MHP Hotel AG has raised its FY24 EBITDA guidance to EUR 10.0-10.5m (from EUR 9m) following a stronger than expected performance, driven by its strategic focus on the premium and luxury hotel segment, which continues to outperform in Germany. The recently released Q1 results showed continued robust growth with RevPAR up 12% and revenue up 17% yoy, supported by higher occupancy, higher rates and the opening of the Koenigshof Munich. The company remains confident in its growth strategy and the ongoing consolidation in the European hotel industry creates attractive opportunities. If warranted, MHP would consider raising funds to capitalize on these opportunities. The 2025 guidance is confirmed. mwb research’s analysts raise their estimates and increase their target price to EUR 3.35 (from EUR 3.30). MHP trades at a very attractive 25E EV/EBITDA multiple of less than 3x, which supports mwb research’s BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/MHP%20Hotel%20AG

R. STAHL posted record Q1 25 order intake of EUR 98.8m (+7.1% yoy), driven by strong demand in Asia/Pacific (+84%), boosting backlog to EUR 122.4m. However, revenues declined 13.4% yoy to EUR 73.3m due to the lag from H2 24’s weak demand. EBITDA before special items fell 56.6% yoy to EUR 3.7m, with the EBITDA margin halving to 5.0%, impacted by lower sales and rising personnel costs. As a result, net income turned negative at EUR -2.5m. While short-term earnings are under pressure, strong order momentum and strategic progress in Asia support management's cautiously optimistic outlook for H2 25. mwb research’s analysts have revised their model assumptions, incorporating the reported FY24 numbers and the Q1 25 update, as well as the FY outlook. Although the analysts have lowered their near-term estimates, their long-term forecasts remain intact. mwb research lowers its price target from EUR 27.20 to EUR 25.30, while maintaining the BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/r-stahl-ag

Rational's Q1 2025 results were mixed, with revenues of EUR 295m (+3% yoy) slightly below consensus and EBIT of EUR 72m (+1% yoy) missing expectations due to a planned 10% rise in operating costs, particularly R&D. EPS came in at EUR 5.00, about 3% below consensus, while free cash flow turned negative due to timing-related tax and working capital effects. Regional growth was led by Europe ex-Germany (+7%) and North America (+11%), while Asia declined 20% due to a tough prior-year comparison. Management reaffirmed its FY 2025 guidance for mid-single-digit sales growth and ~26% EBIT margin, maintaining a cautiously optimistic outlook. mwb research’s analysts see no major changes to the underlying investment case but note limited near-term upside given the current valuation (~35x FY25E P/E). The analysts maintain their HOLD rating with an unchanged PT of EUR 835.00. The full update can be downloaded under https://www.research-hub.de/companies/research/RATIONAL%20AG

Koenig & Bauer (SKB) reported Q1 2025 sales of EUR 252.2m (-0.4% yoy), in line with expectations amid seasonal weakness. The Paper & Packaging segment grew 7.4% yoy, partially offsetting a 7.2% yoy decline in the Special & New Technologies segment. Order intake rose slightly to EUR 245.2m (+0.9% yoy), and the order backlog reached a record EUR 1.03bn (+14.6% yoy), ensuring solid visibility for FY25. EBIT margin declined due to temporary volume/mix effects and Spotlight-related costs. Despite this, FY25 guidance was reaffirmed, with revenue expected at EUR 1.3bn and EBIT between EUR 35–50m. Strategic initiatives, including a CFO transition, digital spin-off, and partnerships with Google and Siemens, bolster SKB’s transformation. mwb research’s analysts maintain their BUY rating and EUR 21.00 price target. The full update can be downloaded under https://www.research-hub.de/companies/research/Koenig%20&%20Bauer%20AG

A mixed but stable start to 2025 for BASF, as macro uncertainty weighs on near-term visibility. Q1 results showed modest top-line pressure from softer volumes and pricing, particularly in Agricultural Solutions and Surface Technologies, while EBITDA ex-special items held up better than expected thanks to positive one-offs in the ‘Other’ segment. Profitability across core businesses remained under pressure, and free cash flow was negative, reflecting working capital effects, litigation payments, and metals trading. Management reaffirmed its full-year guidance but acknowledged rising external risks, particularly from trade tensions and demand caution across key markets. Still, BASF continues to focus on cost discipline, localized production, and selective investments in growth areas—setting a more resilient base for medium-term recovery. mwb research’s analysts maintain their BUY rating but reduce their price target to EUR 55.00 (from EUR 60.00), reflecting a slower-than-expected earnings recovery despite an improving strategic setup. The full update can be downloaded under https://www.research-hub.de/companies/BASF%20SE

Drägerwerk (Dräger) delivered a mixed Q1 25, with order intake rising 6.1% yoy to EUR 860.8m, signaling robust demand across both Medical and Safety divisions. However, revenue declined slightly by 1.2% to EUR 730.3m, and EBIT dropped to just EUR 0.4m (Q1 24: EUR 15.1m) due to seasonal effects and higher personnel costs. The strong momentum in Engineered Solutions and growth in EMEA and APAC underline strategic traction. Despite seasonal margin pressure, management reaffirmed its FY25 guidance (1–5% sales growth, 3.5–6.5% EBIT margin). Supported by a healthy order book and the improving business mix, mwb research’s analysts maintain their BUY rating and the unchanged price target of EUR 72.00. The full update can be downloaded under https://www.research-hub.de/companies/Draegerwerk%20AG%20&%20Co.%20KGaA

In Q1, the industry faced a softer jackpot environment with no peaks - a dynamic that typically dampens engagement and spending. Still, the company continues to benefit from strong structural momentum, including pricing tailwinds, a growing active user base, and improving business mix from the ramp-up of higher-margin verticals such as Games and Traumhausverlosung. These drivers are expected to support solid top-line growth, with sales forecast at EUR ~48m (+32.5% yoy), and EBITDA margin expanding to 29% (+3pp yoy), weighted down partially by increased marketing and growth investments. mwb research’s analysts see ZEAL firmly on track to meet its full-year targets, underscoring the scalability and strength of its platform, reinforced by consistently outstanding execution. The analysts maintain their BUY rating with PT EUR 60.00. The full update can be downloaded under https://www.research-hub.de/companies/ZEAL%20Network%20SE

Circus has announced an eight-month pilot partnership with REWE Region West to deploy its autonomous cooking robot, CA-1, in several German supermarkets starting autumn 2025. The pilot includes three CA-1 units and the Circus Software Suite to evaluate customer satisfaction, technical performance, and operational feasibility. With REWE Region West supplying 560 stores and REWE Group operating over 6,000 food retail outlets in Germany, a successful pilot could lead to significant commercial potential— mwb research’s analysts estimate a triple-digit million EUR in equipment sales and high double digit million EUR in annual SaaS revenue if adopted in just 10% of stores. Additionally, Circus is set to begin rollout with food franchise Mangal under a 500-unit framework agreement this autumn. Supporting this growth, Circus has completed a high-volume production facility in China and is finalizing a EUR 21.3m capital increase to fund global expansion. mwb research’s analysts maintain their BUY rating with a EUR 75.00 target price. The full update can be downloaded under https://research-hub.de/companies/circus-se

mwb research’s analysts initiate coverage of Hamborner REIT AG with a BUY recommendation and a PT of 11.00 offering an upside potential of c. 75%. Hamborner is a German commercial real estate company with a diversified portfolio of retail and office properties across Germany. The company manages 66 properties with a current value of EUR 1.4bn and focuses on active portfolio management to generate stable cash flows and maintain an attractive dividend policy. The company's strengths include a geographically diverse portfolio, high-quality tenants with long-term leases and conservative financial ratios. Despite market challenges, the German real estate market is showing signs of stabilization, which mwb research’s analysts believe allows Hamborner to participate actively. Trading at a 35% discount to NAV and with a dividend yield of 5-6%, Hamborner represents an attractive investment opportunity. The full update can be downloaded under https://research-hub.de/companies/hamborner-reit-ag

mwb research’s earnings call with Intershop provided more context for the published Q1 results. The company reported improved profitability in Q1 2025 despite a 4% revenue decline, driven by a strategic shift away from service-led projects. EBITDA rose to EUR 0.84m with a 9% margin, and ARR grew 14% to EUR 20.4m. While cloud revenue expanded and AI monetization began, weak order intake (–17%) and Net New ARR (–43%) highlight near-term headwinds. Liquidity remains solid (EUR 7.8m), with refinancing largely secured for a maturing convertible bond. Management reiterated cautious FY2025 guidance, targeting slightly positive EBIT and modest cloud growth. Stronger sales pipeline activity and early AI adoption suggest medium-term upside potential. mwb research’s analysts maintain their BUY rating and EUR 3.00 price target. A recording of the event is available here: https://research-hub.de/events/video/2025-04-30-13-30/ISHA-GR. The full update can be downloaded under https://www.research-hub.de/companies/Intershop%20Communications%20AG