Click on headlines below to download research

Strong demand for data centre intelligence
Beta Systems | 04/06/2020

Beta Systems, a software provider for data centre intelligence (DCI) and identity access management (IAM), has reported both strong organic and inorganic…

Healthy performance fee and dividend income
ÖKOWORLD | 29/05/2020

Following muted results in FY18, ÖKOWORLD (ÖWAG) reported significant top- and bottom-line expansion in FY19, driven by a €2.8m improvement…

New valuations look conservative
Deutsche Beteiligungs | 29/05/2020

Deutsche Beteiligungs (DBAG) has updated its portfolio values, which led to a considerable revaluation loss in Q220, and in turn a net loss for H120 at…

Absorbing acquisitions with a robust model
DATAGROUP | 29/05/2020

DATAGROUP’s business model is relatively resilient to the COVID-19 crisis with a recurring revenue base of over 75%, mostly from its service-as-a-product…

Focusing on its portfolio
publity | 27/05/2020

In FY19, publity focused on expanding beyond its pure-play asset management profile through direct office real estate investment activities. This was driven…

FY19 results – strong position, new projects
Formycon | 27/05/2020

Formycon ended 2019 with a strong €22.4m cash position and three main projects. A new project to manufacture antibodies against SARS-CoV-2 is underway…

Good to see you again
Borussia Dortmund | 26/05/2020

Borussia Dortmund’s Q320 results were positive from a profit and cash flow perspective despite the impact of COVID-19 at the end of the period. The…

Focusing on investment opportunities
Deutsche Rohstoff | 22/05/2020

Deutsche Rohstoff (DRAG) had expected a strong increase in production in 2020 and 2021 from the Olander pad, which started at end December 2020, and the…

Berlin rent cap coupled with coronavirus
Deutsche Grundstücksauktionen | 20/05/2020

Lower trade volumes resulted in Deutsche Grundstücksauktionen (DGA) reporting an almost 70% y-o-y decrease in net profit for FY19 (€0.5m). The…

Facing a distressed market
DATRON | 19/05/2020

After two years of solid growth, Datron recorded a slight drop in full-year sales in FY19 and a significant decline in EBIT (down by a quarter, year-on-year).…

Driving from the COCKPIT
EQS Group | 18/05/2020

EQS delivered a strong Q120, with revenues 21% up on Q119 (adjusted for the ARIVA disposal) to €8.35m. With stable personnel and other expenses and…

Terminals coming off production line
Mynaric | 18/05/2020

Mynaric’s manufacturing facility has started to produce communications terminals which can transmit data via laser between moving airborne or space…

Ready to scale up
JDC Group | 15/05/2020

JDC Group is ready to scale up. Development costs for its bancassurance advisory, administration and service platform are stabilising, and last year it…

Betting on long-term potential
Delignit | 14/05/2020

Delignit’s annual results were in line with the preliminary numbers and the company had already warned of the significant impact of COVID-19. Delignit…

Market and balance sheet resilience
2G Energy | 14/05/2020

2G Energy appears relatively resilient to the impact of the coronavirus pandemic. Its manufacturing facility in Germany has been operational throughout.…

Risks to consensus but solid fundamentals
Cyan | 13/05/2020

Cyan’s share price has fallen c 30% since the beginning of 2020. Financials fell short of guidance in FY19 and COVID-19 is delaying some sales and…

Deleveraging as COVID-19 delays expansion
Consus Real Estate | 13/05/2020

Consus Real Estate’s investment portfolio has more than doubled over the last two years, to a €12.3bn gross development value (GDV) at the…

Exits likely to be postponed
Noratis | 12/05/2020

Noratis continued expanding its portfolio in 2019 and plans further asset acquisitions in 2020. However, it also expects delays in project exits and has…

Resuming its product-driven growth strategy?
mVISE | 11/05/2020

After a poor FY19, mVISE looks to have resumed its growth trajectory. It has just enjoyed a record Q1, and April started well despite COVID-19. It is too…

Investment in US for medium-term growth
Nabaltec | 11/05/2020

Weakness in demand for refractories from the European steel and automotive industries caused Nabaltec’s revenues to drop during Q419, offsetting…

Sailing through the storm
Ernst Russ | 11/05/2020

In FY19 Ernst Russ (ERAG) strategically repositioned itself to focus on its investor and asset manager activities in shipping and fund management (particularly…

Realising value through disposals
RCM Beteiligungs | 07/05/2020

RCM continues to pursue its broadened investment mandate including both residential and commercial properties, focusing on the greater Dresden area. FY19…

Funded to cope with lower demand
Vectron Systems | 06/05/2020

Despite regulatory tailwinds as Vectron entered FY20, COVID-19 restrictions have materially suppressed demand in the short term. The company is focused…

Executive interview
Mynaric - executive interview | 06/05/2020

In this interview Bulent Altan, who is a member of Mynaric’s executive board and former SpaceX veteran, talks about the impact the coronavirus pandemic…

FDA approves streamlined trial protocol
MagForce | 29/04/2020

MagForce has received FDA approval to proceed with its streamlined trial protocol for the next stage of its pivotal US clinical study for the use of NanoTherm…