mwb research AG

Our coverage is expanding steadily – please join us in welcoming: Schloss Wachenheim AG - Rooted in tradition, bubbling with innovation We initiate coverage on Schloss Wachenheim AG with a BUY rating and a target price of EUR 22.00, implying more than 50% upside potential. As one of Europe’s leading producers of sparkling and semi-sparkling wines - including traditional, non-alcoholic, and innovative wine-based beverages - the company blends 130+ years of heritage with a clear focus on product innovation. ➡️ Fresh data from the VDS (German Sparkling Wine Association) underlines the resilience of the German sparkling wine market, with overall volumes up 0.5% in 2024. The standout performer was the non-alcoholic sparkling wine segment, with demand surging 9.4% year-on-year to 19.9 million bottles — further validating the structural growth opportunity Schloss Wachenheim is actively pursuing. ➡️ With Schloss Wachenheim investing to double its de-alcoholization capacity to 30 million litres per year, the company is well-positioned to capture this demand, while maintaining leading positions in traditional sparkling wines across Germany, France, and Eastern Europe. ➡️ In addition to its solid balance sheet, strong cash flow generation, and attractive dividend yield above 4%, Schloss Wachenheim’s EV/EBITDA of 4.5x for FY24 represents a compelling valuation discount versus peers. If you are interested in diving deeper into this “refreshing” investment case, please feel free to ⏩ Register for our Digital Roundtable with Board member Boris Schlimbach on March 27th at 2:30pm CET: https://lnkd.in/ef3KR8tB ⏩ Listen to our podcast on the company: https://lnkd.in/e5jyxHmQ ⏩ Read our initiation study: https://lnkd.in/eKN2XBdX

A big thank you to everyone who attended our digital FOCUS ON IT Conference yesterday. We were delighted to have 10 very interesting IT companies present their investment cases and answer questions from investors.  Once again, our digital conference format proved to be very effective, attracting more than 150 investors. If you missed the event, don't worry. You can watch recordings of many of the presentations (+ register for future events and browse through exciting research on around 120 companies from the DACH region) on ResearchHub at: https://lnkd.in/eUhDhb7r Many thanks to all those who took part, and especially to: audius, Wolfgang Wagner, CFO Bechtle, Martin Link, Head of IR Cancom, Lars Dannenberg, VP IR & Corporate Startegy CHAPTERS Group AG, Marlene Carl, CFO, Andreas Bergius, VP Corporate Finance cyan Digital Security, Thomas Kicker, CEO GFT Technologies, Dr. Jochen Ruetz, CFO Intershop Communications, Markus Klahn, CEO, Petra Stappenbeck, CFO Nemetschek Group, Stefanie Zimmermann, SVP IR & Corporate Communication, Patrick Horch, Director IR PSI Software, Karsten Pierschke, Head of IR SERVICEWARE, Harald Popp, CFO

A big thank you to everyone who attended our digital FOCUS ON IT Conference yesterday. We were delighted to have 10 very interesting IT companies present their investment cases and answer questions from investors.  Once again, our digital conference format proved to be very effective, attracting more than 150 investors. If you missed the event, don't worry. You can watch recordings of many of the presentations (+ register for future events and browse through exciting research on around 120 companies from the DACH region) on ResearchHub at: https://lnkd.in/eUhDhb7r Many thanks to all those who took part, and especially to: audius, Wolfgang Wagner, CFO Bechtle, Martin Link, Head of IR Cancom, Lars Dannenberg, VP IR & Corporate Startegy CHAPTERS Group AG, Marlene Carl, CFO, Andreas Bergius, VP Corporate Finance cyan Digital Security, Thomas Kicker, CEO GFT Technologies, Dr. Jochen Ruetz, CFO Intershop Communications, Markus Klahn, CEO, Petra Stappenbeck, CFO Nemetschek Group, Stefanie Zimmermann, SVP IR & Corporate Communication, Patrick Horch, Director IR PSI Software, Karsten Pierschke, Head of IR SERVICEWARE, Harald Popp, CFO

Join our unique FOCUS ON IT Conference and digitally meet 10 interesting companies from the IT sector We invite you to attend our FOCUS ON IT Conference on February 4, 2025. Join us and digitally meet 10 interesting companies from the IT sector. Each company will present its investment case and entertain questions in a 30-minute session. A great opportunity for investors to generate new investment ideas or verify current ones. Participation is FREE and open to all interested parties. Please register here: https://lnkd.in/dRp_74-d 10:00 Cancom, Lars Dannenberg, VP IR & Corporate Startegy 10:30 SERVICEWARE, Harald Popp, CFO 11:00 Intershop Communications, Markus Klahn, CEO, Petra Stappenbeck, CFO 11:30 PSI Software, Karsten Pierschke, Head of IR 12:00 audius, Wolfgang Wagner, CFO 12:30 Bechtle, Martin Link, Head of IR   Lunch Break 14:00 cyan Digital Security, Thomas Kicker, CEO 14:30 GFT Technologies, Dr. Jochen Ruetz, CFO 15:00 Nemetschek Group, Stefanie Zimmermann, SVP IR & Corporate Communication, Patrick Horch, Director IR 15:30 CHAPTERS Group AG, Marlene Carl, CFO, Andreas Bergius, VP Corporate Finance     We are looking forward to welcoming you!

