MTU Aero Engines (MTU) reported upbeat numbers in Q2 2025. Revenues, adj. EBIT, and adj. net income surpassed consensus by 3%, 19%, and 20%, respectively, particularly led by robust performance at the commercial OEM sub-segment. Adj. revenues grew 17% yoy to EUR 2.05bn in Q2 and adj. EBIT was up 41% yoy to EUR 357m, with the margin improving a notable 3.0ppt yoy to 17.4% (+3.1ppt qoq) on improving commercial OEM mix. Management is optimistic of reaching its recently raised 2025 guidance, expecting EUR 8.6bn-8.8bn in revenue and adjusted EBIT growth of 20%-25% yoy. Defence remains a strategic growth lever, while large aircraft backlogs and tight global MRO capacity, in addition to recent investments in LEAP and GEnx MRO capacity, support MTU’s long-term growth story. However, FX risk remains an overhang, as USD exposure beyond 2025 becomes increasingly partially hedged. We slightly revise our long-term estimates and reiterate HOLD at a PT of 370.00 (old: EUR 360.00). The full update can be downloaded under https://research-hub.de/companies/mtu-aero-engines-ag

Duerr's Q2 2025 results disappointed, with order intake down 33.5% to EUR 807m, prompting a guidance cut for its FY25 order intake expectations. However, the forecast for revenue, EBIT margin before special items, and earnings after taxes has been confirmed. Sales fell 7.7% to EUR 1bn, and EBIT margin before one-offs was modest at 4.2%, while reported EBIT was hit by a EUR 110–130m goodwill impairment. Industrial Automation remained weak, though Automotive and Woodworking showed relative stability. Management is accelerating its restructuring—cutting ~500 admin roles and realigning to three core divisions. The sale of the Clean Technology Systems unit should deliver a significant Q4 profit boost. Despite the Q2 softness, solid backlog, improving cost discipline, and restructuring momentum support the mid-term case. We maintain our BUY rating and EUR 31.00 target. The full update can be downloaded under https://research-hub.de/companies/duerr-ag

Intershop’s Q2 results confirm ongoing operational softness in cloud new business and professional services. While ARR ticked up slightly, net new ARR was muted due to churn and FX headwinds. The problematic services project remains unresolved but is progressing, and cost-saving measures including planned staff reductions are being initiated. The balance sheet remains solid, though the EUR 10.4m cash position at period-end has since been reduced by the scheduled repayment of the convertible bond. Strategic execution in AI and partner enablement continues, but conversion challenges persist. We maintain our EUR 2.60 PT and BUY rating, with estimates unchanged. The full update can be downloaded under https://research-hub.de/companies/intershop-communications-ag

Leaked details suggest that tonies is about to launch a new Toniebox, the Toniebox 2 (T2), on 15 September. Pictures suggest that it will retain the familiar cube-shaped design with front-facing speakers and signature cat ears, but with more rounded corners and added features like a sleep timer and Bluetooth headphone support. A major new addition is "Tonieplay," an interactive feature involving a controller that enables children to engage in games and interactive stories. We assume that the T2 will be backward compatible with existing T1 figurines. The T2 marks the first significant hardware update since the original 2016 launch. It seems to be preserving the brand's core focus on screen-free, imagination-driven audio play, but the enhancements should help broaden its appeal, strengthen differentiation and support growth potential. We see upside to our estimates, but will only revise them once more information becomes available with the expected official launch. We confirm our BUY rating with a price target of EUR 11.00. The full update can be downloaded under https://research-hub.de/companies/tonies-se

Amadeus Fire issued a profit warning for 2025 following a sharp deterioration in Q2 results, with revenue down 21% yoy and EBITA plunging 86% yoy to EUR 2.1m. In sum, H1 2025 performance fell short of expectations, prompting management to cut full-year guidance significantly. Despite early signs of macro stabilization in Germany, improvements are unlikely to materialize fast enough to rescue the current business year. Personnel Services remain under pressure, and delays in public training funding weigh on growth. Nevertheless, Amadeus' focused business model, strong market position, and long-term growth prospects remain intact. We reiterate our BUY rating but lower our price target to EUR 90.00 (previously EUR 97.00) to reflect reduced near-term earnings visibility. The full update can be downloaded under https://research-hub.de/companies/amadeus-fire-ag

