In a challenging environment, Hugo Boss delivered solid Q2 results, with EBIT of EUR 81m beating expectations by 5% on strong cost control, despite subdued demand and flat sales (constant currencies: +1%). BOSS Menswear performed well, but HUGO and Womenswear declined sharply, exposing brand challenges. Brick-and-mortar and China remained weak. Gross margin held steady at 62.9%, while variable OpEx savings drove margin expansion to 8.1%. FY25 guidance was reiterated despite tariff risks, backed by proactive sourcing shifts and higher US inventories, and pricing actions. While structural headwinds remain, the risk/reward profile appears attractive, with around 20% upside to our unchanged EUR 50.00 PT. We reiterate our BUY rating. The full update can be downloaded under https://research-hub.de/companies/hugo-boss-ag

Gerresheimer (GXI) announced the separation of its Moulded Glass unit and plans to initiate a sales process, following the integration of Bormioli Pharma and its strategic shift toward pharma and biotech solutions. The combined unit generates around EUR 735m in revenue and 20% EBITDA margin, below the levels at acquisition in 2024. Gerresheimer paid ~EUR 800m (~10x EBITDA), raising concerns about value creation due to limited margin progress. A potential sale below acquisition value could prove value-destructive. We maintain our BUY rating and EUR 61.00 target, but highlight event risk tied to the transaction outcome. The full update can be downloaded under https://research-hub.de/companies/gerresheimer-ag

Stabilus reported weak results in Q3 FY25. Revenues declined 9.9% yoy to EUR 316.0m, due to a 5.3% yoy drop in organic (org.) contribution and a 4.6ppt yoy FX drag. All market segments posted softer yoy revenues, impacted by indirect effects of US tariffs and resultant customer hesitance to invest in capital goods. Adjusted (adj.) EBIT fell 23.2% yoy amid sluggish sales, and the margin narrowing 1.8ppt yoy to 10.5%. Management tapered its FY25 guidance, now expecting revenues to reach EUR 1.3bn and the adj. EBIT margin to come in at c.11%, both at the lower end of its previous target range. Given the current challenging macro environment and worsening demand situation, we believe achieving medium-term targets - revenues of up to EUR 2bn and an adj. EBIT margin of 15% by FY 2030 - appears increasingly ambitious organically and may require a material M&A booster. With no significant recovery in sight, we are turning more conservative on Stabilus’ prospects. We cut our estimates, which gives a revised price target of EUR 33.00 (old: EUR 42.00). We maintain our BUY rating on the stock.The full update can be downloaded under https://research-hub.de/companies/stabilus-se

Infineon’s Q3 showed signs of operational recovery beneath headline stability, with margin outperformance amid improving utilization and inventory digestion, offsetting macro and FX headwinds. While topline growth remains muted, particularly in Automotive, strength in AI, renewables, and power infrastructure is driving and supporting fundamentals. Q4 guidance came in slightly below consensus due to FX, but an upgraded margin outlook partially offsets the topline miss. Stepping back, Q3 suggests that the cyclical trough is likely behind us. That said, a durable re-rating will hinge on clearer signs of sustained demand recovery, especially in Automotive where recovery could stagnate. With the stock near our fair value of EUR 37.00, we reiterate our HOLD. The full update can be downloaded under https://research-hub.de/companies/infineon-technologies-ag

Fresenius Medical Care (FME) reported mixed Q2 2025 results. Revenue was broadly in line at EUR 4,792m, but EBIT and EBITDA fell short of consensus, reflecting cost pressures and weakness in Care Delivery. EPS exceeded expectations at EUR 0.77, supported by a lower tax rate. While strong cash flow and Value-Based Care growth were positives, the weak H1 performance increases pressure on H2 to meet full-year targets. We reduce our estimates and lower the price target to EUR 49.00 (prev. EUR 52.00). However, recent share price weakness offers upside potential. We upgrade from HOLD to BUY. The full update can be downloaded under https://research-hub.de/companies/fresenius-medical-care-ag

