STRATEC’s Q2 26 rebound, reported in August, confirmed that the weak Q1 was unlikely to reflect underlying earnings power, with constant-currency revenue up 2.4% yoy and adjusted EBIT margin recovering to 11.9%. However, FY26 guidance implies a demanding H2: revenue of c. EUR 149m-161m would be required, equating to roughly 12%-22% yoy growth versus H2 25. With customer ordering still volatile and recurring revenues weak, execution risk remains elevated. Our estimates are unchanged and remain below management’s medium-term ambitions. Following the c. 45% share price recovery, normalization appears largely priced in. We maintain our EUR 21.00 target price while downgrading to SELL from HOLD. The full update can be downloaded under https://research-hub.de/companies/stratec-se

Gevorkyan delivered strong Q2 revenue growth of ~24% yoy, partly driven by the Sinteris acquisition. The Q2 EBITDA margin contracted ~4PP yoy to 21.8% due to integration costs. Management narrowed FY26 guidance to EUR 96-110m in revenue and EUR 33- 37m in EBITDA (trimming the upper end from EUR 40m). While H1 free cash flow remained negative, the completion of Gevorkyan's heavy capex cycle sets up positive cash flows starting in FY27, strengthening the balance sheet for upcoming bond refinancing and unlocking options for capital allocation. Underpinned by a defensive powder metallurgy model with long-term contracts, proprietary R&D, and high pricing power, Gevorkyan offers excellent top-line visibility. BUY with an unchanged price target of EUR 12.80. The full update can be downloaded under https://research-hub.de/companies/gevorkyan-as

Hensoldt trades at a premium to tank-exposed peers like R3NK:GR because investors assume it is largely independent of armoured vehicle demand. The company does not publish a revenue breakdown on this thesis, so we have broken down their order intake of the past years. The analysis shows that armoured vehicle content has risen from >12% in FY23 to >32% in FY26E, and is likely significantly understated given a ~50% unclassified residual. With Ukraine showing procurement shifting away from armoured vehicles towards drones from 2029 onwards, and radar systems offering limited recurring revenue once deployed, we see a revenue drop following the early 30s peak. Combined with a low 8% Software Defined Defense (SDD) share by 2030, we don't see this exposure priced in. SELL, PT EUR 62.00. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

Cicor has secured several new European Aerospace & Defense (A&D) programs with potential aggregate volumes of up to EUR 30m for 2027-2029 and added another major defense technology group to its customer base. The company now serves 16 of Europe’s top-20 A&D companies, highlighting the commercial benefits of its expanded European manufacturing footprint. The win follows strong H1 momentum, when A&D revenues increased 57% to CHF 94m and book-to-bill reached 1.2x. While we view the announcement positively as further support for the 2027+ outlook, the 2026 outlook is receiving some additional support from easing FX headwinds, as the Swiss franc has weakened against the euro from its elevated H1 levels. Estimates remain unchanged. BUY, PT CHF 180. Cicor will hold a presentation at our Defense & Security Conference, on 8 October. Registration under: https://research-hub.de/conference/defense-andsecurity The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd

At our Future of Energy Conference, Siemens Energy highlighted continued strong momentum across Gas Services and Grid Technologies, supported by electrification, data centers, renewable integration and ageing grid infrastructure. The EUR 162bn order backlog provides strong visibility over the coming years, while ongoing capacity expansion should support further growth. In Gas Services, the growing installed base also offers an attractive long-term, higher-margin service opportunity. The planned divestment of large parts of Transformation of Industry should further sharpen the portfolio around power generation and transmission. While we remain optimistic on short- to medium-term estimates given the strong backlog and revenue visibility, our concerns center on the demanding long-term expectations embedded in the shares. We therefore maintain our SELL rating and EUR 100.00 PT. View all recordings of the conference here: https://research-hub.de/videos and the full update can be downloaded under https://research-hub.de/companies/siemens-energy-ag

