Bayer’s stock took a nosedive after announcing plans for a 35% capital increase authorization at its April 2025 AGM, fueling investor concerns. The company remains entangled in 67,000 unresolved U.S. lawsuits over Roundup, despite already shelling out EUR 11bn in settlements and setting aside EUR 5.9bn in legal provisions. While Bayer insists the capital authorization is a precaution to maintain financial flexibility, not for reckless share issuance or M&A, it aims to avoid further overleveraging and jeopardizing its credit rating. Investors remain wary as confidence in management is shaky, fearing that legal costs could exceed current provisions. However, is there a silver lining? This move might hint at a settlement framework in the works behind doors, potentially setting the stage for a stock rally if legal uncertainties fade. With Bayer’s shares already beaten down, the risk-reward appears to be skewed to the upside, supporting a maintained BUY rating with an unchanged EUR 29.00 PT. The full update can be downloaded under https://www.research-hub.de/companies/Bayer%20AG

CGM’s organic (org.) revenue growth and adjusted (adj.) EBITDA in FY 2024 came in slightly below consensus and near the lower end of its guidance range. Revenues were down 2% organically (org.) and by 3% yoy on reported basis to EUR 1.2bn as a result of higher one-off revenues in the prior year. However, recurring revenues continued to gain momentum and now account for 74% of all sales (vs 69% in FY 23). Adj. EBITDA declined 15% yoy to EUR 225m (margin: -2.8ppt yoy to 19.5%), due to higher investments in large projects, elevated R&D spend and drop in high-margin one-off business vs previous year. Its guidance for FY 25 is tepid, with low-to-mid-single digit org. revenue growth and a slight increase in adj. EBITDA expected. The voluntary takeover bid by CVC Capital Partners to acquire shares of CMG is complete and CVC now owns 21.9% of total share capital, while the founding family, Gotthardt, retains majority stake with c. 50.12%, paving the way for eventual delisting, likely by Q2 2025. Therefore, mwb research’s analysts reiterate their SELL rating with an unchanged PT of EUR 22.00. The full update can be downloaded under https://www.research-hub.de/companies/CompuGroup%20Medical%20SE

Deliveroo has announced its exit from the Hong Kong market, selling selected assets to Delivery Hero’s foodpanda. Despite generating c. GBP 350m (~ EUR 400m) in Gross Transaction Value in 2024, Deliveroo’s Hong Kong business remained EBITDA negative, prompting its withdrawal. This transaction should strengthen foodpanda’s market position, absorbing Deliveroo’s vendors and customers in an increasingly competitive market, where KeeTa (Meituan) dominates with 43% of order volume. With fewer competitors, foodpanda stands to benefit from operational synergies and scale efficiencies, improving its competitive stance. mwb research’s analysts do not expect Delivery Hero to overpay, and the assets could become more profitable under foodpanda, potentially enhancing pricing power and profitability. The analysts maintain their EUR 49.00 price target and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE

Company Name: INDUS Holding AG ISIN: DE0006200108   Reason for the research: Update Recommendation: Buy from: 10.03.2025 Target price: EUR 34.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Buybacks completed // expansionary fiscal policy to fuel growth Topic: INDUS successfully completed  [ … ]

Company Name: CLINUVEL Pharmaceuticals ISIN: AU000000CUV3   Reason for the research: Update Recommendation: BUY from: 07.03.2025 Target price: 22 AU$ Target price on sight of: 12 month Last rating change: no change Analyst: Thomas Schiessle, Daniel Großjohann H1/25 with another record result - more speed + higher opportunit [ … ]

ProSiebenSat.1 Media’s (PSM) Q4 and FY 24 results were broadly as expected. Q4 revenues fell 2% yoy to EUR 1.26bn (in line with consensus) amid soft TV advertising (ad) business in the DACH region, albeit witnessing positive development at PSM’s digital and commerce platforms. In Q4, adjusted (adj.) EBITDA of EUR 290m was down 13% yoy, due to a tepid top-line and higher costs, though it beat consensus by 3%. Overall, FY revenues of EUR 3.9bn (+2% yoy) and adj. EBITDA of EUR 557m (-4% yoy) met guidance. The market environment remains challenging for PSM amid macro and political uncertainty. Consequently, management issued cautious guidance for FY25, expecting revenues to come in at c. EUR 4.0bn (+/- EUR 150m), +2% yoy at the mid point, and adj. EBITDA of EUR 550m (+/- EUR 50m), c.-1% yoy. mwb research’s analysts include the FY24 results and the weak FY25 forecast in their model and adjust their short-term estimates accordingly. The assumption of a medium-term recovery results in a new DCF-based price target of EUR 5.80 (old: EUR 5.00). The rating remains HOLD. The full update can be downloaded under https://www.research-hub.de/companies/research/ProSiebenSat.1%20Media%20SE

Zalando delivered solid Q4 and FY 2024 results, with revenues and EBIT at the upper end of guidance and customer growth remaining strong. Despite higher marketing investments, improved gross margins and better inventory management drove a 20% yoy increase in Q4 adj. EBIT. Management expects the positive momentum to continue in 2025, with further growth supported by the upcoming ABOUT YOU acquisition. mwb research’s analysts confirm their BUY recommendation on Zalando at a revised target price of EUR 39.00 (old: EUR 38.00). The full update can be downloaded under https://www.research-hub.de/companies/Zalando%20SE

Duerr‘s Q4 24 sales from continuing operations declined 6% yoy to EUR 1.1bn, due to weakness at HOMAG (Woodwork division) and some automotive project delays. Adjusted EBIT (cont.) fell 24% yoy to EUR 59m (margin: -1.2ppt to 5.1%), mainly due to high R&D investment in lithium-ion battery business and under absorption of costs in Woodworking division. However, the reported order intake at EUR 1.1bn (+3% yoy, cont. ops. +9% yoy) was better-than-market expectations (a 12% beat), driven largely by automotive refurbishment and production automation demand. After a strong FY24, order intake is expected to slightly moderate in FY25 (-5.2% yoy at midpoint), and amid macro uncertainties, only modest sales growth and adj. EBIT margin expansion is expected, with midpoint growth/expansion of 2.5% yoy and 0.4ppt yoy, respectively. That said, Duerr’s automotive business, (i.e. shop systems), is performing well despite challenges in the industry. The company is at the start of a long modernisation cycle for paint shops, with about 60% of global facilities being over 20 years old, which should offer significant sales growth potential. At current levels, Duerr’s valuation is attractive. mwb research’s analysts reiterate their BUY rating at an unchanged PT of EUR 31.00. The full update can be downloaded under https://www.research-hub.de/companies/Duerr%20AG

Following mwb research’s review of Cicor’s FY24 results, the analysts highlight the company’s return to organic growth in Q4, supported by stronger demand in defence and healthcare, and first revenues from co-developed products. Alongside this, Cicor’s proven M&A playbook continues to drive both top-line growth and margin expansion, with five acquisitions in the past 4 quarters strengthening its positioning in key sectors. With CHF 150m in firepower, further acquisitions are likely, including the potential Éolane France deal. Combined with tailwinds from ReArm Europe, recovering healthcare demand, and a clear 2028 roadmap, the analysts see strong upside potential. mwb research raises its price target to CHF 100.00 (old: CHF 96.00) and reiterates the BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

Siltronic delivered a resilient performance in FY24, navigating ongoing customer inventory overhang with solid cost discipline and support from higher proportion of LTAs, which helped stabilize margins despite pricing and volume pressures. While FY25 is shaping up to be another challenging year, with a soft H1, lower margins, and further EBIT pressure from higher depreciation as FabNext ramps up, the company’s strong focus on cash preservation and cost control will help mitigate the impact. Importantly, Siltronic’s valuation looks increasingly hard to justify, now trading well below book value. Driven by structural tailwinds from AI, PC & smartphones, and EVs, and with key customer qualifications at FabNext on track, mwb research’s analysts see meaningful upside once destocking clears, likely by 2026. The analysts reiterate their BUY rating with a EUR 65.00 price target, as Siltronic offers a rare opportunity to buy quality assets at still deeply discounted levels. The full update can be downloaded under https://research-hub.de/companies/Siltronic%20AG