Preliminary FY25 results show revenues of EUR 3.68bn in line with guidance and our estimates, but adjusted EBITDA of EUR 405m missed the narrowed guidance range of EUR 420–450m. The weak German TV advertising market, down ~4% yoy, weighed heavily on the seasonally strong Q4 25, with quarterly revenues down ~8% yoy and adjusted EBITDA declining ~20%. Multiple guidance cuts during 2025 highlight the high operating leverage of the linear TV business and macro sensitivity. With earnings visibility still limited, we cut estimates, lower our price target to EUR 5.10, and downgrade to HOLD. The full update can be downloaded under https://research-hub.de/companies/prosiebensat-1-media-se

Deutsche Rohstoff’s 2026 reserve report, prepared by independent auditors in line with SEC standards, shows a step change in asset quality and scale. Producing reserves increased by 18% yoy and proved and probable reserves by a record 46% to 79m BOE, driven mainly by strong development results in Wyoming. Despite significantly lower forward oil prices, the net present value (NPV) of producing reserves still increased by 3%. Total proved and probable reserves reach an NPV of USD 542m at a conservative USD 60/bbl and USD 1.1bn at USD 80/bbl, even excluding parts of the undeveloped acreage and the recently acquired Ohio assets. Together with the sharply higher value of Deutsche Rohstoff’s Almonty stake, now roughly equivalent to the group’s market capitalization, the reserve report underpins the valuation upside. We upgrade our price target to EUR 69.00 (old: EUR 62.00) and confirm our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

Fresenius Medical Care’s latest consensus update brings FY26 into sharper focus as a transition year. Market expectations point to a gradual operational recovery, but with limited visibility, particularly on treatment volumes. FY25E consensus implies revenues of c. EUR 19.6bn and EBIT of EUR 1.8bn, broadly in line with our revenue view but with slightly higher profitability. For FY26E, we expect modest revenue and EBIT growth, driven by efficiency gains from cost-saving measures. However, uncertainty around U.S. dialysis volumes, ongoing flu-related disruptions, and persistent FX headwinds limit confidence. With valuations on multi-year lows and support by share buybacks, we confirm our unchanged price target of EUR 47.00. BUY. The full update can be downloaded under https://research-hub.de/companies/fresenius-medical-care-ag

Mister Spex confirmed its FY 2025 guidance, reporting a preliminary net revenue decline of 18% yoy to approximately EUR 178m (mwb est. EUR 184m). This falls within the guided -10% to -20% range and reflects a deliberate shift toward profitability over volume. The EBIT margin landed in the lower half of the -5% to -15% range (mwb est. -11.5%) as the SpexFocus program concluded. Implied Q4 revenue therefore stood at EUR 33m, mirroring the 18% annual decline. Despite top-line pressure, LFL growth in Germany reached 8%. High-margin prescription glasses now represent 53% of German sales, supported by the "Switch" subscription model. Cash remained stable at EUR 56m. We therefore reiterate our BUY rating with unchanged PT of EUR 4.00. The full update can be downloaded under https://research-hub.de/companies/mister-spex-se

ATOSS Software reported strong preliminary FY2025 and Q4 results, confirming improved momentum in the second half of the year. Q4 revenues grew 12% year on year, driven by continued strength in cloud and subscription revenues (+28% YoY), while EBIT exceeded expectations with a margin of around 40%. FY2025 revenues increased 11% with a 36% EBIT margin, supported by improving revenue quality and a rising recurring share. The FY2026 outlook benefits from strong visibility, with ARR backlog covering a substantial portion of revenues and incremental growth driven mainly by new business. AI increasingly represents a differentiation opportunity rather than a disruption. On current share price levels, we upgrade our rating from HOLD to BUY and raise our price target to EUR 130.00 (EUR 125.00) on higher margin assumptions. The full update can be downloaded under https://research-hub.de/companies/atoss-software-se

