ZEAL’s Q2 results tell a clear story: despite softer jackpot dynamics and a slight miss on sales, the company continues to execute strongly on its strategy, leveraging its scalable platform to drive impressive margin expansion and solid bottom-line growth. High-margin verticals like Games and Traumhausverlosung are paying off, offsetting pressure from a less favourable jackpot environment. All in, with healthy growth in key KPIs and clear visibility into recurring revenues, we believe ZEAL is well on track to deliver against its full-year targets and likely beat it. We reiterate our BUY rating and EUR 63.50 price target. The full update can be downloaded under https://research-hub.de/companies/zeal-network-se

WashTec reported a reasonable set of results in Q2. Revenues were up 3.5% yoy to EUR 123.6m and EBIT grew 10.4% yoy to EUR 12.7m (margin +60bps yoy to 10.3%), led by positive momentum in Europe, particularly in the Equipment segment. However, softness in key accounts in North America persisted. Nevertheless, overall equipment order inflows in H1 were significantly higher yoy and order backlog was up 6% yoy. Following satisfactory progress so far, WashTec reiterated its cautious guidance for FY 2025. On the strategy front, the company is focusing on growing its recurring revenue base by transitioning towards subscription-based models. It is also pursuing digitisation initiatives (EasyCarWash PRO/4U) and widening its product offerings (e.g., SmartCare Connect and Magic Care). Through these initiatives, it targets a higher than 5% revenue CAGR over 2024-2027 and an EBIT margin of 12%-14% by 2027. We see long-term value in the stock, given improved operational execution and its attractive dividend payouts. We confirm our BUY rating at an unchanged PT of EUR 55.00. The full update can be downloaded under https://research-hub.de/companies/washtec-ag

In a challenging environment, Hugo Boss delivered solid Q2 results, with EBIT of EUR 81m beating expectations by 5% on strong cost control, despite subdued demand and flat sales (constant currencies: +1%). BOSS Menswear performed well, but HUGO and Womenswear declined sharply, exposing brand challenges. Brick-and-mortar and China remained weak. Gross margin held steady at 62.9%, while variable OpEx savings drove margin expansion to 8.1%. FY25 guidance was reiterated despite tariff risks, backed by proactive sourcing shifts and higher US inventories, and pricing actions. While structural headwinds remain, the risk/reward profile appears attractive, with around 20% upside to our unchanged EUR 50.00 PT. We reiterate our BUY rating. The full update can be downloaded under https://research-hub.de/companies/hugo-boss-ag

Company Name: PSI SE ISIN: DE000A0Z1JH9   Reason for the research: Q2 2025 results Recommendation: Buy from: 05.08.2025 Target price: €40 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes, CFA First Berlin Equity Research has published a research update on PSI SE (ISIN: DE000A0Z1JH9). Analyst  [ … ]

Gerresheimer (GXI) announced the separation of its Moulded Glass unit and plans to initiate a sales process, following the integration of Bormioli Pharma and its strategic shift toward pharma and biotech solutions. The combined unit generates around EUR 735m in revenue and 20% EBITDA margin, below the levels at acquisition in 2024. Gerresheimer paid ~EUR 800m (~10x EBITDA), raising concerns about value creation due to limited margin progress. A potential sale below acquisition value could prove value-destructive. We maintain our BUY rating and EUR 61.00 target, but highlight event risk tied to the transaction outcome. The full update can be downloaded under https://research-hub.de/companies/gerresheimer-ag

Stabilus reported weak results in Q3 FY25. Revenues declined 9.9% yoy to EUR 316.0m, due to a 5.3% yoy drop in organic (org.) contribution and a 4.6ppt yoy FX drag. All market segments posted softer yoy revenues, impacted by indirect effects of US tariffs and resultant customer hesitance to invest in capital goods. Adjusted (adj.) EBIT fell 23.2% yoy amid sluggish sales, and the margin narrowing 1.8ppt yoy to 10.5%. Management tapered its FY25 guidance, now expecting revenues to reach EUR 1.3bn and the adj. EBIT margin to come in at c.11%, both at the lower end of its previous target range. Given the current challenging macro environment and worsening demand situation, we believe achieving medium-term targets - revenues of up to EUR 2bn and an adj. EBIT margin of 15% by FY 2030 - appears increasingly ambitious organically and may require a material M&A booster. With no significant recovery in sight, we are turning more conservative on Stabilus’ prospects. We cut our estimates, which gives a revised price target of EUR 33.00 (old: EUR 42.00). We maintain our BUY rating on the stock.The full update can be downloaded under https://research-hub.de/companies/stabilus-se

Infineon’s Q3 showed signs of operational recovery beneath headline stability, with margin outperformance amid improving utilization and inventory digestion, offsetting macro and FX headwinds. While topline growth remains muted, particularly in Automotive, strength in AI, renewables, and power infrastructure is driving and supporting fundamentals. Q4 guidance came in slightly below consensus due to FX, but an upgraded margin outlook partially offsets the topline miss. Stepping back, Q3 suggests that the cyclical trough is likely behind us. That said, a durable re-rating will hinge on clearer signs of sustained demand recovery, especially in Automotive where recovery could stagnate. With the stock near our fair value of EUR 37.00, we reiterate our HOLD. The full update can be downloaded under https://research-hub.de/companies/infineon-technologies-ag

Fresenius Medical Care (FME) reported mixed Q2 2025 results. Revenue was broadly in line at EUR 4,792m, but EBIT and EBITDA fell short of consensus, reflecting cost pressures and weakness in Care Delivery. EPS exceeded expectations at EUR 0.77, supported by a lower tax rate. While strong cash flow and Value-Based Care growth were positives, the weak H1 performance increases pressure on H2 to meet full-year targets. We reduce our estimates and lower the price target to EUR 49.00 (prev. EUR 52.00). However, recent share price weakness offers upside potential. We upgrade from HOLD to BUY. The full update can be downloaded under https://research-hub.de/companies/fresenius-medical-care-ag

Company Name: MAX Automation SE ISIN: DE000A2DA588   Reason for the research: Update Recommendation: BUY from: 05.08.2025 Target price: EUR 6.50 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Roughly two weeks ago, management already cut the FY25 guidance to € 300-340m sales and € [ … ]

Company Name: Nabaltec AG ISIN: DE000A0KPPR7   Reason for the research: Update Recommendation: BUY from: 05.08.2025 Target price: EUR 18.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Positively, the underlying demand for its core product, aluminum hydroxide (ATH), the environmental frie [ … ]