GEA reported strong Q4 2024 results, with order intake and sales surpassing consensus by 17% and 3%, respectively. Order intake grew organically by 29.3% yoy on good traction in large orders (7 won in the >EUR15m range) and also benefitted from a lower comparable base. Revenues were up 9% yoy organically, led by its service business (+19% yoy). Adjusted (adj.) EBITDA came in higher by 15% yoy at EUR 239m, with the margin improving +1.4ppt yoy to 15.9% on better gross margins. FY 2024 org. sales were up 4% yoy and adj. EBITDA was higher by 8% yoy (margin of 15.4%; +1ppt yoy). For FY 2025, management guides for org. revenue growth of 1%-4% yoy and an adj. EBITDA margin of 15.6%-16.0%, with a yoy expansion of 40bps expected at the mid-point, which appears realistic. GEA achieved its FY 2026 targets two years in advance; however, its FY 2030 goals appear highly ambitious in the context of current macroeconomic risks. mwb research’s analysts reiterate their HOLD rating on GEA at a higher PT of EUR 55.00 (old: EUR 50.00) after incorporating the latest results. The full update can be downloaded under https://www.research-hub.de/companies/GEA%20Group%20AG

Rheinmetall delivered strong FY 2024 results, driven by surging defense demand and record profitability. The order backlog hit an all-time high and could have been even higher, as key projects will be booked in Q1 2025, potentially pushing it to EUR 67bn. Defense margins remain strong with further upside, and while some analysts expected slightly higher revenue, the company is still in its ramp-up phase, with major growth ahead. With CAPEX at 9% of sales - far exceeding peers - Rheinmetall is clearly positioning itself to secure a dominant share of the potential EUR 200bn German special fund. FY 2024 met expectations, but the real focus is on long-term expansion. Its strong product portfolio and aggressive investments make it well positioned to be the clear winner of the defense cycle. mwb research’s analysts maintain their EUR 1,280 price target and reiterate their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Rheinmetall%20AG

Knorr-Bremse’s BOOST 2026 program is progressing, focusing on operational streamlining and long-term profitability through strategic divestments and acquisitions. The company has made significant portfolio changes, including selling subsidiaries and expanding its rail signaling operations. Rail Vehicle Systems (RVS) delivered a strong performance last year, while Commercial Vehicle Systems (CVS) continues to face challenges. Geopolitical and economic risks, as well as uncertainties surrounding the potential implementation of a new economic program in Germany, could affect the Company's performance in either direction. If these programs are realized, they may benefit RVS and indirectly support CVS, but their impact remains unclear. Given that much of the positive news is already reflected in the share price and in view of the risks, mwb research’s analysts downgrade their rating from HOLD to SELL, with an unchanged PT of EUR 76.00. The full update can be downloaded under https://www.research-hub.de/companies/Knorr%20-%20Bremse%20AG

Traton's Q4 2024 results showed a 4% yoy decline in revenues to EUR 12.2bn, driven by weak demand in Europe and challenges in North America. Adjusted EBIT grew modestly by 2% to EUR 1.1bn (margin: +50bps yoy to 9.2%). Both results surpassed consensus estimates. Unit volumes were stable at 88.8k, with solid sales from International Motors and Volkswagen Truck & Bus, while MAN struggled in weak European markets. For FY 2025, management issued a conservative guidance, expecting sales and volumes to grow by -5% to +5% yoy, with an EBIT margin of 7.5%-8.5%. Due to increasing macro and political uncertainties, mwb research’s analysts remain cautious on the near-term outlook but see recovery potential in the mid-term. Given the risks and a 31% rise in the share price since the start of the year, the analysts downgrade their rating from HOLD to SELL, while keeping their price target at EUR 29.00. The full update can be downloaded under https://www.research-hub.de/companies/Traton%20SE

After nine years of 13% annual growth, triple the industry’s rate, Infineon has finally claimed the No. 1 spot in the global microcontroller market (Source: Omdia), securing a 21.3% share in 2024, driven by a historic 3.5pp surge, outpacing its rivals despite the tough industry. Infineon’s success stems from relentless innovation, a robust product portfolio, and software-driven solutions that continue to strengthen its appeal across key end-markets, including automotive, IoT, and industrial automation. Yet, while this milestone reinforces Infineon’s long-term strength and trajectory, short-term headwinds remain, including weak end-market demand, inventory corrections, and geopolitical uncertainties that cannot be overlooked. Thus, mwb research’s analysts maintain a HOLD rating with EUR 35.00 PT, waiting for a clearer picture of a sustained recovery in underlying demand as uncertainty gradually eases. The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

HelloFresh’s preliminary FY24 results confirm revenue stagnation due to declines in the meal-kit business, but improving profitability, with AEBITDA reaching EUR 399m. However, the 2025 outlook is disappointing, with revenue expected to decline 3-8% yoy, driven by weakening consumer confidence in North America and continued meal-kit headwinds. The Ready-to-Eat (RTE) segment is projected to grow, but not enough to offset meal-kit losses. Meanwhile, cost-cutting will drive AEBITDA up to EUR 450-500m. Given the soft revenue outlook and macroeconomic risks, the analysts lower their price target to EUR 11.00 (old EUR 12.50) but maintain a HOLD rating. The full update can be downloaded under https://www.research-hub.de/companies/research/HelloFresh%20SE

US consumer sentiment is deteriorating due to rising inflation concerns, driven by Trump's tariff policies, labor market uncertainty, and government spending cuts. The US is tonies’ key market, contributing 50% of Q4 2024 sales. While cautious consumers and possible price hikes following the increase in tariffs on Chinese imports from 10% to 20% on March 4 could moderate the US growth trajectory, tonies’ focus on screen free, interactive audio storytelling should continue to resonate with parents. Expanding retail partnerships with major players and the launch of new characters (including in Spanish) form the basis for continued growth in the US. The 25% share price correction since the beginning of the year therefore looks excessive. BUY, price target EUR 11.00. The full update can be downloaded under https://www.research-hub.de/companies/tonies%20SE

Cancom faces a challenging FY25 with continued macroeconomic and political uncertainties following the German general election. The government's EUR 500bn special spendings - for defense, infrastructure and energy supply – is not expected to provide immediate relief for SME IT spending, with any impact unlikely before 2026. Inflationary pressures and weak corporate IT spending remain key headwinds in the DACH region, limiting near-term growth prospects. Given these factors, mwb research’s analysts do not see a meaningful recovery before H2 25 and have lowered their revenue and EBITDA forecasts. However, with a slightly lower PT of EUR 29.00 (old EUR 29.50), the rating remains BUY. The full update can be downloaded under https://www.research-hub.de/companies/Cancom%20SE

Bayer’s stock took a nosedive after announcing plans for a 35% capital increase authorization at its April 2025 AGM, fueling investor concerns. The company remains entangled in 67,000 unresolved U.S. lawsuits over Roundup, despite already shelling out EUR 11bn in settlements and setting aside EUR 5.9bn in legal provisions. While Bayer insists the capital authorization is a precaution to maintain financial flexibility, not for reckless share issuance or M&A, it aims to avoid further overleveraging and jeopardizing its credit rating. Investors remain wary as confidence in management is shaky, fearing that legal costs could exceed current provisions. However, is there a silver lining? This move might hint at a settlement framework in the works behind doors, potentially setting the stage for a stock rally if legal uncertainties fade. With Bayer’s shares already beaten down, the risk-reward appears to be skewed to the upside, supporting a maintained BUY rating with an unchanged EUR 29.00 PT. The full update can be downloaded under https://www.research-hub.de/companies/Bayer%20AG

CGM’s organic (org.) revenue growth and adjusted (adj.) EBITDA in FY 2024 came in slightly below consensus and near the lower end of its guidance range. Revenues were down 2% organically (org.) and by 3% yoy on reported basis to EUR 1.2bn as a result of higher one-off revenues in the prior year. However, recurring revenues continued to gain momentum and now account for 74% of all sales (vs 69% in FY 23). Adj. EBITDA declined 15% yoy to EUR 225m (margin: -2.8ppt yoy to 19.5%), due to higher investments in large projects, elevated R&D spend and drop in high-margin one-off business vs previous year. Its guidance for FY 25 is tepid, with low-to-mid-single digit org. revenue growth and a slight increase in adj. EBITDA expected. The voluntary takeover bid by CVC Capital Partners to acquire shares of CMG is complete and CVC now owns 21.9% of total share capital, while the founding family, Gotthardt, retains majority stake with c. 50.12%, paving the way for eventual delisting, likely by Q2 2025. Therefore, mwb research’s analysts reiterate their SELL rating with an unchanged PT of EUR 22.00. The full update can be downloaded under https://www.research-hub.de/companies/CompuGroup%20Medical%20SE