Join our unique FOCUS ON IT Conference and digitally meet 10 interesting companies from the IT sector We invite you to attend our FOCUS ON IT Conference on February 4, 2025. Join us and digitally meet 10 interesting companies from the IT sector. Each company will present its investment case and entertain questions in a 30-minute session. A great opportunity for investors to generate new investment ideas or verify current ones. Participation is FREE and open to all interested parties. Please register here: https://lnkd.in/dRp_74-d 10:00 Cancom, Lars Dannenberg, VP IR & Corporate Startegy 10:30 SERVICEWARE, Harald Popp, CFO 11:00 Intershop Communications, Markus Klahn, CEO, Petra Stappenbeck, CFO 11:30 PSI Software, Karsten Pierschke, Head of IR 12:00 audius, Wolfgang Wagner, CFO 12:30 Bechtle, Martin Link, Head of IR   Lunch Break 14:00 cyan Digital Security, Thomas Kicker, CEO 14:30 GFT Technologies, Dr. Jochen Ruetz, CFO 15:00 Nemetschek Group, Stefanie Zimmermann, SVP IR & Corporate Communication, Patrick Horch, Director IR 15:30 CHAPTERS Group AG, Marlene Carl, CFO, Andreas Bergius, VP Corporate Finance     We are looking forward to welcoming you!

We are excited to have a new company join our coverage universe: MS Industrie AG - Low CAPEX and high free cash flow ahead; Initiate with BUY 1️⃣ MS Industrie AG is gearing up for the future by sharpening its focus through the sale of a 51% stake in MS Ultraschall in order to concentrate fully on MS XTEC's core competence: high-quality components for combustion engines, especially for the heavy-duty truck industry 🚚 . 2️⃣ Known for its precision and reliability, MS XTEC operates with state-of-the-art automation. Revenue visibility is supported by long-term agreements with industry giants such as Daimler Trucks and Traton. 3️⃣ While the European truck market currently faces a bumpy road, brighter days lie ahead as aging fleets make way for new-generation engines. ⏩ With lean operations, low capital requirements and strong free cash flow on the horizon, MS Industrie is a compelling choice for value investors. There are many ways to dive deeper into this interesting investment case: ➡️ Listen to our podcast: https://lnkd.in/e2vSvQSj ➡️ Read our initiation study: https://lnkd.in/ekkEPEBw ➡️ Register for our digital roundtable with CEO Dr. Aufschnaiter on February 18 at 1:30pm: https://lnkd.in/g4F_eBKe

Welcome to our coverage, Circus Group. Circus is revolutionizing the food service industry 🍴 with its cutting-edge autonomous kitchen, the CA-1, offering unmatched efficiency and versatility. With pre-orders for 8,400 units worth EUR 1.8 billion, Circus is poised for explosive top line growth 💥, and the razor-blade model with an increasing share of high-margin SaaS revenue will drive the bottom line. Circus offers investors a rare opportunity to back a true game-changer in an industry that is larger than the global automotive market and ripe for disruption, leading to significant valuation upside. 🚀 Curious? We invite you to join our online roundtable with CEO Nikolas Bullwinkel and CFO Fabian Becker on 5 February at 13:30. Register here: https://lnkd.in/ee_ueYNt Dig deeper into the equity story with our initiation note in English and German on ResearchHub.

Xmas Party 2024 - a good mix of challenging sport (bowling 😉) and succulent food (dinner at Henny's) You may be wondering why we have not posted any pictures of our bowling experience. Well, let me use a bowling quote to illustrate why: "Even if you don't knock down a lot of pins, strike a pretty pose." So trust us, it's better for you to paint that picture in your head than for us to show you any photos 😊. Anyway, the following dinner at Henny's was when everyone was on top of their game, digging into the food and especially the drinks 🍷🍻.  

Xmas Party 2024 - a good mix of challenging sport (bowling 😉) and succulent food (dinner at Henny's) You may be wondering why we have not posted any pictures of our bowling experience. Well, let me use a bowling quote to illustrate why: "Even if you don't knock down a lot of pins, strike a pretty pose." So trust us, it's better for you to paint that picture in your head than for us to show you any photos 😊. Anyway, the following dinner at Henny's was when everyone was on top of their game, digging into the food and especially the drinks 🍷🍻.  

Our 3rd GERMAN SELECT CONFERENCE this year was once again a very well frequented event with close to 200 participants digitally meeting 10 very interesting Small Caps and Mid Caps from the DACH-region. We are looking forward to more iterations of this successful format in 2025 and are very excited to continue establishing the German Select Conference Series as the leading digital meeting place for Small and Mid Caps and investors. In case you missed the event: don’t worry. You can view recordings of many of the presentations (+ register for future events and browse through exciting research on roughly 120 companies from the DACH region) on ResearchHub at: www.research-hub.de -- or just wait for the next German Select in Q1/25 😉 A big thank you to all parties who participated and especially to:   Douglas , Mark Langer, CFO grenke, Lukas Dorer, Head of Investor and ESG Communications tonies®, Manuel Bösing, Head of IR KWS Group, Peter Vogt, Head of Investor Relations HENSOLDT, Tim Schmid, Expert Investor Relations Elmos, Dr. Arne Schneider, CEO Dürr, Mathias Christen, Sr Manager & Spokesperson Corp Comms & IR adesso SE, Jörg Schroeder, CFO Draegerwerk AG & Co KGaA, Thomas Fischler, Head of Treasury & IR Kontron AG | Kontron Group , Clemens Billek, CFO