Siemens Energy (SE) announced detailed Q2 25 results, confirming its upbeat preliminary release that had significantly exceeded market expectations. Revenues grew 20% yoy to EUR 9.96bn (7% ahead of consensus), profit before special items (exSI) came in at EUR 906m (5.3x Q2 24; a staggering 57% beat), and the margin of 9.1% (+7.0ppt yoy) surpassed consensus of 6.2%. Notably, order intake surged 52% yoy on a comparable basis (comp.) to EUR 14.43bn (16% better), implying a book-to-bill ratio of 1.45x. This took the order backlog to EUR 133bn. Divisional performance was solid, especially in Gas Services and Grid Technologies, and losses at Gamesa narrowed. SE confirmed its recently raised FY 25 guidance, now expecting 13%-15% comp. revenue growth and profit ex-SI margins of 4%-6%, with net income up to EUR 1bn, and FCF before tax of c.EUR 4bn. mwb research’s analysts maintain their estimates that were updated after the prelims and retain their price target at EUR 52.00. However, mwb research’s analysts reiterate 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

Puma SE’s Q1 results were soft impacted by a challenging business environment in key markets but were ahead of market estimates. Q1 sales were 2% ahead of consensus but declined 1% yoy (flat yoy in constant currency) to EUR 2.08bn, as the strong growth momentum in the e-commerce channel was negated by weak wholesale demand in China and the US. Adj. EBIT plunged 52% yoy to EUR 76m but beat consensus by 7%. However, the EBIT margin narrowing 4.0ppt yoy to 3.6%, impacted by a contracting gross profit margin and rising operating costs. Despite the challenges, Puma reiterated its FY 2025 guidance but failed to address the looming doubts over tariffs impact on earnings. We would like to wait for strategic clarity from the newly appointed CEO, Arthur Hoeld, who is set to take over the role effective 1 July 2025. The near-term visibility remains low, and execution risks are elevated, and against this backdrop, shares are currently undervalued. Therefore, mwb research maintains our BUY rating at an unchanged PT of EUR 27.65. The full update can be downloaded www.research-hub.de/companies/research/Puma%20SE

Enapter has announced a planned capital increase of up to 2.07m new shares at EUR 2.90 each, raising up to EUR 6m. The funds would support working capital, operations, and the ramp-up of production volumes, increasing shares outstanding to 31.14m (an around 7% rise). However, with a strong order backlog and growing demand for multi-core systems, Enapter is well-positioned for future growth and could use the funds from the planned capital increase to support this. In the view of mwb research analysts this capital increase as positive, as it would improve liquidity and reduce the need for additional debt. However, it would lower their price target to EUR 6.20 to reflect fair value dilution. Nonetheless, this would still imply a 120% upside. For now, the analysts maintain their Spec. BUY rating and EUR 7.00 price target, as the capital increase has not yet been completed. The full update can be downloaded under https://www.research-hub.de/companies/Enapter%20AG

LANXESS delivered a resilient Q1 2025 in a challenging macro environment, with flat sales but a strong 32% jump in profitability, driven by operational efficiency and restructuring. While pricing pressure, weak end-market demand, and geopolitical uncertainty persist, the company is navigating well—benefiting from tariff exemptions, streamlining its portfolio, and preparing for margin uplift through cost-cutting and divestitures. With its transformation into a pure-play specialty chemicals firm now complete, LANXESS is positioned for more stable, higher-quality earnings as market conditions normalize. mwb research’s analysts confirm their BUY rating with a slightly lower PT of EUR 32.00. The full update can be downloaded under https://www.research-hub.de/companies/Lanxess%20AG

Bechtle AG’s (Bechtle) final Q1 2025 results confirm a weak start to the year, with revenue down 2.8% yoy to EUR 1,461m and EBT falling 32.5% to EUR 55.3m, mainly due to higher personnel costs and lower supplier bonuses. Management reaffirmed its FY25 guidance, expecting 0–5% growth in business volume, revenue development of 3% to +3% yoy and EBT within a -5% to +5% range. Despite ongoing macro headwinds and a likely subdued Q2, Bechtle sees early signs of demand recovery, particularly in the public sector. With a strong, leading market position and long-term drivers intact, mwb research’s analysts maintain their BUY rating with an unchanged price target of EUR 46.00. The full update can be downloaded under https://www.research-hub.de/companies/Bechtle%20AG

