Company Name: HausVorteil AG ISIN: DE000A31C222   Reason for the research: Initiation Recommendation: BUY Target price: EUR 17.8 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald The house edge is real // Initiate with BUY Founded in 2021, HausVorteil AG is a licensed real estate broker, loan inte [ … ]

Ahead of Rational’s Q2 print, we expect healthy growth despite the Q1 pull-forward effect, with EUR 326m sales (+5% yoy) supported mainly by volumes. We see EBIT margin at c.25%, helped by OpEx discipline and the Q2 tariff refund despite FX, tariff and input-cost headwinds. In our view, the moderation in growth should not be viewed in isolation, but in the context of a strong Q1, healthy underlying volume demand and a potentially better Q3 starting point, with June order intake leaving the order book around EUR 10-15m above normal levels. We reiterate BUY and our EUR 830.00 price target. Register for Q2 earnings call on Aug 06 at 15:00 CE(S)T here: https://research-hub.de/events/registration/2026-08-06-15-00/RAA-GR The full update can be downloaded under https://research-hub.de/companies/rational-ag

Circus has finalized the acquisition of Alberts for an upfront consideration of c. EUR 7m, predominantly paid in shares. Financially, the transaction should expand the group’s top-line scaling without putting material downward pressure on the path toward operational profitability. Strategically, Alberts’ compact 1-square-meter robotic stations complement the larger CA-1 system by unlocking space-constrained urban locations (e.g. lobbies, gyms) and providing immediate cross-selling access to blue-chip clients like Danone and Sodexo. Globally, the food-tech thesis is gaining validation from high-profile US investments, underscoring the massive market potential and the ideal timing of Circus’s Alberts acquisition. We maintain our BUY rating and EUR 46.00 price target ahead of the quarterly call on 16 July. The full update can be downloaded under https://research-hub.de/companies/circus-se

KION's pre-close points to a quarter that is fundamentally reassuring but headline unfriendly. Revenue and adjusted EBIT should both grow at a healthy clip, with margin support from efficiency savings, lower incentive costs and an earlier than expected US tariff refund, none of which are recurring drivers. Group order intake should fall year on year, purely as a base effect from last year's record IAS segment quarter and the Q1 2026 pull forward in ITS, not from any underlying demand weakness. We see the recent share price weakness following the Iran war as disconnected from the actual earnings trajectory and view it as a buying opportunity. We confirm our price target of EUR 55.00 and our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/kion-group-ag

PUMA’s Q2 should mark another transition quarter, with management already flagging sales development clearly below Q1. We model sales of EUR 1.66bn, down c.9% currency-adjusted, gross margin of 47.5% and reported EBIT of EUR -62.5m. The focus will be on the composition of the decline, as wholesale clean-up, lower promotions and the reduction of undesirable US mass-merchant business weigh on sales but support channel quality. We raise our FY26E EBIT estimate, reflecting better reset execution, a more resilient gross-margin trajectory and lower one-time costs. We maintain our PT of EUR 25.00, HOLD. The full update can be downloaded under https://research-hub.de/companies/puma-se

NORMA’s AGM approved a second share buyback of up to EUR 208m, further reinforcing its shareholder return strategy. Management is authorized to pay a premium of up to 30% over the relevant average share price, underlining its commitment to returning proceeds from the Water Management divestment within a disciplined capital allocation framework. Following the divestment, NORMA retains a net cash positive balance sheet, ensuring strong financial flexibility and resilience. This supports both continued capital returns and optionality for future strategic initiatives. At the same time, the “NewNORMA” strategy is steadily reshaping the group towards a more focused industrial applications footprint in connection technology, supported by simultaneous cost optimization. We view NORMA as a relatively low-risk investment with multiple upside drivers and reiterate our BUY rating with a PT of EUR 23.00. The full update can be downloaded under https://research-hub.de/companies/norma-group-se

ZEAL is set to deliver a strong Q2, supported by an unusually strong lottery backdrop as 12 jackpot peaks, led by Lotto 6aus49’s first cap event in three years, drive strong billings momentum and favourable mix. We forecast total revenue of EUR 65-66m, up c.30% yoy, with EBITDA margins above the normalized run-rate at ~30% (-5pp yoy) as operating leverage offsets higher marketing and product investment. Following the recent c.15% share-price pullback, we see an attractive entry point into an asset-light, predictable and cash-generative growth platform trading at undemanding 2026E/27E EV/EBIT multiples, and reiterate BUY with an unchanged EUR 72.00 price target. The full update can be downloaded under https://research-hub.de/companies/zeal-network-se

The Payments Group Holding (PGH) has reported its FY25 financial figures, highlighted by a narrowed net loss of EUR 1.83m and an exceptionally strong 90% equity ratio (EUR 11.78m equity). Strategically, the company executed a complete reset by abandoning its dilutive PayTech acquisition plans to return to its roots as a tech venture capital vehicle, a move to be finalized by a renaming to German Tech Holding (GTH) in August 2026. The investment case now depends on private growth assets like AuctionTech and Softmax AI, alongside an expected summer 2026 settlement of EUR 6.2m in SGT Capital claims. Based on a deep discount to the estimated NAV of over EUR 1.50 (including off-balance-sheet items), we reiterate our Spec. BUY rating but lower our PT to EUR 1.03 (previously EUR 1.24) based on reported NAV as per 31.12.2025. The full update can be downloaded under https://research-hub.de/companies/the-payments-group-holding

HMS has published its first IFRS annual report. Headline numbers were pre-flagged in April; the key task is stripping out non-recurring items. Reported EBITDA of EUR 59.4m includes EUR 36.4m from the Maatla consolidation and EUR 3.1m on the Silesian Coal disposal, leaving underlying EBITDA of EUR 22.4m, marginally ahead of the restated 2024 base. Beyond the accounting, the report documents HMS' expansion into mining and marine fuels. With both Maatla and HRV now in production and marine fuels scaling, 2026 is the first year the new business lines register in the P&L. We confirm BUY and PT EUR 80.00; follow-up after next week's management call. The full update can be downloaded under https://research-hub.de/companies/hms-bergbau-ag

Based on our estimates Airbus delivered 87 commercial jets in June according to our data (excl. the two C295s handed to the Spanish Air Force). The company could therefore deliver its two strongest consecutive months on record, putting Q2 on track for a potential 235 units, above the prior all-time Q2 record of 227 set in 2019. The pace is notable given management flagged persistent engine supply constraints on the Q1 call, and given the market, including us, had raised doubts about a potential guidance cut following the weak Q1 print. We raise our FY26 delivery estimate to 870 units, in line with the company's own "around 870" guidance, upgrade to BUY, and lift our price target to EUR 215 from EUR 180. However, our long run thesis on COMAC as a structural earnings risk from the mid 2030s is unchanged. The full update can be downloaded under https://research-hub.de/companies/airbus-se