MTU trades at the widest relative valuation discount across all key multiples in the past three years, despite structurally improving fundamentals. On 2026E numbers, MTU is valued at ~12.5x EV/EBITDA and ~20x P/E, versus peer medians of ~23x EV/EBITDA and ~35x P/E, with the gap having widened steadily over the last three years. A multiples-based cross-check implies meaningful upside to potentially EUR 580–700. At the same time, management’s 2030 guidance appears conservative on both revenues and margins, while consensus continues to assume virtually no margin expansion versus pre-pandemic levels. With multiple new sites coming online, supportive sector tailwinds and aircraft remaining in service longer, we see scope for a re-rating as cash generation inflects post-2026. Within aerospace, MTU remains our top pick, offering superior risk-adjusted fundamentals at a materially more attractive valuation than large OEMs. We reiterate BUY and raise our price target to EUR 505.00 (from EUR 435.00). The full update can be downloaded under https://research-hub.de/companies/mtu-aero-engines-ag

Viromed has issued a strategy update, outlining an important upcoming milestone for its PulmoPlas cold atmospheric plasma (CAP) platform, with research results from a scientific consortium including Hannover Medical School (MHH) and the Helmholtz Centre for Infection Research (HZI) expected in late January 2026. These are anticipated to validate the efficacy of CAP in treating severe respiratory infections such as ventilator-associated pneumonia (VAP), supporting a special authorization from the BfArM. Such authorization would allow market access while full MDR certification is ongoing. Beyond VAP, we believe PulmoPlas has significant long-term potential across a broad range of respiratory indications, including hospital-acquired pneumonias, viral infections, fungal colonization, and chronic diseases like COPD and cystic fibrosis through biofilm disruption. The BfArM authorization would be a significant catalyst to close the pricing gap to our EUR 10.00 price target. BUY. The full update can be downloaded under https://research-hub.de/companies/viromed-medical-ag

The Payments Group Holding (PGH) has reset its equity story after acknowledging that the planned majority acquisition of The Payments Group (TPG) is unlikely to proceed in its original form, removing significant dilution risk. The company is refocusing on its legacy VC model, with AuctionTech emerging as the core NAV anchor, while AI and radiopharma initiatives are treated as long-dated upside options. To secure short-term liquidity, PGH will issue a EUR 2.3m mandatory convertible bond, introducing binary funding and latent dilution risk. We roll back our model to the pre-TPG version and anchor valuation to NAV of EUR 1.24 (previously 1.80) per share. We shift our rating to Speculative BUY (previously BUY) pending greater visibility. The full update can be downloaded under https://research-hub.de/companies/the-payments-group-holding

Fresenius Medical Care (FME) has accelerated its EUR 1.0bn share buyback program, with the second tranche of EUR 415m now expected to be completed by May 2026, well ahead of our initial assumption of a mid-2027 completion. The faster execution leads to an earlier reduction in the share count, implying close to a 10% decline in outstanding shares and bringing forward EPS accretion into 2026. Operational assumptions remain unchanged, balancing gradual recovery against ongoing restructuring costs. Following the share price weakness after the Q3 25 results and the reduced equity base, we lift our fair value from EUR 46.00 to EUR 47.00, supporting an upgrade from HOLD to BUY. The full update can be downloaded under https://research-hub.de/companies/fresenius-medical-care-ag

The Trump administration’s is trying to revive Venezuela’s oil sector and add output to an already oversupplied market. However, years of underinvestment in Venezuela and the associated brain drain have weakened the production base, shedding doubts on how quickly additional supply could move the needle. Still, with WTI below USD 60/bbl, U.S. rig counts are already down 15% yoy, and the EIA expects the first production decline since the pandemic in 2026 amid political pressure to keep gasoline prices low. Despite this, Deutsche Rohstoff remains profitable at current prices thanks to sharply lower drilling costs in the Powder River Basin and potentially highly attractive returns from new Ohio acreage. We cautiously adjust our estimates, now based on USD 58/bbl WTI, cutting operating profit by about 18%. Regarding valuation, this is fully offset by the strong rally in Almonty shares. We confirm our BUY rating and EUR 62.00 price target, supported by DCF valuation and an attractive dividend yield. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

