Looking ahead at Hugo Boss’s 2025 results, expected in early March, our Q4 expectations point to a moderate decline in sales versus Q4 2024, offset by further margin expansion driven by pricing, mix and cost discipline. Based on our estimates, lower volumes should be more than compensated by improved profitability, resulting in a solid earnings outcome despite a challenging demand backdrop. Recent November macro data are consistent with this view, with U.S. strength skewed towards non-store channels, stabilization in Asia and continued weakness in European fashion demand. Market expectations have increasingly converged towards this scenario. Against this backdrop, Q4 fits into Hugo Boss’s broader strategic reset under “Claim 5 Touchdown”. We reiterate HOLD and a EUR 38 price target. The full update can be downloaded under https://research-hub.de/companies/hugo-boss-ag

At JPMorgan Healthcare Conference, Bayer management struck a more confident tone on navigating the Xarelto loss of exclusivity, with FY26 flagged as the final “flattish” year before a return to mid-single-digit pharma growth from 2027. With Xarelto revenues expected to bottom around EUR 0.9–1.0bn and margins held stable through the trough, the growth bridge is increasingly supported by strong momentum in Nubeqa, accelerating uptake of Kerendia, and encouraging early signals from Beyonttra. The next key catalyst is asundexian, with Phase III secondary stroke data due in early February, while management also reiterated confidence in a return to ~30% Pharma margins by 2030. Taken together, this underpins an improving medium-term risk-reward, prompting us to raise our price target to EUR 54.00 (from EUR 35.00). Despite the recent share price run-up, we upgrade the stock to BUY from HOLD. While execution and upcoming data read-outs still ahead remain key, we believe the balance of risks has shifted positively, even with ongoing legal concerns and elevated leverage. The full update can be downloaded under https://research-hub.de/companies/bayer-ag

Bechtle AG has announced the acquisition of Hungarian PLM specialist EuroSolid Zrt., the country’s largest SOLIDWORKS reseller with revenues of around EUR 3.5m and 31 employees. While immaterial in size, the transaction is strategically relevant, strengthening Bechtle’s higher-margin, service-intensive PLM business. It also marks a shift in Hungary from a purely trade-focused market to a value-adding engineering and services location, consistent with Bechtle’s proven expansion model. Integrated into Bechtle’s European PLM network across nine countries, the acquisition should enhance cross-border synergies. Short-term financial impact is limited. Hence our price target of EUR 48.00 and the HOLD rating remain unchanged. The full update can be downloaded under https://research-hub.de/companies/bechtle-ag

RENK holds FY guidance of EUR 210–235m EBIT despite four material headwinds absorbing more than 10% of group EBIT (mwb est.): a weak industrial backdrop, USD weakness despite hedging, tariffs, and most notably German export restrictions to Israel affecting propulsion and MRO. That guidance resilience highlights very strong cost discipline, with underlying margins closer to ~18.5% (excl. these effects) and margin expansion clearly on track (mwb est.). However, as these headwinds are likely to persist into 2026, we slightly lower forward estimates while increasing 2025E margins, leading to a reduced PT of EUR 53.00 (prev. 55.00). While long term fundamentals remain attractive, valuation already front runs operational delivery, skewing near term risk reward to the downside. Down to SELL. The full update can be downloaded under https://research-hub.de/companies/renk-ag

Market debate around CSG’s IPO and ambitions to challenge Rheinmetall looks overstated. While CSG has benefited from the ammunition upcycle, structural gaps in scale, technology, integration and geography remain wide. Backlog quality and valuation already price in a very optimistic scenario, whereas Rheinmetall’s earlier investments, broader systems footprint and strong localization advantage leave it clearly better positioned for the next phase of European rearmament. CSG is no strategic threat, and the debate does not change our BUY on Rheinmetall with a EUR 2,200 PT. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

