Rheinmetall’s (RHM) backlog leaves little doubt that the European defense spending cycle is accelerating and that RHM profits from it. However, medium-term consensus appears to imply an increasingly demanding backlog conversion profile, leaving limited room for execution delays or programme slippage. Of the EUR 80.5bn reported backlog, EUR 30.2bn of fixed orders are scheduled for conversion within 2.5 years. This fully covers consensus through 2027 but leaves 2028 heavily dependent on orders that have not yet been signed. Including frame backlog, 77% of 2028 consensus sales are not covered by the current order backlog (if we exclude the riskier “frame backlog” part the gap is 90%). We believe consensus is too optimistic on the speed at which spending translates into Rheinmetall revenues. OEM-supplier Steyr confirmed this at the beginning of the week by significantly lowering their mid-term guidance. Recent German procurement indications add to this concern, particularly for ammunition and combat vehicles, underlining our analysis. PT unchanged at EUR 1050.00. SELL. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

HEIDELBERG reported a mixed set of Q1 FY26/27 figures. While Q1 sales missed consensus and our estimates due to poor order-to-revenue conversion in equipment, order intake came in ahead of expectations. Operational weakness was driven primarily by lower fixed-cost absorption in the Print & Packaging Equipment division rather than structural pricing pressures. Crucially, underlying demand appears stronger than the headline order drop suggests once accounting for regional distortions. Management confirmed its FY guidance for stable revenues and improved adjusted EBITDA margins, shifting the operational narrative toward a heavily back-end loaded H2 recovery. Given structural growth initiatives in recurring lifecycle revenue and long-term optionality in technology verticals, we reiterate our BUY rating with slightly adjusted PT of EUR 2.35 (previously EUR 2.50) on the back of tweaked FCF assumptions. The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

Company Name: Cabka NV ISIN: NL00150000S7   Reason for the research: Sechsmonatsbericht Recommendation: Kaufen from: 18.08.2026 Target price: €3,40 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Cabka N.V. (ISIN: NL00150000S7) verö [ … ]

Company Name: Delticom AG ISIN: DE0005146807   Reason for the research: Update Recommendation: BUY from: 18.08.2026 Target price: 3.60 Last rating change: Analyst: Daniel Kukalj, CIIA, CEFA Focus on profitability is paying off In the first half of 2026, Delticom demonstrated that its consistent focus on profitability is paying of [ … ]

Following the expiry of Frasers Group’s EUR 38.00 takeover offer, the UK retailer now holds 47.89% of HUGO BOSS. With the offer over, investor attention should shift back to HUGO BOSS’ fundamentals and the execution of “CLAIM 5 TOUCHDOWN”. The operating backdrop remains difficult, with weak consumer sentiment, subdued demand and softer tourism-related spending in the Middle East. Q2 showed encouraging margin progress, but the channel reset is not complete. With our fair value at EUR 38.00, we see limited upside without further evidence that BOSS can rebuild margins and return to sustainable growth. The full update can be downloaded under https://research-hub.de/companies/hugo-boss-ag

Company Name: Energiekontor AG ISIN: DE0005313506   Reason for the research: Update Recommendation: Buy from: 18.08.2026 Target price: 49,00 Euro Target price on sight of: 12 Monate Last rating change: 18.10.2022: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein  [ … ]

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