At the closing of the year, Pyramid announced that it has divested its non-European subsidiaries of faytech AG via a management buy-out, sharpening its strategic focus on Europe and selected international key accounts. In our view, the transaction reduces structural complexity and transfers approximately EUR 3.0m of liabilities, while Pyramid retains exclusive faytech distribution rights in Europe. Despite the carve-out, updated guidance for 2026-27 remains solid, implying limited sales contribution from the sold entities and improved earnings quality. Although the related-party nature of the deal warrants monitoring, governance risks are mitigated by board departures and escrowed shares. Overall, the transaction supports a cleaner equity story and enhanced medium-term visibility. We reiterate our BUY rating with unchanged PT of EUR 1.50. The full update can be downloaded under https://research-hub.de/companies/pyramid-ag

Gerresheimer (GXI) has closed its bill-and-hold accounting chapter by fully correcting c. EUR 28m of FY24 revenues following a BaFin-initiated audit and an external investigation, which found systematic IFRS non-compliance. Revenues will be restated into FY25, partly offset by EUR 10m from FY23, with limited financial impact: FY24 revenue, EBITDA, and EPS are expected to decline by roughly 1-2%. The issue is timing-related and cash-neutral, and bill-and-hold practices will be discontinued. Despite improved transparency and management changes, governance concerns and low visibility persist amid weak sector sentiment. Therefore, we confirm our EUR 27.60 price target and maintain a HOLD rating. The full update can be downloaded under https://research-hub.de/companies/gerresheimer-ag

Recent developments at Singulus add incremental but important strategic clarity at a time when execution risk remains elevated. The divestment of the non-core Optical Data Storage service business, a structurally declining activity representing only ~1.5% of sales (mwb est.), further sharpens management focus and simplifies the group. More encouragingly, the company secured a new TIMARIS semiconductor order in the mid-single-digit million euro range (mwb est. ~EUR 6–7m), with a down payment already received, underscoring continued demand for its magnetic sensor capabilities and the stickiness of its modular tool platform. While these steps do not resolve near-term visibility or refinancing concerns, they clearly move in the right direction. We reiterate our Speculative BUY and EUR 3.00 price target, balancing very high risk against meaningful medium-term upside. The full update can be downloaded under https://research-hub.de/companies/singulus-technologies-ag

Company Name: INDUS Holding AG ISIN: DE0006200108   Reason for the research: Update Recommendation: BUY from: 30.12.2025 Target price: EUR 34.50 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Ending the year on a high note; PT Up Last week, INDUS signed another acquisition, meeting market ex [ … ]

Company Name: Bittium Oyj ISIN: FI0009007264   Reason for the research: Update Recommendation: BUY from: 30.12.2025 Target price: EUR 31.50 Target price on sight of: 12 months Last rating change: Analyst: Julius Neittamo Indra deal accelerates Bittium's market penetration; PT UP Yesterday, Bittium announced a licensing agr [ … ]

Company Name: Cantourage Group SE ISIN: DE000A3DSV01   Reason for the research: Update Recommendation: BUY from: 22.12.2025 Target price: EUR 10.50 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr FY25 EBITDA to come in ahead of market estimates Cantourage announced that at the end of November [ … ]

Company Name: Mexedia S.p.a. SB ISIN: IT0005450819   Reason for the research: Research Report (Initial Coverage) Recommendation: Buy Target price: 50.00 EUR Target price on sight of: 31.12.2026 Last rating change: Analyst: Matthias Greiffenberger, Cosmin Filker After the disruption in 2024 linked to working-capital constraints  [ … ]

Company Name: European Lithium Limited ISIN: AU000000EUR7   Reason for the research: Update Recommendation: Buy from: 19.12.2025 Target price: €0.22 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on European Lithium Limited (ISIN: [ … ]

Company Name: THE NAGA GROUP AG ISIN: DE000A41YCM0   Reason for the research: Preview / Review Recommendation: BUY from: 19.12.2025 Target price: EUR 9.50 Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow Guidance cut due to subdued market conditions; chg   Earlier this month, NAGA cut its F [ … ]

Company Name: SYNBIOTIC SE ISIN: DE000A3E5A59   Reason for the research: Update Recommendation: BUY from: 19.12.2025 Target price: EUR 5.50 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Additional capital to support strategic realignment; chg. PT Recent developments at SYNBIOTIC have sharpe [ … ]