AUTO1 Group delivered a strong Q2, surpassing consensus expectations across all metrics. Revenues rose 30% yoy to EUR 2.0bn, driven by a 21% yoy increase in volumes and an 8% rise in ASP. Adjusted EBITDA grew 104% yoy to EUR 42.3m. Retail (Autohero) saw a 43% yoy revenue increase, with solid sales and higher GPU. Despite strong results, Merchant growth moderated due to seasonality. Given favorable market conditions, management raised its FY25 guidance. We upgrade to BUY, with a revised PT of EUR 30.00 (old: EUR 28.00). The full update can be downloaded under https://research-hub.de/companies/auto1-group-se

Elmos delivered a decent Q2, with sales slightly surpassing expectations on the back of robust Chinese demand and easing customer destocking but margins were pressured from higher material costs, FX, and strategic investments. FCF dropped sharply, weighted down by working capital increase and the SAP cutover. While management remains cautiously optimistic about demand recovery in H2, especially in China, Europe, Americas are still soft. In addition, broad-based visibility is still limited as macro risks and short order cycles persist. With the stock already reflecting much of the potential improving demand narrative and trading at the upper end of our fair value range (~17x 2025E PE), we maintain our HOLD stance and EUR 90.00 price target unchanged, reflecting a balanced view between nascent recovery signals and lingering uncertainty. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se

BASF’s Q2 2025 final results were in line with its pre-release. Q2 2025 sales of EUR 15.8bn (-2.1% yoy) and adj. EBITDA of EUR 1.77bn (-9.4% yoy) were broadly in line with consensus. However, performance was mixed across segments. Agricultural Solutions again stood out, while the pressure in Chemicals (a 35% miss) and Industrial Solutions (an 8% miss) amplified concerns around global oversupply in upstream businesses. In line with the press release, the deteriorating FX and macro risks propelled a guidance cut for FY 2025. BASF has been undertaking several measures to boost its margins and enhance cash flows. While we acknowledge that near-term catalysts are limited, we believe BASF’s shift towards high-growth, high-margin businesses should provide a medium-term valuation uplift, particularly at this price level. We reiterate our BUY rating at an unchanged price target of EUR 52.00.The full update can be downloaded under https://research-hub.de/companies/basf-se

Siemens Healthineers AG’s (SHL) Q3 FY 2025 results were better than expected. Revenues beat consensus by 1%, while adjusted (adj.) EBIT surpassed by a notable 8%. The top-line grew 7.6% yoy on a comparable (comp.) basis on growth across all segments, barring Diagnostics. Adj. EBIT increased by a stronger 15% yoy to EUR 953m (margin: +1.6ppt yoy to 16.8%) on healthy margin improvements in Imaging, Diagnostics, and Varian. For FY 2025, management raised the lower end of its guidance for comp. revenue growth to 5.5%-6.0% (vs +5.0%-6.0% previously) on some clarity on tariffs. Against this backdrop, SHL is likely to surpass its FY 2025 targets. We maintain our PT at EUR 64.00 and reiterate our BUY rating, as SHL is best placed to benefit from any uptick in demand in the MedTech industry. The full update can be downloaded under https://research-hub.de/companies/siemens-healthineers-ag

Knorr-Bremse delivered resilient results in Q2/H1 2025 despite a mixed market environment. Group revenue remained steady at about EUR 2.0bn in Q2, driven by strong growth in Rail Vehicle Systems (RVS), which saw revenue rise 8.6% yoy and operating EBIT increase 14.9% yoy. Commercial Vehicle Systems (CVS) continued to face challenges, with revenue down 10.2% yoy and EBIT margin declining. Order intake remained robust, supported by RVS growth, helping offset weakness in CVS. The order backlog grew 7.0% yoy to EUR 7.33bn, providing solid revenue visibility. Management slightly lowered full-year revenue guidance to EUR 7.8–8.1bn but maintained EBIT margin and free cash flow targets. We maintain our HOLD rating but raise the price target to EUR 86.00 (from EUR 80.00), reflecting strong Rail momentum and a cautious short-term outlook for CVS. The full update can be downloaded under https://research-hub.de/companies/knorr-bremse-ag

