Analysts‘ Recommendations
Analysts, their ratings and recommendations
27.05.2026 // ODDO BHF // Analyst Daniela Popov
Initiating Coverage: A turning point before acceleration, rating: outperform, target price: EUR 46.00
PDF07.08.2025 // Baader Helvea Equity Research // Analyst Knut Woller
Company Flash: 3Q24/25 first take: Paradise postponed, not lost, recommendation: buy, target price: EUR 76.00
PDF03.07.2025 // Baader Helvea Equity Research // Analyst Knut Woller
Company Update: Profit warning due to macro headwinds, recommendation: buy, target price: EUR 76.00
PDF26.05.2025 // Hauck Aufhäuser // Analyst Tim Wunderlich
Company Update: Soft Q2 to be followed by stronger second half; recommendation: buy, target price: EUR 81.70
PDF19.05.2025 // Baader Helvea Equity Research // Analyst Knut Woller
Company Update: Macro headwind vs. structural growth opportunity, recommendation: buy, target price: EUR 85.00
PDF11.02.2025 // Baader Helvea Equity Research // Analyst Knut Woller
Company Update: Operating momentum expected to improve, recommendation: buy, target price: EUR 88.00
PDF06.02.2025 // Hauck Aufhäuser // Analyst Tim Wunderlich
Company Update: Q1: worth a second look, recommendation: buy, target price: EUR 81.70
PDF04.02.2025 // Baader Helvea Equity Research // Analyst Knut Woller
Company Flash: 1Q24/25 first take: A weaker-than-expected start against tough comps and burdened by a one-time effect – Full-year targets confirmed, recommendation: buy, target price: EUR 88.00
PDF17.12.2024 // Baader Helvea Equity Research // Analyst Knut Woller
Company Update: Solid execution in a tough environment – TP raised to EUR 88, recommendation: buy, target price: EUR 88.00
PDF17.12.2024 // Hauck Aufhäuser // Analyst Tim Wunderlich
Company Update: The S/4HANA wave rolls on; est. & PT up, recommendation: buy, target price: EUR 81.70
PDF11.11.2024 // Baader Helvea Equity Research // Analyst Knut Woller
Company Flash: 4Q23/24 preview: A solid finish of the year expected, recommendation: buy, target price: EUR 81.00
PDF13.08.2024 // Hauck Aufhäuser // Analyst Tim Wunderlich
Company Update: Fiscal Q3 numbers missed expectations, recommendation: buy, target price: EUR 65.00
PDF09.08.2024 // Baader Helvea Equity Research // Analyst Knut Woller
Company Update: Waiting for a strong 4Q23/24, recommendation: buy, target price: EUR 81.00
PDF21.05.2024 // Hauck Aufhäuser // Analyst Tim Wunderlich
Company Update: Q2 misses eHAIB, but high-end of guidance still in reach, recommendation: buy, target price: EUR 82.00
PDF17.05.2024 // Baader Helvea Equity Research // Analyst Knut Woller
Company Update: The strong order inflow implies a re-accelerating momentum, recommendation: buy, target price: EUR 84.00
PDF12.02.2024 // Baader Helvea Equity Research // Analyst Knut Woller
Company Update: Well on track to achieve the full-year targets post 1Q23/24, recommendation: buy, target price: EUR 84.00
PDF06.02.2024 // Hauck Aufhäuser // Analyst Tim Wunderlich
Company Update: Q1 prelims beat expectations, run rate suggests upside to guidance, recommendation: buy, target price: EUR 63.00
PDF05.02.2024 // Baader Helvea Equity Research // Analyst Knut Woller
Company Flash: Preliminary 1Q23/24 first take: An unexpected strong start to the year, recommendation: buy, target price: EUR 80.00
PDF21.12.2023 // Baader Helvea Equity Research // Analyst Knut Woller
Company Update: Time to harvest, recommendation: buy, target price: EUR 80.00
PDF29.11.2023 // Hauck Aufhäuser // Analyst Tim Wunderlich
Company Update: All eyes on FY 23/24: Expectations are high for the next financial year and the outlook is higher than expected, recommendation: buy, target price: EUR 63.00
PDF16.08.2023 // Hauck Aufhäuser // Analyst Nicole Winkler
Update Q3 2022/23: Restructuring measures with adverse impact on earnings, recommendation: buy, target price: EUR 51.50
PDF14.08.2023 // Baader Helvea Equity Research // Analyst Knut Woller
Company Update: The margin trough should have been reached, recommendation: buy, target price: EUR 72.00
PDF23.06.2023 // Baader Helvea Equity Research // Analyst Knut Woller
Company Update: Company Update: Positive impressions von yesterday's Capital Markets Day, recommendation: buy, target price: EUR 72.00, recommendation: buy, target price: EUR 72.00
PDF30.05.2023 // Hauck Aufhäuser // Analyst Nicole Winkler
Update H1 2022/23: Restructuring measures to burden profitability, recommendation: buy, target price: EUR 51.50
PDF23.05.2023 // Baader Helvea Equity Research // Analyst Knut Woller
Company Update: Mid-term margin target to be reached one-year earlier thanks to a restructuring program, recommendation: buy, target price: EUR 72.00
PDF16.02.2023 // Baader Helvea Equity Research // Analyst Knut Woller
Company Update: Operating momentum expected to accelerate going forward, recommendation: buy, target price: EUR 72.00
PDF15.02.2023 // Hauck Aufhäuser // Analyst Nicole Winkler
Update Q1 2022/23: A mixed bag on top-line, margin strength a highlight, recommendation: buy, target price: EUR 62.00
PDF01.02.2023 // Hauck Aufhäuser // Analyst Nicole Winkler
