CECONOMY delivered a solid Q2/H1 2025/26, confirming continued operating momentum despite subdued demand in DACH. Q2 sales rose 4.9% on a currency- and portfolio-adjusted basis, with LFL growth of 4.8%, while adjusted EBIT improved by EUR 10m to EUR 27m. In H1, sales increased 4.0% adjusted to EUR 13.1bn, with adjusted EBIT up 14.2% to EUR 347m and margin up 30bp. Growth businesses continued to support gross margin, while online share rose to 28.5%. FY guidance was confirmed. The JD.com transaction remains on track, though closing is now expected in H2 calendar 2026. EUR 4.60 per share remains the valuation anchor. The full update can be downloaded under https://research-hub.de/companies/ceconomy-ag

ProSiebenSat.1 Media’s (PSM) Q1 26 results confirmed a challenging revenue environment but a clearly improved earnings trajectory. Group revenue fell 9% yoy to EUR 775m (3% organically) reflecting weak TV advertising, portfolio changes and subdued consumer demand. EBITDA improved by EUR 50m to EUR 44m, supported by cost discipline and lower one-offs. Entertainment remained pressured, while digital and smart advertising, Joyn and distribution showed resilience. Commerce & Dating declined on Verivox divestment and Dating & Video weakness, but grew organically on flaconi. We slightly lower FY26 revenue assumptions and our price target to EUR 4.30, but upgrade from HOLD to BUY after recent share price weakness. The full update can be downloaded under https://research-hub.de/companies/prosiebensat-1-media-se

tonies started FY26 with strong momentum, reporting Q1 group revenue of EUR 126m (mwb est. EUR 122m), a 35% yoy increase in constant currency. Growth was driven by a 61% surge in the Toniebox category and 31% growth in Tonies sales. International markets now account for 60% of revenue, with North America experiencing 34% and RoW 53% growth in Q1. Despite facing macroeconomic challenges, including U.S. tariffs and rising memory costs, tonies has confirmed its FY26 revenue guidance of over EUR 760m and an adjusted EBITDA margin of 9-11%. Due to cost pressures, we have slightly lowered our FY26 margin assumptions to the middle of this range. Overall, Q1's performance reinforces the investment case, and we confirm our BUY rating and price target of EUR 14.00. The full update can be downloaded under https://research-hub.de/companies/tonies-se

Brenntag delivered a soft Q1 in line with weak chemical demand, with sales and EBITDA under pressure but operating gross profit proving more resilient as pricing, mix and late-quarter supply-chain tightness partly offset weaker volumes. Specialties held up better than Essentials, helped by cost control and Material Science improvement, while Essentials remained pressured in North America and APAC despite better pricing momentum from mid-March, which is likely to continue. Cash conversion was weak due to lower operating contribution and working capital outflows. Overall, the print reinforces the view that Brenntag’s earnings floor remains relatively resilient, but sustained re-rating potential likely still depends on clearer evidence of underlying volume recovery rather than margin support from temporary supply-chain volatility alone. We maintain our HOLD rating with unchanged price target of EUR 60.00. The full update can be downloaded under https://research-hub.de/companies/brenntag-se

Verbio delivered a strong Q3 FY26, confirming a clear recovery in market conditions with only early contributions from recent energy crisis tailwinds. Revenue growth was supported by higher biomethane volumes, while profitability improved significantly, mainly driven by higher GHG quota prices. On a 9M basis, momentum remained strong, supported by the ramp up of US activities and higher utilization in biomethane, with the Bioethanol/Biomethane segment as the main earnings driver benefiting from a recovering quota market, strong seasonal demand and US ramp effects, while Biodiesel remained broadly stable. Free cash flow turned positive and net debt declined meaningfully. Management now sees EBITDA at the upper end of the guidance range. Overall, we feel confirmed in our bullish investment case, as Verbio is entering a stronger earnings phase supported by increasing political backing and improving market conditions. We reiterate our BUY with a raised PT of EUR 55.00 (old EUR 50.00). The full update can be downloaded under https://research-hub.de/companies/verbio-se

