We initiate coverage of PALFINGER AG with a BUY recommendation and a PT of 55.00 offering an upside-potential of 87.4%. As the global #1 in hydraulic loader cranes, PALFINGER offers an attractive combination of growth, margin recovery and a compelling valuation. The Group benefits from rising global infrastructure investment, limited customer concentration and leading positions across its core markets. Despite this strong recovery potential, the shares trade at just 6.0x 2026E EV/EBITDA and 11.7x P/E, at a substantial discount to closest peer Hiab. A potential peace settlement in Ukraine/Russia and the ME could provide an additional catalyst, given PALFINGER’s leading position in these regions and its established dealer network. At current levels, the margin recovery story is largely unpriced, and the key improvement levers carry limited execution risk. The full update can be downloaded under https://research-hub.de/companies/palfinger-ag

Nemetschek (NEM) delivered a solid Q2 26, with constant-currency revenue growth of 14.5% and strong momentum in Build, Subscription and SaaS. Revenue slightly exceeded consensus, while EBITDA missed expectations due mainly to a transactional FX revaluation effect concentrated in Design and acquisition-related costs. The underlying margin profile nevertheless appears intact, supported by a 31.0% adjusted EBITDA margin and continued growth in recurring revenues. FY26 guidance was reiterated, with HCSS adding c. 600 BP to growth but diluting margins by c. 150 BP. We make only minor estimate changes, lower our price target to EUR 89.00 (old EUR 91.00), and reiterate BUY rating. The full update can be downloaded under https://research-hub.de/companies/nemetschek-se

Viscom should deliver a clear sequential recovery in Q2, with the elevated backlog supporting a strong rebound in sales and a material reduction in operating losses, while order intake is boosted by the major battery-cell inspection contract. Regional momentum is expected uneven with Europe still subdued, but Asia and the Americas improving. We expect margin recovery to lag the topline improvement, reflecting an only gradual normalization of the revenue mix and still-moderate service revenue. The key debate is therefore shifting from demand to execution: whether backlog conversion can translate into sufficient profitability to keep FY26 guidance within reach. We believe the current valuation still underappreciates the company’s medium-term earnings potential. We reiterate BUY with a EUR 8.00 price target. The full update can be downloaded under https://research-hub.de/companies/viscom-se

SBO will report Q2 2026 results on 20 August. Combining company-specific indicators with a top-down review of recent peer commentary, we expect another trough-like quarter, with sales broadly stable sequentially and the EBITDA margin remaining near 11-12%. Order intake should stay healthy and book-to-bill above 1x, but customer delays, Middle East disruptions and weak Precision Technology utilization continue to impede backlog conversion. We therefore reduce our 2026 estimates, forecasting sales of EUR 451m and EBITDA of EUR 69m. However, we retain a strong recovery profile for 2027, maintain BUY and lower our price target from EUR 40.00 to EUR 38.00. The full update can be downloaded under https://research-hub.de/companies/sbo-ag

R. STAHL reported a 7.3% yoy decline in Q2 26 revenue to EUR 72.2m, reflecting continued weakness in the Central region and the Americas, partly offset by projectdriven growth in Asia/Pacific. Order intake rose 2.4% yoy to EUR 68.6m and still points to limited demand momentum, but management expects demand to pick up in H2. Encouragingly, in Q2, EBITDA pre-exceptionals increased 13.7% to EUR 6.0m, with the margin improving 150bps to 8.3% as material and personnel costs declined. We finetune below-EBIT assumptions, mainly interest and taxes, but leave our EUR 17.00 price target and BUY rating unchanged. The confirmed FY26 guidance supports our unchanged view. A recall of R. STAHL’s Q2 earnings call is available here: researchhub.de/videos The full update can be downloaded under https://research-hub.de/companies/r-stahl-ag

FUCHS confirmed an exceptionally strong Q2, with broad-based demand, temporary customer stock-building and competitor supply constraints driving sharp sales and earnings growth while margins remained resilient despite escalating raw-material costs. Cash conversion was the clear weak spot as inventories and working capital rose materially, and this pressure is likely to persist into H2. Nevertheless, the revised EUR 460–480m EBIT guidance appears conservative given the strength of H1, potential retention of newly won volumes and further pricing benefits, supporting our BUY rating and EUR 49.00 price target. The full update can be downloaded under https://research-hub.de/companies/fuchs-se

PUMA’s Q2 results were modestly ahead of our expectations, with sales of EUR 1.69bn, gross margin of 48.0% and reported EBIT of EUR -53.1m. However, the margin and EBIT upside was largely explained by tariff refunds, while adjusted EBIT deteriorated amid negative operating leverage. Demand remained weak across EMEA and the Americas, only partly offset by strength in Asia/Pacific, Running, Training and Speedcat. Inventory reduction and free cash flow were clear positives, although most strategic investments are still expected in H2. With guidance confirmed and recovery visibility improving only gradually, we maintain our EUR 25.00 price target and HOLD rating. The full update can be downloaded under https://research-hub.de/companies/puma-se

Wacker’s Q2 showed that self-help is working, but not that demand has turned: underlying earnings improved materially on PACE savings, better Chemicals volumes, disciplined pricing and tighter cost control, while headline profit and cash flow were flattered by pension and Siltronic-related effects. Order intake remains volatile and short-cycle, construction and industrial demand are still weak, and solar polysilicon continues to face overcapacity, low utilization and policy uncertainty. Wacker has adjusted its FY26 guidance, reflecting stronger execution more than a cyclical recovery, with H2 likely softer as seasonality and one-off benefits fade. We leave our EUR 90.00 price target unchanged and reiterate HOLD, as the current valuation already discounts much of the improved cost base and further upside requires clearer evidence of sustained end-market recovery and stabilization in solar polysilicon. The full update can be downloaded under https://research-hub.de/companies/wacker-chemie-ag

HENSOLDT delivered a strong Q2 with revenue of EUR 672m (+22% yoy) and order intake of EUR 1,328m beating consensus by 3.6% and 8.7% respectively, though the adjusted EBITDA margin of 13.8% came in below the 14.1% expected. However, the bulk of the order intake stems from armoured vehicle optronics which are in our view legacy programmes. Guidance is unchanged and the record EUR 10,356m backlog covers the consensus revenue path through 2028, so the estimates are bookable. We do not view the EUR >5bn of order intake assumed for 2028 as a run-rate, and treat it as a procurement catch up. At EUR 84.00 the shares trade on 13.4x EV/EBITDA and 26x earnings on 2028 consensus. We reiterate our SELL rating with a price target of EUR 62.00. While the NATO summit confirmed a multi-year investment cycle we do not see a multi decade one. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

tk nucera’s preliminary Q3 FY26 results delivered a reassuring combination of strongerthan-expected revenue, resilient profitability and solid order momentum. While the weaker green hydrogen market continued to weigh on the topline, disciplined cost management and a strong CA performance helped offset negative operating leverage, with EBIT materially ahead of consensus. The update confirms that tk nucera remains operationally on track, while the well-filled project pipeline supports confidence in a stronger order contribution in Q4. Although the green hydrogen market is still awaiting broader infrastructure development and clearer investment signals, recent large-scale project awards demonstrate how quickly momentum can return. With leading technology, a strong balance sheet and substantial net cash, tk nucera is well positioned to navigate the current slowdown and benefit disproportionately once project activity accelerates. Maintain BUY, EUR 15.00 PT, 91% upside. The full update can be downloaded under https://research-hub.de/companies/thyssenkrupp-nucera-ag-co-kgaa