With FY25 prelims due on 24 February, Elmos is set to exit FY25 with a clear operational and strategic success, extending streak of outperformance despite destocking headwinds and the absorption of sizeable one-offs. Looking ahead, 2026 will likely look even better. We expect ~10% top-line growth as destocking effects fades and improving yoy margin but slightly below our initial expectations. Adj. FCF will likely step up toward ~15% of sales, above current consensus. Beyond the cycle, Elmos remains firmly on track for its 2030 targets, supported by secular industry tailwinds, design-wins, and strategic initiatives. However, after more than a ~100% share price rebound since April 2025, much of the improving outlook is priced in, and we believe a longer FCF delivery track record is needed to justify further multiple expansion. Based on updated assumptions, we raise our PT to EUR 113.00 (~17x 2026E P/E) but downgrade to HOLD, awaiting a more attractive re-entry point. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se

According to a Handelsblatt report, Lufthansa is evaluating how to secure additional long-haul hub capacity in Germany to support a ~20% fleet expansion by 2030, with two main options under review: expanding Terminal 2 in Munich Airport, which is likely insufficient on its own, or relocating Lufthansa and Star Alliance into a refurbished Terminal 2 at Frankfurt Airport from 2030 and potentially merging it with Terminal 1 into a 70–75m passenger mega-terminal. Lufthansa is reportedly pushing to replicate the “Munich model” in Frankfurt by forming a joint venture with Fraport, taking a significant minority stake to gain operational influence and access to non-aviation revenues, while sharing the EUR 1bn+ renovation capex. While this would secure Lufthansa’s long-term commitment to Frankfurt and reduce Fraport’s financial risk, it is contentious due to Fraport’s reluctance to dilute control, the loss of high-margin non-aviation revenues, and potential regulatory challenges from competing airlines. Valuation implications remain uncertain. Confirm SELL, DCF-based PT EUR 62.00. The full update can be downloaded under https://research-hub.de/companies/fraport-ag

Suedzucker (SZU) delivered a solid Q3 FY26 performance despite lower revenues, with profitability improving significantly thanks to better cost control and normalized inventory effects. Segment results were mixed: Sugar remained under pressure but returned to positive EBITDA, Specialties and Starch saw moderate growth, CropEnergies posted a strong profit rebound, and Fruit maintained stable profitability. Looking ahead, management confirmed FY26 guidance, while the FY27 outlook remains cautious. Revenues are expected to edge lower, with EBITDA modestly higher, driven by CropEnergies and Specialties, while no meaningful recovery is expected in sugar. Sugar price pressure from overcapacities is likely to continue at least until FY28. We adjust our estimates and raise our price target slightly to EUR 9.00 (from EUR 8.50), upgrading our rating to HOLD. The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag

In May 2025, Planethic Group AG entered a strategic partnership with Jindilli Beverages to launch its Mililk 3D-printed “flat milk” under the milkadamia brand across North America, leveraging Jindilli’s extensive retail footprint and foodservice relationships. The partnership has now been formalized through binding minimum order commitments of 10m liters in the first full year and 50m liters in the second year of a planned US Midwest production facility, enabling Planethic to secure financing for a factory expected to be operational within three to four months. We expect a staged capacity growth from 30m to 60m liters and capex of EUR 5m each in 2026 and 2027. Unrelated, an extraordinary general meeting on 12 January approved new Conditional Capital 2026/I allowing up to EUR 50m in convertible or warrant-linked instruments, and former CEO Jan Bredack was elected to the supervisory board. Based on the firm Jindilli commitments we revise our US sales assumptions, leading to a new price target of EUR 12.50 (old: EUR 15.00), still implying upside of c. 80%. Spec. BUY. The full update can be downloaded under https://research-hub.de/companies/planethic-group-ag

United Internet AG (UTDI) has delivered robust performance since our upgrade in Nov 2025, with the share price appreciating ~25% to reach our previous price target of EUR 28.00. This rally was fueled by the successful 1&1 mobile customer migration and the EUR 1.3bn (internal) sale of Versatel. However, current valuation now reflects these milestones, with the share trading at around EUR 30.00. In our view, elevated pricing limits M&A appeal as synergies would likely be exhausted by a takeover premium. Combined with regulatory uncertainty surrounding the Jan 12, 2026, BNetzA spectrum deadline and high capex of EUR 750m, we see limited further upside. We downgrade UTDI to HOLD and slightly increase our PT to EUR 30.00 (prev. EUR 28.00) as we slightly adjust margins upwards as of FY26E. The full update can be downloaded under https://research-hub.de/companies/united-internet-ag