Gerresheimer (GXI) has published its delayed audited FY25 report, but the numbers do not provide a clean reset. Sales were broadly in line with expectations, while reported EBIT, net loss and EPS were materially weaker than modeled, reflecting impairments, special charges, higher financing costs and a lower tax benefit. The BaFin review has been expanded rather than closed, increasing regulatory uncertainty. Net debt remains elevated, covenant relief is temporary, and a hard leverage ceiling applies from late FY26. The planned Centor sale has become a key deleveraging requirement. We incorporate the final figures, update and fine-tune our model, resulting in a confirmed price target of EUR 12.50. Remains a SELL. The full update can be downloaded under https://research-hub.de/companies/gerresheimer-ag

At the mwb research Industrial Tech conference, Circus CEO and founder Nikolas Bullwinkel highlighted the company's accelerating commercial rollout, noting that active or integrating systems have now reached double-digit figures. The expanding pipeline includes high-profile clients such as Schön Klinik, Rewe, the Bundeswehr, Mercedes, Meta, and the Ukrainian Armed Forces. To further drive growth, management is actively targeting Rewe franchisees and negotiating with additional defense partners to scale its military presence, while preparing for a back-end loaded year featuring multiple upcoming launches, including an expected additional customer from the automotive sector. We confirm our BUY rating with EUR 46.00 price target. The full update can be downloaded under https://research-hub.de/companies/circus-se

Kontron, together with Belgian partner Cegelec Infra Technics, has been awarded a contract by infrastructure operator Infrabel to modernize central control and automation systems at Antwerp-North, Europe's second-largest marshalling yard. The order, in the double-digit EUR million range for Kontron AIS, covers renewal of routing, braking and remote shunting-locomotive control using Kontron's YardLynx software platform, with completion scheduled for end-2028. The win was secured against several international bidders and adds multi-year visibility to Kontron's Transportation/Rail backlog, reinforcing the growth narrative already evident in Q1 2026. We maintain our EUR 34.00 price target and BUY rating. The full update can be downloaded under https://research-hub.de/companies/kontron-ag

Bauer’s 2025 results reinforce the core turnaround thesis: while revenues declined sharply as the Hungary mega-project rolled off, profitability improved ahead of our expectations, supported by stronger execution in Geotechnical Solutions and continued cost discipline. The 2026 outlook is more muted than we had expected, with end-market recovery now likely delayed into 2027, but the investment case remains intact: Bauer is delivering better margins on a lower revenue base, deleveraging rapidly, and trading at undemanding multiples despite a much stronger balance sheet. With net debt/EBITDA at a historic low of 1.25x and the shares at only 5.5x EV/EBIT 2026E, we reiterate BUY with unchanged price target of EUR 13.00, implying above 100% upside. The full update can be downloaded under https://research-hub.de/companies/bauer-ag

SYNBIOTIC is resetting its portfolio after Hempro International, HANF FARM and Hemp Factory moved toward liquidation and/or insolvency amid a strong decrease of demand in the hemp food and feed market in 2026. The affected subsidiaries represented about 22% of FY24 sales but generated significant losses, so exiting them should reduce cash drain and improve earnings quality over time. However, FY25 (not reported yet) will likely be hit by EUR 13-14m (mwb est.) of extraordinary write-downs, partly offset by minority interests. The investment case now shifts from a broad hemp and cannabis platform to a more focused medical cannabis story centered on WEECO Pharma, MH medical hemp and SOLIDMIND. We update our model completely and adjust our estimates. We reduce our price target to EUR 1.40 (old EUR 6.60), and confirm our Spec. BUY rating, as the risk-reward profile presents upside potential for investors with a higher risk tolerance. The full update can be downloaded under https://research-hub.de/companies/synbiotic-se

Nagarro has signed a Business Combination Agreement with Persistent Systems, which intends to launch a voluntary public cash takeover offer at EUR 81.00 per Nagarro share. The offer price implies a c. 94% premium to the three-month VWAP and stands 8% above our previous EUR 75.00 price target, confirming our view that Nagarro had become materially undervalued. The transaction marks a clear shift from Nagarro’s earlier public-market stance, with board support, Dürschmidt’s c. 21% stake committed and a delisting intended after completion. We move our price target to EUR 81.00 (old: EUR 75.00) and downgrade our rating to SELL, as the offer now caps the share price. The full update can be downloaded under https://research-hub.de/companies/nagarro-se

Planethic has decided to file for insolvency proceedings under self-administration (Eigenverwaltung) with the Local Court of Berlin, leaving shareholders with the risk of a total loss. While day-to-day operations continue and subsidiaries are currently unaffected, the core holding company is under severe financial distress. Management and supervisory board hold significant equity stakes which might incentivize them to preserve some residual value or warrants for shareholders. However, German insolvency law strictly dictates that the restructuring must prioritize creditor satisfaction. This priority is enforced by a court-appointed trustee (Sachwalter) acting as a legal watchdog. Given the risk of a capital reduction to zero and the high uncertainty surrounding the final restructuring plan, establishing a realistic fundamental valuation is currently impossible. Consequently, we maintain the company's rating and price target Under Review. The full update can be downloaded under https://research-hub.de/companies/planethic-group-ag

BaFin has initiated a review of Zalando's FY2025 financial statements, focusing on an alleged omission in the notes relating to a related party transaction in the context of the ABOUT YOU acquisition. Zalando characterized the matter as purely formal and noted that all relevant information was publicly accessible via the tender offer. Based on the current scope of the review, the review appears limited to the notes, the underlying financials and the valuation of the ABOUT YOU transaction seem not in question. We see today's share price reaction as overdone. The operational investment case remains intact, with FY26 guidance confirmed and Q2 results due on 4 August. BUY, PT EUR 39.00 unchanged. The full update can be downloaded under https://research-hub.de/companies/zalando-se

Rheinmetall’s frigate cancellation triggered a 10% selloff in HENSOLDT, although the company’s exposure is minimal, “at less than 1%” of the EUR 12 to 18bn contract value, equivalent to ~50bp of annual sales [mwb est.]. More materially, we expect Saab to supply the radar for TKMS’s A200, the alternative frigate, with no visible HENSOLDT content in public data or the company’s CMD presentations. Competitive pressure is also emerging in air defense, as DIEHL´s IRIS T SLS appears to favor Saab, signaling intensifying competition. HENSOLDT’s growth trajectory depends on whether current procurement volumes can be sustained beyond 2035, which remains unclear. Nevertheless, we upgrade the shares to HOLD, as the recent weakness has brought the valuation more in line with cycle risk. Catalysts, however, remain limited until German government spending decisions materialize. Our price target remains unchanged at EUR 62.00. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

During our Industrial Technology conference, Krones’ Head of IR, Olaf Scholz, outlined the group's robust growth strategy and mid-term financial targets. Leveraging a solid FY25 baseline of EUR 5.66bn in sales and a 10.6% EBITDA margin, the company is capturing secular packaging trends and expanding high-margin service revenue via its 6,000-strong global workforce. Furthermore, its intentional shift to reduce German production to 60% by 2028 successfully cushions against tariff risks and geopolitical tensions. With ambitious 2028 guidance targeting sales of around EUR 7.0bn and an EBITDA margin of 11-13%, Krones remains an exceptional industrial pick. We reiterate our BUY recommendation with a PT of EUR 150.00. The full update can be downloaded under https://research-hub.de/companies/krones-ag