The share price momentum has been striking, with SUSS MicroTec stock more than doubling since November 2025, driven largely by industry newsflows around the memory bottleneck. While this narrative has not yet translated into meaningful near-term orders, recent signals from across the ecosystem, including TSMC’s pull-forward of advanced packaging and backend capacity investment, point to increasing urgency in capacity build-out. For SUSS, this suggests increasing pressure in customer decision-making around UV scanners and HBM-related bonding applications. Although order visibility remains limited, the combination of structural memory constraints and accelerating backend investment supports our view that today’s opportunities can convert into orders sooner rather than later. We reiterate our BUY rating with an unchanged price target of EUR 56.00. The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se

The ongoing reform debate around driving license examinations in Germany has increased attention on persistently high costs but offers limited near-term visibility. Political statements indicate that no short-term cost relief is imminent, contrasting with market expectations and contributing to hesitation among prospective students. While media reports point to sharp enrollment declines at individual local driving schools, 123fahrschule (123fs) experiences normal enrollment activity, indicating relative resilience versus smaller peers. Structural cost drivers such as high examination fees, limited examiner capacity, and rising operating costs remain in place. Reforms could deliver efficiency gains in the medium term but are unlikely to act as a near-term catalyst. We confirm our estimates, EUR 6.00 price target, and BUY rating. The full update can be downloaded under https://research-hub.de/companies/123fahrschule-se

The Payments Group Holding (PGH) has outlined its 2026 outlook, focusing on monetizing existing assets while selectively expanding into new growth areas, primarily Artificial Intelligence and healthcare. The main value drivers remain the 35% stake in AuctionTech and potential receivables from the dispute with SGT Capital, which management expects to resolve in 2026, potentially supporting liquidity, cash flow and NAV. Strategically, PGH is building optionality through its 25% stake in AI-focused company builder Softmax AI, with Cognicare AI showing strong traction and targeting break-even in 2026. Additional AI projects and a potential radiopharmaceutical investment add further upside. Financing is supported by a EUR 2.28m 10% convertible bond, limiting refinancing risk. We reiterate our Speculative BUY with an unchanged EUR 1.24 price target. The full update can be downloaded under https://research-hub.de/companies/the-payments-group-holding

Geratherm Medical is expanding its Lifestyle & Healthcare portfolio by acquiring a 27.5% stake in Munich-based startup oooxygen Health GmbH. The partnership will start in January 2026 and is focused on international distribution of the COOODEX-Serum for muscle and joint pain. The move supports Geratherm’s strategic shift from low-margin clinical thermometers toward high-growth, consumer-oriented health products. This follows its MedTech investment holding strategy and the blueprint set by its October 2024 minority investment in BIOThermare, as Geratherm assembles a portfolio of scalable, modern brands leveraging its global sales network. Given oooxygen Health’s early-stage status, the short-term financial impact is expected to be immaterial, leading to unchanged estimates, a reaffirmed EUR 6.00 DCF-based price target, and a continued BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/geratherm-medical-ag

Preliminary FY25 results from Drägerwerk (Dräger) came in well above expectations at the operating level and triggered meaningful estimate upgrades. While sales of around EUR 3,482m were slightly below our forecast, EBIT of at least EUR 226m clearly exceeded our EUR 189m estimate, driven by a strong Q4, a robust Medical division and an improved product mix. This performance is particularly notable given EBIT headwinds of roughly EUR -40m from FX and tariffs. Management’s FY26 guidance implies stronger margin momentum than previously assumed, prompting upward revisions to our forecasts. We raise our price target from EUR 76.00 to EUR 95.00 and upgrade the stock from HOLD to BUY. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

Company Name: LION E-Mobility AG ISIN: CH0560888270   Reason for the research: Update Recommendation: BUY Target price: EUR 3.2 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr FY26e: LION set to pounce on growth opportunities   You can download the research here: lion-e-mobility-ag-2026- [ … ]

Looking ahead at Hugo Boss’s 2025 results, expected in early March, our Q4 expectations point to a moderate decline in sales versus Q4 2024, offset by further margin expansion driven by pricing, mix and cost discipline. Based on our estimates, lower volumes should be more than compensated by improved profitability, resulting in a solid earnings outcome despite a challenging demand backdrop. Recent November macro data are consistent with this view, with U.S. strength skewed towards non-store channels, stabilization in Asia and continued weakness in European fashion demand. Market expectations have increasingly converged towards this scenario. Against this backdrop, Q4 fits into Hugo Boss’s broader strategic reset under “Claim 5 Touchdown”. We reiterate HOLD and a EUR 38 price target. The full update can be downloaded under https://research-hub.de/companies/hugo-boss-ag

At JPMorgan Healthcare Conference, Bayer management struck a more confident tone on navigating the Xarelto loss of exclusivity, with FY26 flagged as the final “flattish” year before a return to mid-single-digit pharma growth from 2027. With Xarelto revenues expected to bottom around EUR 0.9–1.0bn and margins held stable through the trough, the growth bridge is increasingly supported by strong momentum in Nubeqa, accelerating uptake of Kerendia, and encouraging early signals from Beyonttra. The next key catalyst is asundexian, with Phase III secondary stroke data due in early February, while management also reiterated confidence in a return to ~30% Pharma margins by 2030. Taken together, this underpins an improving medium-term risk-reward, prompting us to raise our price target to EUR 54.00 (from EUR 35.00). Despite the recent share price run-up, we upgrade the stock to BUY from HOLD. While execution and upcoming data read-outs still ahead remain key, we believe the balance of risks has shifted positively, even with ongoing legal concerns and elevated leverage. The full update can be downloaded under https://research-hub.de/companies/bayer-ag

Bechtle AG has announced the acquisition of Hungarian PLM specialist EuroSolid Zrt., the country’s largest SOLIDWORKS reseller with revenues of around EUR 3.5m and 31 employees. While immaterial in size, the transaction is strategically relevant, strengthening Bechtle’s higher-margin, service-intensive PLM business. It also marks a shift in Hungary from a purely trade-focused market to a value-adding engineering and services location, consistent with Bechtle’s proven expansion model. Integrated into Bechtle’s European PLM network across nine countries, the acquisition should enhance cross-border synergies. Short-term financial impact is limited. Hence our price target of EUR 48.00 and the HOLD rating remain unchanged. The full update can be downloaded under https://research-hub.de/companies/bechtle-ag

RENK holds FY guidance of EUR 210–235m EBIT despite four material headwinds absorbing more than 10% of group EBIT (mwb est.): a weak industrial backdrop, USD weakness despite hedging, tariffs, and most notably German export restrictions to Israel affecting propulsion and MRO. That guidance resilience highlights very strong cost discipline, with underlying margins closer to ~18.5% (excl. these effects) and margin expansion clearly on track (mwb est.). However, as these headwinds are likely to persist into 2026, we slightly lower forward estimates while increasing 2025E margins, leading to a reduced PT of EUR 53.00 (prev. 55.00). While long term fundamentals remain attractive, valuation already front runs operational delivery, skewing near term risk reward to the downside. Down to SELL. The full update can be downloaded under https://research-hub.de/companies/renk-ag