First Berlin Equity Research has published a research update on clearvise AG (ISIN: DE000A1EWXA4). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 2.40 price target.

Abstract
clearvise has presented its nine-month figures, which remained largely stable compared to the previous year but fell slightly short of our expectations. As part of the strategic transformation to a YieldCo, Tion will take over all operating divisions, including employees, from 2026 onwards. The much lower headcount and synergies in the areas of asset management and marketing should significantly reduce costs (ca. €1m p.a.). clearvise plans to pay a continuous and increasing dividend in the future. The CEO, Ms Leue-Bahns, is not expected to renew her management board contract, the company is currently looking for a new CEO. clearvise has confirmed 2025 guidance, and we have slightly lowered our estimates for 2025E based on the 9M figures. Based on further details provided by Ms Leue-Bahns on the cost reductions in an online presentation, we have increased our earnings forecasts for 2026E and subsequent years. An updated DCF model yields an unchanged price target of €2.40. We confirm our Buy recommendation (upside: 69%).