Formycon’s recent investor roundtable provided an in-depth update on its biosimilar pipeline, U.S. market dynamics, and financial outlook. While earlier concerns around FYB201 and FYB202 weighed on sentiment, management delivered a confident and transparent view on execution. FYB202 is now in early commercialization, with volume expected to build through H2 2025 despite initial pricing headwinds FYB206 remains a strategically important asset, with the company among the frontrunners in both development and regulatory progress, though commercial revenues are only expected post-2030. Management reaffirmed its EBITDA break-even target and ruled out near-term equity issuance. We continue to see valuation disconnect and reiterate our BUY rating and EUR 50.00 price target, implying >80% upside. Replay available here: https://research-hub.de/events/video/2025-06-13-10-00/FYB-GR. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

Viscom SE shares have rallied approximately 30% in the last month, which mwb research’s analysts view as a delayed market recognition of early signs of operational improvement and execution wins, including a return to positive EBIT, lower personnel costs, and commercial traction in Asia. While the broader macro backdrop remains fragile, early indicators such as stabilizing automotive demand and easing input cost pressures suggest the sector may be approaching a cyclical turning point, with a potential recovery taking shape from 2026. Emerging traction in non-automotive verticals adds incremental, albeit early-stage, upside potential in the mid-term. Against this backdrop, mwb research’s analysts are raising their medium-term assumptions on growth and profitability, lifting their price target to EUR 6.50 and reiterating their BUY rating, reflecting improved visibility and risk-reward ratio. The full update can be downloaded under https://research-hub.de/companies/viscom-se

Rubean's final FY24 results highlight impressive growth, with revenue nearly doubling to EUR 1.96m, up 94% from FY23. This strong performance was driven by the successful expansion of its SoftPOS solution and key partnerships with Deichmann, BBVA, and Sparkassen. Despite a net loss of EUR 3.26m, an improvement from the previous year, Rubean’s operational scale and continued cost management position it for operational break-even in FY25 (mwb est.). The company also strengthened its balance sheet with a EUR 0.9m capital increase. Looking ahead, Rubean is targeting EUR 4m in sales for FY25E, which means another doubling in sales in the current fiscal year. mwb research’s analysts maintain their BUY rating with unchanged PT of EUR 10.00, with significant upside potential, once Rubean has demonstrated its break-even ability. The full update can be downloaded under https://www.research-hub.de/companies/Rubean%20AG

Enapter has successfully completed a capital increase, raising approximately EUR 4.3m through the issuance of 1.48m new shares at EUR 2.90 each, representing a 3.5% premium to the current share price. The new shares are expected to be listed around June 25, 2025, on the Frankfurt and Hanseatic Stock Exchanges. Strategic investors participated again, reflecting ongoing confidence in Enapter’s business model. While the original plan targeted up to EUR 6m with 2.07m shares, the actual outcome fell short by around 29%, likely because, in the view of mwb research’s analysts, the main shareholder BluGreen chose not to participate fully to allow for controlled dilution and new investor involvement. The analysts expect the proceeds will support ongoing operations, securing financing through early 2026. Enapter’s strong order backlog and improving hydrogen sector fundamentals underpin a positive outlook. Adjusted for a 5% share dilution, mwb research’s analysts have accordingly revised their estimates and PT to EUR 6.40, while maintaining the Spec. BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG

Wolftank Group reported a healthy 9.8% yoy revenue increase to EUR 25.7m in Q1 25, driven mainly by strong growth in the Environmental Services segment, which now accounts for 88% of total revenue. The Hydrogen & Renewables segment declined due to longer ramp-up times in large projects, though new hydrogen contracts are expected to support future growth in the coming quarters. EBITDA grew by 5% to EUR 2.1m but lagged behind revenue as expected, due to higher costs linked to operational streamlining and the full consolidation of the Italian subsidiary Petroltecnic. EBIT doubled to EUR 0.6m, aided by lower one-off depreciation charges. The order backlog declined to EUR 100m at the end of Q1 25 but rebounded sharply in Q2 25 to EUR 152m, boosted by new contracts, especially in Italy. Wolftank’s strategic review aims to optimize its market positioning, though slower profit growth led to reduced estimates and a lowered PT of EUR 12.00 (from EUR 15.00), while mwb research’s analysts maintain their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Wolftank-Adisa%20Holding%20AG

Veganz Group AG has announced a capital increase of up to EUR 7.5m through the issuance of up to 500,796 new shares at EUR 15.00 each, granting existing shareholders subscription rights at a ratio of 11 to 4 from June 17 to 30, 2025. The proceeds will primarily fund the expansion of production capacity, especially for Mililk, Veganz’s patented 2D-printed plant-based milk technology. Mililk is entering the U.S. market via a partnership with Jindilli Beverages. With forecast demand of 30 million liters or EUR 30 million in sales over the next year, the capital raised will support both German expansion and a 60m-liter U.S. facility by 2026. Given the growth potential and strong interest from major shareholders, mwb research’s analysts confirm their Spec. Buy rating with a EUR 25.00 price target. A recording of the presentation of CEO Jan Bredack at the recent mwb research “New Food Conference” can be watched here: https://researchhub.de/events/video/2025-06-03-11-30/VEZ-GR. The full update can be downloaded under https://research-hub.de/companies/veganz-group-ag

Siltronic continues to navigate a tough environment marked by weak near-term demand and elevated customer inventories — yet the company is executing with discipline. The real question now is not about Q2, but whether H2 will finally show momentum. While management maintains its view of a second-half pick-up, visibility remains limited, and mwb research analysts now expect the weak dollar to weigh more heavily on 2025 performance. Still, the investment case is intact: Siltronic’s positioning in 300mm wafers and exposure to AI, DRAM, and EVs leaves it well-leveraged to the next upcycle. A high share of LTA coverage continues to provide earnings visibility and downside protection. While the lack of a short-term catalyst may keep sentiment fragile, mwb research analysts believe much of the bad news is already priced in. The analysts expect growth to return in 2026 — albeit from a low base — as inventories normalize and structural demand drivers reassert. The analysts lower their PT to EUR 57.50 (from 60.00) to reflect FX headwinds but reiterate their BUY. The full update can be downloaded under https://research-hub.de/companies/Siltronic%20AG

MHP Hotel AG (MHP) reported strong 18.2% year-on-year revenue growth for FY24, driven by improved occupancy (+6 percentage points) and higher average daily rates (+7%), resulting in a 15% increase in revenue per available room. EBITDA for the year came in at EUR 10.4m, at the upper end of the upgraded guidance range, reflecting a 560 basis point improvement in margin. However, free cash flow turned negative due to higher operating taxes, repayment of liabilities booked in CFO and significant investments in the JW Frankfurt, Koenigshof Munich, Conrad Hamburg and a coinvestment in the Meridien Stuttgart. For FY25, MHP confirmed a revenue forecast of EUR 180m (+12% yoy) and EUR 15m EBITDA, with strong RevPAR growth continuing in Q1 and the opening of the Conrad Hamburg planned for September. The company’s strategy of focusing on high-demand premium segments and key European cities, coupled with a solid project pipeline, supports its growth outlook. MHP's valuation remains attractive, and mwb research’s analysts confirm their price target of EUR 3.35 and the BUY rating. The full update can be downloaded under https://research-hub.de/companies/MHP%20Hotel%20AG

Company Name: MHP Hotel AG ISIN: DE000A3E5C24   Reason for the research: Update Recommendation: Buy from: 13.06.2025 Target price: EUR 3.00 Target price on sight of: 12 months Last rating change: Analyst: Phillipp Sennewald Strong FY24 no surprise after guidance hike, chg. Y24 sales increased by 18.2% yoy to € 161m (eNuW: & [ … ]

Drägerwerk (Dräger) continues to advance its strategic roadmap with a resilient business model and innovative solutions in both Medical and Safety divisions. Investments in connectivity, such as the Dräger ONE platform and Service-oriented Device Connectivity, support higher-margin growth. The company’s strong order backlog, up 6.1% yoy to EUR 861m in Q1, provides visibility into H2 25, supporting revenue and margin growth. After a nearly 60% share price increase to EUR 71.80, Dräger has nearly reached mwb research’s EUR 72.00 price target. At current levels, the valuation reflects operational progress, and the analysts now move their recommendation from BUY to HOLD, as further upside requires a catalyst. Investors can expect deeper insights into new growth drivers at Dräger at the mwb research Health Care Conference on July 1. Thomas Fischler, Head of Investor Relations at Draeger, will present current developments. Click here to register: https://research-hub.de/conference/health-care-conference. The full update can be downloaded under https://www.research-hub.de/companies/Draegerwerk%20AG%20&%20Co.%20KGaA