TAKKT issued a profit warning alongside preliminary H1 2025 results, reflecting continued macroeconomic weakness and tariff-related disruptions. Sales declined 7.1% to EUR 492m in H1 (Q2 -7.8% yoy), with adjusted EBITDA margin falling to 4.3%. FCF turned negative due to inventory build-up. Consequently, management revised its FY guidance downward, now expecting organic growth of -9% to -2% and an EBITDA margin of 4–6%. One-time expenses are also projected to exceed prior estimates. While a new operating model aims to drive long-term efficiency, short-term earnings remain under pressure. We lower our estimates and reduce our PT to EUR 7.50 (previously EUR 8.50) but maintain our BUY rating for bold investors who are betting on TAKKT’s mid-term turnaround. The full update can be downloaded under https://research-hub.de/companies/takkt-ag

Recent profit warnings across the wine and beverage sector reflect a more challenging consumer environment, including weaker retail momentum and margin pressure. While Schloss Wachenheim may not be immune, particularly in its discretionary segments, we currently see no need to adjust our estimates. Full-year guidance for FY24/25 appears within reach, and our projections for FY25/26 already reflect cautious assumptions. Core exposures remain focused on value-oriented sparkling wines and diversified markets, which should provide some buffer against ongoing headwinds. We continue to rate the stock BUY with an unchanged price target of EUR 22.00. The full update can be downloaded under https://research-hub.de/companies/schloss-wachenheim-ag

TeamViewer (TMV) is set to report Q2 results on July 29, with expectations pointing to a repeat of Q1’s strong performance. Our revenue is forecast at EUR 191.2m and adjusted EBITDA at EUR 81.1m, reflecting stable trends. Margin resilience is supported by strict cost control, notably lower marketing spends as sponsorships wind down. Strategic focus is shifting toward enterprise clients and 1E’s DEX platform, positioning the company for ARR expansion in H2. While 1E integration is margin-dilutive short term, it underpins long-term growth. We maintain our BUY rating and EUR 15.50 price target, backed by strong execution and a high-margin SaaS profile. The full update can be downloaded under https://research-hub.de/companies/teamviewer-se

The COINVEST SCI1 fund, managed by coinIX and heavily invested in Ethereum, has seen its value rise by 122% since April 9, 2025, driven by a strong recovery in its top crypto holdings. This surge has increased coinIX’s stake in the fund to around EUR 6.0m (mwb est.), nearly covering its entire market capitalization of coinIX, implying that investors receive the rest of coinIX’s diversified portfolio for free. This is even more appealing as coinIX is strategically positioned at the forefront of the growing tokenization trend, driven by increasing regulatory clarity, technological advances, and rising demand for fractional ownership. With its early investments in platforms such as Finexity, coinIX is well placed to benefit significantly. In light of the recent rebound of crypto and especially ETH prices, we upgrade our fair value to EUR 3.30 (old: EUR 2.95) and confirm our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/coinix-gmbh-co-kgaa

Intershop Communications AG has issued a profit warning for FY2025, lowering its revenue and EBIT guidance and reducing expected Net New ARR. The update reflects weakness in cloud new business and unexpected cost pressure from legacy service projects. We adjust our model accordingly and cut our target price from EUR 3.00 to EUR 2.60. Strategically, the company remains well positioned, but near-term execution risk is elevated. With Q2 results and the earnings call scheduled for 23 July, we expect greater clarity on deal conversion, margin recovery, and the monetization path for AI-driven offerings. Register for the earnings call: https://research-hub.de/events/registration/2025-07-23-13-30/ISHA-GR . The full update can be downloaded under https://research-hub.de/companies/intershop-communications-ag

Wacker’s Q2 update confirms what’s increasingly clear across the sector, demand remains weak, visibility is deteriorating, and recovery is taking longer to materialize. The company’s in-line Q2 results were quickly overshadowed by a meaningful guidance cut, though not entirely unexpected given similar moves by peers. End markets remain soft, especially in Polymers and Polysilicon, while FX and trade uncertainty continue to bite. Still, this is not a structural reset. With cost actions underway, a solid balance sheet, and long-term exposure to resilient megatrends, we see the current dislocation as a chance to add exposure ahead of the next cycle. We revise our estimates and lower our price target from EUR 88.00 to EUR 85.00 but maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/wacker-chemie-ag

Gerresheimer (GXI) has ended takeover talks with private equity investors, raising questions about its external valuation and strategic attractiveness. The absence of a major shareholder means a public takeover bid would have been feasible, but did not occur. Concurrently, the company is reviewing its Moulded Glass business amid structurally lower margins and high energy costs, which could limit valuation upside. Planned reporting segmentation may reduce comparability. We took the news as an opportunity to expand our already cautious stance and revise our assumptions with higher financing costs and lowered mid-term estimates. As a result, we adopt a more cautious view and reduce our price target to EUR 61.00 (old EUR 71.00). The rating remains BUY, after recent share price weakness. The full update can be downloaded under https://research-hub.de/companies/gerresheimer-ag

Hugo Boss is set to report muted Q2 results, with weak demand weighing on sales. While cost control supports margins, full-year guidance looks fragile. Meanwhile, Frasers Group has lifted its stake to 25%, further solidifying its role as anchor shareholder. Already represented on the board, the group has publicly criticized the dividend policy and called for the cancellation of treasury shares. Boss, in turn, is reviewing its capital allocation and working on a new post-“CLAIM 5” strategy. Following estimate revisions, we lower our TP to EUR 50.00 (old: EUR 52.00) but maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/hugo-boss-ag

Performance One (PO1) successfully raised approx. EUR 0.63m through a capital increase, securing 75% of the targeted volume with lower-than-expected dilution. The funds support the transformation into a holding structure, enhancing transparency and strategic flexibility. Revenues in H1 2025 remained stable, while early signs of improved profitability reflect effective cost measures. The mental health app harmony continues to gain traction with insurers and corporate partners, underlining its scalability potential. With the appointment of a seasoned CFO to drive M&A readiness, the equity story has improved in quality. We raise our price target slightly to EUR 4.70 (from EUR 4.40) and reaffirm our BUY rating. The full update can be downloaded under https://research-hub.de/companies/performance-one-ag

Siltronic’s Q2 results are set to reflect ongoing pressure from weak wafer demand, persistent customer inventories, pricing headwinds in 200mm, and adverse FX trends. While near-term catalysts remain elusive, we believe much of the bad news is already priced in. We see flat to limited upside in H2 relative to H1, and continue to look toward 2026, where we expect 10% year-over-year growth, albeit from currently depressed levels, as the recovery builds gradually. This will be supported by structural demand in AI, data centers, and eventually a recovery in industrial and automotive, which have lagged over the past two years. Trading at just 0.65x P/B, well below historical cycle troughs, we believe the current weakness presents a compelling opportunity for investors with a 12-month+ horizon. We reiterate our BUY rating and price target of EUR 57.50. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag