Redcare Pharmacy reported Q2 preliminary sales of EUR 709m, up 26% year-on-year and broadly in line with expectations. Growth was driven by strong German Rx sales, up 125% year-on-year, supported by ongoing adoption of the CardLink channel, and solid non-Rx performance, up 17%. Total H1 revenues reached EUR 1.4bn, up 27%, with Rx and non-Rx growing 49% and 18%, respectively. Redcare added 1 million active customers in H1 and confirmed its full-year guidance, including over EUR 500m in German Rx sales and an EBITDA margin between 2% and 2.5%. With structural momentum intact, mwb research's analysts view targets as ambitious but achievable. Maintain BUY, price target EUR 144. The full update can be downloaded under https://research-hub.de/companies/redcare-pharmacy-nv

At the mwb Health Care Conference, Stratec CEO Markus Wolfinger reiterated the company's strategic focus on scalable platform models, recurring revenues, and long-term OEM partnerships. Despite a decline in revenue in fiscal year 2024, the growing proportion of high-margin services and consumables (43%) and robust development income demonstrate operational resilience. While challenges remain, such as limited economies of scale and delayed pricing, structural improvements are gaining traction. Q1 confirmed margin momentum, which is expected to continue in the upcoming quarters. Given Stratec's stable customer base and long-term revenue visibility, mwb research's analysts are reaffirming their BUY rating with an unchanged price target of EUR 32.50. A recording of the presentation is available here: https://research-hub.de/events/video/2025-07-01-11-00/SBS-GR. The full update can be downloaded under https://research-hub.de/companies/stratec-se

FY24 marks a strategic inflection point for Payments Group Holding (PGH) as it transitions from a financial investor to a scalable PayTech operator. The year’s results, impacted by the wind-down of its private equity operations, show a net loss of EUR 4.31m including a EUR 1.7m discount on a forced sale of a core asset, though the balance sheet remains strong (92% equity ratio). With binding agreements to acquire four high-growth payment providers under the new “TPG” brand, PGH is poised for accelerated revenue growth and cash generation. Legal claims from the PE exit may offer future upside. mwb research's analysts view FY24 as a baseline reset and reiterate their BUY recommendation with a EUR 1.50 target, purely reflecting book value of the restructured group. The full update can be downloaded under https://research-hub.de/companies/the-payments-group-holding

Viromed Medical AG (the holding company) has published FY24 financial results, showing group revenues of around EUR 1.4m and a EUR 2.6m loss for its key subsidiary Viromed Medical GmbH, reflecting a strategic shift to cold atmospheric plasma (CAP) products and the ongoing development of ViroCAP and PulmoPlas. Looking ahead, the company expects revenues to rise to EUR 8–10m in FY25, aided by the Pharmedix acquisition, and to reach approximately EUR 80m in FY26, with positive EBIT margins projected from then. CEO Uwe Perbandt confirmed the ViroCAP market launch in September 2025 for dermatological and veterinary use, with 3,000 units soon in production and strong early demand. A 600-patient study is in preparation to support reimbursement of wound treatments with ViroCAP. For PulmoPlas, a special approval in treating VAP is targeted for later in 2025. With encouraging operational progress and growth prospects, mwb research's analysts maintain a BUY rating with a EUR 12.50 price target. A recording of CEO Uwe Perbandt’s presentation at mwb research's Health Care Conference can be viewed here: https://research-hub.de/events/video/2025-07-01-13-30/VMED-GR The full update can be downloaded under https://research-hub.de/companies/viromed-medical-ag

At yesterday's mwb research Health Care Conference, Dräger’s IR Head Thomas Fischler confirmed the company’s FY 2025 guidance (sales growth 1–5%, EBIT margin 3.5–6.5%) and emphasized a strategic focus on margin improvement. In Q1, Dräger showed stable revenues and a slightly positive EBIT, with a strong order backlog (EUR 861m, +6.1% yoy) supporting H2 visibility. Historically, Q4 is generally the strongest quarter for Dräger. Defense was also discussed as a potential structural growth driver, particularly within the Safety Division, and the company acknowledged potential US tariff risks, viewing them as manageable. A recording of the presentation is available for interested investors here: https://research-hub.de/events/video/2025-07-01-09-30/DRW3-GR. With the share trading near to our target price of EUR 72.00, mwb research's analysts maintain their HOLD rating, reflecting a fair valuation and solid fundamentals. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

