In a press interview, CEO Christoph Gerlinger gave an update on the current status of the transformative acquisition plan. The Payments Group Holding (PGH) is progressing with the acquisition of a 75% stake in The Payments Group (TPG), which comprises four PayTech companies. The acquisition, originally planned for early ‘25, has been delayed due to its complexity. In addition, the financial forecasts have been recalibrated and revised significantly downwards compared to the original projections, probably due to the early stage of the transaction and the associated uncertainties. On a positive note, the final purchase price remains undetermined, which is likely to reflect the overall lower projections and end up to be significantly lower than initially agreed. PGH plans to use a combination of cash and equity. At the same time, PGH is engaged in a legal dispute with former major shareholder SGT Capital over a EUR 2.7m default. mwb research’s analysts adjust their post-transaction model assumptions. On the other hand, the analysts are now valuing PGH based on its fall back NAV until further clarity has been reached. This results in a new PT of EUR 1.50 (previously EUR 3.00), leading mwb research to reiterate their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/The%20Payments%20Group%20Holding

Bayer reported muted results in Q4 2024. Sales declined by -1% yoy to EUR 11.7bn (flat yoy currency and portfolio adjusted [c.p.]). However, adjusted EBITDA declined at a steeper 22% yoy to EUR 2.3bn during the quarter on inflationary pressure, FX headwinds, and growth investments towards new launches. Yet, both these P&L lines were c.4% above consensus. Softer results were seen across all segments. Bayer issued an uninspiring guidance for FY 25, with sales guided to be broadly on par with FY 24 at EUR 45.0bn-47.0bn (-3% to +1% yoy) and adj. EBITDA to decline to EUR 9.5bn-10.0bn (-6% to -1% yoy), citing likely headwinds from heightened price competition from generics for Xarelto, general weakness in demand and concerns around tariffs. Despite the short-term challenges, the company’s medium-long-term outlook remains solid, with a strong pharma pipeline and key milestones being achieved on the legal front, whereby, setting the scene for a return to growth in 2026 onwards. mwb research’s analysts maintain their BUY rating at a lower price target of EUR 29.00 (old: EUR 31.00). The full update can be downloaded under https://www.research-hub.de/companies/Bayer%20AG

Despite a weaker H1, Cicor Technologies delivered a strong FY24, driven by acquisition fueled growth, improving organic development in H2, and operational efficiencies. Sales rose 23.3% yoy to CHF 480.8m, supported by M&A, while organic performance gradually improved. EBITDA jumped 29.3%, exceeding expectations, with net profit more than doubling. Strong cash generation, disciplined working capital management, and a robust order backlog provide a solid foundation for 2025, where further organic recovery and M&A contributions are expected. Cicor targets FY25 sales of CHF 520m to CHF 560m, with EBITDA of CHF 60m to CHF 70m. Following these results and the positive outlook, mwb research’s analysts have raised their price target to CHF 96.00 (previously CHF 83.00) and reiterate their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

Multitude has released several news items recently, each adding a piece of the puzzle to the overall picture. Taken together, Multitude will focus on profitable growth and financial stability. In addition, the move to Switzerland increases flexibility for corporate actions and strengthens the company's international profile. The increased stake in Lea Bank expands the presence in the Nordic consumer finance market, and the ongoing share buyback program and the renewed credit ratings reflect confidence in Multitude's long-term strategy, positive outlook and healthy cash position. Despite a rapidly evolving market environment, management has been able to raise fresh funds and steer the company towards greater financial stability, but at a relatively high cost as financing costs increase and weigh on EPS. The sum of the news flow underlines Multitude's strategic focus on sustainable growth and stability, and mwb research’s analysts incorporate all these effects in their model and confirm their BUY rating with a slightly adjusted PT of EUR 12.30 (old EUR 13.20). The full update can be downloaded under https://www.research-hub.de/companies/investment-case/Multitude%20SE