Kion’s Q4 pre-close call indicated a stable yoy order intake and a slightly higher order book entering FY26, with group revenue expected to be marginally higher but adjusted EBIT declining mainly due to higher long-term incentive expenses following the share price appreciation. In ITS, the backlog-driven tailwind has faded, leading to mid-single-digit revenue decline, a book-to-bill just below 1, and a notable margin drop, but still reaching the midpoint of narrowed FY25 guidance. In SCS, recovery continues unevenly, with slightly higher order intake, accelerating revenue growth, and strong year-on-year EBIT improvement, though margins are expected to remain flat sequentially and FY25 EBIT slightly below guidance midpoint. For the group, Kion reaffirmed its FY27 target of a 10% adjusted EBIT margin, (c. 1pp) ahead of our estimates. Given limited visibility on sustained demand improvement, we maintain our SELL rating with an unchanged DCF-based price target of EUR 48.50. The full update can be downloaded under https://research-hub.de/companies/kion-group-ag

secunet reported solid preliminary FY25 results, supported by an exceptionally strong Q4 driven by public-sector procurement and robust defence-related deliveries. Q4 revenues and EBIT exceeded both our estimates and consensus, supported by higher-than-anticipated backlog conversion. For FY25, revenues increased by 13% yoy, while EBIT rose by 22% yoy with moderate margin improvement. Order intake reached a record level in Q4, lifting the backlog and enhancing visibility for 2026. For FY26, management guides for revenues of EUR 460-500m and EBIT of EUR 53-58m. We update our estimates, raise our target price to EUR 205 and reiterate our HOLD recommendation. The full update can be downloaded under https://research-hub.de/companies/secunet-security-networks-ag

Nemetschek reported FY25 preliminary results broadly in line with both our and market expectations, confirming achievement of its raised revenue guidance and profitability target. Revenue increased by 19.7% yoy to EUR 1,191.2m, slightly below our forecast of EUR 1,202m, while EBITDA reached EUR 371.1m, corresponding to an EBITDA margin of 31.2%, only marginally below our expectation of 31.4%. Full-year performance reflects strong underlying demand and high revenue visibility, supported by the AEC software market and a growing share of recurring revenues. Q4 25 showed continued growth but came in modestly below our assumptions, with limited incremental operating leverage. We incorporate the prelims into our model and leave all broadly estimates unchanged, confirming our EUR 125 price target and BUY rating. The full update can be downloaded under https://research-hub.de/companies/nemetschek-se

Wacker’s FY25 preliminary results confirm that the chemical downturn is proving deeper and more prolonged than previously anticipated, with weakening momentum across most end-markets and no clear inflection in sight. Earnings deteriorated sharply, culminating in a significant net loss driven by both operational weakness and sizeable special effects, while cash generation was supported mainly by working-capital measures rather than an operational uptick. With demand visibility limited into 2026, recovery risks skewed to the downside and earnings normalization likely pushed further out, the current share price no longer offers sufficient compensation for near-term uncertainty. We therefore downgrade Wacker Chemie from BUY to HOLD and lower our price target to EUR 75.00 (old: EUR 80.00), pending clearer signs of volume normalization and improving earnings momentum. The full update can be downloaded under https://research-hub.de/companies/wacker-chemie-ag

We initiate coverage of Blue Cap AG with a BUY recommendation and a PT of EUR 29.00 offering an upside potential of ~60%. The company offers a differentiated entry into Germany’s SME sector, focusing on B2B companies in succession, carve-out, or turnaround situations. Blue Cap has built a solid track record of value creation, highlighted by successful exits such as Neschen, nokra and most prominently con-pearl, which demonstrate both restructuring expertise and capital discipline. Its diversified portfolio spans niches with defensible positions and operational upside. While Blue Cap has significantly de-risked its balance sheet to a net cash position, the stock still trades at a deep discount to its ~EUR 30.00 NAV per share (2025E). Coupled with a projected 8% dividend yield, a robust deal pipeline and rising free float, Blue Cap is positioned for the next chapter of substantial M&A-fueled growth. The full update can be downloaded under https://research-hub.de/companies/blue-cap-ag