Circus has published its annual report for 2024. The FY24 results reflect a strategic transition from R&D to industrial production. As expected, there was minimal revenue and a negative EBITDA of EUR 11.9m due to high development costs. Major milestones were achieved during the year, including the industrial maturity of the fourth-generation CA-1 cooking system, a significant manufacturing partnership with Celestica and the accelerated development of the CA-M autonomous field kitchen. Despite having a reduced equity base of EUR 2.4m at the end of the year, the company raised EUR 18.7m in the first half of 2025 to support its expansion plans. Notable recent achievements include commercial agreements with REWE, Tamoil (HEM) and Mangal, as well as inclusion in the MSCI Global Micro Cap Index. With initial CA-1 deliveries expected in autumn 2025, and with finetuned financial forecasts, mwb research's analysts are revising their price target slightly to EUR 70.00 (previously EUR 72.20) and reaffirming their BUY rating. The full update can be downloaded under https://research-hub.de/companies/circus-se

Q2 2025 saw a muted lottery environment despite two jackpot peaks, as average jackpot sizes declined notably yoy in both Eurojackpot and 6aus49, weighing on player engagement and overall spending. Still, mwb research's analysts expect ZEAL to deliver strong results, with estimated revenue of EUR 52.5–54.5m (+32% yoy at midpoint) and an EBITDA margin of 30–33% (+4,5pp yoy at midpoint). This performance reflects an expanding active user base, favourable pricing, stronger contribution from new verticals and rising operating leverage, partially offset by lower per-user spend and elevated marketing around jackpot peaks. mwb research's analysts believe that ZEAL continues to benefit from structural tailwinds in online lottery adoption, gaining market share even amid subdued consumer spending. The analysts reiterate their BUY rating and EUR 63.50 price target, confident in ZEAL ability to meet its full-year guidance potentially exceed it slightly. The full update can be downloaded under https://research-hub.de/companies/zeal-network-se

LM PAY has confirmed its audited FY24 results, showing a 30% yoy revenue increase to PLN 22.8m and a sharp EBIT rise to PLN 7.0m, driven by higher transaction volumes and network expansion. Customer retention remained stable at 30%, with a 16% increase in active clients. The FY25 outlook remains strong, supported by strategic partnerships like CUK Flex Pay. Entry into insurance financing marks a key diversification step. mwb research's analysts have updated their model, introduced 2027 estimates, and reiterated their BUY rating with a EUR 63.00 target. For more insights, LM Pay will discuss final FY24 results in an Earnings Call on July 9. CEO Jakub Czarzasty. Please register here: https://research-hub.de/events/registration/2025-07-09-11-00/Y00-GR. The full update can be downloaded under https://research-hub.de/companies/lm-pay-sa

Westwing continues to advance its asset-light growth strategy, having entered six new countries YTD (3 in Q1, 3 in Q2) while selectively expanding its physical presence in key cities. The ongoing shift to a global, premium assortment is improving margins but still weighing on short-term revenue. Q1 2025 showed strong operating leverage, with adjusted EBITDA up 45% yoy despite a 1% revenue decline. FY25 guidance (EUR 25-35m EBITDA) was maintained. mwb research's analysts expect margin strength to continue, supported by the Westwing Collection and scaling efficiencies. While topline growth remains subdued, strategic execution positions the company for profitable growth from 2026 onward. For the time being, mwb research's estimates remain unchanged. Therefore, the analysts maintain their PT of EUR 11.00 and BUY rating. The full update can be downloaded under https://research-hub.de/companies/westwing-group-se

KWS announced last week the divestment of its 50% stake in the North American corn joint ventures AgReliant to GDM, an Argentinian plant genetics company. This follows the recent sale of its corn business in South America and China. The stake was held as a financial asset and accounted for using the equity method, will be sold alongside licensing agreements for corn genetic material in North America. The transaction marks KWS’s full exit from operational corn activities in South and North Americas, enabling the company to focus on its more profitable core European corn business. Valued in the low triple-digit USDm range plus licensing fees, the deal is expected to close in Q3 2025. This move supports KWS’s continued focus on high-growth, profitable areas, reinforced by expanded R&D in the promising vegetable segment announced on June 23. mwb research’s analysts maintain their BUY rating with a PT of EUR 83.00. The North American corn business sale is not yet reflected in their model, as the deal remains pending. The full update can be downloaded under https://research-hub.de/companies/kws-saat-se-co-kgaa