Company Name: Limes Schlosskliniken AG ISIN: DE000A0JDBC7   Reason for the research: Update Recommendation: BUY Target price: EUR 710 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Dividend debut & strong Q1 reinforce growth trajectory Today, LIMES announced that its supervisory board has a [ … ]

STRATEC’s final FY25 results confirm weak underlying profitability despite stable topline performance. Sales declined 2.6% yoy to EUR 250.9m, while the adjusted EBIT margin fell to 10.0%. More concerning is the sharp gap between adjusted and reported figures: reported EBIT dropped to EUR 9.1m (3.6% margin), and net income turned slightly negative. While systems sales showed encouraging recovery (+6.3% cc), higher-margin consumables remained weak. FY26 guidance implies revenue growth but no margin improvement, with recovery expected mainly in H2. We see 2026 as a transition year and a clear “show-me” story, downgrading the stock from BUY to HOLD with PT cut to EUR 20.00 (prev. EUR 24.30). The full update can be downloaded under https://research-hub.de/companies/stratec-se

Company Name: The Platform Group SE & Co. KGaA ISIN: DE000A40ZW88   Reason for the research: Update Recommendation: BUY Target price: EUR 17 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Final FY25 out, AEP acquisition to transform the group; chg.TPG closed FY25 with a strong set of resul [ … ]

Company Name: MLP SE ISIN: DE0006569908   Reason for the research: Update Recommendation: BUY Target price: EUR 12 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller Planning pays dividends We hosted a roadshow with MLP CEO Dr. Uwe Schroeder-Wildberg. Key takeaways confirm the equity story momentum: MLP [ … ]

Bayer’s U.S. Supreme Court hearing in Monsanto v. Durnell is broadly neutral to slightly constructive in our view and represents another step in the group’s broader Roundup litigation containment strategy. While oral arguments provided no decisive read-through and justices appeared divided, Supreme Court pre-emption remains a credible catalyst alongside the pending USD 7.25bn settlement, both of which improve visibility around Bayer’s largest structural overhang. A favorable ruling would not eliminate all litigation immediately, but it would strengthen Bayer’s legal position, reducing future cash uncertainty and supporting sentiment around the Crop Science business. With the market still over-discounting prolonged litigation drag, we reiterate our BUY rating and unchanged PT of EUR 52.00, as we continue to see scope for multiple re-rating. The full update can be downloaded under https://research-hub.de/companies/bayer-ag

Mayr-Melnhof (MM) has issued a Q1 trading statement. Sales were down 11% yoy due to the divestment of the TANN Group, with pro forma sales down 5.9%. Adjusted operating profit fell 19% reported but rose 5.6% pro forma, reflecting a 60bp margin improvement, driven by operational efficiencies from the Fit-For-Future program amid subdued demand and rising energy and transport costs. MM's outlook for 2026 remains shaped by a challenging market environment characterized by weak demand, intense competition and structural overcapacity. Although MM is successfully countering these developments with faster-than-expected progress on the Fit-For-Future programme, further headwinds are emerging in the form of rising energy, transportation and chemical costs. We have adjusted our estimates to reflect this, resulting in a new price target of EUR 96.00 (previously EUR 105.00). BUY. We recently hosted a roundtable with the company, a recording of the event can be viewed here: https://research-hub.de/events/video/2026-04-23-11-30/MMK-AV). The full update can be downloaded under https://research-hub.de/companies/mayr-melnhof-karton-ag

Südzucker (SZU) ended FY26 on a weak note, with prelim Q4 sales and full-year revenue both declining yoy, reflecting a still weak market environment. Profitability fell sharply, driven mainly by continued pressure in the sugar segment, where pricing weighed on margins. As a result, earnings declined significantly yoy, with both EBITDA and operating profit showing strong contraction. Additional already announced impairments further weighed on reported results. Management confirmed FY27 guidance points to slightly lower revenues yoy but some stabilization in earnings, suggesting that the worst of the cycle may be behind. While near-term visibility remains limited, we see improving sugar market dynamics supported by higher bioethanol prices, lower European supply and potential weather-related support. Overall, the mid-term setup is turning more positive and at current trough-cycle valuation levels, we see an attractive entry point for patient investors. We reiterate BUY with a PT of EUR 15.00. The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag

FCR Immobilien’s audited FY25 results confirm a successful shift toward a recurring-income business model. While headline EBT fell to EUR 6.9m due to the absence of prior-year one-off gains, FFO increased to EUR 7.4m. Operational strength is evidenced by 94.6% occupancy and a WAULT of 5.9 years. The portfolio value remains stable at EUR ~397m. In addition, active deleveraging as helped to reduce net debt to ~ EUR 259m, pushing the company’s LTV to c. 65% from above 70% in the previous year. Although high interest expenses of EUR 12m remain the key investment risks, the transition to a more transparent, cash-flow-driven model is well underway. Given the attractive valuation and resilient retail exposure, we confirm our BUY rating with unchanged PT of EUR 22.00, which on top provides an attractive dividend of EUR 0.35 (yield ~3%). The full update can be downloaded under https://research-hub.de/companies/fcr-immobilien-ag

Company Name: The Platform Group SE & Co. KGaA ISIN: DE000A40ZW88   Reason for the research: Update Recommendation: Buy from: 27.04.2026 Target price: 20,00 Euro Target price on sight of: 12 months Last rating change: - Analyst: Alexander Rihane First Berlin Equity Research hat ein Research Update zu The Platform Group SE &a [ … ]

SBO’s presentation at our Austrian Select Conference largely confirmed our existing view: Precision Technology recovery remains the most important near-term catalyst, while resilient long-term oil & gas fundamentals and capability-led diversification support the broader equity story. Management sees Q3 2025 as the low point for Precision Technology, with clearer improvement expected in H2 2026. At the same time, rising decline rates and maintenance-driven upstream capex underline the structural relevance of oil & gas. Diversification into flow control and additive manufacturing adds attractive long-term growth potential. We maintain our HOLD rating and EUR 39.00 target price. The recording of SBO’s presentation, along with further conference sessions, can be found here: https://research-hub.de/videos The full update can be downloaded under https://research-hub.de/companies/sbo-ag