HENSOLDT reported a mixed set of prelims. Q4 sales missed expectations. While order intake was strong it is largely concentrated in traditional land platforms that are not at the core of current battlefield dynamics in Ukraine. Cash flow benefited from advance payments and remains volatile. EBITDA was solid and reported FY EBIT came in 2% below consensus. The 2026 outlook implies limited upside and mid-term growth targets remain ambitious relative to our more conservative assumptions. Visibility beyond the current order wave is still constrained, and software defined defence remains too small to support a credible recurring growth profile. In our view, the market continues to discount a structural re rating, while current momentum appears largely cyclical. We lower our price target to EUR 57.00 from EUR 65.00 and reiterate SELL. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

Company Name: SFC Energy AG ISIN: DE0007568578   Reason for the research: Update Recommendation: Buy from: 26.02.2026 Target price: 22,00 Euro Target price on sight of: 12 Monate Last rating change: 16.02.2021: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein Res [ … ]

cyan AG upgraded its FY25 EBITDA guidance to EUR 0.75-0.85m, securing a clearly positive full-year result. The uplift is driven by non-recurring income from pass-through charges and project-related revenues, reducing short-term earnings risk but not altering the structural profitability profile. In parallel, cyan officially announced its partnership with CANCOM, adding distribution strength for Guard 360 via the CANCOM Cloud Marketplace. The cooperation enhances visibility and external validation of Guard 360 as a second growth pillar. We slightly adjust our estimates to reflect the guidance upgrade and confirm our EUR 4.00 price target and BUY rating. Material Guard 360 contributions remain expected from 2027, barring faster-than-anticipated traction with CANCOM. The full update can be downloaded under https://research-hub.de/companies/cyan-ag

Hamborner delivered solid FY25 preliminary results broadly in line with expectations, with FFO of EUR 48.6m (EUR 0.60 per share) exceeding guidance despite structural headwinds. The 5.7% yoy FFO decline was mitigated by strict cost control and one-off effects from property management transitions. Rental income fell 2.9% to EUR 90.3m due to strategic disposals, while a 4.6% portfolio revaluation reduced NAV per share to EUR 9.07. Operationally, strong letting activity kept vacancy low at 3.5% and WALT stable at 5.3 years. Although 2026 will reflect disposal and refinancing impacts, Hamborner’s strategic shift toward food-anchored retail strengthens resilience. A proposed EUR 0.39 dividend and a significant NAV discount underpin our reiterated BUY rating and EUR 10.50 target price. The full update can be downloaded under https://research-hub.de/companies/hamborner-reit-ag

HENSOLDT reported a mixed set of prelims. Q4 sales missed expectations. While order intake was strong is largely concentrated in traditional land platforms that are not at the core of current battlefield dynamics in Ukraine. Cash flow benefited from advance payments and remains volatile. EBITDA was solid, yet FY EBIT came in 32% below consensus (!), a clear negative surprise. The 2026 outlook implies limited upside and mid-term growth targets remain ambitious relative to our more conservative assumptions. Visibility beyond the current order wave is still surprisingly constrained, and software defined defence remains too small to support a credible recurring growth profile. In our view, the market continues to discount a structural re rating, while current momentum appears largely cyclical. We lower our price target to EUR 57.00 from EUR 65.00 and reiterate SELL. The -6% share price reaction is justified. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

Nordex stocks surged sharply yesterday following exceptionally strong quarterly results, briefly topping 20% intraday. The rally highlights the market’s confidence in the company’s operational execution and structurally improved earnings, yet it also pushes the share to a notably higher valuation. Operational performance remains robust, with strong cash generation, solid order intake, and confident guidance for the year 2026. Mid-term targets point to continued margin expansion and profitable growth, reflecting management’s optimism about operational efficiency and market demand. However, with the recent share price jump, much of the positive outlook is already priced in, leaving limited room for missteps. We remain fundamentally bullish, maintaining our price target of EUR 40.00, but we are revising our rating from BUY to HOLD, as much of the optimism following the share price jump is already reflected in current valuations. The full update can be downloaded under https://research-hub.de/companies/nordex-se

Gerresheimer (GXI) announced in an ad hoc release, that BaFin has expanded its FY24 audit and initiated a special review of further reports, citing indications of misstatements in lease liabilities, development cost amortization and potential impairments within Advanced Technologies. Further concerns include inadequate H1 25 risk disclosures, delayed impairments and possible bill-and-hold misreporting. These issues suggest structural weaknesses in accounting and internal controls, with visibility severely constrained as the audit may extend for months. Given recurring downward revisions to historical figures and elevated governance risk, we apply a higher risk discount in our DCF model and cut our price target to EUR 12.50 and downgrade GXI to SELL. Regulatory uncertainty is set to dominate the equity story, while operational improvements are still out of sight. The full update can be downloaded under https://research-hub.de/companies/gerresheimer-ag

NORMA has kicked off its 2026 shareholder return program with a targeted share buyback of up to ~3.19m shares at EUR 16.59 per share, representing a 13.7% premium to yesterday’s closing price and a maximum total volume of EUR 52.9m. The acceptance period runs until 27 March 2026, marking a well-anticipated first step in returning capital to shareholders. This is unlikely to be the last measure in 2026, as the main portion of planned shareholder returns is still to come. The buyback follows the sale of the Water Management business, which strengthened the balance sheet and freed capital for both debt reduction and shareholder returns. The program is anti-dilutive, reducing the share count and enhancing value per share. Full execution could lift the price target by roughly EUR 2.50. For now, we maintain our BUY rating with a PT of EUR 20.00, until the share buyback is completed. The full update can be downloaded under https://research-hub.de/companies/norma-group-se

Elmos delivered FY25 preliminary figures broadly in line with our expectations, outperforming peers in a challenging automotive environment. More importantly, 2026 guidance surprised positively, pointing to a return to double-digit growth, strengthening operating leverage and a step-change in free cash flow. At its virtual Capital Markets Day, management added more granularity around the operational levers behind the 2030 targets, underpinned by structural content growth, over 75% secured design-win coverage and incremental contributions from newer product families. After years of subdued cash generation driven by strategic investments, structural FCF generation is now improving and is more embedded in the model. We have adjusted our estimates and raise our price target from EUR 113.00 to EUR 135.00 (20x 2026E P/E). While we remain fundamentally bullish on Elmos, the sharp share price appreciation leaves limited room for execution missteps. We therefore reiterate our HOLD rating. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se

AUTO1 delivered strong FY25 preliminary results, exceeding its own guidance on units, gross profit and adjusted EBITDA. Full-year volumes reached 842k units, with adjusted EBITDA of EUR 197.5m (+81% yoy), underscoring continued operating leverage. Q4 also came in solid, with units ahead of expectations and profitability at the upper end of estimates, supported by robust Retail growth and stable Merchant performance. For 2026, management guides for further unit expansion and another step-up in EBITDA. With 3.1% market share and a 2.4% adj. EBITDA margin versus mid-term targets of 10% share and 5-9% margin, the structural growth and profitability runway remains intact. PT and rating maintained (EUR 33.00, BUY). The full update can be downloaded under https://research-hub.de/companies/auto1-group-se