R. STAHL continues to follow its long-term strategy through EXcellence 2030, focusing on international expansion and digitalization. Key initiatives include investments in growth markets like India and China, as well as new product launches such as the digital twin platform. The company confirmed its FY25 revenue forecast of EUR 340-350m and EBITDA of EUR 35-40m, despite challenges in the macroeconomic environment. While Q1 2025 showed a 13.4% revenue decline, strong order intake offers optimism for H2 2025. R. STAHL remains a reliable, strategically sound investment. mwb research’s analysts maintain the BUY rating with a price target of EUR 25.30. The full update can be downloaded under https://research-hub.de/companies/r-stahl-ag

Staige One AG reported FY24 sales of EUR 2.0m, flat yoy, with EBITDA improving significantly to EUR -3.5m (FY23: EUR -5.5m) due to strong cost discipline. Despite delays in key customer orders, operational revenues grew modestly. For FY25, management guides for 75–100% sales growth and a further EBITDA improvement, driven by international contracts and industrial applications. A fully subscribed capital increase of EUR 2.07m and extended shareholder loans improve liquidity and underline investor confidence. Execution risk remains, but the path to breakeven by FY26 appears intact. With growing market traction, scalable tech, and a solid funding base, mwb research reiterates its Speculative BUY rating with an unchanged PT of EUR 3.70, offering substantial upside from current levels. The full update can be found under https://www.research-hub.de/companies/Staige%20One%20AG

At the mwb research New Food conference, CEO Nikolas Bullwinkel presented the Circus equity story and addressed investor questions. Circus is now beginning serial production of its autonomous cooking robot, the CA-1, with manufacturing and servicing handled by partner Celestica. A pilot program will launch this autumn in several REWE supermarkets, aiming to evaluate customer response and operational performance over eight months. With REWE’s extensive retail network, even modest adoption could lead to substantial revenues. The CA-1 offers strong unit economics, with potential EBITDA margins up to 27% and a payback period as low as 1.6 years. Backed by a EUR 21m capital raise and a strengthened leadership team, Circus is well positioned for growth, and mwb research’s analysts confirm their BUY rating with a EUR 75.00 target price. A recording of the event is available here: https://research-hub.de/events/video/2025- 06-03-12-00/CA1-GR. The full update can be downloaded under https://research-hub.de/companies/circus-se

Head of IR, Stefan Arnold, presented at the mwb research New Food conference, energizing the equity story and wrapping up with an engaging Q&A. Rational, a leader in multifunctional cooking systems for professional kitchens, continues to dominate with its flagships products like iCombi, iVario, and the new iHexagon, which boost operational efficiency and address industry trends and needs. Despite commanding a strong market position with a 50% share in its core products, Rational still has a massive untapped opportunity, with around 81% of the market yet to be penetrated. Coupled with the upcoming ramp-up of iHexagon, the growth potential ahead is clear. Following the recent pullback in the stock, mwb research’s analysts see a 10-15% upside potential within the next 12 months. The analysts upgrade to BUY from HOLD and reiterate their price target of EUR 835.00, supported by an impressive track record and consistent delivery of growth and high-quality earnings. Watch the full video here: https://research-hub.de/events/video/2025-06-03-13-00/RAA-GR.The full update can be downloaded under https://www.research-hub.de/companies/research/RATIONAL%20AG

At mwb research’s well-attended New Food conference, Jan Bredack, CEO and founder of Veganz, highlighted the strong market potential of Mililk during his presentation and Q&A. On May 14, Veganz had announced a strategic partnership with Jindilli Beverages to distribute oat and almond-based Mililk in the US and Canada under the milkadamia brand. Initial shipments from Germany will be followed by large-scale US production, with a new plant capable of producing over 60m liters annually planned for 2026. This move targets the retail and especially the food service sector, leveraging existing distribution networks. Forecast demand in the US is 30m liters for the next 12 months, generating an estimated EUR 30m in sales, driven by Mililk’s significant cost advantages versus other plant-based milk alternatives. Acknowledging the significant US growth potential, mwb research’s analysts upgrade their estimates, raise their price target to EUR 25.00 (old: EUR 18.00) and reiterate the Speculative BUY rating. A recording of the event can be watched here: https://research-hub.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

