Deliveroo has announced its exit from the Hong Kong market, selling selected assets to Delivery Hero’s foodpanda. Despite generating c. GBP 350m (~ EUR 400m) in Gross Transaction Value in 2024, Deliveroo’s Hong Kong business remained EBITDA negative, prompting its withdrawal. This transaction should strengthen foodpanda’s market position, absorbing Deliveroo’s vendors and customers in an increasingly competitive market, where KeeTa (Meituan) dominates with 43% of order volume. With fewer competitors, foodpanda stands to benefit from operational synergies and scale efficiencies, improving its competitive stance. mwb research’s analysts do not expect Delivery Hero to overpay, and the assets could become more profitable under foodpanda, potentially enhancing pricing power and profitability. The analysts maintain their EUR 49.00 price target and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Delivery%20Hero%20SE

ProSiebenSat.1 Media’s (PSM) Q4 and FY 24 results were broadly as expected. Q4 revenues fell 2% yoy to EUR 1.26bn (in line with consensus) amid soft TV advertising (ad) business in the DACH region, albeit witnessing positive development at PSM’s digital and commerce platforms. In Q4, adjusted (adj.) EBITDA of EUR 290m was down 13% yoy, due to a tepid top-line and higher costs, though it beat consensus by 3%. Overall, FY revenues of EUR 3.9bn (+2% yoy) and adj. EBITDA of EUR 557m (-4% yoy) met guidance. The market environment remains challenging for PSM amid macro and political uncertainty. Consequently, management issued cautious guidance for FY25, expecting revenues to come in at c. EUR 4.0bn (+/- EUR 150m), +2% yoy at the mid point, and adj. EBITDA of EUR 550m (+/- EUR 50m), c.-1% yoy. mwb research’s analysts include the FY24 results and the weak FY25 forecast in their model and adjust their short-term estimates accordingly. The assumption of a medium-term recovery results in a new DCF-based price target of EUR 5.80 (old: EUR 5.00). The rating remains HOLD. The full update can be downloaded under https://www.research-hub.de/companies/research/ProSiebenSat.1%20Media%20SE

Zalando delivered solid Q4 and FY 2024 results, with revenues and EBIT at the upper end of guidance and customer growth remaining strong. Despite higher marketing investments, improved gross margins and better inventory management drove a 20% yoy increase in Q4 adj. EBIT. Management expects the positive momentum to continue in 2025, with further growth supported by the upcoming ABOUT YOU acquisition. mwb research’s analysts confirm their BUY recommendation on Zalando at a revised target price of EUR 39.00 (old: EUR 38.00). The full update can be downloaded under https://www.research-hub.de/companies/Zalando%20SE

Duerr‘s Q4 24 sales from continuing operations declined 6% yoy to EUR 1.1bn, due to weakness at HOMAG (Woodwork division) and some automotive project delays. Adjusted EBIT (cont.) fell 24% yoy to EUR 59m (margin: -1.2ppt to 5.1%), mainly due to high R&D investment in lithium-ion battery business and under absorption of costs in Woodworking division. However, the reported order intake at EUR 1.1bn (+3% yoy, cont. ops. +9% yoy) was better-than-market expectations (a 12% beat), driven largely by automotive refurbishment and production automation demand. After a strong FY24, order intake is expected to slightly moderate in FY25 (-5.2% yoy at midpoint), and amid macro uncertainties, only modest sales growth and adj. EBIT margin expansion is expected, with midpoint growth/expansion of 2.5% yoy and 0.4ppt yoy, respectively. That said, Duerr’s automotive business, (i.e. shop systems), is performing well despite challenges in the industry. The company is at the start of a long modernisation cycle for paint shops, with about 60% of global facilities being over 20 years old, which should offer significant sales growth potential. At current levels, Duerr’s valuation is attractive. mwb research’s analysts reiterate their BUY rating at an unchanged PT of EUR 31.00. The full update can be downloaded under https://www.research-hub.de/companies/Duerr%20AG

Following mwb research’s review of Cicor’s FY24 results, the analysts highlight the company’s return to organic growth in Q4, supported by stronger demand in defence and healthcare, and first revenues from co-developed products. Alongside this, Cicor’s proven M&A playbook continues to drive both top-line growth and margin expansion, with five acquisitions in the past 4 quarters strengthening its positioning in key sectors. With CHF 150m in firepower, further acquisitions are likely, including the potential Éolane France deal. Combined with tailwinds from ReArm Europe, recovering healthcare demand, and a clear 2028 roadmap, the analysts see strong upside potential. mwb research raises its price target to CHF 100.00 (old: CHF 96.00) and reiterates the BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

Siltronic delivered a resilient performance in FY24, navigating ongoing customer inventory overhang with solid cost discipline and support from higher proportion of LTAs, which helped stabilize margins despite pricing and volume pressures. While FY25 is shaping up to be another challenging year, with a soft H1, lower margins, and further EBIT pressure from higher depreciation as FabNext ramps up, the company’s strong focus on cash preservation and cost control will help mitigate the impact. Importantly, Siltronic’s valuation looks increasingly hard to justify, now trading well below book value. Driven by structural tailwinds from AI, PC & smartphones, and EVs, and with key customer qualifications at FabNext on track, mwb research’s analysts see meaningful upside once destocking clears, likely by 2026. The analysts reiterate their BUY rating with a EUR 65.00 price target, as Siltronic offers a rare opportunity to buy quality assets at still deeply discounted levels. The full update can be downloaded under https://research-hub.de/companies/Siltronic%20AG

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