Company Name: Reply SpA ISIN: IT0005282865   Reason for the research: Update Recommendation: Buy from: 20.05.2026 Target price: 170 Last rating change: Analyst: Sebastian Droste Strong AI momentum continues On May 15, Reply released its Q1 financial results. Revenue growth was stable (6.2% yoy to EUR 645.0m), in line with our exp [ … ]

Company Name: Rosenbauer International AG ISIN: AT0000922554   Reason for the research: Update Recommendation: BUY Target price: EUR 68 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Kicking off FY26 with double-digit growth Rosenbauer published its Q1 figures, marked by double-digit impr [ … ]

Company Name: Energiekontor AG ISIN: DE0005313506   Reason for the research: Update Recommendation: Buy from: 19.05.2026 Target price: 66,00 Euro Target price on sight of: 12 Monate Last rating change: 18.10.2022: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein  [ … ]

Formycon has launched FYB203, its biosimilar to Eylea, across key European markets, marking a step in executing its FYB4Growth strategy. FYB203 is being rolled out through multiple regional partners including Teva, Horus and NTC, reflecting the importance of local market access and partner execution in biosimilars. While the European aflibercept market is becoming increasingly competitive, Formycon’s broader partner-led platform strategy supports long-term value creation across multiple assets and regions. Following our post-results model update, we lower our price target from EUR 40.00 to EUR 38.00, while maintaining our BUY rating. We are inviting you to our virtual roundtable with Formycon’s Management Board on 8 June 2026. Please register here: https://research-hub.de/events/registration/2026-06-08-10-00/FYB-GR The full update can be downloaded under https://research-hub.de/companies/formycon-ag

Hoenle’s Q2 showed a sequential recovery, with EBITDA improving despite lower sales, supported by better mix and cost measures. Adhesive Systems was the clear highlight, while Disinfection remained broadly stable yoy and improved sequentially only on the top line. Curing deteriorated yoy but improved qoq. While we slightly adjust our estimates toward the mid-point of FY 2025/26 guidance to reflect the weaker visibility in industrial capex-related markets, we believe the current valuation still fails to adequately reflect the earnings leverage embedded in the business once volumes normalize. We therefore reiterate our BUY rating with unchanged PT of EUR 20.00. The full update can be downloaded under https://research-hub.de/companies/hoenle-ag

Company Name: Power Metallic Mines Inc. ISIN: CA73929R1055   Reason for the research: Research Update Recommendation: BUY Target price: 3.00 CAD Target price on sight of: 31.12.2026 Last rating change: Analyst: Matthias Greiffenberger, Cosmin Filker Importantly, our revised C$3.00 target price should be understood as a base cas [ … ]

Stabilus’ announcement reinforces its transformation from a cyclical automotive supplier into a more regionalized motion control and automation platform. Investments in the US, China, Mexico, and Germany strengthen local production, distribution, and supply chain resilience. The US aftermarket expansion, including access to around 20,000 retail locations, could improve revenue quality through higher-value Powerise solutions. Suzhou provides tangible evidence of Destaco integration and supports the industrial automation strategy. While execution, and hence growth, margins, and leverage, remains a key risk, the announcement underlines work in progress, albeit still at an early stage. Therefore, our estimates and rating remain unchanged. BUY with an EUR 21.90 price target. The full update can be downloaded under https://research-hub.de/companies/stabilus-se

Blue Cap delivered a solid Q1 26 print, with adjusted EBITDA rising 6.3% yoy to EUR 1.7m and margins expanding 60 bps to 5.4%, despite a minor 4.3% revenue dip to EUR 31.0m. Robust growth in the Industrials segment (+9.2%) effectively counterbalanced persistent cyclical weakness in Business Services (-21.2%). Crucially, as at the end of Q1, the company maintained a pristine balance sheet with zero net leverage. Earlier this month, Blue Cap announced the transformative acquisition of Janoschka AG, which will significantly reshape the company in 2026. With the acquisition of Janoschka, management significantly raised its FY26 guidance. We believe successful integration will unlock massive value. We reiterate our BUY rating with unchanged PT of EUR 33.00. The full update can be downloaded under https://research-hub.de/companies/blue-cap-ag

Nagarro’s Q1 2026 results reflected resilient operational execution despite continued macro headwinds and cautious enterprise IT spending. Constant-currency revenue growth remained solid at 6.5%, while improved utilization and operational discipline supported higher gross margins and adjusted EBITDA profitability. Reported earnings benefited from non-operating tailwinds, including FX-related gains and share-based compensation effects. Vertical performance remained mixed, with strong momentum in consulting, financial services, and automotive-related transformation projects offset by weakness in technology and energy-related spending. Management confirmed FY26 guidance and highlighted increasing traction in AI transformation and advisory-led engagements, as enterprise AI discussions evolve from pilot projects toward larger-scale implementations. We leave our estimates unchanged and confirm our BUY rating and EUR 75.00 price target. The full update can be downloaded under https://research-hub.de/companies/nagarro-se

cyan AG’s FY25 results confirmed the operational turnaround, with revenues up c. 30% yoy to EUR 9.2m and EBITDA turning positive to EUR 0.8m. While earnings were supported by some non-recurring effects, the stand-alone cybersecurity business is now profitable at EBITDA level, cash flow improved, and the balance sheet remains solid. Operationally, telco momentum continued, with the end-customer base up 47%, driven by Orange rollouts and strong EMEA growth. For FY26, management guides further revenue growth but slightly lower but still positive EBITDA, reflecting normalized one-offs and a significant step-up in personnel costs to facilitate Guard 360 opportunities. We maintain our EUR 4.00 PT and confirm BUY. The full update can be downloaded under https://research-hub.de/companies/cyan-ag