Company Name: Cantourage Group SE ISIN: DE000A3DSV01   Reason for the research: Update Recommendation: BUY from: 11.07.2025 Target price: EUR 13.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr CEO’s temporary leave with no impact on operations. CEO Philip Schetter has informed the s [ … ]

Nordex SE reported a strong Q2 25 order intake of 2.3 GW in its Projects segment (ex. Service), an 82% yoy increase that surpassed our expectations, albeit partly driven by a low base. New orders for H1 25 however still show a 34% yoy increase with 4.5 GW. Key markets such as Germany and Turkey supported solid demand, reflecting Nordex’s robust commercial pipeline and sustained customer confidence. The average selling price rose slightly to EUR 0.97m/MW in Q2, likely supporting further margin improvement amid macroeconomic challenges and underscoring Nordex’s strong market position. We have slightly raised revenue and EBITDA margin estimates for the next years but remain cautious as our model still remains below Nordex’s mid-term 8% EBITDA target. In our view, factors to watch with Nordex’s Q2 results should be any margin and free cash flow improvements. We maintain our BUY rating and slightly raise the PT to EUR 22.00 (previously EUR 20.00). The full update can be downloaded under https://research-hub.de/companies/nordex-se

Gerresheimer (GXI) delivered mixed Q2 2025 results. Revenue rose 19.6% yoy to EUR 600.7m (in line with estimates), driven by M&A, while organic growth was modest at 1.9%. Adjusted EBITDA increased 10.8% to EUR 118.9m, with margin pressure and a 4.1% organic decline due to weak cosmetics/oral liquids and project delays. FY25 targets (1–2% organic growth, ~20% margin) hinge on H2 recovery at Lohr, Bolesławiec, and Morganton sites. Mid-term goals remain ambitious given current visibility. Despite near-term headwinds, valuation (~11x P/E 26E) is attractive. We reiterate our BUY rating and DCF-based price target of EUR 71.00. The full update can be downloaded under https://research-hub.de/companies/gerresheimer-ag

tonies has announced key leadership changes, with CFO Jan Middelhoff stepping down on 31 August 2025, to be succeeded by Hansjörg Müller, a finance veteran from Netflix and EA, on 1 September. Additionally, Christoph Frehsee, who led the successful expansion in North America, has been appointed Chief Revenue Officer as of 1 July, overseeing global commercial strategy. Unrelated to that, we have adjusted our FY25 estimates to reflect higher working capital needs due to uncertainty around US tariffs, prompting increased inventory buildup in the US. tonies so far has proven resilient to any shifts in consumer spending and confidence, and we reiterate our BUY rating and EUR 11.00 price target. The full update can be downloaded under https://research-hub.de/companies/tonies-se

Traton reported Q2 ‘25 unit sales of 80,000 vehicles, up just 1% yoy following a weak Q1, with recovery remaining fragile amid ongoing macroeconomic pressures. H1 ‘25 unit sales declined 4% yoy to 153,100. While European markets show early signs of stabilization, demand continues to be pressured in Brazil due to inflation and rising rates, and in the US due to policy and tariff uncertainties. The modest Q2 growth largely reflects a weak comparison base and should not be interpreted as a turning point. Despite consensus forecasts anticipating a meaningful Q4 recovery, we remain cautious given persistent risks and limited catalysts for sustained short-term operational improvement. We maintain our SELL rating with a price target of EUR 23.00. The full update can be downloaded under https://research-hub.de/companies/traton-se

Fielmann Group reported strong preliminary H1 2025 results, with sales up 12% yoy to EUR 1.2bn and adjusted EBITDA rising 26% to EUR 290m, lifting the EBITDA margin to 23.7% at Group level. Margins in Europe reached 24.9%, driven by digitalization, scale effects, and early efficiency gains. Management confirmed that the Group has already met its Vision 2025 EBITDA margin target, highlighting disciplined execution. FY25 guidance was reaffirmed, with sales of up to EUR 2.5bn and a Group EBITDA margin of ~24%. The new Vision 2035 sets strategic growth targets, while financial ambitions are EUR 4bn in sales and a 25% margin by 2030, supported by customer-centric innovation. We reiterate our BUY rating with a PT of EUR 68.00, reflecting Fielmann’s operational strength and long-term growth potential. The full update can be downloaded under https://research-hub.de/companies/fielmann-group-ag

Company Name: Energiekontor AG ISIN: DE0005313506   Reason for the research: Update Recommendation: Buy from: 09.07.2025 Target price: 105,00 Euro Target price on sight of: 12 Monate Last rating change: 18.10.2022: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein [ … ]

Rigsave’s FY24 standalone holding results offer limited insight due to a lack of audited group consolidation. Based on our pro forma consolidation, Rigsave Group generated EUR 1.72m in revenue (+92% yoy), but fell short of expectations. Operating income was slightly positive (EUR 42k), aided by government grants. A EUR 15.2m fair value loss from the RAAF fund significantly reduced equity, now down to EUR 21.8m. The balance sheet is increasingly debt-financed and financial risk has risen. Given lower growth assumptions and a 56% RAAF revaluation decline, we cut our price target to EUR 6.20 (from EUR 9.50) and change the rating to Spec. BUY (old: BUY). The full update can be downloaded under https://research-hub.de/companies/rigsave-spa

AUTO1 is expected to report a seasonally softer Q2, following a strong start to the year. Management anticipates lower sequential volumes and profitability due to public holidays and ongoing investment activity. The company is expanding its Autohero operations and progressing with a large-scale hiring initiative to support long-term growth. Meanwhile, recent price data suggests a stabilizing used car market in Europe. This supports a moderate upward revision of our estimates. With the share now trading close to the updated PT of EUR 28.00 (old: EUR 27.00), mwb research's analysts currently see limited near-term upside and downgrade their rating from BUY to HOLD. The full update can be downloaded under https://research-hub.de/companies/auto1-group-se

Rubean has successfully completed its fully subscribed capital increase, raising EUR 4.32m through the issuance of 785,588 new shares at EUR 5.50 each. The two-tranche offering—via rights issue and private placement—boosts share capital by ~19%, reflecting strong shareholder confidence. Proceeds will reduce debt and accelerate growth, particularly through expanded sales efforts and onboarding of international payment service providers. This supports broader adoption of Rubean’s flagship PhonePOS, the only softPOS solution supporting girocard in Germany. With growing traction for both PhonePOS and GetPAYD across banking, retail, and logistics, Rubean benefits from strong partner channels and regulatory tailwinds. Despite slight dilution, the raise enhances financial flexibility ahead of 2026 cash break-even. We maintain our BUY rating and EUR 10.00 PT. The full update can be downloaded under https://research-hub.de/companies/rubean-ag