Puma completed its strategic reset in 2025, closing the year with revenues of EUR 7.3bn (-8% constant currency), a 45.0% gross margin and a reported EBIT loss of EUR -357m. Results reflect deliberate wholesale clean-up, and inventory take-backs. Management guides for a low- to mid-single-digit revenue decline in 2026 and EBIT between EUR -50m and EUR -150m, framing the year as transitional. We expect stabilization in 2026, with revenues troughing and margins gradually rebuilding, followed by a clearer recovery in 2027 as operating leverage returns. With working capital normalizing and visibility improving, downside risk has moderated. We raise our PT to EUR 23.00 (old: EUR 21.00) and reiterate HOLD. The full update can be downloaded under https://research-hub.de/companies/puma-se

Scout24 delivered strong Q4 2025 results, with revenues up 13% year-on-year and ordinary operating EBITDA rising 17%, highlighting continued operating leverage. For FY 2025, revenues increased 15% to EUR 649.6m and ooEBITDA grew 16.5% to EUR 405.7m, resulting in a 62.5% margin, ahead of expectations. Growth was driven by customer additions and ARPU expansion across both Professional and Private segments, while disciplined cost control supported profitability despite ongoing investments. For 2026, management guides for 16-18% revenue growth, including Spain, with temporary margin dilution from acquisitions. AI risks appear limited, reinforcing Scout24’s structurally strong marketplace model. We reiterate our BUY rating and PT of EUR 129.00. The full update can be downloaded under https://research-hub.de/companies/scout24-se

Aixtron closed FY25 broadly in line with our expectations, supported by a seasonally strong Q4 that demonstrated solid operational execution despite a soft end-market backdrop. Cash generation improved materially, driven by working capital normalization and lower capex, resulting in a significantly strengthened net cash position. Looking ahead, 2026 is set to soften further. Strong AI-driven optoelectronics momentum and moderate GaN growth are expected to only partly offset another very weak year for SiC. While the strengthened balance sheet and robust free cash flow provide clear downside support, upside remains contingent on the timing and magnitude of AI-related GaN tool orders in late 2026 and early 2027, as well as on a more meaningful SiC recovery now increasingly framed as a 2027–2028 event. Encouragingly, accelerating optoelectronics demand may mark the start of a multi-year cycle, partly offsetting prolonged SiC weakness. Following the recent share price increase, we believe the valuation already discounts parts of the early-cycle recovery narrative. We therefore view the current risk/reward as balanced and reiterate our HOLD rating with an increased price target of EUR 24.00 (old: EUR 21.00). The full update can be downloaded under https://research-hub.de/companies/aixtron-se

KION delivered a soft Q4 margin, confirming that the path toward a 10% adj. EBIT margin by 2027 remains challenging. While revenues were broadly stable and cash flow strong, profitability declined, with margins at a five-quarter low and EPS down sharply. The market reaction reflects doubts about operating leverage and fixed cost absorption, particularly in ITS. FY25 was mixed versus our estimates, and FY26 guidance signals improvement but leaves little room for error. Adjusted for temporary cash outflows, underlying FCF is more stable than headline figures suggest, yet margin expansion must now materialize operationally, not just via targets. Until we see firmer evidence of sustainable demand momentum and structurally higher margins, we remain cautious. We reiterate SELL with a price target of EUR 48.50. The full update can be downloaded under https://research-hub.de/companies/kion-group-ag

Sartorius’ FY25 results and updated consensus prompt a reassessment of its growth outlook. While the company operates in structurally attractive biopharma and lab markets, sector tailwinds are increasingly offset by FX headwinds, a sharply weaker China, rising U.S. localization pressure, and limited M&A capacity due to elevated leverage. FY26E fundamentals remain solid, with improving margins and operating leverage, though higher financial expenses constrain EPS. Even adopting optimistic assumptions in line with consensus through 2030, our DCF indicates ~25% overvaluation. Market expectations assume blue-sky growth and margin levels achievable only during the pandemic surge, leaving limited room for execution missteps. Our updated price target of EUR 183.00 (before EUR 172.00) supports a continued SELL rating. The full update can be downloaded under https://research-hub.de/companies/sartorius-ag

Photon Energy’s unaudited Q4 and FY25 results fell short of guidance, with revenues of EUR 90.1m about 10% below the EUR 100–110m target and EBITDA of EUR 5.1m versus the guided EUR 9m. The EBITDA miss was mainly due to a provision and a penalty linked to a Polish capacity market dispute, one-off impairments related to intangible assets, and a loss on an EPC project. Without these effects, EBITDA would have been ca. EUR 12.2m. The unadjusted equity ratio declined to 23.5%, though a EUR 6.4m PPE revaluation supported an adjusted equity ratio of 25.1%, just above the 25% Green Bond covenant threshold. Liquidity remains strained, highlighted by a missed Green Bond coupon payment. With further revaluation outcomes pending ahead of audited statements on 30 April, we maintain the rating and price target under review. The full update can be downloaded under https://research-hub.de/companies/photon-energy-nv

SKB closed FY25 with a confirmed operational turnaround, delivering revenue of EUR 1.3bn (+2.2% yoy) and operational EBIT of EUR 36.6m, with margins improving to 2.8% as restructuring charges declined. Reported EBIT swung to EUR 31.3m (FY24: EUR -35.1m), and Q4 marked the strongest quarter, driving positive FCF of EUR 7.3m. FY26 guidance (flat revenue of ~EUR 1.3bn; ~EUR 80m operational EBITDA) however has been below our prior expectations, reflecting tariff uncertainty and deferred capex. While we lower estimates accordingly, the near-record EUR 971m backlog and improved earnings quality support an attractive risk/reward profile. We set a new PT of EUR 18.00 (old EUR 21.00) and reiterate BUY. The full update can be downloaded under https://research-hub.de/companies/koenig-bauer-ag

HENSOLDT reported a mixed set of prelims. Q4 sales missed expectations. While order intake was strong it is largely concentrated in traditional land platforms that are not at the core of current battlefield dynamics in Ukraine. Cash flow benefited from advance payments and remains volatile. EBITDA was solid and reported FY EBIT came in 2% below consensus. The 2026 outlook implies limited upside and mid-term growth targets remain ambitious relative to our more conservative assumptions. Visibility beyond the current order wave is still constrained, and software defined defence remains too small to support a credible recurring growth profile. In our view, the market continues to discount a structural re rating, while current momentum appears largely cyclical. We lower our price target to EUR 57.00 from EUR 65.00 and reiterate SELL. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

cyan AG upgraded its FY25 EBITDA guidance to EUR 0.75-0.85m, securing a clearly positive full-year result. The uplift is driven by non-recurring income from pass-through charges and project-related revenues, reducing short-term earnings risk but not altering the structural profitability profile. In parallel, cyan officially announced its partnership with CANCOM, adding distribution strength for Guard 360 via the CANCOM Cloud Marketplace. The cooperation enhances visibility and external validation of Guard 360 as a second growth pillar. We slightly adjust our estimates to reflect the guidance upgrade and confirm our EUR 4.00 price target and BUY rating. Material Guard 360 contributions remain expected from 2027, barring faster-than-anticipated traction with CANCOM. The full update can be downloaded under https://research-hub.de/companies/cyan-ag

Hamborner delivered solid FY25 preliminary results broadly in line with expectations, with FFO of EUR 48.6m (EUR 0.60 per share) exceeding guidance despite structural headwinds. The 5.7% yoy FFO decline was mitigated by strict cost control and one-off effects from property management transitions. Rental income fell 2.9% to EUR 90.3m due to strategic disposals, while a 4.6% portfolio revaluation reduced NAV per share to EUR 9.07. Operationally, strong letting activity kept vacancy low at 3.5% and WALT stable at 5.3 years. Although 2026 will reflect disposal and refinancing impacts, Hamborner’s strategic shift toward food-anchored retail strengthens resilience. A proposed EUR 0.39 dividend and a significant NAV discount underpin our reiterated BUY rating and EUR 10.50 target price. The full update can be downloaded under https://research-hub.de/companies/hamborner-reit-ag