Following the earnings call, we revise our assumptions on Optoelectronics. A structural shift in AI data center architecture toward optical interconnects is triggering a multi-year capacity build and underpinning a sizeable ~EUR 0.5bn annual potential opportunity. This demand is reinforced by a structural capacity shortage, rising process complexity (particularly in PICs), and growing standardization on AIXTRON’s G10 platform, supporting both pricing power and market share. However, while visibility in optoelectronics has improved with orders extending into 2027, recovery in power remains uncertain and likely pushed into late 2026 or 2027. With valuation already discounting a smooth execution alongside a timely recovery in power, we see limited upside and little room for missteps or delays, resulting in an unfavorable risk/reward. We therefore reiterate our SELL rating with higher price target of EUR 40.00. The full update can be downloaded under https://research-hub.de/companies/aixtron-se

Nemetschek (NEM) delivered a strong Q1, confirming solid underlying momentum despite FX headwinds. Revenues grew 17% yoy (c.c.) to EUR 313m, while reported growth was limited to 10.7% due to USD weakness. EBITDA rose disproportionately by 29.6%, with margins reaching 31.4%, highlighting operating leverage. Growth was driven by subscription/SaaS (+35.4% yoy c.c.) and ARR (+21% yoy c.c.), confirming a largely completed transition to recurring revenues. The Build segment remained the key driver (+29.8% yoy c.c.), while other segments were more muted but still strong in top-line growth. Despite strong fundamentals, we lower estimates on FX and macro uncertainty and reduce our PT to EUR 95.00 from EUR 109.00, reiterating BUY. The full update can be downloaded under https://research-hub.de/companies/nemetschek-se

Stabilus reported final Q2 FY26 results in line with prelims. Sales of EUR 304.9m (-9.8% yoy) and adjusted EBIT of EUR 34.1m were stated, while reported EBIT declined to EUR 24.6m. The adjusted EBIT margin remained stable at 11.2%, whereas reported margin improved slightly to 8.1%. However, margin resilience was primarily driven by cost reductions, with R&D and SG&A expenses cut by EUR 7.6m, rather than underlying operational strength. Regional performance remained mixed, with stable EMEA, weaker Americas, and sharply lower APAC revenues but improved margins. Management confirmed transformation progress. Overall, margins are being defended, and a re-rating would require demand recovery and stronger cash conversion. With no changes to our estimates, we confirm our price target of EUR 24.00 and reiterate our BUY rating. The full update can be downloaded under https://research-hub.de/companies/stabilus-se

INDUS's preliminary Q1 26 results present a dichotomy between stellar operational performance and severe cash flow pressure. While margins reached a strong 9.6%, driven by an unprecedented surge in tungsten prices, the resulting working capital buildup led to a significant FCF outflow of EUR 74.1m and a guidance cut for full-year liquidity to break-even. However, management's decision to raise FY26 earnings guidance signals strong confidence in the company's pricing power and segment resilience. We view the current cash squeeze as a temporary byproduct of securing supply in a booming market. Consequently, we reiterate our BUY rating with a new PT of EUR 40.00 (prev. EUR 35.00). The full update can be downloaded under https://research-hub.de/companies/indus-holding-ag

Delivery Hero delivered a solid Q1, with GMV of EUR 12.5bn (+8.8% yoy LfL), slightly ahead of consensus and in line with FY guidance. Total segment revenue reached EUR 3.7bn (+17.8% yoy LfL). Regional trends improved, with Korea returning to growth, strong momentum in MENA (particularly Saudi Arabia), and temporary weakness in Spain expected to reverse. Quick Commerce remained a key driver (+30% yoy, 18% GMV share). Guidance was reiterated, with confidence skewing towards the upper end. The Taiwan disposal and Uber’s increased stake provide additional support. We maintain our BUY rating and EUR 28.00 price target. The full update can be downloaded under https://research-hub.de/companies/delivery-hero-se

BASF delivered a modest Q1 beat on adj. EBITDA, but the quality remains weak, driven primarily by volume growth (notably from China and the Zhanjiang ramp-up) rather than underlying demand, with continued pricing pressure (-4.8% ex-metals) and FX headwinds weighing on profitability, especially in upstream segments. Operational resilience is improving but this is supported by cost discipline, portfolio flexibility, and temporary supply disruptions (Middle East) aiding near-term pricing. Management maintained FY26 guidance but flagged macro risks, reinforcing downside risks into H2. We view recent volume strength as partly transitory and thus reiterate HOLD and a EUR 52.00 price target, awaiting clearer evidence of a sustained recovery. The full update can be downloaded under https://research-hub.de/companies/basf-se

PUMA reported a solid Q1, with sales slightly above expectations at EUR 1.86bn (-1.0% FX-adjusted), supported by inventory reduction. Performance remained mixed regionally, with strength in the Americas and Asia/Pacific offset by continued weakness in EMEA. Profitability surprised positively, as gross margin expanded to 47.7% and EBIT reached EUR 51.9m, driven by better cost control and favorable mix effects. Despite the strong start, management confirmed FY26 guidance, highlighting that the year remains a transition phase with ongoing restructuring impacts. The appointment of Mark Langer as CFO supports the next phase of execution. We raise our PT to EUR 25.00 (from EUR 23.00), HOLD. The full update can be downloaded under https://research-hub.de/companies/puma-se

Fielmann has released its final, record-breaking FY25 results (sales: EUR 2.4bn; net profit: EUR 205m) and reported resilient Q1 2026 sales of EUR 613m (+2.3% cc), despite severe weather impacts. For FY26, the group guides for 5-7% revenue growth, though the EBITDA margin is expected to settle around 23% due to high strategic investments in AI and US medical capacities. In our view, the absence of surprises in the FY25 final figures and the stable Q1 performance confirm the group's operational strength. We believe the heavy investment phase is a prudent step toward Vision 2035 scalability. We therefore reiterate our BUY rating with an unchanged PT of EUR 68.00. The full update can be downloaded under https://research-hub.de/companies/fielmann-group-ag

Nagarro’s FY25 results present a mixed but stable picture. While revenues grew modestly (+2.8% yoy) in a challenging environment, underlying operational performance remained solid, as reflected in improved gross margins and resilient cash generation. Reported profitability, however, was impacted by non-operational effects, masking the underlying earnings quality. FY26 guidance points to stable margins but continued top-line softness, reflecting a cautious demand environment and limited near-term visibility. We lower our estimates to reflect macro headwinds and investments, revising our price target to EUR 75.00 (old: EUR 87.00), while maintaining BUY on intact fundamentals and attractive valuation. The full update can be downloaded under https://research-hub.de/companies/nagarro-se

H2APEX delivered a strong Q4 beat, with revenue significantly ahead of expectations, highlighting solid execution despite continued EBITDA losses. FY25 reflects a clear strategic shift away from EPC activities, resulting in lower revenue but improving order momentum, supported by a strong book to bill ratio and a materially higher backlog that enhances visibility. Management’s FY26 guidance confirms a return to growth and is fully in line with expectations, supported by contracted revenues and early contributions from one own project, with further upside expected from the broader pipeline of own green hydrogen projects. Overall, the transition toward a more hydrogen project-based model is gaining traction, improving medium term visibility and revenue quality. Near term earnings should remain impacted by upfront investments, but a growing pipeline, improving revenue quality and strong demand for green hydrogen support a compelling long term investment case. We reiterate our Spec. BUY rating with a PT of EUR 3.00. The full update can be downloaded under https://research-hub.de/companies/h2apex-group-sca