The current geopolitical tensions around Iran are acting as a supportive macro backdrop for Verbio rather than a headwind. With energy prices already elevated, further pressure on fossil fuel markets is likely to increase the political focus on energy security and, in turn, on biofuels, thereby reinforcing stronger policy support. Compared to the 2022 energy crisis following the Russian invasion of Ukraine, when policy responses were clearly intensified, a similar dynamic could gradually re-emerge, albeit to a lesser extent. Combined with already tightened regulatory frameworks in Europe and the US, this environment should support sustained demand for biofuel supply over the mid- to long term. Against this backdrop, we raise our estimates and increase our price target to EUR 44.00 from EUR 32.00, reiterate our BUY rating, as the second energy crisis within a few years could act as a new catalyst for stronger policy support. 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/verbio-se

Drägerwerk (Dräger) reported strong FY25 results, with EBIT up 20% yoy and margins improving despite significant FX and tariff headwinds. Order intake rose 7.7% yoy, signaling robust demand and improved visibility, supported by higher-margin services and consumables. Underlying profitability appears stronger than reported, with Q4 highlighting operating leverage. We incorporate final figures, raise our estimates, particularly long term, and increase our price target from EUR 97.00 to EUR 108.00 and upgraded from HOLD to BUY. Dräger will present at our German Select Conference on April 14: register here: https://research-hub.de/events/registration/2026-04-14-14-00/DRW3-GR The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

INDUS confirmed its solid FY25 performance, with revenue reaching EUR 1.73bn and an adjusted EBITA margin of 8.5%, at the upper end of guidance. A key highlight was the exceptionally strong free cash flow of EUR 124m, significantly exceeding the EUR 90m target. This financial strength supports a dividend increase to EUR 1.30 per share. Supported by a record order backlog of EUR 706m and strategic bolt-on acquisitions, management issued a confident FY26 outlook, forecasting revenues between EUR 1.80-1.95bn. Given the robust operational setup and attractive 4.6% dividend yield, we reiterate our BUY rating with a PT of EUR 35.00. The full update can be downloaded under https://research-hub.de/companies/indus-holding-ag

Airbus had a soft start in 2026, with our estimates pointing to just 95 deliveries by mid-March, equal to only 11.1% of the FY26 target of 870 aircraft (versus 11.9% at the same stage last year against the original 820 target, later cut to 790). Rumours of just 6.2% are wrong. While the group could still catch up through its seasonally strong Q4, the combination of ongoing engine bottlenecks and Middle East supply chain exposure increases execution risk and raises the probability of another target adjustment. At the same time, we continue to see hidden value in Airbus’ 37.5% stake in MBDA, which we estimate could be worth c. EUR 7bn to Airbus (~5% of EV), yet remains below EBIT and therefore underappreciated in the equity story. This upside is balanced by higher near-term operational risk, which is why we keep our cautious stance and reiterate HOLD with a PT of EUR 173.00. The full update can be downloaded under https://research-hub.de/companies/airbus-se

Effective 23 March 2026, Pyramid AG has implemented a 4:1 capital reduction, consolidating its share count from approximately 23.1m to 5.8m. This reverse split, involving a change in ISIN from DE000A40ZWM7 to DE000A41YDL0, is a purely technical adjustment aimed at increasing the share price to improve institutional fungibility and move away from penny stock volatility. Alongside the segment change to Munich’s m:access, the measure concludes a broader corporate cleanup following the divestment of its Asian operations. This structural refinement supports a more focused equity story as the group pivots toward its high-margin European core. We maintain our BUY rating with a post-split adjusted PT of EUR 5.40 (equivalent to the pre-split PT of EUR 1.35). The full update can be downloaded under https://research-hub.de/companies/pyramid-ag

Deutsche Rohstoff is accelerating its 2026 Wyoming drilling program by adding a second rig, now expecting at least 11 net wells (vs. 8.5 previously) and potentially over 20 if oil prices stay high. Considering a hedging ratio as low as 20% if production is maximized, the company can greatly benefit from higher spot and short-dated future oil prices. These will likely remain elevated through Q4 26 as a permanent risk premium, infrastructure repair delays, and the urgent restocking of global reserves create a price floor. Updating the production program and WTI prices leads to significant upgrades in our estimates. As a result, we raise the price target to EUR 121.00 (from EUR 100.00) and reaffirm our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