Fraport reported Q2 25 results that were in line with expectations, showing solid core operational performance. While reported revenue and group profit declined due to IFRIC 12 and negative contributions from Antalya's currency effects, adjusted revenue and EBITDA both increased by 8.2%. The company's free cash flow turned positive at EUR 29m, a significant improvement from the negative free cash flow in Q2 24, driven by lower capital expenditures. Segmental performance was robust in Aviation and Ground Handling, though Retail & Real Estate and International Activities faced challenges, particularly from currency devaluations and rising costs. Fraport maintained its full-year 25 outlook, anticipating a moderate increase in EBITDA and flat to slightly lower group net profit. The dividend remains suspended as the company focuses on deleveraging. With unchanged estimates and PT, we reiterate to HOLD. The full update can be downloaded under https://research-hub.de/companies/fraport-ag

Rheinmetall has secured a EUR 770m vehicle call-off under its EUR 3.5bn Bundeswehr framework, boosting visibility and setting the stage for strong H2 performance. While not reflected in Q2 results (due Aug 8), the order underscores accelerating demand for Rheinmetall’s modular vehicle platforms across NATO allies. With structural defense spending tailwinds in Europe, rising equipment share, and growing traction in the U.S. market, the company is positioned for outsized growth. We confirm our BUY rating and raise our price target to EUR 2,288, expecting upward guidance revisions in H2 as defense budgets and procurement priorities are finalized in Germany. Rheinmetall remains a core structural growth story in European defense with an estimated revenue CAGR of ~27% between 2024 and 2030. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Hamborner REIT delivered a resilient Q2/H1 25 performance, with rental income of EUR 22.6m (-2.6% yoy) and EUR 45.7m (-2.1% yoy) respectively in Q2 and H1, reflecting recent asset sales. FFO after 6 months declined 12.0% yoy to EUR 24.9m, in line with full-year guidance of EUR 44–46m. Despite rising costs and a slight increase in vacancy (3.5%), the portfolio remains well-leased with a WALT of 5.7 years. EPRA NAV per share dipped 2.9% to EUR 9.51, while LTV rose modestly after recent dividend payment to 44.3%. Management raised rental income guidance to EUR 89.5–90.5m, citing leasing strength. With a ~6.0% dividend yield and strong balance sheet, Hamborner remains attractively valued in our view, which is why we reiterate our BUY rating and EUR 11.00 target price, offering ~90% upside. The full update can be downloaded under https://research-hub.de/companies/hamborner-reit-ag

tonies will publish its Q2 figures on 21 August. We anticipate a more moderate growth rate in Q2 25, expecting an 18% yoy increase, down from 24% in Q1 25. In the US, price increases in May to offset tariffs and unfavorable FX rates could have dampened growth, but still expected at 25%. Tough comparisons in the DACH region could lead to a slight decline, while the Rest of World (RoW) should still see strong growth. The adjusted EBITDA margin is projected to improve 380 bps yoy due to increased fixed cost absorption, although this will be partially offset by costs related to tariff uncertainty and potential Toniebox 2 launch preparations (unconfirmed). Free cash flow for H1 is expected to remain stable at around EUR -32m, as increased inventory build-up due to tariff threats and a potential new Toniebox launch could offset improved profitability. Our FY25 estimates are robust under reasonable tariff assumptions and we reiterate our BUY recommendation with a target price of EUR 11.00.The full update can be downloaded under https://research-hub.de/companies/tonies-se

Cicor has completed the acquisition of MADES, its fourth deal in 2025, adding ~CHF 27m in A&D-focused revenues and deepening its exposure to regulated EMS verticals. MADES is already included in FY25 guidance (CHF 620–650m revenue, CHF 64–72m EBITDA). The group retains firepower of ~CHF 100m for further M&A. Meanwhile, the recent U.S. tariffs on Swiss exports are expected to have no material impact, given Cicor’s minimal U.S. exposure and certain healthcare exemptions. Following the stock’s strong post-H1 recovery, we raise our PT to CHF 207 but downgrade to HOLD. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd