Fresenius Medical Care (FME) reported mixed Q2 2025 results. Revenue was broadly in line at EUR 4,792m, but EBIT and EBITDA fell short of consensus, reflecting cost pressures and weakness in Care Delivery. EPS exceeded expectations at EUR 0.77, supported by a lower tax rate. While strong cash flow and Value-Based Care growth were positives, the weak H1 performance increases pressure on H2 to meet full-year targets. We reduce our estimates and lower the price target to EUR 49.00 (prev. EUR 52.00). However, recent share price weakness offers upside potential. We upgrade from HOLD to BUY. The full update can be downloaded under https://research-hub.de/companies/fresenius-medical-care-ag

Company Name: Nabaltec AG ISIN: DE000A0KPPR7   Reason for the research: Update Recommendation: BUY from: 05.08.2025 Target price: EUR 18.00 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Positively, the underlying demand for its core product, aluminum hydroxide (ATH), the environmental frie [ … ]

Company Name: MAX Automation SE ISIN: DE000A2DA588   Reason for the research: Update Recommendation: BUY from: 05.08.2025 Target price: EUR 6.50 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Roughly two weeks ago, management already cut the FY25 guidance to € 300-340m sales and € [ … ]

Fraport reported Q2 25 results that were in line with expectations, showing solid core operational performance. While reported revenue and group profit declined due to IFRIC 12 and negative contributions from Antalya's currency effects, adjusted revenue and EBITDA both increased by 8.2%. The company's free cash flow turned positive at EUR 29m, a significant improvement from the negative free cash flow in Q2 24, driven by lower capital expenditures. Segmental performance was robust in Aviation and Ground Handling, though Retail & Real Estate and International Activities faced challenges, particularly from currency devaluations and rising costs. Fraport maintained its full-year 25 outlook, anticipating a moderate increase in EBITDA and flat to slightly lower group net profit. The dividend remains suspended as the company focuses on deleveraging. With unchanged estimates and PT, we reiterate to HOLD. The full update can be downloaded under https://research-hub.de/companies/fraport-ag

Rheinmetall has secured a EUR 770m vehicle call-off under its EUR 3.5bn Bundeswehr framework, boosting visibility and setting the stage for strong H2 performance. While not reflected in Q2 results (due Aug 8), the order underscores accelerating demand for Rheinmetall’s modular vehicle platforms across NATO allies. With structural defense spending tailwinds in Europe, rising equipment share, and growing traction in the U.S. market, the company is positioned for outsized growth. We confirm our BUY rating and raise our price target to EUR 2,288, expecting upward guidance revisions in H2 as defense budgets and procurement priorities are finalized in Germany. Rheinmetall remains a core structural growth story in European defense with an estimated revenue CAGR of ~27% between 2024 and 2030. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Hamborner REIT delivered a resilient Q2/H1 25 performance, with rental income of EUR 22.6m (-2.6% yoy) and EUR 45.7m (-2.1% yoy) respectively in Q2 and H1, reflecting recent asset sales. FFO after 6 months declined 12.0% yoy to EUR 24.9m, in line with full-year guidance of EUR 44–46m. Despite rising costs and a slight increase in vacancy (3.5%), the portfolio remains well-leased with a WALT of 5.7 years. EPRA NAV per share dipped 2.9% to EUR 9.51, while LTV rose modestly after recent dividend payment to 44.3%. Management raised rental income guidance to EUR 89.5–90.5m, citing leasing strength. With a ~6.0% dividend yield and strong balance sheet, Hamborner remains attractively valued in our view, which is why we reiterate our BUY rating and EUR 11.00 target price, offering ~90% upside. The full update can be downloaded under https://research-hub.de/companies/hamborner-reit-ag

tonies will publish its Q2 figures on 21 August. We anticipate a more moderate growth rate in Q2 25, expecting an 18% yoy increase, down from 24% in Q1 25. In the US, price increases in May to offset tariffs and unfavorable FX rates could have dampened growth, but still expected at 25%. Tough comparisons in the DACH region could lead to a slight decline, while the Rest of World (RoW) should still see strong growth. The adjusted EBITDA margin is projected to improve 380 bps yoy due to increased fixed cost absorption, although this will be partially offset by costs related to tariff uncertainty and potential Toniebox 2 launch preparations (unconfirmed). Free cash flow for H1 is expected to remain stable at around EUR -32m, as increased inventory build-up due to tariff threats and a potential new Toniebox launch could offset improved profitability. Our FY25 estimates are robust under reasonable tariff assumptions and we reiterate our BUY recommendation with a target price of EUR 11.00.The full update can be downloaded under https://research-hub.de/companies/tonies-se

Company Name: Villeroy & Boch ISIN: DE0007657231   Reason for the research: Update Recommendation: Buy from: 04.08.2025 Target price: 34.50 Last rating change: Analyst: Ralf Marinoni H1-25 development: no major surprise In the H1-25 period, Villeroy & Boch's sales grew by 12.1% to EUR 725.8m as a result of acquisitions. A [ … ]

Company Name: Formycon AG ISIN: DE000A1EWVY8   Reason for the research: Update Recommendation: Buy from: 04.08.2025 Target price: €49 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on Formycon AG (ISIN: DE000A1EWVY8). Analyst Simo [ … ]

Company Name: The Platform Group AG ISIN: DE000A2QEFA1   Reason for the research: Update Recommendation: Buy from: 04.08.2025 Target price: 19,00 Euro Target price on sight of: 12 months Last rating change: - Analyst: Alexander Rihane First Berlin Equity Research hat ein Research Update zu The Platform Group AG (ISIN: DE000A2QEF [ … ]