At mwb’s New Food Conference, Schloss Wachenheim AG (SWA) highlighted its strategic focus on the growing alcohol-free segment. Board Member Boris Schlimbach emphasized the strength of its Light Live brand in Germany’s retail space and growing consumer interest across select European markets. The company is innovating with convenient formats like canned alcohol-free wine, targeting new demographics and regions. Marketing remains cost-conscious, leveraging social media and POS strategies. Regional growth varies, with Germany, the Netherlands, and Scandinavia leading, while France and Italy lag. Sourcing remains stable despite weather risks. Overall, SWA’s clear strategy, innovation, and regional momentum underpin the analysts’ continued BUY rating and EUR 22.00 price target. Recording available under: https://research-hub.de/events/video/2025-06-03-11-00/SWA-GR. The full update can be downloaded under https://www.research-hub.de/companies/Schloss%20Wachenheim%20AG

Koenig & Bauer (SKB) has successfully completed the proof-of-concept phase for its dry-coating system in partnership with Volkswagen’s PowerCo, marking a key milestone in its diversification into battery technology. The validated system now moves into pilot-scale testing, with industrial rollout targeted for 2026. This breakthrough confirms SKB’s ability to transfer core engineering expertise to highgrowth sectors like e-mobility. While mwb research’s analysts do not yet factor potential revenues into their model, the commercial upside could reach several hundred million euros. Given PowerCo’s EUR 20bn investment plan and SKB’s exclusivity window, the analysts see substantial long-term optionality. With the stock trading at just 6x 2026E P/E and EBITDA set to grow tenfold by 2027, mwb research reiterates the BUY rating and maintains the EUR 21.00 PT. The full update can be downloaded under https://www.research-hub.de/companies/research/Koenig%20&%20Bauer%20AG

Leifheit has announced its entry into the EUR 200m European dusting market—an important strategic move to reinforce its position in sustainable mechanical cleaning. The launch of SUPERDUSTER supports the company’s innovation agenda and strengthens its core Household portfolio, aligning with growing consumer demand for reusable, eco-friendly products. Early market feedback has been positive, suggesting solid commercial potential. This development should enhance brand differentiation, support cross-selling, and contribute to margin improvement via favorable product mix and scaling benefits. While near-term consumer demand remains soft, Leifheit’s long-term growth strategy continues to progress. mwb research’s analysts make no changes to their estimates or valuation but view the new product line as a supportive factor for delivering on guidance. The analysts maintain their BUY rating and EUR 30.00 price target, seeing this as a value-accretive step in the company’s strategic execution. The full update can be downloaded under: https://research-hub.de/companies/leifheit-ag

At mwb research’s “New Food Investor Conference,” Peter Vogt, Head of Investor Relations at KWS, shared insights into the company’s strategy and future outlook. He emphasized KWS’s strengths and answered questions about its position in the seed breeding market, particularly highlighting its growing vegetables segment. KWS is a leading European seed breeder with a strong global presence and a focus on non-GMO crops such as sugarbeet, corn, cereals, and vegetables. The company’s profitable growth is driven by innovation and a strong R&D platform. With rising global demand for premium seeds, KWS is well positioned for long-term success. The vegetables segment, though small, shows strong potential, with new varieties expected soon. KWS’s strategic investments and innovation pipeline support a compelling long-term growth outlook. mwb research’s analysts maintain their BUY rating and PT of EUR 83.00 based on conservative estimates. You can find the recording here: https://research-hub.de/events/video/2025-06-03-09-30/KWS-GR. The full update can be downloaded under https://research-hub.de/companies/kws-saat-se-co-kgaa

Geratherm’s FY24 results showed a 33% revenue decline to EUR 14.0m, primarily due to sharp drops in Healthcare Diagnostics and Incubator Systems, as well as the sale of the Cardio/Stroke (apoplex) business. However, strong 30% growth in the Respiratory division, which now accounts for over half of total revenues, partially offset this decline. EBIT fell 42% but the margin remained in double digits, helped by cost reductions and gains from the apoplex sale. While Diagnostics remains challenged by market saturation and price pressure, Respiratory and Incubator Systems are positioned for growth in FY25, following new certifications and product launches. With a strengthened balance sheet and positive segment momentum, mwb research’s analysts maintain a BUY rating, albeit with a revised price target of EUR 6.00 (old: EUR 7.00). The full update can be downloaded under https://www.research-hub.de/companies/Geratherm%20Medical%20AG