FUCHS SE's final Q2 25 numbers confirmed the preliminary print, with revenues dropping 5% sequentially and 1% year-on-year, primarily due to negative currency effects. Despite an encouraging 80bp sequential improvement in gross margin, alleviating pricing pressure fears, Q2 EBIT fell to EUR 101m from EUR 108m in Q1, pushing the operating margin to an eight-quarter low, largely due to sustained high operating expenses from acquisitions, ramp-up costs, and wage adjustments. Free cash flow before acquisitions remained resilient. Fuchs confirmed its downgraded FY25 guidance, expecting sales and EBIT to be flat year-on-year, implying a slight H2 sales decline but an EBIT margin recovery. While valuation is starting to look attractive given the selloff after the profit warning, we prefer to wait for more tangible signs of a profit recovery in H2 before taking action. HOLD. The full update can be downloaded under https://research-hub.de/companies/fuchs-se

Hensoldt's Q2 2025 results showed a 5% yoy revenue growth to EUR 549m, with slightly improved EBITDA and EBIT margins yoy but impacted by temporary lower productivity in the Sensors segment. Order intake rose by just 3% in H1 2025, mainly due to weakness in Sensors, trailing peers like Rheinmetall. The Sensors segment (86% of revenue) saw modest growth but lower margins, while Optronics (13.6% of revenue) had a strong recovery with 17.2% revenue growth and a sharp margin improvement. Despite maintaining its FY25 guidance, long-term growth remains constrained by limited exposure to key NATO priorities. Nevertheless, we have revised our long-term assumptions and our price target, which we have increased from EUR 48.00 to EUR 55.00. However, we are maintaining our SELL recommendation. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

PUMA’s final Q2 results confirm ongoing challenges: US tariffs and other external headwinds weighed on performance, but core issues remain with elevated inventories, weak brand pull, and soft demand. Key regions like North America and China continue to decline, highlighting the need for a significant strategic reset. With persistent internal pressures and limited signs of near-term recovery, the outlook remains cautious. Following working capital remodeling, we further reduce our PT to EUR 20.00 (old: EUR 22.00), and the rating stays at HOLD, reflecting the uncertain environment as PUMA works to regain momentum. The full update can be downloaded under https://research-hub.de/companies/puma-se

Amadeus Fire ("Amadeus") confirmed a weak Q2 2025 performance, following a previously issued profit warning. Q2 revenue dropped 20.6% yoy to EUR 88.4m, while operating EBITA plunged 85.5% to EUR 2.1m, reflecting persistent market challenges. For H1, revenue fell 17.5% yoy to EUR 186.6m, and operating EBITA dropped 77.8% to EUR 6.4m. Both the Personnel Services and Training segments struggled, particularly due to delays in publicly funded training and reduced client demand. The company has revised its full-year guidance to EUR 355m–385m in revenue and EUR 15m–25m in operating EBITA, reflecting a ~65% yoy EBITA decline as the management expects FY25 not to benefit from early signs of macroeconomic recovery. We reiterate our BUY rating and recently downwards adjusted PT of EUR 90.00. The full update can be downloaded under https://research-hub.de/companies/amadeus-fire-ag

Heidelberger Druckmaschinen (Heidelberg) delivered a strong Q1 25/26, returning to profitability ahead of expectations. Sales rose 16% yoy to EUR 466m, driven by robust packaging demand, while adjusted EBITDA rebounded to EUR 20.5m, lifting the margin to 4.4% (from -2.3%). Print & Packaging Equipment led with 42% sales growth. As expected, order intake normalized post-drupa but remained solid, ensuring good H2 visibility. In addition, free cash flow improved but was still seasonally negative at -EUR 68m. U.S. tariff risk appears manageable due to localized sourcing and cost pass-throughs. On a separate note, strategic steps, including entry into defense and the Polar Mohr acquisition, support the company’s ongoing transformation. Whilst the guidance has been confirmed, we slightly raise our estimates and PT to EUR 2.70 (prev. EUR 2.60). Although upside is becoming increasingly moderate, we reiterate to BUY. The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag