Cicor has closed the acquisition of Éolane France, adding CHF 125m in profitable sales, seven sites, and nearly 900 employees to its EMS platform. The transaction strengthens Cicor’s presence in France and supports its nearshoring strategy via Moroccan sites. While Éolane currently operates below group margins, Cicor plans to lift profitability through its proven decentralised integration model. This deal is a key milestone toward the 2028 revenue target of CHF 1bn. Additional upside is expected from two pending acquisitions (Mercury, MADES), not yet included in mwb research’s forecasts. The analysts upgrade to BUY (from HOLD) and raise their price target to CHF 120.00 (from CHF 100.00). Cicor will present at mwb research’s virtual A&D conference on 20 May, 2025. Check https://researchhub.de/events/registration/2025-05-20-11-30/CICN-SW to register. The full update can be downloaded under https://www.research-hub.de/companies/Cicor%20Technologies%20Ltd

With Q2 expected to come in line with company guidance and consensus, supported by seasonal strength in Automotive and continued AI momentum, the near-term setup looks achievable. However, With FX rate nearing 1.15 USD/EUR — 10 cents above the assumed 1.05 — Infineon’s disclosed sensitivity implies a potential EUR 500m revenue and EUR 200m Segment Result headwind in H2, assuming spot levels persist. While hedging should soften the blow, the scale of the move raises the bar for FY25 guidance delivery, particularly amid additional uncertainty from potential tariffs that could shave 1-1.5% off global light-vehicle production (mwb est.). Thus, mwb research’s analysts revise their estimates again. That said, even if Infineon falls modestly short of its FY25 guidance, the analysts continue to view the recent share price weakness as a compelling entry opportunity to build exposure to an undisputed leader in power semis. Thus, mwb research reiterates their BUY rating with a revised price target of EUR 34.00 (old: EUR 35.00). The full update can be downloaded under https://www.research-hub.de/companies/Infineon%20Technologies%20AG

Sartorius reported a solid set of Q1 results, with sales growing 7.7% yoy (6.5% yoy in constant currency) to EUR 883m, 2.4% ahead of consensus and supported by a continued recovery in consumables sales. Its underlying (adj.) EBITDA grew by 12.2% yoy to EUR 263m, a solid 4.6% consensus beat, while the book-to-bill ratio stayed well above 1.0x. Sartorius tabled a cautious but detailed guidance for 2025, with topline growth of c. 6% (+/-2%; Bioprocess Solutions [BPS] +7% and Lab Products & Services [LPS] +1%), with adj. EBITDA margins of 29%-30% (BPS 31%-32% and LPS 22%-23%). Both its current growth trajectory and 2025 guidance fall well below its ambitious mid term targets, leaving it open for potential market disappointment. Therefore, mwb research’s analysts continue to maintain their SELL rating at unchanged price target of EUR 182.00. The full update can be downloaded under research-hub.de/companies/Sartorius%20AG

FCR Immobilien AG ended the financial year with a significant increase in profits and confirmed its preliminary figures. Earnings before taxes (EBT) rose to EUR 23.1m (previous year: EUR 10.1m), driven by strategic property sales, stable portfolio development and consistent digitalisation. FFO was solid at EUR 7.0m despite higher interest costs, with an FFO margin of around 21%. The quality of the portfolio remained high: the occupancy rate increased to 94.1% and the WAULT to 5.7 years. The Management Board and the Supervisory Board propose to increase the dividend to EUR 0.45 per share. FCR thus confirms the sustainable profitability and stability of its business model, which is why the analysts reiterate their BUY recommendation with an unchanged price target of EUR 22.00. The previous full update can be downloaded under https://www.research-hub.de/companies/FCR%20Immobilien%20AG

Suss MicroTec presented at the mwb research German Select Conference, where VP IR & Communications Sven Köpsel reviewed FY24 and addressed current trading conditions, in particular the impact of the new US tariffs (see a recording here: https://research-hub.de/events/video/2025-04-08-10-30/SMHN-GR). The company clarified its exposure to the US, with EUR 45-50m of order book tied to US customers. With manufacturing in Germany and Taiwan, Suss MicroTec faces tariff increases of potentially up to 20% (Germany) or 32% (Taiwan). Most US orders are expected to be fulfilled from Germany, and with customer Incoterms covering two-thirds of the tariff costs, Suss' direct exposure is around EUR 3m. Competitors face similar tariff pressures, limiting the competitive impact. Suss also noted uncertainties in AI orders due to cautious customer sentiment and the threat of global trade disruptions, echoing TSMC's comments today. With adjusted estimates, the analysts arrive at a new PT of EUR 68.40 (old: EUR 77.00), which is also supported by a discount of more than 50% on EV/EBIT and EV/EBITDA 25E to the peer group. BUY. The full update can be downloaded under https://www.research-hub.de/companies/SUESS%20MicroTec%20SE

