AUTO1 Group is expected to report solid Q4 2025 results following strong execution over the first nine months of the year. Consensus expects around 216k units, revenues of approximately EUR 2.1bn and adjusted EBITDA of c. EUR 45m. Our estimates at mwb assume volumes of c. 205k units and adjusted EBITDA of EUR 41-42m, broadly in line at the earnings level. Market conditions remained supportive, with used-car prices showing only moderate seasonal softening. With 9M adjusted EBITDA of EUR 152m, the company appears well positioned to deliver within, and potentially towards the upper end of, its updated FY25 guidance. PT and rating maintained (EUR 33.00, BUY). The full update can be downloaded under https://research-hub.de/companies/auto1-group-se

Escalating risk in the Middle East ahead of the weekend could boost sentiment in the defense sector, with RENK being particularly sensitive due to its exposure to Israel-related platforms and aftermarket activity. At the same time, concerns around the CSG IPO are largely misplaced. RENK has no direct exposure and should not be viewed as a CSG proxy, which limits the potential downside from IPO-related spillover effects. Following our downgrade to SELL last week, RENK corrected by around 12% and has moved back into HOLD territory. With an EV/EBITDA of 18.7 for 2026E, the stock is still not cheap, but is no longer overvalued versus our DCF-based price target of EUR 53.00. The full update can be downloaded under https://research-hub.de/companies/renk-group-ag

Carl Zeiss Meditec (CZM) reported a significantly weaker-than-expected start into FY26, prompting a profit warning and a review of full-year guidance. Q1 25/26 revenues declined 4.8% yoy to EUR 467m, while EBITA dropped 77% yoy to EUR 8m, implying a margin of only 1.7%. China remains the key structural concern, with tender-related IOL losses and rising local competition expected to drive further price pressure. In the Americas, postponed clinic investments add cyclical headwinds. With visibility materially reduced ahead of a May update, we cut our estimates and our price target to EUR 31.00 from EUR 48.00 and downgrade the rating from BUY to HOLD. The full update can be downloaded under https://research-hub.de/companies/carl-zeiss-meditec-ag

Nemetschek’s shares have declined around 20% YTD and 45% since August despite the absence of negative company-specific developments, reflecting weak sentiment toward software and SaaS stocks rather than deteriorating fundamentals. Investor concerns around growth visibility and AI-related disruption have weighed on valuations across the sector. However, Nemetschek’s differentiated positioning in the architecture, engineering and construction (AEC) software market, supported by high switching costs and deeply embedded BIM workflows, underpins resilient demand and strong revenue visibility. The ongoing SaaS transition continues to enhance revenue quality, with recurring revenues reaching 92% in Q3 25. Against this backdrop, we confirm our price target of EUR 125 and reiterate our BUY rating, viewing current valuation levels as an attractive long-term entry point. The full update can be downloaded under https://research-hub.de/companies/nemetschek-se

Momentum is building around the MEKO platform at TKMS as persistent F126 (NVL/Rheinmetall) delays make TKMS the only credible alternative, with a potential Q1 2026 pre-contract enabling early steel cutting and materially improving delivery visibility toward 2029. We reflect this structurally stronger outlook in our model by lifting terminal growth to 3.5% from 2%, acknowledging TKMS’s uniquely long planning horizon and sustained revenue visibility well into the late 2030s. Canada and India add upside optionality through potential large-scale submarine programs with local workshare (~ EUR 17bn in total). Yesterday’s remarks by Donald Trump underline the renewed strategic importance of “battleships”, reinforcing the long-term investment case. PT up to EUR 125.00 (prev. EUR 102.00). Rating up to BUY (prev. HOLD). The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

Late in 2025, TIN INN decided not to proceed with a planned EUR 15m secured bond issue due to weak small-cap investor appetite, opting instead for more flexible private financing that is likely to impact its rollout. While a moderated pace reduces execution risk and helps build a stronger operational track record, the company’s slower-than-expected scaling, with only 7 hotels operational by end-2025 versus a target of 10, highlights ongoing challenges. Operationally, we believe that TIN INN continues to outperform the broader German hotel market, benefiting from a trade-down effect toward economy accommodations and from its automated, energy-efficient model, which helps offset cost inflation. Nevertheless, after the shares more than doubled since the May 2025 listing, they now may benefit from a period of consolidation. With unchanged estimates and an unchanged EUR 12.25 price target, we downgrade the stock to SELL until underlying fundamental growth catches up with valuation. The full update can be downloaded under https://research-hub.de/companies/tin-inn-holding-ag

SBO reported FY25 preliminary results slightly below expectations, reflecting the cyclical downcycle in the oilfield services market. Revenue declined to EUR 455m (-19% yoy), while EBITDA of EUR 71m and a 16% margin demonstrated effective cost discipline. Weaker Q4 performance was driven by tool order deferral, already seen in Q3. However, full-year order intake of EUR 406m and a sequential improvement in Q4 support underlying demand. Near-term visibility remains limited as oil majors maintain capital discipline. However, long-term fundamentals are supported by demand resilience, and emerging diversification opportunities. Potential future industry investments in Venezuela offer optionality. Following moderate near-term estimate adjustments, we revise our PT to EUR 37.00 from EUR 38.50 but maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/sbo-ag

Stabilus is set to report Q1 25/26 on January 26, with expectations pointing to another weak start to the fiscal year. Revenues are forecast at around EUR 295m, down 9.4% yoy, reflecting softer demand and difficult comparisons versus prior years, which benefited from the Destaco consolidation. Lower volumes are expected to constrain operating leverage, with reported EBIT seen at EUR 22m, below last year. Rising uncertainty in the US, including renewed tariff discussions and FX headwinds, further weighs on visibility. We reduce our price target to EUR 25.00 (from EUR 26.60) but maintain BUY due to depressed valuation. The full update can be downloaded under https://research-hub.de/companies/stabilus-se

Against this backdrop, mwb research is hosting an online roundtable discussion with Markus Cserna, CEO & CTO of cyan AG, on January 29, 2026, at 2:00 p.m. Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will take place online in German. Participation is free of charge. Access details will be provided after registration at https://research-hub.de/events/registration/2026-01-29-14-00/CYR-GR.

Traton’s Q4 25 results showed the usual seasonal boost, with volumes up 13% qoq but down 9% yoy. European markets held up relatively well, as MAN Truck & Bus benefited from full-liner positioning, stable demand for buses and vans, and catch-up effects as fleets gradually replaced aging trucks. In contrast, Scania and Volkswagen Truck & Bus faced softness in Latin America, while International Motors declined sharply amid cautious US fleet investment, tariff uncertainties, and broader macroeconomic headwinds. For the full year, Traton delivered 9% fewer units, reflecting these uneven regional trends. Gains in Europe were offset by pressure in the US and Brazil, limiting overall growth momentum. With fleet investment restrained and markets facing headwinds, we maintain our SELL rating with a price target of EUR 23.00. The full update can be downloaded under https://research-hub.de/companies/traton-se