Company Name: Global Fashion Group S.A. ISIN: LU2010095458   Reason for the research: Initiation Recommendation: BUY from: 08.05.2025 Target price: EUR 0.80 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Turnaround play in global fashion, Initiate GFG with BUY Emerging markets are poised for grow [ … ]

Knorr-Bremse’s final Q1 2025 results align with preliminary figures, reflecting a mixed performance. Group revenue reached EUR 1.958bn, slightly down from EUR 1.974bn last year. Operating EBIT was EUR 236m, matching preliminary data, and the EBIT margin remained at 12.1%. Net income of EUR 143m and EPS of EUR 0.84 were slightly below the previous year, due to EUR 23m in restructuring charges under the BOOST 2026 program. Cash flow improved significantly, with free cash flow rising to EUR 15m from a negative EUR 95m in Q1 2024. Divisional performance was mixed: Rail Vehicle Systems showed strong growth, while Commercial Vehicle Systems faced pressure. Order intake exceeded the prior year’s Q1, driven by strong demand in Rail and Trucks Europe. Despite this, the outlook remains cautious, mwb research’s analysts maintain their HOLD rating with a PT of EUR 80.00. The full update can be downloaded under https://www.research-hub.de/companies/Knorr%20-%20Bremse%20AG

Rheinmetall's final Q1 2025 results confirm the strong momentum reported with preliminary numbers, with group sales up 46% yoy to EUR 2.3bn and operating profit rising 49% to EUR 199m, driven by robust military demand (+73% yoy). The order backlog reached a record EUR 62.6bn, supported by major German contracts including TaWAN and IdZ-ES. Defense segments led the growth, while Power Systems lagged due to a weak auto market. Cash flow rebounded, net debt fell, and the equity ratio improved. The FY25 guidance was reiterated, but mwb research’s analysts see potential for upward revisions later in the year. The analysts maintain their EUR 2,000 price target and reiterate their BUY rating.The full update can be downloaded under https://www.research-hub.de/companies/Rheinmetall%20AG

Hamborner REIT AG reported Q1 2025 results that highlight continued operational stability in a cautious market. Rental income declined slightly to EUR 23.0m (-1.7% yoy), impacted by property disposals and timing of rental sales. FFO came in at EUR 11.9m (- 15.2%), broadly in line with the company’s FY25 FFO guidance. Leasing momentum slowed, but tenant retention remained high at 87%, and only 2.5% of annual rents are subject to re-letting in 2025. Overall, key portfolio metrics remained solid: occupancy at 97.0%, WALT at 5.7 years, and NAV per share rose 1.4% to EUR 9.93. Additionally, balance sheet ratios strengthened with a lower LTV of 41.1%. With a proposed dividend of EUR 0.48/share (~7.6% yield) and shares trading at a discount to NAV, mwb research’s analysts maintain their BUY rating and EUR 11.00 price target. Join mwb research’s roundtable on May 15 at 2:00 PM CEST, where CEO Niclas Karoff and Head of IR Christoph Heitmann will provide firsthand insights. Register here to participate: https://research-hub.de/events/registration/2025-05-15-14-00/HABA-GR. The full update can be downloaded under https://research-hub.de/companies/hamborner-reit-ag

GEA delivered a solid Q1 2025 with soft revenues but stronger-than-expected profitability. Sales of EUR 1,258m came in just below consensus, with organic growth slowing to 0.9%, reflecting continued macro pressures and mixed divisional performance. However, adjusted EBITDA rose 9.8% yoy to EUR 198m—5% above consensus—driven by gross profit gains. Order intake grew 3.4% organically, supported by large orders and a healthy book-to-bill ratio of 1.12x, maintaining a robust EUR 3.2bn backlog. While free cash flow remained negative, it improved yoy on better working capital management. With guidance reaffirmed and profitability tracking well, mwb research’s analysts maintain their HOLD rating and DCF-based target price of EUR 55.00. The full update can be downloaded under https://www.research-hub.de/companies/GEA%20Group%20AG

INDUS Holding AG has lowered its FY25 guidance due to geopolitical disruptions. Revenue is now expected at EUR 1.70–1.85bn (prev. EUR 1.75–1.85bn), and adjusted EBITA at EUR 130–165m (prev. EUR 150–175m), with a reduced margin of 7.5–9.0%. The downgrade (mid-point reduction of sales -1.4% / adj. EBITA -9.2%) stems from weakened demand in the Materials Solutions segment following new U.S. tariffs and Chinese export controls on tungsten, which impact key subsidiary BETEK. Potential H2 revenue losses of EUR 20–40m and EBITA impact of EUR 8–15m are possible – according to the company. Despite near-term headwinds, management has responded quickly, and the diversified portfolio provides resilience in the view of mwb research’s analysts. The analysts cut their PT to EUR 33.00 (prev. EUR 34.00) but maintain their BUY rating based on INDUS’ long-term value potential. The full update can be downloaded under https://www.research-hub.de/companies/INDUS%20Holding%20AG

Hugo Boss delivered soft but better-than-expected Q1 2025 results, highlighting resilience in a tough environment. Sales declined 2% yoy in constant currency to EUR 999m, beating expectations despite weaker consumer sentiment. Gross profit also fell 2% yoy to EUR 613m, with margins stable at 61.4%. EBIT dropped a steeper 12% yoy to EUR 61m (margin: 6.1%), though this exceeded estimates by 22%, reflecting effective cost control amid inflationary pressures. Despite ongoing macro uncertainty, Hugo reaffirmed its FY 2025 guidance, expecting flat sales (at the mid-point) and EBIT growth of 5–22% yoy (EUR 380m–440m; margin ~9.5%). While the return to growth may take time, the outlook remains robust. mwb research maintains their EUR 52.00 target and reiterate their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/research/Hugo%20Boss%20AG

MTU Aero Engines (MTU) delivered another strong quarterly result in Q1 25. In line with its preliminary release, adj. revenues grew 25% yoy to EUR 2.09bn, led by commercial maintenance (+33% yoy) and commercial OEM (+17% yoy) segments. Adj. EBIT surged 38% yoy to EUR 300m, with the margin improving 1.3ppt yoy to 14.3% (+30bps qoq) on a better OEM mix (+5.0ppt yoy to 28.4%). Revenues and adj. EBIT had surpassed consensus by 9% and 16%, respectively, at the time of pre-release. Management confirmed its recently updated FY 25 guidance – revenues of EUR 8.3b-8.5bn (vs EUR 8.7bn-8.9bn previously, due to EUR-US FX rate development) and mid-teens growth in adj. EBIT. These exclude estimated potential impact from tariffs (c.mid-to-high doubledigit EURm). MTU’s solid Q1 results, robust order backlog of EUR 27.7bn, and improving cash flow situation (adj. FCF of EUR 150m in Q1) are reassuring and indicate resilient demand for engine maintenance and aftermarket services. mwb research’s analysts maintain their BUY rating with unchanged PT of EUR 365.00. The full update can be downloaded under https://www.research-hub.de/companies/MTU%20Aero%20Engines%20AG

ZEAL's Q1 2025 results underscore the strength and scalability of its business model, delivering standout performance amid a zero-jackpot peaks environment (Q1 24: 4 peaks). Benefiting from the momentum carried over from Q4’ 24, revenues came in at EUR 51.1m (+42% yoy), beating mwb estimate by 5%. Meanwhile the EBITDA margin reached 35% (+9pp yoy), well ahead of our estimate of EUR 29%. This highlights ZEAL’s high operational leverage amid a +25% yoy increase in operational expenses. Performance was driven by pricing tailwinds, a growing user base, and a more profitable product mix. Although management has reiterated its FY25 guidance, mwb research’s analysts view it as slightly cautious as Q1 delivered a strong beat despite zero jackpot peaks, and with the first Eurojackpot peak already in motion, the setup for FY25 looks favourable. The analysts see clear upside potential and accordingly raise our estimates and price target to EUR 63.50 (from EUR 60.00), confident in ZEAL’s ability to deliver consistent shareholder value. The full update can be downloaded under https://www.research-hub.de/companies/ZEAL%20Network%20SE

Redcare Pharmacy delivered a decent start to 2025, with Q1 sales rising 28% year-on-year to EUR 717m, in line with expectations. Growth was driven by prescription sales, up 50% to EUR 234m, and non-prescription sales, up 20% to EUR 484m. German Rx sales surged 191% to EUR 108m, reflecting rapid adoption of e-prescriptions. Adjusted EBITDA margin improved to 1.3% in Q1 from -0.7% in Q4 2024, thanks to better marketing efficiency. Management reaffirmed FY25 guidance: over 25% sales growth and 2%-2.5% EBITDA margins, along with a long-term margin goal above 8%. mwb research remains confident in RDC’s strategy and execution, maintaining their price target of EUR 144.00, and reiterate their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Redcare%20Pharmacy%20N.V.