Beiersdorf reported weaker-than-expected organic (org.) sales growth of 0.6% yoy in Q2, missing consensus (cons.) of +1.7%. Org. sales development at the Consumer segment (+1.5% yoy vs cons. +3.0%) was weighed down by softer sales at NIVEA, while tesa (-3.7% vs cons. -4.8%) fared better. Adj. EBIT of EUR 836m (flat yoy) in H1 fell 2% short of cons. Due to increasingly challenging market conditions, Beiersdorf downgraded its guidance for FY25, now expecting group sales to increase c. 3% yoy org. (vs +4%-6% previously) on lower org. growth of 3%-4% yoy for the Consumer segment (+4%-6% previously). The group adj. EBIT margin was confirmed at slightly higher yoy, with Consumer now up 20bps (+50bps yoy previously), while tesa’s margin was unchanged at c. 16%. Despite a promising and well-spread launch pipeline for the rest of 2025 and for 2026, org. growth numbers and the margin could be slightly softer than expected amid weakening consumer sentiment. Consequently, we adjust our estimates. We reiterate our BUY rating on the stock, however, at a lower price target of EUR 136.00 (old: EUR 146.00). The full update can be downloaded under https://research-hub.de/companies/beiersdorf-ag

Bayer’s Q2 results reinforced the company’s underlying operational momentum, with strong execution in Crop Science and better-than-expected performance in Pharmaceuticals prompting an upward revision to full-year guidance. Management’s focus on efficiency and portfolio resilience is beginning to show through, particularly in the core segments. However, the upbeat operational picture continues to be overshadowed by persistent litigation headwinds, with substantial new provisions highlighting the scale and complexity of ongoing legal risks. In addition, subdued cash generation and a still-heavy debt load weigh on sentiment and constrain valuation upside in the near term. While the fundamentals are showing signs of improvement, the overhang from legal and financial uncertainties tempers our view. We therefore reiterate our HOLD rating on the stock, with a slightly lower price target of EUR 27.00 (previously EUR 29.00). The full update can be downloaded under https://research-hub.de/companies/bayer-ag

R. STAHL reported a weak Q2, reversing the strong momentum from Q1. Order intake declined to EUR 67.0m, bringing H1 to EUR 165.8m (-8.3% yoy), while sales fell 13.1% yoy to EUR 151.2m, with declines across all regions. EBITDA pre exceptionals dropped to EUR 8.9m (margin: 5.9%), and net income turned negative – a full-year loss is now also anticipated (mwb est.). In response, management launched cost-cutting measures, including a restructuring program expected to yield EUR 10m in annual savings by 2026. FY25 guidance was lowered. Despite short-term pressure, long-term fundamentals remain intact. With revised short-term expectations and a slightly reduced price target of EUR 24.00 (old EUR 24.50), we confirm our BUY rating. The full update can be downloaded under https://research-hub.de/companies/r-stahl-ag

Zalando reported solid Q2 2025 results with revenues up 7.3% year-on-year and a stable adjusted EBIT margin of 6.5%. B2B remained the growth driver (+12.2%), while B2C grew 6.8%. Following the closing of the ABOUT YOU acquisition in July, management raised its full-year guidance: reported GMV and revenues are now expected to grow 12-15% and 14-17%, respectively, with adjusted EBIT seen at EUR 550-600m. In H2, gross margin is expected to come in slightly below prior year levels due to deferred revenues from the loyalty program and a more margin-dilutive mix from Lounge and B2B. Following model adjustments, we maintain our EUR 39.00 PT and BUY rating. The full update can be downloaded under https://research-hub.de/companies/zalando-se

SUSS's Q2 results highlighted weaker-than-expected order intake, especially in Photomask (China) and AI-related backend demand. While the revised FY25 guidance looks achievable thanks to strong H1 execution and the current order backlog, fading intake clouds the FY26 outlook. Against this backdrop, we trim our outer-year estimates and cut our PT to EUR 56.00 (from EUR 68.40), reflecting softer momentum and delayed margin convergence. However, we see the margin reset as largely one-off and investments-driven, with no major cancellations and encouraging signals around advanced packaging. As such, fading order momentum underscores a cyclical pause, not a fundamental deterioration. With structural growth levers intact and a compelling valuation relative to peers, we reiterate our BUY rating, as the stock offers asymmetric upside once demand reaccelerates. The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se

Rheinmetall’s Q2 came in below expectations, with lower sales and margins driven by a slower defence ramp-up and ongoing weakness in civil business. However, defence remains the long-term growth engine, contributing 80% of revenue. Free cash flow turned sharply negative, reflecting high capex and inventory build-up ahead of an expected H2 acceleration. Order intake was soft due to delayed German procurement, but the backlog rose to a record EUR 63bn, ensuring solid visibility. We slightly raise our short-term revenue estimates while lowering the short-term margins following the Q2 margin decline. We confirm our BUY rating with a slightly lower PT of EUR 2,280 and expect a guidance raise in H2 as German budget clarity improves. With an estimated revenue CAGR of ~27% through 2030, Rheinmetall is leading Europe's defence build-up. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

GEA's final Q2 25 results confirmed the preliminary figures, with order intake and sales slightly missing consensus expectations, but EBITDA exceeding them. The final results explain the positive surprise in profitability: GEA achieved a record gross margin of 38.1% in Q2, driven by improved margins in new machine sales and the continued high proportion of service business (although it is declining slightly sequentially). The company demonstrated good cost discipline, leading to an increase in the EBITDA margin to 16.5%. One area of slight concern is the weak operating cash flow, with net working capital in relation to sales increasing sequentially. GEA has confirmed its upgraded guidance for FY25, suggesting a strong second half of the year. However, this is already reflected in the current valuation, resulting in a HOLD recommendation with unchanged price target of EUR 62.00. The full update can be downloaded under https://research-hub.de/companies/gea-group-ag

Company Name: Zalando SE ISIN: DE000ZAL1111   Reason for the research: Update Recommendation: Buy from: 06.08.2025 Target price: 46.50 Last rating change: Analyst: Ralf Marinoni Q2 figures and new FY 2025 guidance following “About You” takeoverIn Q2-25, Zalando’s gross merchandise volume (GMV) saw an increase of [ … ]

Company Name: Cenit AG ISIN: DE0005407100   Reason for the research: Research Comment Recommendation: BUY Target price: 16.00 EUR Target price on sight of: 31.12.2026 Last rating change: Analyst: Cosmin Filker, Marcel Goldmann You can download the research here: 20250806_CENIT_Comment_engl Contact for questions: ++++++++++++++ [ … ]

Rational reported decent set of numbers in Q2 2025. Revenues of EUR 311m (+5% yoy) were in line with consensus, led by positive momentum in Europe ex-Germany and North America. EBIT of EUR 81m grew 4% yoy and surpassed market expectations by 4%. The margin was stable yoy at 26.1%, despite the planned R&D spend. Management reiterated its cautiously optimistic outlook for FY 2025, maintaining revenue growth guidance at mid-single-digit and an EBIT margin of c.26%, although now expecting in the lower section, reflecting tariff headwinds (company has factored EUR 10m tariff costs). As valuations are attractive vs own historical average, we maintain our BUY rating on the stock with an unchanged PT of EUR 835.00, backed by its impressive track record and consistent delivery of growth and high-quality earnings. The full update can be downloaded under https://research-hub.de/companies/rational-ag