Amid cooling automotive demand, highlighted by weaker EV demand in Europe and the Americas and potential 200% tariffs on Chinese EVs under the Trump administration, Infineon faces a changing landscape. However, its diversified portfolio and strong demand for semiconductor solutions, underscored by a recent strategic collaboration with Stellantis and robust demand in China, provide a buffer against short-term headwinds. While a further decline in order backlog is expected in the next Q4 report, mwb research’s analysts believe Infineon will meet its Q4 sales target of EUR 4bn with a 19% EBIT margin, slightly below the 20% guidance. The analysts anticipate a gradual recovery in automotive demand through H2 2025, powered by a sweeping shift toward electrification, a trend that’s here to stay for the long haul. The analysts maintain their BUY rating with an unchanged PT of EUR 38.50. The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

CGRE AG has announced that an insolvency proceeding for its 89.9% subsidiary CG Mariannen-Campus Nord GmbH & Co. KG has been initiated. This company operates a completed, fully let property in Leipzig with over 12,100 sqm of lettable space and annual net rent of approximately EUR 1.3m. The carrying value of the investment in CGRE's books is approximately EUR 3.4m. The remaining 10.1% is held indirectly by the Gröner Group, which itself recently filed for insolvency. Although this is not a positive development for CGRE, the immediate financial risk appears to be limited to around 5% of the company's net asset value (NAV). CGRE is working on a solution to minimize the risk. mwb research’s analysts reiterate their BUY rating on the stock, but with a lower target price of EUR 14.60 instead of EUR 15.00, as they are pricing in a worst-case scenario in which approximately 70% of the value of the aforementioned project company will have to be written off. The full update can be downloaded under https://www.research-hub.de/companies/CGRE%20AG

This week, Cicor Technologies outlined its Strategy 2028 at its Capital Markets Day, setting a new revenue target of CHF 1bn by 2028, up from CHF 390m in 2023, fueled by both organic growth and strategic acquisitions. The recent acquisition of Nordic Engineering Partner AB (NEP) in Sweden expands Cicor's development capabilities in healthcare technology, industrial electronics, and aerospace/defense. Additionally, Cicor is nearing completion of an acquisition in Germany, projected to add EUR 20-30m in revenue and strengthen its position in Europe’s largest electronics market. These acquisitions align with Cicor’s growth strategy, leading mwb research’s analysts to adjust their price target to CHF 83.00 (old: CHF 82.00) and reaffirm their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

Westwing’s Q3 2024 report showed a revenue increase of 3.1% yoy to EUR 95.8m, driven by DACH's strong performance with a 4.1% growth, significantly outpacing the market, while the International segment was constrained by a shift to global/premium assortment. Adjusted EBITDA rose 45.8% yoy to EUR 3.5m, supported by higher gross profit, fulfillment efficiencies, and a focus on the high-margin Westwing Collection, now accounting for 58% of GMV. The company continued brand awareness campaigns, particularly in DACH, which elevated operating expenses but is expected to bolster long-term customer engagement. Customer metrics showed fewer orders but a higher average basket size (+16% to EUR 206), reflecting success in premium positioning. Despite a cautious sector outlook and a revised price target of EUR 9.50 (old: EUR 10.00), Westwing’s consistent outperformance leads to a reaffirmed BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/Westwing%20Group%20SE

Daimler Trucks (DTG) announced Q3 24 results with revenues down 5.2% yoy and adjusted EBIT down 12% yoy to EUR 1.19bn, in line with consensus but below mwb research’s expectations. Unit sales were down 11% yoy, with significant declines in MercedesBenz (Europe) and Trucks Asia, while Trucks North America was stable. The book-to-bill ratio of 0.82x was a cause for concern, suggesting that orders are not keeping pace with delivery volumes, which are already in decline. Nevertheless, the company reaffirmed its guidance and expects adjusted EBIT to be slightly below last year. Given the weaker EBIT performance compared to last year, mwb research’s analysts lowered their estimates and PT to EUR 35.00 (from EUR 38.00) and downgraded the rating to Sell (from HOLD). This downgrade is also driven by the recent rally in the share price, which the analysts believe has been too strong given the ongoing demand pressures, particularly in Europe and Asia, with a potential spillover into the still-stable US market. The full update is available at https://www.research-hub.de/companies/Daimler%20Truck%20Holding%20AG

Siemens Healthineers AG’s (SHL) Q4 FY 24 results were broadly in line with consensus. Revenues grew 6% yoy on a comparable (comp.) basis, with growth across most segments. Order intake was healthy, with a good equipment book-to-bill ratio of 1.12x in Q4 (FY 24: 1.11x), driving continued expansion in its order book. Adj. EBIT grew 7% yoy to EUR 1.12bn in Q4 and the margin improved by 50bps yoy to 17.7%, mainly led by a better business mix and operating leverage benefits in the Advanced Therapies and Imaging segments. Looking ahead, for FY 25, management expects comp. revenue growth of 5%-6% yoy and estimates an adj. EPS of c. EUR 2.35-EUR 2.50 (FY 24: EUR 2.23). Overall, the FY 24 results demonstrate the resilience of SHL and its favorable market position in the medical technology industry. Taking the new outlook into account, mwb research’s analysts reiterate their BUY rating at a slightly lower PT of EUR 60.00 (old: EUR 62.00).The full update can be downloaded under https://www.research-hub.de/companies/research/Siemens%20Healthineers%20AG

In its Q3 2024 trading statement, Delivery Hero (DH) reported GMV of roughly EUR 12.5bn, up 4.8% yoy as reported and 9.3% in constant currency, aligning closely with consensus. Total segment revenue rose 19.2% yoy reported to around EUR 3.2bn, slightly below the consensus estimate. All regions showed solid revenue growth, with Europe and MENA delivering the highest yoy increases due to successful monetization and operational improvements. Based on its performance, DH raised its FY outlook, aiming for the upper end of its GMV and revenue growth forecasts. The company also increased its free cash flow guidance to EUR 50-100m. Given the strong performance, mwb research’s analysts have lifted their growth trajectory, resulting in higher estimates for FY25 onwards. Overall, the analysts have increased their PT to EUR 49.00 (old: EUR 47.00). The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE

Puma’s Q3 2024 results were broadly in line. Sales remained flat yoy at EUR 2.3bn during the quarter, falling 2% short of consensus. However, on a currency adjusted (c.a.) basis, growth was resilient at 5.0% yoy and in line with market expectations. The topline growth was broad-based across regions, with good showing in the Americas. The direct-to-consumer business continued with robust momentum and wholesale channel returned to growth trajectory. Despite currency headwinds, the gross profit margin improved by 80bps yoy to 47.9%, supported by a favorable product mix. EBIT was broadly flat yoy at EUR 237m (a 3% beat) and the margin increased slightly by 10bps yoy to 10.3%, despite higher costs related to warehouse ramp-up and digitalization initiatives. The company confirmed its sales and EBIT guidance for FY 24, which is reassuring, given macro headwinds and muted consumer sentiment, particularly in China. The analysts move their EBIT estimate more to the mid-point of the guidance range. Overall, mwb research broadly maintains their estimates. The PT remains at EUR 55.00. The analysts reiterate their BUY rating on the stock. The full update can be downloaded www.research-hub.de/companies/research/Puma%20SE

Mayr-Melnhof's Q3 results were mixed, with revenues of EUR 1.03bn, up 1% yoy but flat sequentially. Margins declined as expected due to planned downtime, with adjusted EBITDA down 130bps sequentially. Operating cash flow decreased sharply due to an increase in working capital, mainly driven by a reduction in trade payables. The Board & Paper Division posted an operating loss due to maintenance shutdowns, exacerbated by weak demand and overcapacity, while the Food & Premium Packaging Division showed solid growth driven by new products. Pharma & Health Care Packaging continued to decline due to destocking, although margins remained stable. With the recovery likely to be U-shaped rather than V-shaped, MM's cost and cash management initiatives are expected to drive a gradual recovery in margins into FY25 despite continued market headwinds. mwb research’s analysts revised estimates result in a new price target of EUR 115.00 (old: EUR 136.00). The analysts reiterate their BUY recommendation. The full update can be downloaded under https://www.research-hub.de/companies/Mayr-Melnhof%20Karton%20AG

Kontron reported a solid financial performance in Q3 2024, with significant increases in revenues and profitability, mainly driven by contribution from the recently consolidated Katek SE. The top-line in Q3 witnessed a significant 45% yoy increase to EUR 427.7m (+6% yoy organic), order intake was robust, with the book-to-bill ratio at 1.21x, backlog was impressive at EUR 2.1bn, EBITDA increased by 70% yoy to EUR 59.4m, and net profit was higher by 29% yoy at EUR 24.4m. Given good progress in 9M, management maintained its guidance for the full year. The company's strategic focus on IoT, synergies from Katek, and emphasis on operating efficiency, including reduction in unprofitable orders, are expected to drive further growth. mwb research broadly maintains its estimates. The experts reiterate their BUY rating, with an unchanged price target of EUR 35.00. The full update can be downloaded under: https://www.research-hub.de/companies/research/Kontron%20AG