AUTO1’s CMD significantly improved visibility on the long-term investment case. Management disclosed separate Merchant and Retail unit economics, profitability bridges and cash-flow mechanics, while deriving its long-term targets from bottom-up market assumptions and operational value drivers, materially enhancing their credibility. Merchant remains the cash-generating core, while Retail is the key long-term earnings opportunity, supported by scaling Autohero and captive finance. We make modest upward revisions to our estimates and raise our DCF-derived price target to EUR 35.00 from EUR 33.00. BUY. The full update can be downloaded under https://research-hub.de/companies/auto1-group-se

Ahead of its inaugural Capital Markets Day, tonies has unveiled an ambitious strategic roadmap targeting more than a doubling of group revenue to over EUR 1.4bn by FY30 and an improved mid-term adjusted EBITDA margin of 16-18%. This profitable international expansion is driven by a highly scalable platform model leveraging significant penetration headroom, particularly in the US market, alongside structural cost efficiencies, a repeatable global launch playbook, and a high-velocity IP pipeline featuring top-tier brands like Pokémon and Bluey. Supported by management's strong track record of execution, a plausible line of sight to EUR 1.4bn-plus in revenue, and a protective IP moat, tonies offers a compelling risk-reward profile. We upgrade our estimates, yielding a new PT of EUR 17.25 (old: EUR 14.00). Today’s CMD should provide further confidence in tonies’ ambitious growth path. BUY. The full update can be downloaded under https://research-hub.de/companies/tonies-se

Cicor has announced efficiency measures with recurring annual EBITDA benefits of more than CHF 10m, while confirming FY26 guidance of CHF 700-750m sales and CHF 70-80m adjusted EBITDA. Initial savings and the expected H2-weighted organic recovery should support adjusted EBITDA in the second half of the year. Reported EBITDA, however, will be affected by mid-single-digit CHFm implementation costs, mostly in H1. We therefore cut FY26E reported EBITDA, while taking only a measured uplift in FY27E and beyond as our model already included margin recovery from integration and better utilization. BUY and CHF 180 PT confirmed. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd

We initiate coverage of Jungheinrich AG Pref with a BUY recommendation and a PT of EUR 41.00 offering an upside potential of 72.0%. Jungheinrich is the only major intralogistics provider with a fully electric product portfolio and in-house capabilities across lithium-ion batteries, drive technology, and automation software, positioning it to disproportionately benefit from accelerating warehouse electrification and automation demand. A direct sales and service network across more than 40 countries generates a recurring revenue base above 50% of group sales, providing earnings stability through the cycle. We expect revenues to grow at a CAGR of 6.6% through 2030E, driven by continued service penetration, geographic expansion in the Americas and selected APAC countries (excluding China as a target sales market), and an increasing mix of higher-margin automation and software solutions. BUY. The full update can be downloaded under https://research-hub.de/companies/jungheinrich-ag

123fahrschule has outlined a more ambitious platform-driven growth path following improved visibility on Germany’s driving school reform. Management confirmed FY26 guidance of EUR 26-29m revenue and EUR 1.5-2.5m EBITDA, in line with our estimates, while highlighting potential for up to EUR 90m revenue and EUR 20-25m EBITDA by 2029. We view the reform as a structural catalyst for digital theory, simulators and asset-light scaling. However, financing, instructor availability, execution risk and final legislative approval remain key constraints. For the moment, we keep estimates unchanged and confirm BUY with an unchanged EUR 5.20 price target. Should 123fahrschule validate the platform ramp and credibly underpin its 2029 margin profile, the stock could offer meaningful upside in a bull-case scenario. CEO Boris Polenske presented the details in our roundtable yesterday. Find recording here: research-hub.de/videos The full update can be downloaded under https://research-hub.de/companies/123fahrschule-se

Following Wacker Chemie’s recent share placement, Siltronic has tapped the equity market, raising EUR 273m. The capital increase looks less like a signal of an imminent earnings inflection and more like an opportunistic move after the recent AI-led re-rating, at what we believe is a stretched valuation. The raise strengthens the balance sheet and funds future growth, but it comes with dilution and sits somewhat at odds with management’s Q1 message that liquidity was sufficient. While oversubscription and anchor shareholder HAL Trust’s participation are supportive, HAL’s involvement should not be overinterpreted given its natural incentive to limit dilution. With the stock already discounting a faster recovery than we currently see in the fundamentals, we reiterate our SELL rating and adjust our model, resulting in a new price target of EUR 70.00. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

We expect an imminent decision on Canada’s CAD 12bn+ Canadian Patrol Submarine Project, ahead of NATO’s July summit, with total lifetime costs above CAD 60bn. Despite its strategic importance for Atlantic defense procurement, we believe the market largely ignores the event. A TKMS win would validate the company as NATO’s leading conventional submarine supplier, with ~70% of NATO’s conventional submarine fleet, extend backlog visibility into the 2040s, and deepen the 212CD ecosystem across North America and Europe. Management assigns 50/50 odds, while we see a 70% probability for TKMS. We also do not see meaningful directional event risk priced into the ATM option curve. Even a tender loss would support EUR 100 on fundamentals. We recommend accumulation ahead of clarity. BUY, PT EUR 125.00. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

Redcare Pharmacy upgraded its FY26 guidance after a strong start to Q2, with group sales up 20.4% yoy in April and May. The key positive is not only continued German Rx momentum, but also a clear acceleration in German non-Rx, directly addressing concerns after the weak Q4 and the subsequent reset in expectations. Profitability is also improving, supported by better marketing efficiency and a stronger DACH contribution. We raise our 2026 sales and earnings estimates, keep outer-year assumptions broadly stable, and reiterate BUY with a EUR 95.00 target price. The full update can be downloaded under https://research-hub.de/companies/redcare-pharmacy-nv

ONBERG Autonomous Systems (49% owned by HEIDELBERG) has signed an MoU with Ukrainian UAS specialist Skyeton to scale production of NATO-compliant unmanned aerial systems. The partnership will combine Skyeton’s battlefield-tested Raybird reconnaissance platform with HEIDELBERG’s scalable precision manufacturing infrastructure in Germany. While the agreement lacks immediate financial visibility and is not yet reflected in our estimates, it significantly strengthens HEIDELBERG’s long-term defense narrative as a multi-domain autonomous security provider. We view this development as a highly relevant strategic stepping stone for the dual-use business. We reiterate our BUY rating with a slightly adjusted PT of EUR 2.50 (prev. EUR 2.60) as we align our margin expectations with the company’s recently initiated FY guidance. HEIDELBERG will present on mwb research’s Industrial Technology conference on June 22. To participate, register here: https://research-hub.de/events/registration/2026-06-22-11-00/HDD-GR The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

123fahrschule is expected to benefit from improved reform visibility after cabinet approval of draft legislation for the planned driving school reform, targeted for January ’27. Key elements, including e-learning, simulator usage and more efficient training, align with 123fs’ platform model. The shift to e-learning could reduce branch requirements and generate c. EUR 0.6m annual cost relief, while future sites may focus on simulators and practical training. At current levels, the shares offer long-term exposure to consolidation in Germany’s EUR 3.0bn driving school market, which is why we confirm our BUY-rating and the EUR 5.20 price target. CEO Polenske will present tomorrow, June 16, at 14:00 in an online roundtable and investors will have the opportunity to discuss the impact, strategy, simulator economics and funding requirements with management. Registration here The full update can be downloaded under https://research-hub.de/companies/123fahrschule-se