Warburg Research
Warburg Research GmbH
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.
Company history
The firm was founded in Hamburg in 1996 as SES Research, an independent house focused on small and mid caps. Private bank M.M.Warburg & CO bought 51% in October 2005 and the remaining 49% in June 2010, merging it with its own research department to form Warburg Research. After deciding in 2025 to exit institutional capital markets, M.M.Warburg sold the unit to the newly formed Münchmeyer Petersen Capital Markets, closing at the end of November 2025; a rename dropping 'Warburg' is planned for 2026.
- 1996SES Research founded in Hamburg
- 2005M.M.Warburg & CO acquires 51% of SES Research
- 2010Warburg buys remaining 49%; research units merged
- 2020Research distribution partnerships with PKO Bank Polski and CIC
- 2025Sold to Münchmeyer Petersen Capital Markets
Research
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. Ratings are Buy, Hold and Sell by expected price direction over 12 months.
Coverage12M
- Stocks
- 1
- Ratings
- 0
- Price targets
- 1
- Median upside
- +1.9%
- Upgrades
- 0
- Downgrades
- 0
- Initiations
- 0
- Reiterations
- 0
Sectors
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
| CWCWANClearwater Analytics Holdings, Inc. | — | $24.55 |
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
| CWClearwater Analytics Holdings, Inc.CWAN | Target | $24.55 | Dec 22, 2025 | |
| DBDeutsche Bank AGDB | Target | $13.90 | Mar 11, 2022 | |
 Qiagen N.V.QGEN | Target | $46.20 | Jul 13, 2021 | |
 SAP SESAP | Downgrade | Buy →Hold | Jan 12, 2014 | |
| SAP SESAP | Downgrade | Buy →Hold | Sep 30, 2013 |
References
- Münchmeyer Petersen & Co. acquires Warburg Research (MPC, November 2025)mpc.de
- Warburg Research GmbH an Münchmeyer Petersen Capital Markets GmbH verkauft (M.M.Warburg)mmwarburg.de
- German Private Bank Buys Research Firm (WealthBriefing, 2010)wealthbriefing.com
- Warburg Bank to Cooperate with Major Polish Bank PKO on Equity Research (2020)mmwarburg.de
- CIC expands its offering via a cooperation agreement with M.M.Warburg & CO (Business Wire, 2020)businesswire.com
- Warburg Research comment on PNE AG with rating definitions (August 2026)pnegroup.com