Company Name: EPH Group AG ISIN: AT0000A34DM3   Reason for the research: Update Recommendation: BUY Target price: EUR 102 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald EPH secures another premium alpine resort project Last week, EPH announced the signing of an agreement to acquire a high-quali [ … ]

Company Name: Delticom AG ISIN: DE0005146807   Reason for the research: Update Recommendation: Buy from: 07.04.2026 Target price: 3.90 Last rating change: Analyst: Daniel Kukalj, CEFA, CIIA Tough market, tougher discipline Delticom's FY2025 results tell a story of deliberate transformation rather than stagnation. Revenue of EUR 4 [ … ]

Hugo Boss reports Q1 2026 results on 5 May. Consensus expects revenues of EUR 887m (−11% yoy) and EBIT of EUR 30m (vs. EUR 61m in Q1 2025), reflecting a weak start to a transition year under the CLAIM 5 TOUCHDOWN strategy. The softness is well flagged and driven by a delivery shift, FX headwinds and a tough comparable. However, the macro backdrop has deteriorated materially since management confirmed FY26 guidance on 10 March, with the Iran war driving an energy price shock that poses tangible downside risk to consumer spending. We moderately reduce our estimates and lower our price target from EUR 38.00 to EUR 36.50. HOLD. The full update can be downloaded under https://research-hub.de/companies/hugo-boss-ag

FCR Immobilien AG’s preliminary FY25 results confirm its successful transition to a stable, FFO-driven business model, highlighted by FFO of EUR 7.4m and strong Q4 performance. Relatively stable l-f-l rental income of EUR 30.5m and improved occupancy of 94.6% demonstrate resilience and increased reliance on recurring revenues rather than one-off gains. Although EBT declined yoy to EUR 6.9m c, this reflects a healthier earnings structure following prior exceptional gains. NAV rose to EUR 164.8m (+13% yoy), supported by disciplined asset management and favorable revaluations, while reduced financing costs signal effective debt management. With shares trading at a 30% discount to NAV, the company offers attractive value, improved stability, and limited downside risk, supporting our BUY rating and unchanged PT of EUR 22.00. The full update can be downloaded under https://research-hub.de/companies/fcr-immobilien-ag

The longer than expected Iran conflict adds another layer of near-term volatility to the aviation sector through higher fuel prices, airspace closures and weaker flight hour activity, but we do not view this as a change in MTU’s structural investment case. We make a modest adjustment to our estimates to reflect softer near-term OEM and aftermarket assumptions, also incorporating our lower Airbus delivery forecast. However, delayed aircraft deliveries and deferred maintenance should primarily shift earnings rather than destroy them, while the installed base continues to support longer-term aftermarket visibility. With backlog support still strong and the current valuation discount still too wide in our view, we maintain our BUY rating and EUR 505.00 price target. The full update can be downloaded under https://research-hub.de/companies/mtu-aero-engines-ag

Company Name: Knaus Tabbert AG ISIN: DE000A2YN504   Reason for the research: Jahresbericht 2025 Recommendation: Kaufen from: 02.04.2026 Target price: €22 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Knaus Tabbert AG (ISIN: DE000A2YN50 [ … ]

Delivery Hero's FY 2025 results confirmed operational progress: adj. EBITDA +30% to EUR 903m, FCF positive for a second year (before extraordinary items), and Integrated Verticals reaching breakeven. AdTech continues to show momentum. However, extraordinary legal outflows drove net debt up by c.EUR 0.5bn to EUR 2,4bn despite positive operating cash generation. The 2026 outlook reflects deliberate reinvestment into the Everyday App strategy, with adj. EBITDA guided at EUR 910-960m. The pending Taiwan disposal (USD 600m) should ease liquidity. Shareholder noise from Aspex and the Prosus overhang add near-term uncertainty. BUY, PT EUR 28.00 confirmed. The full update can be downloaded under https://research-hub.de/companies/delivery-hero-se

MS Industrie’s preliminary FY25 results came in below expectations, as the strong momentum from Q1-Q3 did not carry into Q4, which showed a clear slowdown and weaker profitability driven by US ramp-up costs. On a full-year basis, core revenue remained broadly stable when adjusted for the MS Ultraschall divestment in the prior year base. Adjusted EBITDA, excluding ramp-up costs and FX effects, still showed a resilient underlying trend. Looking ahead, a solid order backlog supports FY26 growth expectations, driven by the core business and the US ramp-up into AI-related applications. While macro uncertainties remain, visibility is solid. Additional support comes from accounting tailwinds related to the Trossingen site acquisition, though we slightly trim profitability forecasts due to truck-cycle headwinds and weaker contributions from minority investments. Overall, we continue to see MS Industrie as well positioned, supported by strong OEM exposure, low capex needs and increasing diversification. We reiterate BUY with a revised PT of EUR 2.20 (from EUR 2.40). The full update can be downloaded under https://research-hub.de/companies/ms-industrie-ag

Airbus likely delivered ~129 aircraft in Q1 (mwb est), below the already weak 136 in Q1 2025 and clearly behind what is required to support the 870 FY guidance. This implies a Q1 run rate of just 14.8% of the FY, compared to 17.2% last year and a 10 year average of 18.6% (a gap of 240bp and 380bp respectively). Airbus would need to deliver ~741 aircraft over the remaining nine months, a step up that looks increasingly demanding given the current starting point. This is not a demand issue but an execution problem. Engine shortages, particularly from Pratt & Whitney, continue to cap deliveries and have already been flagged as ongoing. While Airbus has historically relied on a strong Q4 to catch up, the current shortfall appears too large in our view, especially with no clear resolution on the key bottleneck. We therefore see a high probability of a delivery guidance cut with the Q1 results. We therefore lower our 2026 delivery estimate from 860 to 840 aircraft and reduce our sales and margin assumptions. HOLD, PT reduced to EUR 170.00 (from 173.00). The full update can be downloaded under https://research-hub.de/companies/airbus-se

AUTO1 Group delivered a strong FY25, with revenues up 30% yoy to EUR 8.2bn, adj. EBITDA surging 81% to EUR 198m and net profit more than tripling to EUR 78m, all at record-high volumes of 842k units. Operating leverage is clearly kicking in. With only 3.1% market share in a EUR 700bn European used car market and an adj. EBITDA margin of 2.4% versus a long-term target of 5-9%, the structural upside remains compelling. A constructive pricing environment, AUTO1's Price Index up 2.0% ytd, supports FY26 guidance of EUR 250-275m adj. EBITDA (+33% yoy). The stock's recent underperformance looks overdone. BUY, PT EUR 33.00. The full update can be downloaded under https://research-hub.de/companies/auto1-group-se