Mwb Says Gerresheimer's Credibility Remains 'Under Scrutiny' Despite Accounting Fix; Hold Reiterated

12:59 AM EST, 01/05/2026 (MT Newswires) -- Mwb Research maintained Gerresheimer (GXI.F) at hold, with a price target of 27.60 euros, saying that the German medical equipment manufacturer's credibility continues to be "under scrutiny" despite resolving accounting issues related to bill-and-hold deals. The research firm said Jan. 2 that the quantitative effect of the issue "remains contained," with the issue "timing-related and cash-neutral." Gerresheimer has decided to discontinue the bill-and-hold practice. "While the quantitative effects are limited, the qualitative implications remain significant. Besides several profit warnings and expensive M&As, the admission that revenue recognition was systematically non-compliant weighs on credibility and reinforces the governance concerns that have been clouding the investment case in recent months. Consequently, management was replaced, and transparency has improved with the final disclosure. Visibility, however, remains low as the BaFin audit is ongoing and further adjustments to previously published FY25 interim figures will only be reflected in FY26 reporting," the note said. Looking ahead, mwb expects investors to focus on the outlook to be announced alongside fiscal 2025 results on Feb. 26, 2026, adding it is "still too early" to turn constructive on the company.