Company Name: naoo AG ISIN: CH1323306329   Reason for the research: Research study (Note) Recommendation: BUY Target price: 28.44 EUR Last rating change: Analyst: Marcel Goldmann, Cosmin Filker In terms of earnings performance, naoo recorded EBITDA of CHF -1.22 million (H1 2024: CHF -0.52 million) due to extraordinary expenses f [ … ]

Company Name: HORNBACH Holding AG & Co. KGaA ISIN: DE0006083405   Reason for the research: update Recommendation: Buy from: 08.12.2025 Target price: 110.00 Last rating change: Analyst: Ralf Marinoni Q3-25/26:  adj. EBIT below last yearBased on preliminary figures for Q3 2025/26 (September 1, 2025 to November 30, 2025), H [ … ]

Company Name: Desert Gold Ventures Inc. ISIN: CA25039N4084   Reason for the research: Research Report (Note) Recommendation: BUY Target price: 0.81 CAD Target price on sight of: 31.12.2026 Last rating change: Analyst: Matthias Greiffenberger, Cosmin Filker At a more current spot gold price of USD $4,070 the project generates an [ … ]

At the mwb German Select conference, tonies’ IR Manager Peter Dietz highlighted the company’s continued growth driven by the successful launch of the Toniebox 2 (TB2) and expanding U.S. market penetration (view here: https://research-hub.de/events/video/2025-12-02-15-30/TNIE-GR). Early TB2 sales are strong, with both new customers and upgrades from existing users contributing, supported by broadened appeal to older children through new features like Tonieplay. The U.S. market, now larger than DACH but with only ~10% household penetration, offers significant upside, bolstered by expanded retail presence at Target and Walmart and strong holiday demand despite tariff-related price hikes. New global partnerships with Pokémon and Hasbro are expected to further expand brand reach, drive hardware upgrades, and increase high-margin content sales. Reflecting these developments, we raise estimates and the price target to EUR 13.20 (from EUR 11.70), maintaining a BUY rating ahead of potentially strong preliminary results in February. The full update can be downloaded under https://research-hub.de/companies/tonies-se

TKMS delivered a solid preliminary FY24/25 across all key metrics, beating both consensus and our estimates on revenue, margins and cash. Sales of EUR 2.17bn and adj. EBIT of EUR 131m outperformed expectations, while a strong EUR 784m FCF underscored the strength of advance payments and accelerating operating leverage. Order intake of EUR 8.77bn lifted backlog to EUR 18.2bn (>8x sales), securing visibility well into the 2030s and confirming strong execution in Kiel and Wismar, with further upside from potential German Naval Yards integration. Their guidance for FY25/26 is in line with expectations but the mid-term guidance looks as too conservative given the several major tenders. With a clean beat, improving mix, structural margin upside and multiple catalysts ahead, we raise our PT to EUR 102.00 (from 100.00). BUY. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

Gerresheimer (GXI) remains structurally burdened within a weakening pharmaceutical packaging market. Schott Pharma, a close peer, reported declining demand, particularly from pharma clients like Novo Nordisk, confirming broader softness across the sector. In this context, GXI’s profitability remains low, leverage elevated, and governance concerns tied to the ongoing BaFin investigation continue to weigh on sentiment. The planned divestment of its Moulded Glass unit may ease balance sheet pressure but is unlikely to materially improve core performance. With cost inflation and subdued investment sentiment further constraining margins, a sustained rebound appears unlikely. We further lower our estimates and reduce the price target to EUR 27.60 (before EUR 31.00), maintaining a HOLD rating amid continued operational and market headwinds. The full update can be downloaded under https://research-hub.de/companies/gerresheimer-ag

HMS Bergbau continues to broaden its business model, adding two new profit drivers: the Maatla open-pit coal project in Botswana and a growing marine fuels operation. Maatla should start production in H1 2026, delivering high-margin earnings contributions (~30% gross margin) from 2026 onwards. The marine fuels business, operated by a 30-person team, is scaling across Asia and South America with medium-term revenue potential of around EUR 1bn. Together, both initiatives improve margin visibility and earnings diversification. We raise our earnings estimates, lifting our DCF-based price target to EUR 70.00 (from EUR 53.00) and maintain a BUY rating. The full update can be downloaded under https://research-hub.de/companies/hms-bergbau-ag

Swiss Estates AG announced the acquisition of a 10% stake in Kolumbus Immobilien AG, a Swiss real estate developer and project manager, financed through a CHF 4.48m capital increase in kind, raising share capital to CHF 13.45m. Kolumbus holds assets of CHF 140.5m and equity of CHF 23.6m, with potential increases from development and revaluation. An EGM on 15 December 2025 will propose the purchase of the remaining 90%, making Kolumbus a wholly owned subsidiary and Kolumbus Group the new controlling shareholder. The combined group will manage a CHF 283m property portfolio and stronger equity base. We view the deal as strategically positive and reiterate our BUY rating with an unchanged CHF 5.00 price target, keeping estimates unchanged pending completion. The full update can be downloaded under https://research-hub.de/companies/swiss-estates-ag

energenta AG’s FY24 results reflect a transitional year marked by market disruption, divestments, and restructuring. Revenues fell 54% to EUR 11.4m due to the deconsolidation of subsidiaries. An EUR 4.7m disposal gain improved reported EBIT to EUR 2.0m and net profit increased to EUR 2.8m, supported by at-equity income. The balance sheet strengthened through asset sales and debt reduction. Now, energenta plans to acquire MBA Polymers AG to expand capacity and strengthen its recycling market position. Strategically, the company is shifting toward higher-value recyclates, supported by EU regulation. Our model assumptions have been completely revised, with a significant short-term reduction but a stronger increase in earnings over the long term. energenta is targeting EBIT margins above 20%, which we consider achievable. However, the risk-reward profile has changed due to the refocus on recyclates but still offers significant upside potential. Investors willing to take on this exposure are likely to be rewarded with attractive opportunities. We change our rating from BUY to Speculative BUY and confirm our price target of EUR 3.60. The full update can be downloaded under https://research-hub.de/companies/energenta-ag

Ernst Russ presented a disciplined growth story at the mwb German Select Conference, emphasizing its role as a “Manage the Manager” shipowner with an attractive risk-adjusted yield profile. Supported by firm charter markets and high fleet utilization (97.7%), the company delivered strong 9M 2025 results with EUR 119m revenue, EUR 99.9m EBITDA, and an 87% equity ratio. Management guides FY25 revenue of EUR 152-162m and EBIT of EUR 48-63m (EUR 87-102m including vessel sales), backed by a USD 433m charter backlog. Capital market initiatives focus on transparency, structure simplification, and liquidity enhancement. With solid cash generation, balance sheet strength, and ~70% upside to a EUR 12.00 PT, we reiterate BUY, viewing Ernst Russ as an emerging European shipping platform. The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag