Cicor’s European footprint. Beyond immediate volume, both parties aim to deepen collaboration, which mwb research expects to drive incremental organic growth from 2027 onward. The deal adds momentum to Cicor’s path toward CHF 1bn in 2028 sales. While mwb research views the company positively, recent share gains limit upside to the analyst’s new CHF 135 price target, up from CHF 120. Mwb research maintains a HOLD rating. For further insight, watch Cicor’s recent strategy presentation at mwb’s A&D conference: https://research-hub.de/events/video/2025-05-20-11-30/CICN-SW The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

INDUS Holding AG has acquired METFAB Engineering, Inc., a U.S.-based specialist in precision metal fabrication with ~EUR 7m in annual sales. The company will be integrated into INDUS subsidiary M. BRAUN, strengthening local manufacturing capabilities and supporting growth in North America. Strategically aligned with INDUS' “EMPOWERING MITTELSTAND” strategy, the deal secures supply chain resilience and unlocks cross-selling opportunities. Estimated at EUR 4–6m, the acquisition is likely margin-accretive and funded from INDUS’ strong cash position. Following the recent acquisition of Sunbelt, this marks INDUS’ fourth M&A deal in 2025, with further activity expected. mwb research’s analysts reiterate their BUY rating and maintain their EUR 33.00 price target, offering ~50% upside. The full update can be downloaded under https://www.research-hub.de/companies/INDUS%20Holding%20AG

At the Capital Markets Day, Stabilus reaffirmed its medium-term targets: aiming for a revenue of up to EUR 2bn and an adjusted EBIT margin of 15% by 2030. Key growth drivers include innovation in comfort, security, and automation across automotive and industrial sectors. Regional projections show balanced growth across EMEA, the Americas, and APAC. Despite short-term challenges, Stabilus remains confident to reach the targets and also plans to reduce its net leverage significantly by 2030. While the revenue goal may be ambitious organically, historical M&A trends support its feasibility. Having said, the margin target appears realistic in the view of mwb research’s analysts. Overall, current valuation remains attractive, as their DCF analysis continues to yield a value of EUR 42.00, which is why the analysts are maintaining their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Stabilus%20SE

Wolftank Group has secured over EUR 50m in new and renewed contracts in its core Environmental Services segment, strengthening its position in Italy. Key wins include a EUR 20m+ soil remediation contract via subsidiary Petroltecnica and the renewal of two framework agreements with Italiana Petroli worth EUR 30m over three years. Additional contracts with Tamoil and e-Distribuzione further support the Group’s recurring revenue base. This strong order intake enhances multi-year visibility and underscores Wolftank’s ability to secure technically complex projects while maintaining long-term client relationships. The newly announced and renewed contracts contribute more than EUR 20m in revenues per year, fully aligned with mwb research’s analysts existing estimates and optimistic view on Wolftank. The analysts maintain their BUY rating and price target of EUR 15.00, implying an upside potential of over 100%, reflecting the Group’s strong strategic positioning, recurring revenue base, and attractive exposure to long-term environmental infrastructure trends. The full update can be downloaded under https://www.research-hub.de/companies/Wolftank-Adisa%20Holding%20AG

Veganz Group AG has entered into a strategic partnership with Canadian food and beverage company Lassonde Industries (TSX: LAS.A) to adapt its patented Mililk technology—a cost- and energy-efficient 2D food printing process—for juices, smoothies, and functional "better-for-you" beverages in North America as part of a three-month, paid R&D project. The technology, which is currently used to produce plant-based milk alternatives (“Mililk”), offers key benefits such as extended shelf life, up to 94% less packaging, significantly reduced CO₂ emissions, and lower logistics costs. The cooperation demonstrates the potential of the technology and is another potential catalyst in a rerating of Veganz shares, next to the introduction of Mililk into the US market and a potential strategic investor in Orbifarm. mwb research’s analysts confirm Spec. BUY rating with PT EUR 25.00. A recording of this week’s presentation of CEO Jan Bredack at the mwb research’s “New Food Conference” can be watched here: https://researchhub.de/events/video/2025-06-03-11-30/VEZ-GR . The full update can be downloaded under https://research-hub.de/companies/veganz-group-ag

At mwb’s New Food Conference, Delivery Hero provided a strategic update through Barbara Jeitler, Director of Investor Relations. Key highlights included robust growth in global food delivery and quick commerce, particularly with its own delivery model and expanding ad-tech business. The company confirmed strong FY24 performance, reporting 8% GMV growth and 22% revenue growth, with adjusted EBITDA of EUR 693m. For FY25, it expects GMV growth of 8-10% and EBITDA of EUR 975-1,025m. Delivery Hero also focused on its ongoing debt reduction, including proceeds from the Talabat IPO and a termination fee from the canceled Taiwan business sale. Despite strong growth prospects, the current valuation does not fully reflect the company’s long-term potential. mwb research believes there is significant value to be unlocked, which could drive higher market valuations. The company remains well-positioned for long-term growth, with a PT of EUR 45.00 and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE

tk nucera has announced it has been selected for a Front-End Engineering and Design (FEED) study on a 600 MW green hydrogen project in Europe, targeting a final investment decision (FID) in 2026. The hydrogen will support hard-to-abate industrial sectors and marks the third major project in the region using tk nucera’s technology. A positive FID could translate into EUR 200–300m in order intake (mwb est.), or about one-third of expected AWE orders for FY26. With the AWE backlog at EUR 400m and recent order intake very low (EUR 4m in Q2 FY25), the contract would provide much-needed support. An actively pursued project pipeline of EUR 12bn offers further near-term potential. mwb research’s analysts keep their estimates unchanged for now but note that successful conversion of feasibility-stage projects into orders could significantly raise our forecasts. The BUY rating and PT of EUR 12.00 are reiterated based on their DCF model. The full update can be downloaded under https://www.researchhub.de/companies/thyssenkrupp%20nucera%20AG%20&%20Co%20KGaA

R. STAHL continues to follow its long-term strategy through EXcellence 2030, focusing on international expansion and digitalization. Key initiatives include investments in growth markets like India and China, as well as new product launches such as the digital twin platform. The company confirmed its FY25 revenue forecast of EUR 340-350m and EBITDA of EUR 35-40m, despite challenges in the macroeconomic environment. While Q1 2025 showed a 13.4% revenue decline, strong order intake offers optimism for H2 2025. R. STAHL remains a reliable, strategically sound investment. mwb research’s analysts maintain the BUY rating with a price target of EUR 25.30. The full update can be downloaded under https://research-hub.de/companies/r-stahl-ag

Staige One AG reported FY24 sales of EUR 2.0m, flat yoy, with EBITDA improving significantly to EUR -3.5m (FY23: EUR -5.5m) due to strong cost discipline. Despite delays in key customer orders, operational revenues grew modestly. For FY25, management guides for 75–100% sales growth and a further EBITDA improvement, driven by international contracts and industrial applications. A fully subscribed capital increase of EUR 2.07m and extended shareholder loans improve liquidity and underline investor confidence. Execution risk remains, but the path to breakeven by FY26 appears intact. With growing market traction, scalable tech, and a solid funding base, mwb research reiterates its Speculative BUY rating with an unchanged PT of EUR 3.70, offering substantial upside from current levels. The full update can be found under https://www.research-hub.de/companies/Staige%20One%20AG