Bechtle reported detailed Q4 and FY25 results that were in line with its preliminary release and achieved its set targets. Full-year business volumes increased 8.1% yoy to EUR 8.6bn, following accelerated growth of 17% yoy in Q4. However, revenues were up at a slower 1.6% yoy to EUR 6.4bn, reflecting a higher share of software business and related IFRS 15 impact. Nevertheless, profitability received a significant boost in Q4, where EBT surged 20.8% yoy to EUR 121.6m. Consequently, the company’s EBT reached EUR 324.2m in FY, with the margin at 5.1% (-40bps yoy). Amid heighted geopolitical and macro uncertainties, coupled with ongoing shortage of memory components, management issued a cautious guidance for FY26, expecting business volume to grow 5%-10% yoy, while revenues and EBT are expected to grow modestly by c.0%-5% yoy. The near-term demand environment remains volatile, and public and SME procurement spends highly measured. That said, long-term structural drivers including cloud migration, cybersecurity, Windows 10 replacement, and AI investments remain intact. We confirm our BUY rating, at a slightly lower price target of EUR 41.00 (old: EUR 44.00) as we see the recent price decline as exaggerated. The full update can be downloaded under https://research-hub.de/companies/bechtle-ag

FUCHS SE's FY 25 results were broadly in line with consensus expectations and met the company’s guidance. Revenues increased 1% yoy to EUR 3.56bn on 2% yoy organic growth, reflecting the soft demand environment and unfavorable currencies. EBIT stayed flat yoy at EUR 435m, and the margin narrowed 10bps yoy to 12.2% despite a better gross margin, due to persistent inflationary pressure. In Q4, revenues were stable yoy, while the EBIT margin improved 1ppt yoy to 12.6% on slightly easing input costs. Looking ahead, for FY 26, management guides for a modest 4% yoy increase in revenues to EUR 3.7bn and 3% yoy growth in EBIT to EUR 450m as the overall market conditions remain challenging. While we acknowledge Fuchs’s focus on cost discipline, the road to material sales and profit recovery looks distant. FUCHS’s valuations look attractive following the c.32% drop share price over the past month amid growing geopolitical tensions. We broadly maintain our estimates and reiterate our BUY rating on the stock at an unchanged price target of EUR 45.00. The full update can be downloaded under https://research-hub.de/companies/fuchs-se

Recent reports suggest Elmos is evaluating strategic options, including a potential sale, likely shaped by founder ownership (~22%) and longer-term succession planning. While Elmos is an attractive acquisition target given its fabless model and leading niche positions in automotive analog and mixed-signal, visibility on a potential transaction remains limited. At the same time, recent industry consolidation (e.g. Infineon’s acquisition of ams OSRAM assets) highlights continued appetite for such assets, leading us to view Infineon as the most credible buyer. However, regulatory constraints and a narrow buyer universe suggest execution risk, limiting upside. At this early stage, we see a transaction as a low-to-medium probability event with limited takeover premium currently reflected in the share price. We maintain HOLD rating and EUR 135.00 price target (~20x 2026E P/E) as the risk-reward profile remains balanced. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se

Krones reported detailed FY25 results, in line with its solid prelims and with revenues and the EBITDA margin coming within guidance range. Full-year revenues were up 7.0% yoy to EUR 5.66bn, despite c.2ppt drag from FX headwinds. Order intake grew 1.9% yoy to EUR 5.56bn (a b-t-b ratio of 0.98x), taking the order backlog to a comfortable EUR 4.19bn by year-end. In terms of profitability, EBITDA grew 12.2% to EUR 602m, aided by production efficiency gains and cost optimisation efforts, driving a 50bps yoy improvement in the margin to 10.6%. All segments reported higher revenues and a better yoy EBITDA margin. Looking ahead, management expects revenue growth to moderate to 3-5% yoy in c.c. in FY26 and the EBITDA margin to hover c.10.7-11.1%. The anticipated deceleration reflects a more challenging operating environment amid macroeconomic and geopolitical risks, as well as normalising demand. We largely maintain our estimates, however, following the recent share price correction (around -20% over the past month), we upgrade the rating to BUY (from HOLD), retaining the PT at EUR 150.00. The full update can be downloaded under https://research-hub.de/companies/krones-ag