Warburg Research
Warburg Research is a Hamburg-based equity research house covering about 200 mainly German small- and mid-cap companies; formerly a subsidiary of private bank M.M.Warburg & CO, it has belonged to Münchmeyer Petersen Capital Markets since late 2025.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 112M
- Actions
- 112M
- Ratings / Price targets
- 0 / 1
- Median upside
- +1.9%
- On record
- Sep 2013 – Dec 2025
Overview
Coverage spanned about 200 companies in 2025 and 183 rated stocks in August 2026, mainly German small and mid caps in sectors including software and IT, technology, capital goods, chemicals, consumer goods and financials. Distribution agreements signed in 2020 extended the research to clients of PKO Bank Polski in Poland, the Czech Republic and Hungary, and of CIC in France and North America.
The firm was founded in Hamburg in 1996 as SES Research, an independent specialist in small- and mid-cap companies. Private bank M.M.Warburg & CO bought 51% in October 2005 and the remaining 49% in June 2010, combining SES with its own research department to form Warburg Research. After deciding to exit institutional capital markets in 2025, M.M.Warburg sold the unit to the newly formed Münchmeyer Petersen Capital Markets. The sale closed at the end of November 2025, with a name change planned for 2026 to remove the Warburg name.
Milestones
- 1996
SES Research founded in Hamburg
- 2005
M.M.Warburg & CO acquires 51% of SES Research
- 2010
Warburg buys remaining 49%; research units merged
- 2020
Research distribution partnerships with PKO Bank Polski and CIC
- 2025
Sold to Münchmeyer Petersen Capital Markets
Firm facts
- Legal name
- Warburg Research GmbH
- Type
- Boutique
- Founded
- 1996
- Headquarters
- Hamburg, Germany
- Parent
- Münchmeyer Petersen Capital Markets GmbH
- Head of Research
- Henner Rüschmeier
- Head of Research
- Christoph Dolleschal
- Rating scale
- BuyHoldSell12 months
- Website
- mp-capitalmarkets.com
Research philosophy
Based on a sector-oriented research approach the companies are covered independently of their market capitalisation with a focus on small and mid caps.
The Warburg Risk Score, built from balance-sheet quality and trading liquidity, feeds into bottom-up company analysis rather than being used to screen stocks out.
Rating methodology
Ratings are Buy, Hold and Sell by expected price direction over 12 months. As of 2026, Warburg Research sets fair values mainly with discounted-cash-flow models, alongside its own FCF Value Potential measure of a company's ability to generate sustainable free cash flow, and analysts then adjust the result for expected investor sentiment.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
| CWClearwater Analytics Holdings, Inc.CWAN | — | $24.55 |
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Dec 22, 2025 | CWClearwater Analytics Holdings, Inc.CWAN | Target | $24.55 | ||
| Mar 11, 2022 | DBDeutsche Bank AGDB | Target | $13.90 | Andreas Plaesier | |
| Jul 13, 2021 |  Qiagen N.V.QGEN | Target | $46.20 | Ulrich Huwald | |
| Jan 12, 2014 |  SAP SESAP | Downgrade | Buy →Hold | ||
| Sep 30, 2013 | SAP SESAP | Downgrade | Buy →Hold |