Zalando has announced a restructuring of its pan-European logistics network, including the closure of the Erfurt fulfilment center by September 2026 and the exit from three externally operated warehouses. The measures follow a review of the combined Zalando/ABOUT YOU footprint and aim to simplify the network, reduce complexity and improve flexibility across B2C, B2B and ZEOS Fulfilment. While the reorganization supports Zalando’s mid-term efficiency agenda and previously communicated synergies of over EUR 100m by 2028-29, it implies restructuring costs in 2026, with savings materializing only thereafter. We adjusted FY26 earnings accordingly, while leaving our EUR 39.00 price target and BUY rating unchanged. The full update can be downloaded under https://research-hub.de/companies/zalando-se

TeamViewer (TMV) released FY25 prelims showing improving execution quality but mixed topline performance. Pro forma revenues reached EUR 767m, slightly below the October guidance range of EUR 778–797m, though above our estimate of EUR 758m. Constant-currency growth was around 5% yoy, while reported IFRS revenues were lower at EUR 747m due to FX headwinds. Q4 quality improved materially, with sequential ARR growth accelerating to EUR 11m, driven by stronger enterprise momentum, two larger contracts (TCV ~EUR 10m) and a return to positive sequential annual recurring revenue (ARR) growth at US subsidiary 1E. Profitability met expectations, with a pro forma EBITDA margin of ~44%. We keep BUY and our EUR 10.00 price target. The full update can be downloaded under https://research-hub.de/companies/teamviewer-se

TKMS has submitted a non-binding offer for German Naval Yards Kiel (GNYK), a move we have highlighted since initiation and see as share price positive. GNYK is structurally underutilised, configured around the delayed F126 frigate and lacks viable alternative buyers given its immediate proximity to TKMS’ Kiel site. This creates clear pricing power for TKMS and attractive upside via incremental surface vessel capacity and higher utilisation. Importantly, TKMS does not need GNYK to deliver its strategy, while GNYK’s standalone viability appears limited. Guidance remains conservative in our view, the structural margin story is intact, and backlog visibility supports our BUY with PT unchanged at 102.00 pending clarity on Canada or GNYK. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

We downgrade Siltronic to HOLD after recent share price strength closed the gap to our fair value. While optimism around memory supply bottlenecks has supported sentiment, this has yet to translate into meaningful customer engagement amid still-elevated inventories. Power remains the biggest drag, as continued weakness in automotive and industrial end-markets pushes the recovery and inventory digestion further out. At the same time, higher than we initially anticipated COGS, depreciation, and interest expense related to the FabNext ramp-up and increased debt burden are set to put significant pressure on mid-term margins. With valuation now implying a more balanced risk-reward, where upside hinges on demand strength translating into material volumes, while downside risks are skewed toward timing, mid-term margin pressure, FX headwinds. We cut our price target to EUR 53.50 from EUR 57.50 and step back to the sidelines until visibility improves. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

TT Electronics shareholders rejected Cicor’s recommended offer at the Court and General Meetings on 7 January 2026, and the proposed acquisition will not be pursued further. Following DBAY Advisors’ increase of its shareholding in TT Electronics to around 25%, deal completion had become increasingly uncertain despite support from both boards. As a result of the failed transaction, Cicor revised its reported FY25 EBITDA to CHF 53-57m, reflecting around CHF 7m of one-off costs, while adjusted EBITDA remains unchanged at CHF 63-67m. The setback highlights execution risks in larger M&A, but balance sheet flexibility is preserved. With the core investment case unchanged, current share price levels offer a compelling re-entry into a high-quality EMS franchise. BUY reiterated, PT CHF 200. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd