HMS Bergbau AG has announced the start of production (SOP) at its coal mine in Botswana, marking the transition of the Maatla project from development into the operational phase. The open-pit mine is ramping up production of high-energy export coal. Phase 1 targets an annual run-rate of approximately 1.2 million tons, with a planned expansion to up to 3.6 million tons per annum in Phase 2. HMS holds an exclusive marketing agreement for 100% of production. In 2026, Botswana operations are expected to contribute a low double-digit million euro amount to revenue. With SOP achieved at Maatla and marine fuels adding a new growth vector, HMS Bergbau continues its transition from a pure commodity trader towards a more integrated energy and commodity platform. We maintain our EUR 70.00 PT and BUY rating. The full update can be downloaded under https://research-hub.de/companies/hms-bergbau-ag

Sartorius’ FY25 prelims showed revenues and underlying EBITDA broadly in line with expectations. Group sales increased 4.7% yoy to EUR 3.54bn, with growth across all regions. However, the widening gap between underlying and reported EBITDA implies reported margins of around 27.3% (mwb est.), about 1.6pp below our expectations, highlighting that the market recovery is not yet firmly established. Bioprocess Solutions remained the main earnings driver, supported by consumables, while Lab Products & Services faced softer demand and margin pressure. FY26 guidance suggests moderate growth and limited margin upside. We confirm our view, that valuation of >60x PER in FY26E remains demanding, supporting our SELL rating. We lower our assumptions and derive a DCF-based price target of EUR 172.00 (before EUR 175.00). The full update can be downloaded under https://research-hub.de/companies/sartorius-ag

MHP Hotel is taking over operations of the former Andaz Vienna with immediate effect under a new Hyatt franchise agreement. The 303-room hotel will be rebranded as Hyatt Regency Vienna in April 2026 and refocused on premium business and MICE demand, supported by 2,000 sqm of event space. This marks MHP’s first partnership with Hyatt and further diversifies its franchisor mix beyond Marriott after the recent Conrad opening with Hilton. The hotel becomes MHP’s fourth asset in Vienna, creating a Belvedere district cluster of nearly 1,000 rooms with operational synergies and a strong position in the high-margin MICE segment. We expect the property to achieve RevPAR of around EUR 155 and generate approximately EUR 26m in annual revenue. We adjust estimates to reflect the Hyatt Regency addition and also higher renovation and ramp-up costs for recent portfolio additions. We come to an unchanged PT of EUR 3.30 and confirm our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

NORMA has successfully closed the sale of its Water Management (WM) unit, marking a key strategic milestone. The transaction unlocks significant value for shareholders, with a portion of proceeds used to reduce debt and strengthen the core industrial business, leaving the company almost debt-free with strong financial flexibility. Management also plans to return up to EUR 260m to shareholders, representing over 50% of the current market cap, highlighting disciplined capital allocation and shareholder alignment. Guidance for the continuing operations remains unchanged, with the transformation into “NewNORMA” progressing as planned, focusing on industrial core segments, cost efficiency, and profitability. The remaining business units offer attractive upside potential, supported by a streamlined, synergy-rich portfolio and a balance sheet with ample M&A optionality. Overall, the transaction has worked out as we expected, and we confirm our PT of EUR 20.00 and BUY rating. The full update can be downloaded under https://research-hub.de/companies/norma-group-se

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

Company Name: 123fahrschule SE ISIN: DE000A2P4HL9   Reason for the research: Update Recommendation: BUY Target price: EUR 6.1 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald FY26 to be new inflection year amid delayed reform; chg. FY26 is increasingly shaping up as the real inflection point for  [ … ]