Enapter’s strategy is increasingly focused on greater flexibility, a leaner cost base and a stronger manufacturing footprint in China. At our Future of Energy Conference, CEO Dr. Jürgen Laakmann highlighted the scalability and modularity of the company’s AEM technology and explained that the asset-light shift is driven by uncertainty around project timing rather than a weak project pipeline. Outsourcing stack production and parts of the supply chain should reduce cash burn and improve manufacturing efficiency. China will play a key role, offering deeper supply chains, lower costs and faster hydrogen market development. With visibility on the financial outlook still limited, we leave our estimates unchanged for now and await further clarity over the coming months. We maintain our Spec. BUY rating and EUR 3.00 PT. View all recordings of the conference here: https://research-hub.de/videos The full update can be downloaded under https://research-hub.de/companies/enapter-ag

FCR Immobilien released H1 2026 results showing continued profitability alongside active portfolio optimization and balance sheet deleveraging. Driven by asset sales, the total portfolio decreased from 81 properties at year-end to 73, reducing the annualized net rental income base from EUR 31.2m to EUR 29.4m. Revenues declined 9.8% yoy to EUR 14.0m, while FFO I fell 20.5% yoy to EUR 3.1m, reflecting the smaller income base. Nonetheless, the group reported EBT of EUR 3.6m and net income of EUR 3.2m. In our view, the H1 disposals enabled meaningful balance sheet repair, cutting liabilities by nearly EUR 18m (c. 7%) to EUR 247m. We maintain our BUY rating but at the same time reduce our PT to EUR 20.00 (previously EUR 22.00) following the incorporation of asset disposals. The full update can be downloaded under https://research-hub.de/companies/fcr-immobilien-ag

WashTec has lowered its FY26 earnings guidance, confirming the execution risk highlighted in our Q2 update. Management now expects an EBIT margin of 8-9%, while retaining its outlook for mid-single-digit revenue growth. Applying the midpoint of 8.5% to our sales forecast of EUR 523.5m implies EBIT of EUR 44-45m, 15.9% below our previous estimate of EUR 52.9m. Alongside the earnings reset, WashTec is streamlining its management structure to accelerate its transformation into a solutions and services provider. We adjust our estimates accordingly, resulting in a lower price target of EUR 49.00 (old: EUR 55.00). We maintain our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/washtec-ag

MHP’s final H1 26 report confirmed strong top-line growth of 25% yoy (c. 4% organic) driven by the additions of Conrad Hamburg and Hyatt Regency Vienna. Underlying operational EBITDA improved by ~EUR 1.9m yoy after adjusting H1 25 for a EUR 4.0m one-off gain. In the earnings call, management provided further color on the recently trimmed FY26 guidance, pointing to a slower corporate ramp-up at Conrad Hamburg, reduced high-yielding Middle Eastern travel due to regional conflicts and weather-driven energy costs. With guidance now mostly de-risked and a solid expansion pipeline of at least one hotel addition annually through 2029, we confirm our estimates, retain our DCF-backed target price of EUR 2.70 and reiterate our BUY recommendation. View the recording of the earnings call here: https://research-hub.de/events/video/2026-09-14-12-00/CDZ0-GR. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

LM PAY delivered a strong preliminary Q2 rebound, with revenues of c. PLN 10.0m, up c. 22% yoy and 33% qoq, following a soft Q1. Reported Q2 EBIT reached c. PLN 6.2m, although this included a c. PLN 1.9m one-off gain from the sale of previously writtenoff receivables. Adjusted EBIT of c. PLN 4.2m still more than doubled yoy, implying a strong underlying margin of c. 42%. The recovery reflects improved product mix, pricing, cost discipline and operating leverage. Unfortunately, management has not yet provided FY26 guidance, but we expect this to be changed alongside the publication of the final H1 2026 figures. With no changes to our estimates, we reiterate BUY and our EUR 59.00 price target. A recall of LM PAY’s Q2 earnings call with CEO Jakub Czarzasty can be found here: research-hub.de/videos. The full update can be downloaded under https://research-hub.de/companies/lm-pay-sa