Scout24 used its CMD 2026 to outline the next phase of its platform strategy, positioning AI as an extension of its already highly profitable marketplace model. While FY26 guidance remains unchanged, the company raised its medium-term ambitions for 2027-28, targeting faster growth and structurally higher margins. Strategically, Scout24 wants to move beyond the traditional classifieds logic toward a more integrated, AI-supported real estate platform built around proprietary data, workflows and monetization layers. Early proof points, including higher ARPU from AI products and strong engagement trends, suggest the strategy is already gaining traction. We therefore raise our estimates and PT to EUR 135. BUY. The full update can be downloaded under https://research-hub.de/companies/scout24-se

Dermapharm Holding (DMP) reported a solid start to FY26, with Q1 26 revenue up 1.1% yoy to EUR 305.8m, slightly ahead of consensus but below our estimate. Branded Pharmaceuticals remained the key growth driver, supported by Mucos, F. Trenka and organic momentum, offsetting the planned decline in Parallel Imports. Adj. EBITDA rose 7.5% yoy to EUR 87.4m, above expectations, with the margin improving to 28.6%. Reported EBITDA also benefited from a EUR 4.2m Mucos one-off. We slightly raise estimates and lift our PT to EUR 49.50, but downgrade to HOLD on limited upside. The full update can be downloaded under https://research-hub.de/companies/dermapharm-holding-se

Bayer’s Q1 showed a solid start to FY26, with operational leverage coming through mainly in Crop Science, where Seeds & Traits strength, cost discipline and mix more than offset a still weak Crop Protection backdrop. Pharma remains a transition story, with Nubeqa/Kerendia and pipeline optionality helping to counter Xarelto/Eylea erosion, while Consumer Health was steady but not a major driver. Adjusted for legal payment, the underlying FCF is improving. Litigation remains the central equity overhang and near-term catalyst, with key settlement and pre-emption milestones still ahead, but with operational performance tracking ahead of expectations, we see the current valuation as overly discounting these risks. We therefore reiterate our BUY rating and unchanged price target of EUR 52.00. The full update can be downloaded under https://research-hub.de/companies/bayer-ag

TUI delivered a resilient Q2 performance. Underlying EBIT was EUR -188m, which is slightly above consensus and shows a EUR 19m yoy improvement. This was mainly driven by a recovery in Markets & Airline, despite a negative impact of EUR -20m from the war in Iran. On a like-for-like basis, underlying EBIT excluding one-offs rose by EUR 64m, while revenue remained stable at EUR 3.7bn. Holiday Experiences performed broadly in line with last year, though Hotels & Resorts underperformed, failing to offset cost inflation despite minor improvements in occupancy and rates. Operating cash flow declined due to later bookings, yet net debt remained stable at EUR 3.0bn. Looking ahead, management confirmed revised FY26 EBIT guidance of EUR 1.1-1.4 bn amid challenging market conditions. We believe that TUI is well positioned to capitalize on any catch-up demand once the geopolitical situation normalizes. We are maintaining our BUY rating with a target price of EUR 15.00 and unchanged estimates. The full update can be downloaded under https://research-hub.de/companies/tui-ag

Rheinmetall earnings call triggered a ~20% selloff in RENK despite relatively solid Q1 numbers and management pointing to the upper end of guidance. We view this read-across as overdone. Our model already prices in a small cyclical correction, assuming a ~10% revenue decline into the terminal value period, and RENK's growing aftermarket business (~50% of revenues in the 2030s, mwb est.) provides an earnings floor that peers like HAG:GR lack. With the stock now trading at 2028E EV/EBITDA of 9x and P/E of 16x, which is a steep discount to Hensoldt's 12x and 23x despite superior recurring revenue exposure, and multiples touching the lower half of the ±1 standard deviation corridor last seen at IPO, the risk/reward has shifted. We upgrade from HOLD to BUY, with our unchanged price target of EUR 53.00. The full update can be downloaded under https://research-hub.de/companies/renk-group-ag