Company Name: MaaT Pharma SACA ISIN: FR0012634822   Reason for the research: Update Recommendation: Buy from: 21.04.2026 Target price: €17 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research has published a research update on MaaT Pharma SACA (ISIN: FR0012634822) [ … ]

Company Name: PFISTERER Holding SE ISIN: DE000PFSE212   Reason for the research: Research Study (Anno) Recommendation: BUY Target price: €110.00 Target price on sight of: 31.12.2026 Last rating change: Analyst: Cosmin Filker, Marcel Goldmann You can download the research here: 20250421_Pfisterer_Anno_engl Contact for ques [ … ]

With Q2 results due on 19 May, we expect Hoenle to deliver a sequential improvement following a soft Q1, driven by stronger momentum in Adhesives and Disinfection, while Curing remains subdued but stable. The shift toward larger, higher-value orders in Adhesives systems should improve revenue quality and margins, with additional upside potential from a >EUR 1m project currently under negotiation. At the same time, any cost inflation is largely passed through. Despite this improving short-term trajectory, geopolitical uncertainty and weak capex continue to weigh on visibility. Should the fragile macro backdrop persist, full-year guidance would likely skew toward the lower end; nonetheless, we maintain our BUY rating and EUR 20.00 price target. The full update can be downloaded under https://research-hub.de/companies/hoenle-ag

MTU reports Q1 2026 on Thursday, 30 April. We expect a strong quarter with limited downside risk, supported by MTU’s consistent track record of beating too conservative street expectations. Near-term volatility around jet fuel supply and potential Airbus guidance pressure is, in our view, noise rather than a change in fundamentals and should be used to add exposure. In line with this, the newly disclosed long position by Kerrisdale Capital reinforces our core thesis that consensus materially understates MTU’s normalized earnings power, with temporary drags masking structurally higher margins and cash generation. Against this backdrop, the valuation discount remains difficult to justify. We reiterate our conservative EUR 520.00 PT and BUY rating, with MTU remaining a top pick in the sector. The full update can be downloaded under https://research-hub.de/companies/mtu-aero-engines-ag

We initiate coverage of Voltatron AG (formerly Voltabox AG) with a Spec. BUY recommendation and a PT of 5.00 offering an upside potential of 12.5%. Following a comprehensive restructuring, Voltatron has emerged as a focused and profitable EMS platform with a clear buy-and-build strategy. After disposing of loss-making activities, the group is building a more integrated electronics business centred on PCB (printed-circuit-boards) related manufacturing and industrial electronics. Backed by an experienced management team with a strong execution track record, meaningful management ownership (36%), and exposure to structurally growing end markets, we see a credible path towards EUR 100m of mid-term revenue through selective acquisitions. The full update can be downloaded under https://research-hub.de/companies/voltatron

Beiersdorf’s Q1 2026 organic sales decline of 4.6% highlights a challenging start to the year, led by weakness in NIVEA and La Prairie. Despite these headwinds, the Derma segment remains robust with 8.2% growth. We have lowered our FY26 estimates to reflect a more cautious recovery pace and potential margin pressure, leading to a price target reduction. However, given the underlying demand stability and the strength of the Eucerin brand, we believe the long-term investment case remains intact. We maintain our BUY rating with a new PT of EUR 100.00 (prev. EUR 125.00). The full update can be downloaded under https://research-hub.de/companies/beiersdorf-ag

Against this backdrop, mwb research is hosting an online earnings call for Q1 2026 on April 22, 2026, at 1:30 p.m. CEST with Markus Dränert (CEO) and Petra Stappenbeck (CFO). Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-04-22-13-30/ISHA-GR.

Company Name: Somec S.p.A. ISIN: IT0005329815   Reason for the research: Research study (Note) Recommendation: BUY Target price: 22.70 EUR Last rating change: Analyst: Marcel Goldmann, Cosmin Filker On 25 March 2026, the Somec Group published its preliminary financial results for the 2025 financial year. According to these figur [ … ]

Wacker Chemie has pre-announced a stronger-than-expected Q1 2026, with EBITDA materially beating guidance and consensus. However, the beat is not organic, but largely driven by order pull-forward linked to geopolitical tensions. Wacker raised its sales guidance on cost pass-through while maintaining EBITDA guidance unchanged on elevated uncertainty. We expect earnings to trend towards the upper end of the guided range, supported by cost savings and pricing discipline. Peer actions from Dow Inc. highlight ongoing structural challenges in European silicones, with potential for some demand reallocation towards Wacker Chemie AG, although the extent remains uncertain. We raise our price target to EUR 90.00 (from EUR 75.00), implying ~10x 2026E EV/EBITDA, but maintain our HOLD rating given low visibility on volume recovery and ongoing geopolitical risks. The full update can be downloaded under https://research-hub.de/companies/wacker-chemie-ag

TUI is set to restore standard cruise operations by mid-May 2026 following the successful transit of Mein Schiff 4 and 5 through the Strait of Hormuz. Regional volatility has forced a strategic reshuffle of the winter 26/27 cruise program, with a redeployment of both Mein Schiff 5 and the new Mein Schiff Flow from the Arabian Gulf to more secure, but also more saturated, European and Canary Islands routes. While current geopolitical tensions and inflationary pressures have caused a temporary slump in the German travel business climate, impacting especially demand for Turkey and Egypt, TUI’s financial resilience and capacity to pivot to Western European destinations support a recovery. Consequently, our investment outlook remains positive and we reiterate our BUY recommendation and a price target of EUR 16.00. The full update can be downloaded under https://research-hub.de/companies/tui-ag