HWK 1365 SE (HWK) reported final FY24 results with sales of EUR 17.6m in line with expectations, but profits below estimates due to higher-than-expected personnel costs, along with goodwill amortization not previously modeled. Despite a slightly negative free cash flow of EUR -1.7m, HWK remains debt-free and can fund operations internally. The company’s EUR 12.7m order backlog supports management’s expectation of 10– 20% revenue growth in FY25, ahead of previous estimates, though EBITDA and net profit guidance are below expectations due to rising personnel costs and goodwill amortization. mwb research’s analysts confirm their BUY rating with a revised target price of EUR 41.00 (old: EUR 45.00). The full update can be downloaded under https://www.research-hub.de/companies/HWK%201365%20SE

Mayr-Melnhof Karton AG (MM) has reported the closing of the sale of the TANN Group, which specializes in tipping paper for cigarettes, to an Indonesian company for an enterprise value of EUR 360m. The TANN Group, which represents 12% of MM's Food & Premium Packaging division sales and 5% of total sales, has few synergies with MM's core cartonboard and packaging businesses. The deal, valued at an attractive EV/sales multiple of 1.5x and EV/EBITDA of 7x (mwb est.), helps MM to deleverage and reduce net debt/EBITDA by 0.5x (mwb est.). With these steps and ongoing cost-cutting and cash protection initiatives, MM remains a strong long-term investment. Adjusting their estimates to reflect the transaction, mwb research’s analysts still come to a target price of EUR 115. BUY. The full update can be downloaded under https://www.research-hub.de/companies/Mayr-Melnhof%20Karton%20AG

Gerresheimer (GXI) has issued a second FY25 guidance cut following weak Q2 prelims, now expecting 1–2% organic growth and a ~20% EBITDA margin. Continued weakness in cosmetics and oral liquids, coupled with execution delays, undermines near-term visibility. A sharp dividend cut to EUR 0.04 per share signals balance sheet caution. Despite management's confidence in a stronger H2, repeated downgrades raise doubts about the credibility of mid-term targets (8–10% CAGR, 23–25% margin). While structural growth potential in biopharma remains, mwb research lowers the price target to EUR 71 (from EUR 103) but maintains the BUY rating given valuation support. The full update can be downloaded under https://www.research-hub.de/companies/research/Gerresheimer%20AG

Stratec SE reported a 12.0% yoy revenue increase in Q1 25 to EUR 60.4m, driven by strong demand for service parts and development services. In contrast, system sales declined and remain a structural weakness. Reported EBIT improved to EUR 3.1m with a margin of 5.1%. Strategically, Stratec benefits from its shift toward higher-margin, service-based revenues but continues to face uncertainties due to volatile customer ordering and weak system demand. Nevertheless, management confirmed its FY25 guidance. mwb research’s analysts maintain their BUY rating with a EUR 32.50 target price, supported by improving profitability and mid-term margin strength despite muted industry momentum. The full update can be downloaded under https://research-hub.de/companies/research/Stratec%20SE

Scout24 entered 2025 with strong operational momentum and strategic clarity. In Q1, both Professional and Private segments posted robust customer growth, supported by strong ARPU expansion and continued success of subscription products like Living+ and Buyer+. As transaction activity begins to recover in a stabilizing market, Scout24 remains well-positioned through its integrated platform and growing Homeowner ecosystem. Its market leadership, disciplined execution, and scalable business model continue to support margin expansion. Based on recent performance and improved visibility, mwb research’s analysts have adjusted their model assumptions to reflect stronger long-term fundamentals. With potential DAX inclusion as an additional catalyst, the analysts raise their price target to EUR 127.00 (old: EUR 100.00), while maintaining a HOLD rating given the recent share price strength. The full update can be downloaded under https://www.research-hub.de/companies/research/Scout24%20SE

The rise of the "Bitcoin treasury strategy," popularized by MicroStrategy's aggressive Bitcoin accumulation and resulting premium market valuation, has inspired a wave of imitators—firms like Twenty One and SharpLink Gaming—structured primarily to acquire cryptocurrencies as core business assets. While these U.S. companies often trade at significant premiums to their crypto holdings, coinIX stands out by trading at a discount to its net asset value (NAV), despite holding substantial amounts of Bitcoin and Ethereum and boasting a strong investment track record. This valuation discrepancy presents a compelling opportunity, with coinIX offering a lower-risk entry point into the crypto space via a diversified and professionally managed portfolio. With recent crypto market gains, particularly in Ethereum, mwb research’s analysts arrive at a new fair value for coinIX of EUR 2.95 (old: EUR 2.50), supporting a continued BUY recommendation. The full update can be downloaded under research-hub.de/companies/coinIX%20GmbH%20&%20Co%20KGaA

For FY25, KWS expects flat sales on a comparable basis and guides for an EBIT margin of 14–16%, with R&D investments remaining high. mwb research’s forecast is in line, anticipating a slight decline in reported sales due to portfolio effects and EBIT margin to come in at around 15%, supported by solid Q3 FY25 results (published on May 13), which contribute approximately 60% of full-year sales and around 150% of annual EBIT. KWS is well positioned to benefit from rising global food demand, backed by strong seed portfolio and stable financials. With declining net debt and an attractive valuation, the company presents an appealing investment opportunity. mwb research’s analysts reiterate their BUY rating with an unchanged PT of EUR 83.00. Additional insights into the company’s strategy and outlook are expected during mwb research’s “New Food Investor Conference” on June 3, where KWS will open the event with a presentation and Q&A. Follow this link for conference details and registration: https://research-hub.de/conference/new-food. The full update can be downloaded under https://research-hub.de/companies/kws-saat-se-co-kgaa

With the launch of the XBC300 Gen2 die-to-wafer system, SUSS has completed its end-to-end hybrid bonding offering, establishing itself as a one-stop shop at a pivotal point of market inflection. This milestone enhances the company’s position at the EUR 4– 5bn+ hybrid bonding market, a key enabler of AI, HBM, and 3D chip architectures. While SUSS has not yet received AI or HBM-related orders for hybrid bonding and broader industry adoption remains gradual, the company confirmed active engagement with 5– 10 potential hybrid bonding customers and will ship an evaluation unit to its U.S.-based demo site in Q3. The next critical step will be to agree on HBM customer evaluations. In the view of mwb research’s analysts, the company is emerging as one of Europe’s unique plays in advanced semiconductor packaging. Thus, the analysts reiterate their BUY and price target of EUR 68.40, implying a substantial upside as advances its hybrid bonding strategy.The full update can be downloaded under https://www.research-hub.de/companies/SUESS%20MicroTec%20SE

At the mwb Defense & Security Conference, Cicor reaffirmed its position as Europe’s leading EMS provider for aerospace and defense, with EUR 200m in pro-forma 2025 A&D sales (28% of revenue). Cicor’s growing pan-European footprint and strong M&A execution support scalable, sovereign manufacturing. The company targets CHF 1bn in sales by 2028, driven by 7–10% organic growth and selective acquisitions. While the EUR 800bn Readiness 2030 initiative and a likely decade-long European rearmament cycle present material upside, tenders and order flow remain limited for now. Following a 32% share price rally, we prefer to wait for further catalysts. We maintain our CHF 120.00 price target and move to HOLD (from BUY). Check https://research-hub.de/events/video/2025-05-20-11-30/CICN-SW for a recording. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

TAKKT reported signs of operational stabilization in Q1 25, with organic sales declining 7.6% yoy — an improvement over prior quarters. While profitability remains burdened by freight costs and tariffs, cost control measures are proving effective. With around 40% of revenue from North America, TAKKT stands to benefit significantly from any easing in U.S.–EU trade tariffs. The stock currently trades ~20% below our fair value and at a single-digit forward P/E for FY27, not reflecting its solid fundamentals, strong cash generation, and medium-term recovery potential. Management confirmed FY25 guidance, and operational momentum in key segments supports a cautiously optimistic outlook. mwb research’s analysts upgrade the stock to BUY (from HOLD), maintaining their price target of EUR 8.50, offering over 20% upside. The full update can be downloaded under https://www.research-hub.de/companies/research/TAKKT%20AG