Company Name: Nabaltec AG ISIN: DE000A0KPPR7   Reason for the research: Update Recommendation: BUY Target price: EUR 16 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr H1 review: Back on the growth path, data centres pullingNabaltec reported H1 figures, which confirm the guided return to growth [ … ]

The Platform Group (TPG) reported mixed Q2 figures, with GMV rising c. 18% yoy to around EUR 350m, while revenue declined 2.3% to c. EUR 178m. We believe the topline slowdown reflects weaker B2C demand and Freight Goods underperformance. Adjusted EBITDA nevertheless increased c. 9% to approximately EUR 19m, lifting the margin to 10.7% from 9.5% in Q2 2025, supported by cost and efficiency measures. While EBITDA guidance appears achievable, the revenue target looks more demanding. Financing and transparency remain central to the investment case. The new financing provides additional flexibility, but key terms remain undisclosed, the AEP transaction remains pending since January and several verification issues remain outstanding. Our rating and price target therefore remain Under Review. The full update can be downloaded under https://research-hub.de/companies/the-platform-group-se-co-kgaa

Following our initial Q2 take, SBO’s earnings call added further confidence to the emerging recovery. Management highlighted continued positive booking momentum into early Q3, constructive customer discussions for 2027 and improving conversion in Precision Technology. Energy Equipment remains constrained by Middle East disruption, with low-double-digit EURm sales deferrals in H1, although underlying demand remains intact and product mix should improve. Diversification is also gaining traction, with non-oil & gas bookings approaching 10% and Additive Manufacturing moving further into serial production while capacities are being expanded. We leave our estimates unchanged and maintain BUY with a EUR 38.00 price target. The full update can be downloaded under https://research-hub.de/companies/sbo-ag

CTS Eventim delivered solid Q2 26 results, driven by 13% yoy revenue growth (4% beat vs. consensus) and a 6% yoy rise in Adjusted EBITDA (2% beat), however translating into an 80bp margin compression. Q2 operating cash flow staged a sharp turnaround to EUR 158m on positive working capital dynamics. Divisionally, Ticketing rebounded with 26% yoy revenue growth, though its Adjusted EBITDA margin dropped due to Operational Excellence Program investments and mix shifts. Live Entertainment posted solid growth on robust tour and festival demand across Europe and the US. Management reaffirmed its conservative FY26 guidance for revenue, Adjusted EBITDA, and EBIT at or slightly above FY25 levels. Following the solid H1 print, we confirm our more ambitious estimates and our BUY rating with a price target of EUR 96.50. The full update can be downloaded under https://research-hub.de/companies/cts-eventim-ag-co-kgaa

Fielmann lowered its FY26 guidance, citing ongoing consumer weakness in Germany, which accounts for roughly 60% of group sales. Management now expects sales of EUR 2.50-2.55bn and adjusted EBITDA of EUR 560-580m. In our view, this announcement formalizes the warning signs evident in H1, confirming that a back-end-loaded recovery case was too ambitious. While the sales cut is modest and matches our earlier estimates, the earnings revision requires us to trim our EBITDA forecast. However, the long-term investment case, driven by international expansion and demographics, remains intact. We reiterate our BUY rating but lower our PT to EUR 64.00 (from EUR 68.00). The full update can be downloaded under https://research-hub.de/companies/fielmann-group-ag

Today´s SBO Q2 results came in slightly better than expected, with sales up 7.7% qoq to EUR 106.1m and the EBITDA margin at 12.0%, at the upper end of our 11-12% Q2 range. The key positive was Precision Technology, where stronger bookings are now beginning to convert into revenues and earnings, supported by higher utilization. In contrast, Energy Equipment remained the main drag, with continued Middle East-related disruption, weaker mix and Houston ramp-up costs weighing on profitability. Order intake remained robust and backlog increased further. We leave our 2026 estimates unchanged ahead of today’s conference call. BUY, PT EUR 38.00. The full update can be downloaded under https://research-hub.de/companies/sbo-ag

Mayr-Melnhof (MM) demonstrated operational resilience in H1 26, supporting earnings through its "Fit-For-Future" cost efficiency program despite persistent demand softness and pricing headwinds in European packaging markets. While reported revenue and net profit declined, partly reflecting the prior-year divestment of TANN, strong performances in the specialized packaging divisions helped stabilize operating margins. Significantly reduced working capital absorption drove a sharp rebound in operating and free cash flows. Looking ahead to H2 26, management faces cost inflation and planned maintenance downtimes, but ongoing structural savings, selective price adjustments and strategic initiatives like the Arnsberg mill acquisition support the medium-term outlook. Consequently, we only fine-tuned our estimates and confirm our BUY rating with a EUR 96.00 price target. The full update can be downloaded under https://research-hub.de/companies/mayr-melnhof-karton-ag

In H1 26, tonies delivered strong top-line growth driven by North America and robust Q2 demand across Tonieboxes and figurines, beating our estimates. While US tariffs and a higher share of lower-margin boxes temporarily squeezed profitability, the adj. EBITDA margin was roughly in line, while EPS missed due to warrant fair-value adjustments. Cash flow was the weak spot of the print, reflecting inventory build for product launches. Full-year guidance was reiterated, supported by expected H2 margin expansion and free cash flow reversion. We keep our estimates intact and confirm our BUY rating and PT EUR 17.25. On 25 August, tonies will present at the mwb German Select conference, please register here: https://research-hub.de/events/registration/2026-08-25-10-00/TNIE-GR The full update can be downloaded under https://research-hub.de/companies/tonies-se

HMS Bergbau has reported preliminary H1 2026 results, with revenue surging 71% year-on-year to EUR 1.1bn on strong trading across bulk products and liquid fuels. Underlying EBITDA rose to EUR 14.1m, broadly flat on a margin basis. Management has confirmed full-year guidance of EUR 2.0bn revenue and EUR 35m underlying EBITDA, with H2 supported by tighter margin discipline and first meaningful mining contributions from Maatla and HRV. Earlier, HMS increased its existing bond by EUR 25m to EUR 95m. We maintain our EUR 85.00 price target and BUY rating as HMS provides investors with unique exposure to emerging energy markets. The full update can be downloaded under https://research-hub.de/companies/hms-bergbau-ag

Company Name: PNE AG ISIN: DE000A0JBPG2   Reason for the research: Update Recommendation: Buy from: 19.08.2026 Target price: 10,00 Euro Target price on sight of: 12 Monate Last rating change: 21.05.2026: Herabstufung von Kaufen auf Hinzufügen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein Research  [ … ]