Westwing’s Q1 2025 results were broadly in line, with revenue down 1% yoy to EUR 107m amid ongoing assortment shifts. Adjusted EBITDA rose 45% yoy to EUR 9m (margin: 8.5%, +2.7ppt yoy), supported by cost discipline and efficiency gains. While active customers and order volumes declined, average basket size jumped 28% yoy to EUR 236, reflecting the successful premium repositioning. DACH grew 1% yoy; International fell 4% yoy. Profitability improved across both segments. FY25 guidance was reiterated, with revenue of EUR 425–455m and adj. EBITDA of EUR 25–35m. Despite topline pressure, margin momentum remains strong. mwb research’s analysts maintain their EUR 11.00 PT and reiterate their BUY rating. The full update can be downloaded under https://research-hub.de/companies/Westwing%20Group%20SE

Bauer AG's 2024 performance highlights the successful execution of its turnaround strategy, delivering strong revenue growth despite geopolitical and market headwinds. The company benefited from major project completions and continued restructuring in underperforming regions, while maintaining financial discipline and advancing innovation in sustainable construction technologies. Although earnings were weighed down by provisions and input costs, Bauer’s streamlined operations and reinforced balance sheet position it well for margin improvement. With a clear focus on profitability before growth and exposure to long-cycle infrastructure trends, Bauer is strategically positioned to benefit from future demand upswings. Despite uncertainty, mwb research’s analysts reiterate their BUY with a revised price target of EUR 13.00, underpinned by improving margin quality, accelerating innovation, and strategic discipline. The full update can be downloaded under https://www.research-hub.de/companies/Bauer%20AG

ABOUT YOU (AY) reported solid FY 2024/25 results, with revenue up 3.4% to EUR 2,001.7m and gross profit rising 7.9% to EUR 807.8m. Adjusted EBITDA improved to EUR 28.1m, and despite a net loss of EUR 106.7m, free cash flow was strong at EUR 55.5m, reflecting operational discipline and a working capital release. Q4 saw accelerating momentum with revenue up 8.7% and narrowed EBITDA losses. For FY 2025/26, AY expects moderate revenue growth and stronger EBITDA, with segment reporting aligning to Commerce and SCAYLE. The Zalando takeover offer at EUR 6.50/share has secured over 90% acceptance and is set to close by summer. mwb research’s analysts recommend accepting the offer and rate the stock SELL. The full update can be downloaded under https://www.research-hub.de/companies/ABOUT%20YOU%20Holding%20SE

Schloss Wachenheim’s Q3 results reflect macro and seasonal softness following a strong holiday-driven Q2, with Easter timing shifting demand into Q4. Q3 Group revenue was slightly down (-0.7% yoy), though gross profit held up. Eastern Europe underperformed, while Germany and France showed resilience. 9M performance remains solid, with revenues up 1.5% yoy and EBIT up 13.0%. Notably, operating cash flow surged 70.9% to EUR 29.3m, driven by working capital efficiency. Management reaffirmed FY guidance, with Q4 expected to benefit from delayed holiday demand. The analysts from mwb research confirm their EUR 22.00 PT and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Schloss%20Wachenheim%20AG

Fresenius Medical Care (FME) delivered a decent set of results in Q1 2025. Revenues grew 5% yoy organically (org.), and by 3% yoy on a reported basis to EUR 4.9bn, coming in line with consensus. Both Care Delivery and Care Enablement segments contributed to the positive performance, with the former reporting 4% yoy and the latter posting 5% yoy org. top-line growth. The company is progressing well on its FME25 plan and generated EUR 68m in savings in Q1, which drove 13% yoy growth in operating income to EUR 457m, a 2% beat vs consensus. The margin improved 90bps yoy to 9.4% on the back of more pronounced improvement at Care Enablement (+2.4ppt yoy to 8.3%). Looking ahead to FY25, FME reiterated its guidance, expecting revenue growth to be positive to low-single digits and significant profitability improvements (margin of c. 11%-12%), driven by efficiency gains from the FME25 program. Based on the positive earnings potential (EPS), mwb research raises the PT to EUR 52.00 (old EUR 47.00), while the analyst confirms the HOLD rating. The full update can be downloaded under https://www.research-hub.de/companies/Fresenius%20Medical%20Care