Company Name: Verve Group SE ISIN: SE0018538068   Reason for the research: Research study (Note) Recommendation: BUY Target price: 8.30 EUR Last rating change: Analyst: Marcel Goldmann, Cosmin Filker In addition to the significant organic growth impetus (organic growth achieved: approximately 24.0%), the Jun Group acquisition ca [ … ]

Company Name: q.beyond AG ISIN: DE0005137004   Reason for the research: Update Recommendation: Buy from: 06.03.2025 Target price: EUR 1.30 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald FY24p beats profitability expectations; chg. est. & PT Topic: QBY released FY24 preliminary figures, wh [ … ]

Deutsche Rohstoff delivered solid preliminary FY24 results, with revenues of EUR 235.4m (+20% yoy), around 9% ahead of expectations and above the upper end of the guidance, driven by strong Q4 production of 14,700 BOEPD and a higher oil content in Wyoming. EBITDA of EUR 167.6m was in line with expectations, with Q4 margins stable versus 9M at 71%, though below FY23 due to lower other operating income. Net profit of EUR 50.2m came in around 7% above expectations, probably supported by a lower tax rate. Operating cash flow of EUR 150m (+8% yoy) exceeded estimates by EUR 25m, though free cash flow was negative due to high investments in wells and infrastructure. With comfortable net debt/EBITDA of 0.9x and a strong start to FY25 expected, mwb research’s analysts reiterate their BUY rating with an unchanged price target of EUR 53.00, based on DCF. This value proposition is also underpinned by a deep discount to the peer group and the reserve report published two weeks ago, which shows an upside of 40%. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG

secunet’s stock has shown a strong recovery from its 52-week low of EUR 89.00, and the the latest share price gains were related to potential public investments in Europe’s defense. The European Union’s ReArm Europe initiative, aiming to unlock up to EUR 800 bn in defense spending, could create opportunities for secunet. As a trusted provider of high-security IT solutions for German authorities and the armed forces, secunet could benefit if cybersecurity becomes a spending priority. Its SINA product suite, already securing classified communications and critical networks, could play a role in future modernization efforts. While it remains too early to quantify any impact, mwb research’s analysts maintain their EUR 185 PT and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/secunet%20Security%20Networks%20AG

Elmos faces a minimal direct impact from potential US tariffs, as the US accounts for only 2% of sales, but indirect risks from global automotive supply chain disruptions and inflationary pressures cannot be overlooked. While tariffs could raise prices for both US-made and imported cars, softening demand, Elmos’ diversified exposure to global OEMs limits substitution risk. Broader trade tensions, tit-for-tat tariffs, and FX volatility could add further complexity which mwb research’s analysts partially priced in, but with a new automotive growth cycle expected in 2026, the analysts see the recent pullback as a strong entry point. mwb research reiterates a BUY rating and PT of EUR 98.00. The full update can be downloaded under https://research-hub.de/companies/Elmos%20Semiconductor%20SE

Circus has announced the successful completion of its high-volume production setup for the CA-1 robotic kitchen at a 35,000 m² facility in China operated by contract manufacturer Celestica. Serial production is set to begin in May 2025 and first deliveries to European customers expected in summer 2025. The scalable facility can initially produce triple-digit units in 2025, with capacity to expand to 6,000 units per year, positioning Circus to meet growing global demand. With pre-orders for 8,400 units worth EUR 1.8bn and another 17,000 systems under negotiation, the potential is significant. Circus is also accelerating international expansion, opening showrooms in New York and Shanghai. Supported by the appointment of Claus Holst-Gydesen, an experienced international top manager, as Co-CEO for Global Expansion and Strategy, Circus is well-positioned to execute on its vision. mwb research’s analysts reiterate to BUY with a EUR 75.00 target price. For a recent first-hand update, please see the recording of last month’s roundtable with management here: https://research-hub.de/events/video/2025-02-05- 13-30/CA1-GR. The full update can be downloaded under https://research-hub.de/companies/circus-se