Initiation Report: recommendation: buy, target price: EUR 62.00
PDF19.12.2022 // Baader Helvea Equity Research // Analyst Knut Woller
Company Update: The profitability trough has been reached, recommendation: buy, target price: EUR 75.00
PDF21.11.2022 // Baader Helvea Equity Research // Analyst Knut Woller
Company Flash: An encouraging finish of the year, recommendation: buy, target price: EUR 71.00
PDF08.08.2022 // Baader Helvea Equity Research // Analyst Knut Woller
Company Update: An interruption, but not a break of our investment case, recommendation: buy, target price: EUR 71.00
PDF28.07.2022 // Baader Helvea Equity Research // Analyst Knut Woller
Company Flash: Preliminary 3Q21/22 results first take: Weaker than expected – Full-year EBIT target lowered, but revenue guidance confirmed, recommendation: buy, target price: EUR 91.00
PDF18.05.2022 // Baader Helvea Equity Research // Analyst Knut Woller
Company Update: Healthy underlying operating momentum, recommendation: buy, target price: EUR 91.00
PDF09.05.2022 // Baader Helvea Equity Research // Analyst Knut Woller
Company Flash: Preliminary 2Q21/22 results first take: Sound underlying operating momentum, but profitability burdened by M&A, recommendation: buy, target price: EUR 91.00
PDF03.05.2022 // Baader Helvea Equity Research // Analyst Knut Woller
Company Flash: Acquisition of POET, recommendation: buy, target price: EUR 91.00
PDF14.02.2022 // Baader Helvea Equity Research // Analyst Knut Woller
Company Update: A stellar start of the year, recommendation: buy, target price: EUR 91.00
PDF07.02.2022 // Baader Helvea Equity Research // Analyst Knut Woller
Company Flash: Strong preliminary 1Q21/22 results – Full-year targets confirmed, recommendation: buy, target price: EUR 89.00
PDF20.12.2021 // Baader Helvea Equity Research // Analyst Knut Woller
Company Update: Margin expansion story unfolding, recommendation: buy, target price: EUR 89.00
PDF09.08.2021 // Baader Helvea Equity Research // Analyst Knut Woller
Company Update: Growth accelerates – Margin expansion in sight, recommendation: buy, target price: EUR 84.00
PDF14.05.2021 // Baader Helvea Equity Research // Analyst Knut Woller
Company Update: Well on track to achieve the full-year targets, recommendation: buy, target price: EUR 81.00
PDF06.05.2021 // Baader Helvea Equity Research // Analyst Knut Woller
Company Flash: 2Q20/21 first take: Slightly below our estimates – Expected demand recovery from summer on bodes well for 4Q20/21 and 2021/22, recommendation: buy, target price: EUR 81.00
PDF26.04.2021 // Carlsquare // Analysts Bertil Nilsson, Markus Augustsson
Investment case: The SAP S/4HANA conversion to last until 2027. We see great possibilities for All for One Group to increase its revenues as the S/4HANA conversion projects materialize at a higher pace from 2022, share price potential: EUR 75.30
PDF08.02.2021 // Baader Helvea Equity Research // Analyst Knut Woller
Company update first margin expansion green shoots are becoming visible recommendation buy target price eur 8100
PDF17.12.2020 // Baader Helvea Equity Research // Analyst Knut Woller
Company Flash: Acquisition of SNP Poland – A step that makes a lot of sense, recommendation: buy, target price: EUR 69.00
PDF17.11.2020 // Baader Helvea Equity Research // Analyst Knut Woller
Company Update: On your marks, get set, go! recommendation: buy, target price: EUR 69.00
PDF13.11.2020 // Baader Helvea Equity Research // Analyst Knut Woller
Company Flash: A betterthanexpected finish of the year, recommendation: buy, target price: EUR 69.00
PDF22.10.2020 // Baader Helvea Equity Research // Analyst Knut Woller
Company Report: CONVERSION/4 – A substantial incremental revenue opportunity and tailwind for margins until 2027, recommendation: buy, target price: EUR 69.00
PDF24.09.2020 // Baader Helvea Equity Research // Analyst Knut Woller
Company Flash: CONVERSION/4 – A tailwind for margins and growth looking through COVID19, recommendation: buy, target price: EUR 61.00
PDF10.08.2020 // Baader Helvea Equity Research // Analyst Knut Woller
Company Update: Margin expansion story supported by strong 3Q results, recommendation: buy, target price: EUR 61.00
PDF11.05.2020 // Baader Helvea Equity Research // Analyst Knut Woller
Company Update: Well prepared to weather the current crisis, recommendation: buy, target price: EUR 58.00
PDF07.05.2020 // Baader Helvea Equity Research // Analyst Knut Woller
Company Flash: 2Q19/20 first take: Not as bad as feared in an operating perspective, recommendation: buy, target price: EUR 58.00
PDF26.03.2020 // Baader Helvea Equity Research // Analyst Knut Woller
Company Flash: Lowering our estimates and target prices to reflect the new normal, recommendation: buy, target price: EUR 58.00
PDF11.02.2020 // Baader Helvea Equity Research // Analyst Knut Woller
Company Update: Improving cost efficiency the positive despite the unexpected license weakness in 1Q19/20, recommendation: buy, target price: EUR 74.00
PDF06.02.2020 // Baader Helvea Equity Research // Analyst Knut Woller
