AUTO1 delivered a strong Q2, with units up 20%, gross profit up 21% and adjusted EBITDA up 38%, marking a clear improvement in operating leverage versus Q1. Merchant continued to scale profitably, while Autohero combined 40% unit growth with narrower losses per vehicle. FY26 guidance was reiterated, with units and gross profit broadly halfway to their respective midpoints after H1, while adjusted EBITDA stands at 40%, requiring a stronger H2 contribution. We maintain our EUR 35.00 PT and BUY rating. Today's selloff following the Q2 update looks overdone. Over the past 3 years the company has typically upgraded its guidance, which might have disappointed markets. The full update can be downloaded under https://research-hub.de/companies/auto1-group-se

Redcare Pharmacy delivered a strong Q2, with revenue up 20% and adjusted EBITDA rising 63%, lifting the margin to 3.5%. Growth remained broad-based, led by German Rx at +58%, while German non-Rx improved and International reached positive adjusted EBITDA for the first time. Lower marketing intensity more than offset continued grossmargin pressure from mix effects. H1 performance supports the upgraded FY26 guidance, with the lower to mid-points of the ranges appearing well covered. However, management expects growth to moderate in Q3 as German non-Rx slows and Rx bonus comparables become tougher. We leave estimates unchanged, reiterate BUY and maintain our EUR 95.00 target price. The full update can be downloaded under https://research-hub.de/companies/redcare-pharmacy-nv

Nordex delivered a convincing Q2 26 performance, with revenue of EUR 2.18bn, up 16.3% yoy and slightly ahead of expectations, while EBITDA more than doubled to EUR 224m, c. 17.9% above expectations. The margin reached 10.3%, improving by 4.5pp yoy, supported by strong project execution, continued Service growth and positive free cash flow of EUR 165m. Order momentum also remained robust, with total intake of around EUR 3.5bn, a book-to-bill ratio of 1.6x and an order backlog of EUR 18.4bn, up from EUR 14.3bn a year earlier. Management reconfirmed its FY26 guidance, while the strength of the quarter leads us to raise our estimates and now expect a double-digit EBITDA margin already this year. However, Europe, particularly Germany, may be nearing a peak, and it remains unclear how far stronger US demand can offset a slowdown. We maintain our EUR 44.00 PT but upgrade from HOLD to BUY. The full update can be downloaded under https://research-hub.de/companies/nordex-se

Krones published its Q2/H1 results this morning, showing solid top-line growth with order intake reaching EUR 1.34bn (+3.5% yoy) and revenue rising to EUR 1.36bn (+1.5% yoy). Profitability outpaced sales as EBITDA rose 3.4% yoy to EUR 144m, expanding the margin to 10.8% (within 10.7-11.1% FY guidance). Net income reached EUR 70.4m (+0.7% yoy) due to higher depreciation, while FCF before M&A recovered to -EUR 21.3m. Strategically, a book-to-bill of ~1.0x and a robust EUR 4.3bn backlog underpin expected H2 revenue acceleration and provide high visibility toward 2028 financial targets. We reiterate our BUY rating and EUR 150.00 PT. The full update can be downloaded under https://research-hub.de/companies/krones-ag

Bechtle’s preliminary Q2 26 results materially exceeded expectations, with business volume up about 18% yoy to EUR 2.27bn, revenue rising more than 16% to roughly EUR 1.73bn, and EBT increasing over 20% to around EUR 80m. Management raised FY26 guidance to more than 10% business volume growth and 5%-10% growth in both revenue and EBT. We lift FY26E revenue to EUR 6.797bn, EBT to EUR 350m, and EPS to EUR 1.96. Our estimates still remain conservative for H2 26. We raise our price target to EUR 45.00 (old EUR 41.00) and reiterate BUY. The full update can be downloaded under https://research-hub.de/companies/bechtle-ag

TeamViewer’s (TMV) Q2 26 results showed improving operational trends, although revenue remained subdued. Revenue declined 1.4% yoy in cc to EUR 183m, while ARR was broadly stable at EUR 737m. Enterprise ARR grew 8.3% in cc and SMB churn began to stabilize, but Enterprise NRR remained below 100% and smaller SMB cohorts stayed weak. We therefore lower our FY26-FY28 revenue estimates, reflecting a slower recovery and gradual monetization of TeamViewer ONE and ServiceNow. Higher margins partly offset the weaker top line. Following our model recalibration, we reduce our PT to EUR 8.90 from EUR 9.60 and reiterate BUY. The full update can be downloaded under https://research-hub.de/companies/teamviewer-se

Cicor plans to acquire EDMI’s Malaysian manufacturing operations in Johor for USD 15-20m and enter into a long-term agreement covering most of EDMI’s smart meter volumes. The partnership is expected to add more than USD 50m in annual revenue from 2027, while having only a limited initial impact on group margins. Strategically, the deal resembles last year’s Mercury carve-out and highlights OEM manufacturing carveouts as an additional growth route alongside full-company acquisitions. With no material FY26 impact expected and closing still pending, we leave our estimates unchanged and reiterate BUY with a CHF 180.00 price target. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd

Company Name: tonies SE ISIN: LU2333563281   Reason for the research: Update Recommendation: BUY Target price: EUR 18.5 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Toniebox Lite unveiled; launch already in August tonies announced the launch of Toniebox Lite, a smaller and lighter version of [ … ]

Company Name: INDUS Holding AG ISIN: DE0006200108   Reason for the research: Update Recommendation: BUY Target price: EUR 37 Target price on sight of: 12 months Last rating change: Analyst: Sarah Hellemann Material momentum: double-digit Q2 ahead INDUS is scheduled to release its H1 report on August 12th. We expect strong growth  [ … ]

Company Name: Serviceware SE ISIN: DE000A2G8X31   Reason for the research: Upload Recommendation: Buy from: 27.07.2026 Target price: 34 Last rating change: Analyst: Sebastian Droste AI-native demand accelerates growth On July 24 2026, Serviceware released its H1 financial results and confirmed its guidance for 2025/2026. Revenue  [ … ]