Lanxess delivered a weak FY25, reflecting a challenging operating backdrop marked by subdued demand, persistent pricing pressure, and structurally high European costs, which weighed on volumes, margins, and overall profitability despite ongoing efficiency measures. Momentum remained soft into Q4 and management expects the operating environment to remain subdued at least until H2 26. Management guides for adj. EBITDA of EUR 450m-550m (-2% yoy at the mid-point), missing consensus. To counter margin pressure, the company is further intensifying cost-cutting initiatives, now targeting total structural cost savings of c.EUR 150m by end-FY 28. The ongoing geopolitical tension in the middle east, deferment of Lanxess’ stake sale in the Envalior JV to Advent and resultant ratings downgrade by Moody’s to Ba1 from Baa3 have driven significant share price correction. The current low valuations offer an attractive opportunity to gain exposure to the company’s somewhat delayed but impending recovery story. We reiterate our BUY rating with a revised price target of EUR 17.00 (old: EUR 23.00). The full update can be downloaded under https://research-hub.de/companies/lanxess-ag

FY2025 results confirmed prelims and highlight a cyclical trough. Revenue declined to EUR 455m (-19% yoy), with EBITDA at EUR 71m (15.6% margin), reflecting lower activity following customer CAPEX discipline and FX headwinds. PT was hit hardest, while EE remained resilient. Looking ahead, 2026 is expected to be a transition year, with H1 weakness followed by H2 improvement driven by order conversion. Spot oil above USD 100/bbl reflects geopolitical risk, while forward prices (~USD 70-80) imply continued capital discipline. We roll our model forward, introduce 2028 estimates and emphasize margin recovery from 2027 onwards, raising our PT from 37.00 to EUR 39.00. The full update can be downloaded under https://research-hub.de/companies/sbo-ag

UI delivered decent set of FY25 results, with revenues of EUR 6.10bn (+1.9% yoy) and adj. EBITDA of EUR 1.28bn (+2.4% yoy), both slightly trailing consensus. Segmental results were mixed, with Business Access and Consumer Applications posting better-than-expected adj. EBITDA, while Consumer Access and Business Applications falling short. Adj. EBIT fell 1.9% yoy to EUR 585m as costs related to 1&1 mobile-network and fibre rollout continued to weigh on profitability. For FY26, management expects a 2.4% yoy increase in comparable sales to c. EUR 6.25bn and expects adj. EBITDA to reach c.EUR 1.45bn, implying 13% yoy growth - in line with current consensus expectations. FY25 results underscores UI’s resilient operational delivery. Meanwhile, in the long term, 1&1’s proprietary network expansion should provide a good margin upside. So far, there is no official confirmation yet on the rumored talks of Telefónica potentially acquiring 1&1. We broadly maintain our long-term estimates but upgrade to BUY (from HOLD) with unchanged PT of EUR 30.00 given moderate upside potential. The full update can be downloaded under https://research-hub.de/companies/united-internet-ag

Vossloh reported a strong finish to the year, with Q4 delivering robust revenue growth and a sharp increase in adj. EBIT. This momentum carried into the full-year results, supported by sustained demand across its core rail infrastructure markets and contributions from the Sateba acquisition. While revenues were broadly in line with expectations, profitability came in slightly ahead. Order intake was particularly encouraging, showing solid growth in the quarter and pushing the order backlog above the EUR 1bn mark by year-end for the first time, highlighting continued demand visibility. Looking ahead, management guides for another year of meaningful growth in both revenues and EBIT, driven in part by the full-year consolidation of Sateba. Overall, the results and outlook underline the resilience of the rail infrastructure sector despite ongoing macro and geopolitical uncertainties. We slightly adjust our est. but maintain our BUY rating, with a revised PT of EUR 100.00 (previously EUR 105.00). The full update can be downloaded under https://research-hub.de/companies/vossloh-ag

Rational’s FY25 annual report confirms preliminary results and adds useful granularity, confirming that growth is not only intact but high quality, driven by volumes, a stable order book and a resilient, high-margin aftermarket base. While cash flow softened on investment and working capital effects, the balance sheet remains exceptionally strong. Strategically, the recent launch of iCombi One in China, continued salesforce expansion and early-stage innovation (iHexagon, digital ecosystem) broadens the growth algorithm and introduces potential new S-curves, without compromising margins. With 2026 guidance in line and supported by structural tailwinds, low penetration and a large addressable market, we see a long runway for compounding growth and reiterate our BUY rating with unchanged EUR 820.00 PT, implying a premium ~34x 2026E P/E. The full update can be downloaded under https://research-hub.de/companies/rational-ag

We see the recent selloff in MTU as an attractive entry opportunity rather than a sign of weaker fundamentals. The shares trade 21% below the February ATH, even though the company continues to execute very well, with FY25 adj. EBIT margin already at 15.5%, in line with management’s 2030 target. Despite this, MTU is valued at only 8.5x 2027 EV/EBITDA and 14.8x 2027 P/E, around half (!) peer median levels, while still offering c.8% top line CAGR and a c.12ppt spread between 2030 ROCE and WACC. This discount is far too wide given the company’s operational progress and strong long-term visibility. Consensus also still looks too conservative, especially on margins, which should support further upside as MTU continues to deliver. On our numbers, average peer multiples would imply a value of more than EUR 600/share, while our DCF based price target remains EUR 505.00. We reiterate our BUY rating. The full update can be downloaded under https://research-hub.de/companies/mtu-aero-engines-ag

Hamborner is executing a strategic shift away from office assets toward a predominantly food-anchored retail portfolio, targeting 80-90% exposure and broadening acquisitions to include smaller and rural properties. FY25 results showed declines in rental income and FFO due to disposals and rising costs, with further pressure in 2026 from refinancing at higher interest rates. Despite a notable refinancing wall, balance sheet metrics remain stable. The dividend remains attractive with an ~8.5% yield, though it may decline slightly. Trading at a ~50% discount to NAV, the stock offers compelling value, with management’s repositioning expected to offset near-term earnings headwinds, supporting our continued BUY stance and PT of EUR 10.50. The full update can be downloaded under https://research-hub.de/companies/hamborner-reit-ag

Nemetschek (NEM) released final FY25 results, confirming its strong preliminary release, which were broadly in line with mwb and market expectations. Revenue increased by 22.6% yoy in constant currencies [c.c.] to EUR 1.2bn, led largely by 46.6% yoy c.c. growth in the Build segment on the acquisition of GoCanvas and subscription transition at Bluebeam. The group EBITDA reached EUR 371m, corresponding to an EBITDA margin of 31.2% (+1ppt yoy). For FY26, management is optimistic of achieving 14%-15% yoy c.c. revenue growth and a higher EBITDA margin of 32%-33%. In our view, the current excessive market pessimism regarding AI versus SaaS business model is unwarranted. NEM is the best-in-class software solutions provider across architecture, engineering, and construction (AEC) industries where demand remains robust as companies continue to seek digitization of the entire construction value chain. The current share price weakness offers an attractive investment opportunity. We only fine-tune our short-term estimates and the long-term CAPEX assumptions but reiterate our BUY rating at a new price target of EUR 109.00 (before EUR 125.00). The full update can be downloaded under https://research-hub.de/companies/nemetschek-se

Knorr-Bremse published its FY25 results, fully confirming the preliminary figures and rounding off the year with a solid operational performance marked by stable revenue, improving margins driven by cost discipline and BOOST, and record cash generation. Order intake and backlog continued to strengthen, supporting good visibility into FY26. The company also confirmed its FY26 guidance, signaling a steady outlook despite the current environment. Segment trends were unchanged, with Rail Vehicle Systems remaining the key growth and margin driver on the back of strong global demand, while Commercial Vehicle Systems continued to face pressure from weak truck markets, albeit with stable margins supported by cost control. Despite the solid performance, macro uncertainty and limited visibility on infrastructure-driven demand continue to weigh on the outlook. We therefore maintain our SELL rating with a PT of EUR 86.00. On April 14, the company will provide first-hand insights at our German Select online conference. Register here: https://research-hub.de/conference/german-select-vii The full update can be downloaded under https://research-hub.de/companies/knorr-bremse-ag

Elmos’ 2025 Annual Report is a confirmation print, with FY25 results and 2026 guidance fully in line and no new major catalysts. The company continues to outperform through challenging environments, with a clear path to renewed growth and structurally improving cash profile, supporting higher capital returns. We roll our model one year forward and reiterate our HOLD rating with a price target of EUR 135.00, implying ~20x P/E 2026E, which we view as a fairly balanced risk-reward profile following the recent share price run, leaving limited room for execution missteps. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se