Deutsche Rohstoff delivered solid preliminary FY24 results, with revenues of EUR 235.4m (+20% yoy), around 9% ahead of expectations and above the upper end of the guidance, driven by strong Q4 production of 14,700 BOEPD and a higher oil content in Wyoming. EBITDA of EUR 167.6m was in line with expectations, with Q4 margins stable versus 9M at 71%, though below FY23 due to lower other operating income. Net profit of EUR 50.2m came in around 7% above expectations, probably supported by a lower tax rate. Operating cash flow of EUR 150m (+8% yoy) exceeded estimates by EUR 25m, though free cash flow was negative due to high investments in wells and infrastructure. With comfortable net debt/EBITDA of 0.9x and a strong start to FY25 expected, mwb research’s analysts reiterate their BUY rating with an unchanged price target of EUR 53.00, based on DCF. This value proposition is also underpinned by a deep discount to the peer group and the reserve report published two weeks ago, which shows an upside of 40%. The full update can be downloaded under https://www.research-hub.de/companies/Deutsche%20Rohstoff%20AG

secunet’s stock has shown a strong recovery from its 52-week low of EUR 89.00, and the the latest share price gains were related to potential public investments in Europe’s defense. The European Union’s ReArm Europe initiative, aiming to unlock up to EUR 800 bn in defense spending, could create opportunities for secunet. As a trusted provider of high-security IT solutions for German authorities and the armed forces, secunet could benefit if cybersecurity becomes a spending priority. Its SINA product suite, already securing classified communications and critical networks, could play a role in future modernization efforts. While it remains too early to quantify any impact, mwb research’s analysts maintain their EUR 185 PT and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/secunet%20Security%20Networks%20AG

Elmos faces a minimal direct impact from potential US tariffs, as the US accounts for only 2% of sales, but indirect risks from global automotive supply chain disruptions and inflationary pressures cannot be overlooked. While tariffs could raise prices for both US-made and imported cars, softening demand, Elmos’ diversified exposure to global OEMs limits substitution risk. Broader trade tensions, tit-for-tat tariffs, and FX volatility could add further complexity which mwb research’s analysts partially priced in, but with a new automotive growth cycle expected in 2026, the analysts see the recent pullback as a strong entry point. mwb research reiterates a BUY rating and PT of EUR 98.00. The full update can be downloaded under https://research-hub.de/companies/Elmos%20Semiconductor%20SE

Circus has announced the successful completion of its high-volume production setup for the CA-1 robotic kitchen at a 35,000 m² facility in China operated by contract manufacturer Celestica. Serial production is set to begin in May 2025 and first deliveries to European customers expected in summer 2025. The scalable facility can initially produce triple-digit units in 2025, with capacity to expand to 6,000 units per year, positioning Circus to meet growing global demand. With pre-orders for 8,400 units worth EUR 1.8bn and another 17,000 systems under negotiation, the potential is significant. Circus is also accelerating international expansion, opening showrooms in New York and Shanghai. Supported by the appointment of Claus Holst-Gydesen, an experienced international top manager, as Co-CEO for Global Expansion and Strategy, Circus is well-positioned to execute on its vision. mwb research’s analysts reiterate to BUY with a EUR 75.00 target price. For a recent first-hand update, please see the recording of last month’s roundtable with management here: https://research-hub.de/events/video/2025-02-05- 13-30/CA1-GR. The full update can be downloaded under https://research-hub.de/companies/circus-se

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

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.

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