Bechtle’s preliminary Q2 26 results materially exceeded expectations, with business volume up about 18% yoy to EUR 2.27bn, revenue rising more than 16% to roughly EUR 1.73bn, and EBT increasing over 20% to around EUR 80m. Management raised FY26 guidance to more than 10% business volume growth and 5%-10% growth in both revenue and EBT. We lift FY26E revenue to EUR 6.797bn, EBT to EUR 350m, and EPS to EUR 1.96. Our estimates still remain conservative for H2 26. We raise our price target to EUR 45.00 (old EUR 41.00) and reiterate BUY. The full update can be downloaded under https://research-hub.de/companies/bechtle-ag

TeamViewer’s (TMV) Q2 26 results showed improving operational trends, although revenue remained subdued. Revenue declined 1.4% yoy in cc to EUR 183m, while ARR was broadly stable at EUR 737m. Enterprise ARR grew 8.3% in cc and SMB churn began to stabilize, but Enterprise NRR remained below 100% and smaller SMB cohorts stayed weak. We therefore lower our FY26-FY28 revenue estimates, reflecting a slower recovery and gradual monetization of TeamViewer ONE and ServiceNow. Higher margins partly offset the weaker top line. Following our model recalibration, we reduce our PT to EUR 8.90 from EUR 9.60 and reiterate BUY. The full update can be downloaded under https://research-hub.de/companies/teamviewer-se

Cicor plans to acquire EDMI’s Malaysian manufacturing operations in Johor for USD 15-20m and enter into a long-term agreement covering most of EDMI’s smart meter volumes. The partnership is expected to add more than USD 50m in annual revenue from 2027, while having only a limited initial impact on group margins. Strategically, the deal resembles last year’s Mercury carve-out and highlights OEM manufacturing carveouts as an additional growth route alongside full-company acquisitions. With no material FY26 impact expected and closing still pending, we leave our estimates unchanged and reiterate BUY with a CHF 180.00 price target. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd

The expected departure of Transport Minister Patrick Schnieder increases uncertainty around the timing of Germany’s driver education reform. The cabinet approved draft would remain valid, but a new minister could review priorities and delay parliamentary progress. For 123fahrschule, the reform remains strategically important because digital theory instruction, simulator use, and more efficient training could improve scalability and margins. FY26 estimates should remain largely unaffected, while FY27 and later periods are more sensitive to delays. However, for the time being, we maintain our forecasts, BUY rating and EUR 5.20 price target. The full update can be downloaded under https://research-hub.de/companies/123fahrschule-se

tonies has announced the launch of Toniebox Lite, a smaller, lighter, and lower-priced device (USD 79.99 MSRP) designed to drive user acquisition and complement the flagship Toniebox 2. North American rollout is scheduled for August and expansion into the UK, ANZ and broader retail in fall 26. Sitting well below the premium Toniebox 2, the entry-level device retains full compatibility with tonies’ figurines to accelerate highmargin content attachment. It seems too early to adjust financial estimates for the new hardware launch given limited visibility on initial sell-through, customer adoption, potential cannibalization and gross margin impacts. We reiterate our BUY rating and EUR 17.25 target price and expect management to reconfirm the FY26 guidance with publication of the H1 results on 20 August. The full update can be downloaded under https://research-hub.de/companies/tonies-se

tonies is set to report its Q2 and H1 26 results on 20 August, with performance heavily influenced by the Toniebox 2 (TB2) rollout. Due to low prior-year comparables, Q2 26 Toniebox revenue is projected to jump +75% yoy, reaching a 26% revenue share. Figurines are expected to grow 24%, driving overall quarterly revenue up 34% to around EUR 106m. Geographically, growth will be led by a catch-up in the US (+48%), alongside steady expansion in DACH (+25%) and moderating growth in the Rest of the World. Because of the higher mix of boxes, H1 gross margin is anticipated to soften, dragging H1 EBITDA near break-even. Free cash flow should still be markedly negative due to inventory build for product launches (e.g. Pokémon) but is expected to recover in H2. FY26 guidance is expected to be confirmed, and we maintain a BUY rating with a target price of EUR 17.25. The full update can be downloaded under https://research-hub.de/companies/tonies-se

ATOSS delivered a solid Q2, with revenue up 13% and EBIT rising 17% as Cloud & Subscriptions remained the key growth driver. More importantly, order momentum recovered sharply: strong Q2 New ACV lifted H1 above the prior-year level despite the Q1 dip, supported by migrations, expansion and improved sales execution. Management sees 2026 and 2027 revenue around the midpoint of guidance range, while expecting the current margin level to continue and raising the 2027E EBIT margin floor to at least 35%. AI execution remains on track and should strengthen ATOSS’ moat, expand its TAM and support revenue growth, velocity and margins. We maintain BUY and our EUR 130.00 price target. The full update can be downloaded under https://research-hub.de/companies/atoss-software-se

Vossloh delivered Q2 26 results in line with preliminary figures, with growth driven mainly by the first-time consolidation of Sateba. While revenue and EBITDA increased, profitability remained under pressure from integration effects, PPA depreciation and weaker contributions from Customized Modules. H1 performance showed a similar pattern, with strong top-line momentum but softer EBIT and cash flow due to workingcapital seasonality and higher investments. Core Components remained the key growth engine, supported by Sateba and solid demand at Tie Technologies, while Customized Modules and Lifecycle Solutions faced a weaker mix, higher logistics costs and lower activity levels. Encouragingly, record order intake and backlog provide strong visibility, while management expects a clear cash-flow recovery in H2 and stronger organic growth from 2027. Following the recent share-price decline, we see an attractive entry point and reiterate our BUY rating with a EUR 90.00 PT, implying over 50% upside. The full update can be downloaded under https://research-hub.de/companies/vossloh-ag

Sartorius delivered modest reported growth in Q2 26, with revenue up 3.1% yoy to EUR 911.8m despite a EUR 26m customer compensation charge related to prior U.S. tariffs. Bioprocess Solutions remained the stronger division, while Lab Products & Services showed softer growth and weaker margin development. EMEA and Asia Pacific performed well, but the Americas declined amid compensation effects and project delays. Profitability improved at group level, supported by Bioprocess operating leverage. However, we cut FY26 estimates slightly, and confirm our EUR 190.00 price target and our SELL rating. The full update can be downloaded under https://research-hub.de/companies/sartorius-ag

Elmos looks set to deliver another strong Q2, with continued revenue growth, resilient margins and underlying cash generation, although reported EBIT and FCF will be temporarily distorted by the switch to cash-settled stock options. Emerging tightness in 8-inch wafer capacity could provide additional upside through pricing and allocation, but the benefit should remain more modest than in the 2021–23 cycle. With much of the improving backdrop already reflected in the valuation, we continue to see limited near-term upside and reiterate our HOLD rating and price target of EUR 170.00, 23.5x 2026E P/E and 20.0x 2027E P/E. A more constructive stance would require furtherearnings upgrades, a tighter-than-expected allocation environment or a moderate valuation reset. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se