Company Name: MaaT Pharma SACA ISIN: FR0012634822   Reason for the research: Update Recommendation: BUY from: 19.11.2025 Target price: EUR 17 Last rating change: - Analyst: Christian Orquera First Berlin Equity Research has published a research update on MaaT Pharma SACA (ISIN: FR0012634822). Analyst Christian Orquera reiterated  [ … ]

Company Name: SMARTBROKER HOLDING AG ISIN: DE000A2GS609   Reason for the research: Research Report (Initial Coverage) Recommendation: BUY Target price: 17.50 EUR Target price on sight of: 31.12.2026 Last rating change: Analyst: Matthias Greiffenberger, Cosmin Filker, Niklas Ripplinger Their hybrid business model combining media [ … ]

Company Name: Bittium Oyj ISIN: FI0009007264   Reason for the research: Update Recommendation: Buy from: 19.11.2025 Target price: EUR 23.50 Target price on sight of: 12 months Last rating change: Analyst: Julius Neittamo In our initiation earlier this month, we highlighted Bittium’s exceptional know-how in military-grade r [ … ]

Company Name: Flughafen Wien AG ISIN: AT00000VIE62   Reason for the research: Update Recommendation: Buy from: 19.11.2025 Target price: EUR 58.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Topic: Yesterday, FWAG reported a solid set of Q3 results, in line with our estimates as well as consens [ … ]

Company Name: Advanced Blockchain AG ISIN: DE000A0M93V6   Reason for the research: Research Report (Note) Recommendation: Buy Target price: 3.79 EUR Target price on sight of: 31.12.2026 Last rating change: Analyst: Matthias Greiffenberger, Cosmin Filker At the heart of the strategic planning is the development of a clearly stru [ … ]

CHAPTERS presented at our recent “mwb inspired” conference, highlighting continued operational momentum and rapid portfolio expansion. The group has grown from 48 to around 60 operating companies since late 2024, with pro-forma run-rate metrics rising from EUR 125m/30m EBITDA to roughly EUR 175m/45m. Deal sizes have increased, with EUR 2-5m EBITDA targets now more frequent, while acquisition multiples remain stable at ~6.5×. Despite a ~20% sentiment-driven multiple compression across compounder peers, our SOTP valuation remains intact and indicates substantial upside. We reiterate our BUY rating and EUR 48.00 price target. The full update can be downloaded under https://research-hub.de/companies/chapters-group-ag

Drägerwerk’s (Dräger) medium-term outlook strengthens as one-offs fade and operational visibility improves. FY25 will be impacted by the absence of EUR 30m in FY24 disposal gains and external burdens, including c. EUR 22m in tariffs and similar FX effects, leaving reported margins broadly stable despite an underlying EBIT swing of around EUR 70m after 9M 25. Beyond FY25, normalizing conditions, easing FDA-related risks and potential margin improvement in the medical division support Dräger’s path toward its 10% EBIT margin ambition by 2030. With improved confidence in FY26 and FY27 and recent share price weakness, we upgrade the stock from HOLD to BUY with an unchanged price target of EUR 76.00. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

SUSS MicroTec’s Capital Market Day 2025 sharpened a compelling multi-year value story, pairing a clearer strategic focus with a credible path toward its 2030 ambitions. Having already exceeded its prior plan a year early, the company enters the next cycle from a position of strength, underpinned by leading market shares, a streamlined portfolio, and a more scalable operating model. The upcoming 2026–27 product refresh marks the next inflection point, supported by expanded manufacturing flexibility, a deeper technology roadmap, and a services business set to become a meaningful margin engine. While 2026 will be a transition year, visibility beyond that is improving as new platforms ramp and sector tailwinds, from AI-enabled advanced packaging to rising cleanliness standards, gain momentum. With disciplined investment, strong cash-generation potential, and targeted M&A providing further optionality, we raise our PT to EUR 56.00 from 48.00 and reiterate BUY, balancing the attractive long-term setup with normal execution and cycle risks. The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se

Company Name: Ernst Russ AG ISIN: DE000A161077   Reason for the research: Update Recommendation: Buy from: 18.11.2025 Target price: 11.00 Last rating change: Analyst: Klaus Soer Improved portfolio Structure & Solid Q3Ernst Russ refined its FY25 guidance and delivered solid 9M 25 (Q3 25) results in line with our expectations.  [ … ]

Company Name: Lisata Therapeutics Inc ISIN: US1280583022   Reason for the research: Update Recommendation: BUY from: 17.11.2025 Target price: USD 15 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research has published a research update on Lisata Therapeutics, Inc. (ISIN: [ … ]