Verbio is facing significant headwinds in FY24/25 (FY ending June 30), including operational delays at its US facility in Nevada and continued pressure from low greenhouse gas (GHG) prices. Despite these challenges, the company remains optimistic about a recovery in GHG prices in 2025, driven by stronger CO₂ demand and stricter fraud controls outside Europe. Additionally, Verbio’s US expansion faces ongoing delays, with the full financial impact still uncertain. As a result, mwb research’s analysts have revised their estimates and CAPEX expectations, with further US expansions likely on hold while the company focuses on fully resolving operational issues at existing plants. However, the investment in renewable specialty chemicals in Bitterfeld, Germany, remains on track, offering long-term growth potential and diversification. The analysts maintain their BUY rating with a slightly reduced PT of EUR 15.00 (old EUR 16.00), suggesting a strong upside potential of 85.5%. The full update can be downloaded under https://www.research-hub.de/companies/Verbio%20SE

Company Name: MPC Energy Solutions N.V. ISIN: NL0015268814   Reason for the research: Update Recommendation: Buy from: 05.03.2025 Target price: NOK 14.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Q4 prelims paint a mixed picture; chg. est. FY24 ahead of sales guidance. MPCES ended FY24  [ … ]

With the publication of its 2024 Annual Report, Sartorius confirmed its final figures and provided a cautious outlook for 2025. In FY24, revenue came in at EUR 3.38bn, flat compared to the prior year, while underlying EBITDA declined by 1.8% to EUR 945.3m. The reported EBITDA declined even stronger by 4.8% to EUR 809m. Notably, the reported EBITDA margin of only 23.9% (vs FY23 24.9%; FY22 32.3%) highlights that Sartorius has firmly left behind the highly profitable pandemic-driven years. In addition, the cautious guidance for FY25, is calling for only "moderate" revenue growth but profit growth higher than sales growth. A quantitative guidance will only be given after the Q1 figures - an indication of the still low visibility of management, which also underlines that the path back to sustainable growth will be challenging. But despite all this, Sartorius still has the highest valuation compared to its peers. To summarize mwb research’s analysis: the analysts reiterate their SELL rating with an unchanged price target of EUR 182. The full update can be downloaded under research-hub.de/companies/Sartorius%20AG

Fielmann reported strong preliminary results for FY24, meeting its outlook and consensus expectations. Sales increased by 15% to EUR 2.3bn, driven by 7% organic growth and an 8% contribution from US acquisitions. Core markets in Central Europe showed solid growth, with Germany (+7%), Austria (+10%) and Spain (+10%) performing well. The US business grew by 11% on a comparable basis to reach sales of EUR 200m. All product categories expanded, with strong growth in corrective eyewear (+7%), sunglasses (+6%) and hearing instruments (+10%). Adjusted EBITDA rose by 23% to EUR 491m, with margins improving to 21.7%. Fielmann plans a dividend increase of 15% and remains focused on achieving its Vision 2025 profitability targets. mwb research’s analysts maintain their BUY rating and their PT of EUR 66.00. The full update can be downloaded under https://www.research-hub.de/companies/Fielmann%20AG

While Hensoldt will benefit from rising defense budgets, its exposure is limited compared to larger, more diversified players like Rheinmetall. Sensors and electronics, Hensoldt’s core business, are important but not the priority in today’s rearmament wave, which favors ammunition, drones, and armored vehicles. Despite ambitious revenue targets, even mwb research’s optimistic CAGR´s fall well below faster-growing peers like Rheinmetall. Long-term, Hensoldt faces limited follow-up demand for key products like the TRML-4D radar and lacks transformative new programs to drive post-2030 growth. With the stock rallying 32% in one month, and trading in line with Rheinmetall — despite weaker growth prospects — mwb research’s analysts downgrade from HOLD to SELL with an unchanged price target of EUR 48.00. The full update can be downloaded under https://www.research-hub.de/companies/Hensoldt%20AG.

Company Name: Scandinavian Astor Group AB ISIN: SE0019175274   Reason for the research: Update Recommendation: Buy from: 04.03.2025 Target price: SEK 30.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Final Q4 out, gearing up for more; raising est. & PT Topic: Following Q4 prelims in early [ … ]

Company Name: Flughafen Wien AG ISIN: AT00000VIE62   Reason for the research: Update Recommendation: Hold Target price: EUR 60.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch FY'24 prelims out, solid dividend proposal; chg. est & PT Topic: Yesterday, FWAG published detailed FY'24 prelims an [ … ]

Vulcan Energy continues to push forward with its lithium and geothermal energy strategy, successfully mobilizing its V20 drilling rig at the Schleidberg site and launching seismic surveys for BASF’s geothermal project in Ludwigshafen. Despite project financing still in progress, Vulcan maintains strong operational momentum, supported by a solid cash position of EUR 97.1m. With drilling underway and seismic data shaping future expansion, the company remains on track to advance its Phase One execution. mwb research’s analysts reiterate their PT of EUR 12.50 and their BUY rating, reflecting their confidence in Vulcan's ability to fully secure project financing. The previous update can be downloaded under https://www.research-hub.de/companies/research/Vulcan%20Energy%20Resources

BASF reported detailed results for FY 24 that were in line with its preliminary release. Full-year revenues of EUR 65.3bn (-5.3% yoy) were weighed down by lower average sales prices and adverse FX. EBITDA excluding special items (ex-SI) grew only marginally to EUR 7.9bn (+2.4% yoy). However, volumes have been gradually recovering over the past few quarters and prices are stabilising. Management has guided for a modest increase in EBITDA ex-SI to EUR 8.0bn-8.4bn in FY 25 (+4% yoy at the mid point). It is on track with its EUR 2.1bn annual cost savings plan (by FY 26), has tapered its capex guidance, and is now committed to keep the overall distribution to shareholders (dividends+ share buybacks) at least at prior-year levels, targeting cumulative returns of at least EUR 12bn over 2025-28. mwb research’s analysts hold a positive view on BASF. The analysts believe its strategy-centered on portfolio optimisation, expansion in high-growth markets, and robust cost-saving initiatives, will position the company for a sustainable and resilient trajectory. The analysts maintain their BUY rating at an unchanged PT of EUR 58.00. The full update can be downloaded under https://www.research-hub.de/companies/BASF%20SE

Europe is stepping up defense spending to reduce reliance on the US following the Oval Office discussions on Friday. Rheinmetall is well positioned to benefit, thanks to its scale, leadership in ammunition, tanks, air defense, and drones, and aggressive production expansion. Its fully integrated 155mm production makes it Europe’s lowest cost supplier, with ~25% margins and a ~20% price advantage over competitors. If EU defense spending rises to 3% of GDP, Rheinmetall’s revenues could reach ~EUR 40bn by 2033, with further upside from sector consolidation and Germany’s potential EUR 200bn special defense fund. mwb research’s analysts raise their price target to EUR 1,280.00 (previously EUR 1,115.00) and maintain their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Rheinmetall%20AG