BaFin has opened a for cause examination of Jungheinrich's H1 2025 financial statements, questioning the valuation of rental equipment and inventories tied to the planned Russia disposal and, specifically, whether the related impairment should have been booked at 30 June 2025 (H1) rather than in July (H2). We see this as a timing question inside FY2025 with no impact on full year 2025 or 2026 earnings, and any negative share price reaction would look disproportionate to a fundamentally immaterial issue. With the stock near its 52-week low and trading well below both our DCF based (64% upside) and multiples based fair values (> 100% upside), we view the weakness as a reinforced entry opportunity and reiterate BUY with a target price of EUR 41.00. The full update can be downloaded under https://research-hub.de/companies/jungheinrich-ag

MHP reported record Q2 revenue and growth of 26% yoy (with F&B up 41% yoy), driven by the full contribution of the Hyatt Regency Vienna and the ramp-up of the Conrad Hamburg. Group occupancy dipped by 1 PP yoy due to the new Conrad Hamburg opening (reaching a record 82% ex-Conrad), while ADR declined 4% yoy and RevPAR dropped 5% yoy, reflecting portfolio mix effects and lower high-value Middle Eastern visitor numbers amid geopolitical friction. Management reiterated its FY26 guidance of EUR 225m in revenue and at least EUR 10m in EBITDA, supported by business picking up in May and June after a softer April. Backed by strong positioning in the luxury segment and highly attractive valuation metrics (2027 EV/EBITDA of 3.5x; 2028 EV/EBITDA of 2.5x), we confirm our BUY rating with a price target of EUR 3.00. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

Daimler Truck CEO Karin Rådström expects Chinese electric-truck manufacturers to expand into Europe, reinforcing a structural risk we have highlighted for some time. European OEMs retain important advantages through strong brands, established customer relationships and extensive service networks. However, defending their position could require lower prices, higher discounts or additional incentives, putting pressure on profitability. This is particularly concerning given the structurally higher labour, energy and manufacturing costs of European producers. The passenger-car industry provides a clear warning of how Chinese competition can reshape sector economics without immediately displacing incumbents. With freight operators increasingly focused on total cost of ownership after years of economic and geopolitical pressure, lower-priced alternatives may gain traction. We maintain our SELL rating and EUR 30.00 price target. The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag

Company Name: CEL-SCI Corporation ISIN: US1508376076   Reason for the research: Update Recommendation: Buy from: 20.07.2026 Target price: 15.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Orquera First Berlin Equity Research has published a research update on CEL-SCI Corporation (ISIN: US150837607 [ … ]

Company Name: Marinomed Biotech AG ISIN: ATMARINOMED6   Reason for the research: Update Recommendation: Under Review from: 20.07.2026 Target price: Under Review Target price on sight of: n.a. Last rating change: 20.07.2026, Formerly Buy Analyst: Alexander Rihane First Berlin Equity Research hat ein Research Update zu Marinomed B [ … ]

Company Name: Marinomed Biotech AG ISIN: ATMARINOMED6   Reason for the research: Update Recommendation: Under Review from: 20.07.2026 Target price: Under Review Target price on sight of: n.a. Last rating change: 20.07.2026, Formerly Buy Analyst: Alexander Rihane First Berlin Equity Research hat ein Research Update zu Marinomed B [ … ]

Company Name: Almonty Industries Inc. ISIN: CA0203987072   Reason for the research: Update Report Recommendation: Buy from: 20.07.2026 Target price: CAD 38.90 (previously: CAD 37.40) Target price on sight of: 36 months Last rating change: - Analyst: Peter Thilo Hasler The contract amendment took place immediately after the Sang [ … ]

CHAPTERS’ Capital Markets Day highlighted a more active platform model designed to raise structural organic EBITDA growth. By combining domain expertise within industry clusters and extending the Manuscript Method through AI, automation and faster product development, management aims to lift structural organic EBITDA growth across the portfolio. We have therefore raised our medium- and long-term margin assumptions. As our forecasts still include only moderate acquisition activity, further M&A remains an additional source of upside. Our updated model supports a higher price target of EUR 55.00 (old EUR 50.00). BUY. The full update can be downloaded under https://research-hub.de/companies/chapters-group-ag

Drägerwerk (Dräger) reported strong preliminary H1 2026 results, with constant-currency revenue growth of 7.7% to approximately EUR 1.60bn and EBIT more than tripling to around EUR 64m. The EBIT margin improved to 4.0% from 1.3%, prompting management to raise the lower end of its FY 2026 margin guidance from 5.0% to 5.5%. Both segments delivered solid revenue growth, while Safety Technology posted particularly strong order intake. Gross margin expansion and disciplined cost growth drove most of the earnings improvement, despite a EUR 7.8m one-time tariff reimbursement. We raise our assumptions and our price target from EUR 108.00 to EUR 113.00. BUY. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

We upgrade Infineon to HOLD from SELL following the sharp share-price pullback, which has brought the stock closer to our unchanged EUR 60.00 fair value and largely removed the previous valuation asymmetry. The correction appears driven by profittaking and a broader reset in AI-related expectations rather than a change in fundamentals. AI power demand still exceeds supply, supporting allocation and pricing, while industrial and automotive trends continue to improve gradually. With the earnings recovery broadening beyond AI and the valuation now more appropriately aligned with the earnings outlook, we see a more balanced risk-reward ahead of a strong Q3 at around 18.5x 2027E EV/EBIT. The full update can be downloaded under https://research-hub.de/companies/infineon-technologies-ag