Siemens Energy (SE) delivered strong preliminary Q2 25 results, significantly beating market expectations. Order intake surged 52.3% yoy to EUR 14.43bn, while revenues rose 20.7% to EUR 9.96bn. Adjusted EBIT reached EUR 906m (margin: 9.1%), and free cash flow before tax more than doubled to EUR 1.39bn. Divisional performance was solid, especially in Gas Services and Grid Technologies. Despite continued challenges at Siemens Gamesa, losses narrowed. SE raised its FY25 guidance, now expecting 13– 15% revenue growth and EBIT margins of 4–6%, with net income up to EUR 1bn and FCF before tax of EUR 4bn. While mwb research’s analysts acknowledge the strong operational performance and raise their price target to EUR 52.00 (from EUR 50.00), the analysts maintain their SELL rating due to a demanding valuation and ongoing geopolitical risks. The full update can be downloaded under https://www.research-hub.de/companies/Siemens%20Energy%20AG

Beiersdorf reported better-than-expected organic (org.) sales growth of 3.6% yoy in Q1 2025, a 1.0 ppt consensus (cons.) beat. Consumer, its largest segment, came in largely in line with cons. (org. +2.3% yoy), while Tesa exceeded market expectations (+10.7% vs cons. +4.0%), supported by positive momentum in the electronics business. The Consumer segment’s org. growth was supported by solid double-digit growth in Derma (+11.4%) and Healthcare sales (+10.8%), while its core brand NIVEA reported a moderate growth of 2.5%, amidst headwinds from strategic repositioning in China and a higher comparable base. Its premium line-up La Prairie dipped 17.5% from planned destocking and challenging market conditions in China. Despite the challenges, its FY 25 guidance remains intact. Beiersdorf continues to be an attractive player in the global skin care market, given its commitment to deliver innovation, with the recent Epicelline and Eucerin launches and the planned Thiamidol-based product launches in China. As these positives have already been priced in, and without any new price catalysts, the analysts maintain PT unchanged at EUR 146.00 and reiterate their BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Beiersdorf%20AG

METRO AG delists from the Frankfurt Stock Exchange and SDAX today, 16 April 2025, following EP Global Commerce’s (EPGC) public tender offer at EUR 5.33 per share. While the offer includes a premium, it falls short of reflecting METRO’s long-term potential under its sCore strategy. Management’s neutral stance on the offer, despite supporting the delisting, sends a conflicted signal. Claimed benefits like strategic focus and reduced regulation remain hard to quantify and primarily serve controlling shareholders. The loss of public oversight introduces long-term governance risks. With EPGC now firmly in control and little recourse for minority investors, this marks an opaque new chapter for METRO. SELL. The full update can be downloaded under https://www.research-hub.de/companies/research/Metro%20AG

MHP Hotel AG reported strong Q1 2025 KPIs with all indicators reaching record levels for the first quarter, including a 2 percentage point increase in occupancy to 67%, an 8% increase in ADR to EUR 203 and a 12% increase in RevPAR to EUR 137, boosted by the high yielding Koenigshof Munich opening in mid-2024. Revenue grew by 17% year-on-year to EUR 33.3m. Despite a challenging German hotel market, MHP is able to effectively manage costs and maintain pricing power in the premium and luxury segments. With an already promising development pipeline, including the Conrad Hamburg (summer 2025) and the Autograph Collection Stuttgart (2028), the company sees further potential from market consolidation in Europe. MHP reaffirms its 2025 guidance of EUR 180m in revenues and EUR 15m in EBITDA, assuming stable macroeconomic conditions. With mwb research’s analyst estimates unchanged, the analysts reiterate their BUY rating with a PT of EUR 3.30. The EV/EBITDA multiple of 2.6x in 25E leaves a large risk buffer should economic conditions deteriorate. The full update can be downloaded under https://research-hub.de/companies/MHP%20Hotel%20AG

Veganz Group AG has transformed from a vegan retailer into a food technology company, focusing on in-house production and distribution of innovative plant-based products, including Mililk (dairy alternatives), Peas on Earth (meat substitutes), and Happy Cheeze (plant-based cheese). Leveraging proprietary technology such as 2D food printing, the company enhances efficiency and sustainability while distributing through retail, food service, and online channels. In a highly competitive market, Veganz differentiates itself as a multi-category provider with a strong brand, innovative products, eco-friendly packaging, and cost-efficient logistics. While recent years have seen revenue declines and losses due to the business model pivot, the company is now at an inflection point, with strong growth prospects in plant-based milk and meat alternatives, which dominate the European market. With a strengthened balance sheet following a capital increase and bond restructuring, Veganz presents significant upside potential for long-term investors willing to accept above average risk. Coverage is initiated with a Spec. BUY rating and a EUR 11.00 price target, not including additional upside from vertical farming. The full update can be downloaded under https://research-hub.de/companies/veganz-group-ag