Company Name: Dr. Hönle AG ISIN: DE0005157101   Reason for the research: Update Recommendation: BUY from: 12.08.2025 Target price: EUR 16.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Positively, Curing showed further stabilization with sales down only 0.6% yoy to € 8.7m (Q1-3 [ … ]

Company Name: g.beyond AG ISIN: DE0005137004   Reason for the research: Update Recommendation: BUY from: 12.08.2025 Target price: EUR 1.30 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald On this basis, Q2’25 EBITDA increased disproportionately by 24.2% yoy to € 2.7m thanks to ongoi [ … ]

Dermapharm Holding SE (DMP) posted preliminary Q2 sales of EUR 272.1m, down 2.8% yoy, mainly due to the realignment of the Parallel Import business and Arkopharma restructuring. EBITDA rose 6.1% yoy to EUR 64.8m, lifting the margin to 23.8%, supported by cost control, improved product mix, and strong Branded Pharmaceuticals growth. Arkopharma and Other Healthcare Products delivered modest gains but faced currency headwinds. Management reaffirmed FY25 guidance (sales EUR 1.16–1.20bn; adj. EBITDA EUR 322–332m). With c.48% of sales and 45% of EBITDA targets reached mid-year, DMP appears on track. With no changes to our assumptions, we confirm the DCF-based price target of EUR 45.00. The rating remains BUY. The full update can be downloaded under https://research-hub.de/companies/dermapharm-holding-se

Circus has received NATO Support and Procurement Agency certification, making it the first NATO-approved provider of fully automated robotics solutions for tactical troop nutrition. The approval enables participation in defense procurement and direct contract awards across NATO member states. For this purpose, Circus is introducing the CA-M, a mobile, autonomous field kitchen in a 20-foot container capable of preparing over 1,000 fresh meals per load, reducing personnel needs in hostile environments. While initial defense orders may be small, the sector’s high-margin potential positions Circus for significant profitability alongside its civil SaaS-driven business. With NATO approval unlocking a lucrative new market, we reiterate our BUY rating with a EUR 70.00 price target. The full update can be downloaded under https://research-hub.de/companies/circus-se

TIN INN has opened its sixth hotel in North Rhine-Westphalia. All of the modules were produced at the company's Wassenberg factory using recycled containers. The company has building permits for four more locations, which it expects to open by Q4 2025. This will bring the total number of hotels to 10, which is slightly below our previous estimate of 12. Although we are lowering our FY25 projections, our medium-term targets remain intact, supported by a pipeline of over 35 sites in Germany and Austria, as well as scalable production capacity of up to 30 hotels per year. The company’s “blue ocean” strategy targets small- to mid-sized cities that have been underserved, filling a gap left by the decline of traditional inns. Through its fully automated, environmentally friendly, low-staff hotels, TIN INN appeals to business and leisure travelers alike. Improved rollout visibility has led to a reduction in the WACC from 11% to 10%, raising the DCF-based fair value to EUR 10.70 (from EUR 9.10). Following a 36% increase in the share price since the direct listing in May, we are adjusting our rating from BUY to HOLD. The stock should remain on the radar of growth-oriented investors looking for a unique and highly promising business model with disruptive potential. The full update can be downloaded under https://research-hub.de/companies/tin-inn-holding-ag

INDUS Holding AG (“INDUS”) reported Q2 2025 results showing a small top-line beat but material margin pressure across segments. While revenue exceeded expectations, profitability fell short, and free cash flow disappointed. Nevertheless, order momentum remains solid, which is why management confirmed its FY25 guidance. While M&A execution continues and health order momentum keeps up, we reiterate our BUY rating with unchanged PT of EUR 33.00 offering a decent 40% upside potential. The full update can be downloaded under https://research-hub.de/companies/indus-holding-ag

Bechtle AG reported Q2 2025 results broadly in line with consensus. As anticipated, Q2 recovered modestly compared to Q1, underpinned by seasonal tailwinds, growth in Benelux countries and the UK, and a pick-up in demand from public-sector clients in Germany. Business volumes grew 5.1% yoy to EUR 1.9bn and revenues increased 0.8% yoy to EUR 1.5bn. EBIT, though down 19.3% yoy to EUR 68m, having recovered 19.6% qoq. Management expects public-sector business to witness stronger growth in the second half of the year. Consequently, it reaffirmed its FY25 guidance. The H1 print and confirmed FY25 targets indicate that Bechtle would require material recovery, particularly on the profitability front, in H2. Despite initial signs of recovery, we anticipate continued headwinds in the short term and have adjusted our estimates accordingly. However, this has no material impact on our DCF-based price target of EUR 46.00. It remains a BUY, based on the expected mid-term margin normalization. The full update can be downloaded under https://research-hub.de/companies/bechtle-ag

Rheinmetall’s shares are down nearly 18% from recent highs, offering a buying opportunity given their history of strong rebounds (>130% since the last ceasefire talks). Ukraine currently accounts for ~10% of revenues, which is expected to drop below 5% (mwb. est.) as EU NATO rearmament drives future growth, supported by the 3.5% defence spending target. Rebuilding Ukraine’s defence industrial base will take several decades, regardless of any ceasefire. A guidance hike is anticipated by year-end as Germany resumes major orders, with revenue expected to peak in the mid-2030s before stabilising at high-margin maintenance levels. With unmatched R&D capabilities and strong NATO demand, we reiterate our BUY rating and EUR 2,280 price target. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Finexity, a portfolio company of coinIX and specialist for the tokenization of real assets, is planning a capital increase and a direct listing in the m:access segment of the Munich Stock Exchange. The capital increase is intended to finance the development of an electronic trading and settlement platform based on the blockchain as well as the acquisition of a regulated securities institution. The capital measure implies a pre-money valuation of around EUR 79m. coinIX has invested a total of c. EUR 295k in Finexity since 2020. We currently value the stake at EUR 830k, which is roughly equivalent to a 1% stake in Finexity. A successful listing would underline the higher valuation and could also enable a profitable exit and thus support the coinIX business model. We confirm our Buy recommendation for coinIX with a price target of EUR 3.30. The full update can be downloaded under https://research-hub.de/companies/coinix-gmbh-co-kgaa

Scout24 delivered solid Q2 2025 results, in line with prelims, with revenue up 15% yoy to EUR 160.6m (1% above consensus) and ordinary operating EBITDA up 17% yoy to EUR 101.7m (2% beat). Growth was broad-based, driven by higher subscriptions, customer additions, and ARPU gains in both Professional and Private segments. Margins improved despite dilution from acquisitions. Following a strong H1, management upgraded FY 2025 guidance to 14–15% revenue growth and up to 70bps margin expansion. Market stabilisation, innovative products (Living+, Buyer+), and data-focused acquisitions reinforce leadership, with potential DAX inclusion as a further upside catalyst. We raise our price target at EUR 129.00 (old: EUR 127.00) and maintain our HOLD rating on the stock. The full update can be downloaded under https://research-hub.de/companies/scout24-se