Bechtle has acquired E-Storage B.V., a Netherlands-based specialist in data infrastructure and cyber recovery, adding EUR 23m in revenue and 38 employees to its Dutch operations. The deal strengthens Bechtle’s managed services offering and supports its ongoing European consolidation strategy. Integration follows Bechtle’s proven M&A template, aiming to leverage cross-selling potential and local expertise. With limited financial impact, the transaction aligns with Bechtle’s long-term focus on high-value IT services and recurring revenues. Backed by a strong balance sheet and clear strategic direction, Bechtle remains well-positioned for future growth. mwb research`s analysts confirm their BUY rating with a price target of EUR 46.00. The full update can be downloaded under https://www.research-hub.de/companies/Bechtle%20AG

LM PAY has entered the Polish insurance market via a strategic partnership with CUK Ubezpieczenia, launching "CUK Flex Pay" to enable flexible premium financing. This addresses a widespread liquidity gap, as over 60% of Polish households struggle with one-off payments of PLN 1,000–2,500. With access to CUK’s extensive distribution network (4,000 advisors, 4 million contacts annually), the product offers significant scalability beyond LM PAY’s existing 38,000 medical financing clients. A 10% penetration scenario suggests up to 400,000 potential users. For more insights, LM Pay will share final FY24 results in an Earnings Call on July 9. CEO Jakub Czarzasty will also provide deep insight into LM PAY’s current performance. For more insights, please register here: https://research-hub.de/events/registration/2025-07-09-11-00/Y00-GR. While short-term financial impact remains limited, the initiative could evolve into a key mid-term growth driver. BUY rating and EUR 63 target maintained. The full update can be found on https://research-hub.de/companies/lm-pay-sa

Puma is approaching a key strategic turning point as Arthur Hoeld steps in as CEO on 1 July. The company continues to face a demanding backdrop shaped by subdued consumer demand, margin pressure, while undergoing restructuring. At the same time, the company is balancing cost discipline with necessary investment in retail, e-commerce, and digital infrastructure. Q2 expectations remain muted, but with valuation at multi-year lows (2026E P/E 9.6x, EV/EBIT 6.6x), much of the downside appears priced in. A credible reset under new leadership and improved execution could support a re-rating. Price target: EUR 27.65. Rating: BUY. The full update can be downloaded www.research-hub.de/companies/research/Puma%20SE

Business sentiment in Germany is showing early signs of recovery, supporting a cautiously optimistic mid-term outlook for Amadeus Fire. Key indicators like the Ifo and ZEW indices point to stabilizing macro conditions and improving corporate confidence. While Q2 FY25 remains challenging, management’s full-year guidance appears achievable, with margin improvements expected in H2. Amadeus’s dual model— staffing and training—continues to prove resilient, especially with long-term demand for IT skills and professional development. The stock remains undervalued, trading at ~10x ‘26 EBIT. With improving sentiment and solid structural trends, mwb research’s analysts reiterate their BUY rating and EUR 97.00 price target, reflecting both cyclical upside and long-term earnings potential. The full update can be found on https://www.research-hub.de/companies/Amadeus%20FiRe%20AG

Recent developments highlight a growing divergence between the structurally stronger Specialties segment and the more challenged Essentials business, where pricing pressure and regional softness persist. Ongoing bolt-on acquisitions support Brenntag’s strategic push into niche and value-added services, though near-term financial impact remains limited. Looking ahead, execution risks around cost discipline, divisional disentanglement, and macro fragility remain elevated. With guidance now skewed toward the lower end, any narrative of resilience must be supported by clear evidence of strategic momentum, including volume recovery and pricing stability, not just cost discipline. That said, mwb research’s analysts believe much of this caution is already priced in. The analysts reiterate their BUY rating and price target of EUR 75.00, supported by strategic positioning and valuation. The full update can be downloaded under https://www.research-hub.de/companies/Brenntag%20SE

Formycon has appointed Valorum Biologics as U.S. commercialization partner for FYB203, following Coherus’ strategic exit from ophthalmology back in 2024. While Valorum’s leadership brings experience, the firm lacks a commercial track record, introducing execution risk alongside strategic upside. Concurrently, Formycon is placing a EUR 50m corporate bond with strong institutional interest. The yield reflects prevailing market levels for small-cap issuers and aligns with Formycon’s current risk profile. Proceeds will support the commercial rollout and pipeline development. With FYB202 ramping up, and catalysts including FYB203 market entry and FYB206 partnering expected, execution will be critical. mwb research’s analysts reiterate their EUR 50.00 price target and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

Formycon has appointed Valorum Biologics as U.S. commercialization partner for FYB203, following Coherus’ strategic exit from ophthalmology back in 2024. While Valorum’s leadership brings experience, the firm lacks a commercial track record, introducing execution risk alongside strategic upside. Concurrently, Formycon is placing a EUR 50m corporate bond with strong institutional interest. The yield reflects prevailing market levels for small-cap issuers and aligns with Formycon’s current risk profile. Proceeds will support the commercial rollout and pipeline development. With FYB202 ramping up, and catalysts including FYB203 market entry and FYB206 partnering expected, execution will be critical. mwb research’s analysts reiterate their EUR 50.00 price target and BUY rating. The full update can be downloaded under https://www.research-hub.de/companies/Formycon%20AG

Nordex has announced a major 435.2 MW order from German developer UKA in Q2, including 64 turbines and 20-year service contracts, one of its largest domestic deals. A 160 MW order from Turkey was also announced today. Earlier in the quarter, several smaller contracts in Germany and France were secured. Together, these deals point to strong Q2 order momentum. Demand remains robust, supported by a solid pipeline into late 2024 and early 2025, with an order backlog nearly twice the company’s annual revenue. As Nordex typically announces more deals at quarter-end, further Q2 orders are likely. The strong intake underscores Nordex’s solid position in the expanding European onshore wind market, particularly in Germany. mwb research’s analysts maintain their BUY rating and PT of EUR 20.00, confident in growth and improving profitability, though our midterm estimates remain conservative for now versus the company’s mid-term targets. The full update can be downloaded under https://www.research-hub.de/companies/Nordex%20SE.

Carl Zeiss Meditec (CZM) remains a global leader in ophthalmic and microsurgical technologies, supported by secular growth drivers such as ageing demographics and rising vision disorders. Despite cyclical headwinds in hospital spending and macro uncertainties, the business benefits from a resilient, growing base of recurring revenues. New platforms like KINEVO and VISUMAX, coupled with a good order backlog, provide near-term momentum. While management maintains a cautious FY outlook, current valuation appears compelling after a sharp stock decline by c. 15% since mid-May. With the share price now well below our EUR 65.00 target, mwb research’s analysts upgrade the rating from HOLD to BUY, anticipating margin recovery and product-driven growth. The full update can be downloaded under https://www.research-hub.de/companies/Carl%20Zeiss%20Meditec%20AG

Stratec’s inclusion in the SDAX on June 25, 2025, enhances its visibility ahead of the mwb research Health Care Conference on July 1, where CEO Markus Wolfinger will outline the company’s strategic direction. The event offers timely insight into Stratec’s shift toward high-margin, service-based revenues and platform development. Investors are encouraged to register here: research-hub.de/conference/health-care-conference. As management confirmed its FY25 guidance, with an adjusted EBIT margin of 10–12%, mwb research’s analysts maintain their BUY rating and reaffirm their EUR 32.50 price target, implying an attractive upside. The analysts believe, the SDAX entry could act as a catalyst for increased investor attention and a rerating of the shares. The full update can be downloaded under https://research-hub.de/companies/research/Stratec%20SE