123fahrschule (123fs) stands to benefit from political efforts in Germany to lower driving license costs through digitization, simulator use, and deregulation. A federal reform initiative supports structural cost relief of up to EUR 1,200 per license. 123fs already operates a digital-first model and could gain additional leverage from the expected legal approval of online theory classes by 2026. As the largest B-segment provider and driving school in Germany with over 60 branches, the company is well positioned to lead market consolidation. With political alignment and scalable operations, we maintain our BUY rating and EUR 6.20 price target. The full update can be downloaded under https://research-hub.de/companies/123fahrschule-se

Heidelberg is expected to report Q1 2025/26 results on July 31 likely showing solid operational progress. While order intake is likely to normalize to c. EUR 555m (-21% yoy) after last year’s drupa boost, sales are set to rise 14% yoy to EUR 460m, driven by improved backlog conversion. Adjusted EBITDA is forecasted at EUR 18m (Q1 24/25: EUR –9m), reflecting higher utilization and early cost savings ultimately allowing EBIT to approach breakeven. In total, Heidelberg looks set to see a notable recovery in its FCF generation (EUR -60m vs. EUR -101m in the previous year’s period), supporting our expectations for FY 25/26 FCF of EUR 40–45m. Hence, we believe management is likely to confirm its FY 25/26 guidance, making Q1 an important pillar to return to operational stability. We therefore reiterate our BUY rating with unchanged PT of EUR 2.60. The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

Cicor delivered a solid first half amid a challenging macro backdrop, combining operational stability with accelerated strategic execution. The Éolane acquisition lifted the revenue base significantly while temporarily weighing on margins. A book-to-bill of 1.02 and improving Q2 momentum indicate an underlying recovery. With Mercury now closed and MADES pending, Cicor is expanding its position within the European aerospace and defence supply chain. Our revised estimates reflect stronger medium-term growth and support a new fair value of CHF 200 per share (old: CHF 135). Despite the recent share price rally, valuation remains attractive in light of Cicor’s enhanced structural positioning. We upgrade from HOLD to BUY. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd

Friedrich Vorwerk Group (FVG) reported robust Q2 25 prelims, with revenue of EUR 170m (+44.8% yoy), beating expectations by 21%. EBITDA also outperformed, reaching EUR 36m with a 21.4% margin. Supported by high demand and a solid order backlog (>EUR 1.1bn), the company raised its FY25 guidance to EUR 610–650m revenue and a 17.5–18.5% EBITDA margin. However, execution risks persist due to limited capacity and skilled labor shortages. Despite an 8% workforce increase, growth momentum may slow. FVG trades at a high valuation (~28x FY25E P/E), while the updated guidance already implies slower growth in H2. We therefore reiterate our SELL rating and slightly lift the price target to EUR 52.00 (from EUR 47.50), reflecting our updated DCF model. The full update can be downloaded under https://research-hub.de/companies/friedrich-vorwerk-group-se

Sartorius delivered weak Q2 results with only 2.7% yoy revenue growth, missing consensus and lagging behind estimated market growth of 8%. Segment-wise, BPS showed solid performance, but LPS declined again, highlighting structural weakness. Margins improved due to favorable mix effects, yet persistent pressure in LPS remains. The discontinuation of order intake disclosure and rising financial burdens from past M&A weigh on visibility and confidence. With IFRS EPS at just EUR 1.18 in H1, only 35% of FY consensus is achieved. Guidance was reiterated, but risks are rising. We lower our price target from EUR 182 to EUR 175 and maintain our SELL rating. The full update can be downloaded under https://research-hub.de/companies/sartorius-ag