Company Name: Readcrest Capital AG ISIN: DE000A0LE3J1   Reason for the research: Initiation Recommendation: BUY Target price: EUR 2.8 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Cash from care, upside from concrete; Initiate with BUY Hamburg-based Readcrest Capital combines a steady UK domic [ … ]

Ernst Russ is expected to report solid Q2 2026 results, with sales rising 2.8% yoy to EUR 40.0m as higher average charter rates (USD 19,750 vs. USD 17,412) support top-line growth. However, EBIT is projected to decline 24.8% yoy to EUR 11.5m, driven by a demanding comparison base as last year’s Q2 was inflated by c. EUR 5m in nonrecurring disposal gains (MV Andante). On a like-for-like basis, we therefore expect a solid 10-11% yoy EBIT growth. Net income after minorities is expected at EUR 9.0m (EPS: EUR 0.27). In our view, Q2 provides a clean read-through on underlying fleet profitability prior to the EF Emira disposal gain in Q3. We reiterate our BUY rating with a PT of EUR 13.70. The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

Q3 supports our view that Hoenle’s earnings recovery is gaining traction despite only moderate top-line growth, as a more favorable business mix, lower material costs and ongoing efficiency measures are translating into stronger margins and cash generation. Adhesives and Disinfection remain the key earnings drivers, while Curing continues to weigh on performance amid weak equipment demand and structural pressures. Nevertheless, increasing order activity, broader distribution and product innovation provide initial building blocks for stabilization and a potentially slight recovery from FY27. Importantly, the group’s earnings base is already improving without a Curing recovery, leaving further progress in the segment as incremental upside. With guidance confirmed and the current valuation, in our view, not adequately reflecting the improving earnings profile and medium-term potential, we reiterate our BUY rating and EUR 17.00 price target. The full update can be downloaded under https://research-hub.de/companies/hoenle-ag

Nagarro reported a mixed Q2 2026, with revenues broadly flat yoy at EUR 252.4m and constant-currency growth slowing to 2.0%, while adjusted EBITDA rose strongly to EUR 37.8m, implying a 15.0% margin. Vertical trends remained mixed, with strength in Automotive, Financial Services and Management Consulting offset by continued weakness in Technology and Energy. Management continues to describe demand as muted, but expects selected regional headwinds to ease and sees further scope for margin improvement through utilization and cost measures. FY26 guidance remains unchanged. Meanwhile, Persistent’s EUR 81.00 per share takeover offer continues to progress, keeping valuation anchored. The full update can be downloaded under https://research-hub.de/companies/nagarro-se

HelloFresh's Q2 2026 results came in broadly in line with consensus on revenue and AEBITDA, though contribution margin fell short on frontloaded product investment. Underlying trends remain unresolved: tenured-customer metrics continue to improve, but Group order volumes declined 14% yoy, roughly double the pace of revenue (cc), as new-customer conversion remains negative. Management reiterated full-year AEBITDA guidance but now expects revenue growth towards the bottom of its range, with backto-school seen as the next read on demand. We see no evidence yet of the conversion inflection management has flagged as the condition for renewed growth, and push out our recovery scenario, accordingly, lowering our DCF-based PT to EUR 3.30 (old: EUR 4.10). We maintain HOLD. The full update can be downloaded under https://research-hub.de/companies/hellofresh-se

Mayr-Melnhof’s (MM) planned asset-deal acquisition of R.D.M. Group’s Arnsberg cartonboard mill (~230k tons capacity) provides an incremental sales potential of EUR 160m - 180m (mwb est. at full utilization, currently probably much lower) for its MM Board & Paper division. Apollo-backed R.D.M. is selling the underperforming asset amid a restructuring, which should enable MM to acquire it at a distressed price (mwb est.: EUR 40m - 60m or ~0.3x EV/sales). Leveraging its German industrial footprint and turnaround expertise, MM expects to capture procurement, logistics, and overhead synergies. This should help to restore profitability to mid-single-digit margins, potentially adding EUR 10m - 15m in mediumterm annual EBITDA. Closing of the transaction is expected in Q4 26. Until then, we leave our estimates unchanged and reiterate BUY with a EUR 96.00 target price. The full update can be downloaded under https://research-hub.de/companies/mayr-melnhof-karton-ag

NORMA’s second share buyback completes the planned c. EUR 260m capital return following the Water Management disposal. The EUR 208m offer at EUR 22.35 per share is in line with our expectations, with shareholders able to tender from August 17 to September 15, 2026. We see the price as a confident signal on NORMA’s underlying value and a fair exit opportunity at the current stage for investors seeking liquidity. Despite the cash outflow, we still expect NORMA to end FY26 in net cash with sufficient flexibility for investments and acquisitions. Operationally, the Industry Applications (IA) unit remains the key upside driver, while Mobility & New Energy (MNE) remains under pressure from the weak automotive market. We reiterate our BUY rating and EUR 23.00 PT for now, while further operational progress could justify a higher valuation over time. The full update can be downloaded under https://research-hub.de/companies/norma-group-se

Company Name: Antimony Resources Corp. ISIN: CA0369271014   Reason for the research: Research Comment Recommendation: BUY Target price: 2.66 CAD Target price on sight of: 31.12.2027 Last rating change: Analyst: Cosmin Filker; Matthias Greiffenberger You can download the research here: 20260814_Antimony_Comment_engl Contact for [ … ]

BENO Holding has acquired a prime light-industrial property in Roth (Nuremberg region) for a total project volume of EUR c. 3.4m, including c. EUR 2m for the existing building (~3,700 sqm), EUR 1.1m for a tenant-backed extension, as well as PV assets/grid technology. De-risked by a 10-year lease with SYSPLAST GmbH before closing, the initial asset was bought at ~9x rent incl. transaction costs (implied yield ~11.1%), with revaluation potential to 12.5x by year-end (mwb est.). Financed with a typical LTV of 70%, the highly cash-generative deal confirms BENO's asset management expertise. We reiterate our BUY rating and slightly increase our PT to EUR 14.00 from EUR 13.50 previously. The full update can be downloaded under https://research-hub.de/companies/beno-holding-ag

Company Name: Semperit AG Holding ISIN: AT0000785555   Reason for the research: Update Recommendation: BUY Target price: EUR 22 Target price on sight of: 12 months Last rating change: Analyst: Sarah Hellemann Q2 26: Strong quarter in the books, strongest H1 EPS since 2022 Yesterday, Semperit published its H1 financial report, fol [ … ]