After a ~20% rally since our last update, TKMS now trades close to our DCF based fair value, with the move largely driven by geopolitical headlines and renewed India speculation rather than new fundamentals. The potential ~EUR 7bn Indian submarine order is well known and was already flagged as securely positioned in our Initiation, with expectations fully embedded in our model. While the project structure supports political acceptance, near term margin visibility remains limited. Elevated geopolitical tensions increase sector sensitivity but are unlikely to translate into faster order intake given long procurement cycles and already full order books. With guidance unchanged and the core thesis intact, we downgrade from BUY to HOLD, keep PT at EUR 102, and see further upside dependent on incremental wins such as Canada or clarity on GNYK. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

Symrise AG has announced a non-cash portfolio reset, with impairments related to the planned divestment of its terpenes business and the Swedencare investment weighing on headline earnings but leaving liquidity and core operations unaffected. The terpenes exit appears corrective rather than value-unlocking, yet strategically consistent with portfolio sharpening and should improve long-term earnings quality, while the Swedencare write-down is disappointing, it is market-driven valuation de-rating rather than operational weakness. Importantly, the simultaneous launch of a first-ever EUR 400m share buyback provides a strong confidence signal, implying a ~4% mechanical uplift to FY26e EPS at current trading levels and reinforcing capital discipline. We therefore reiterate our BUY recommendation on Symrise with an unchanged EUR 100.00 price target, underpinned by the group’s ability to compound earnings through disciplined reinvestment and attractive long-term earnings visibility. The full update can be downloaded under https://research-hub.de/companies/symrise-ag

Verbio is set to report its Q2 FY26 results on 12 February 2026. Following a positive Q1, revenue is expected to rise further, driven by higher production from the US ramp-up. EBITDA is projected to improve slightly compared with Q1, though it remains below last year’s levels. Market stabilization is progressing, supported by stronger GHG quota prices that underpin EU biomethane and keep biodiesel stable, while bioethanol shows slight seasonal easing. In the US, market prices remain solid and operations continue to ramp up. Looking ahead, biofuel prices are expected to rise in 2026, supported by RED III in the EU. We now believe the market has left its trough behind, recovery is expected to accelerate in H2 FY26 and gain full momentum in FY28, prompting us to increase estimates from FY27 onwards. We raise our PT to EUR 28.00 (from EUR 18.00) and upgrade our rating to BUY (from HOLD) The full update can be downloaded under https://research-hub.de/companies/verbio-se

Airbus SE confirmed FY deliveries of 793 aircraft, fully in line with expectations. More importantly, net orders of 889 missed our ~970 forecast and sit below the long-term trend despite several high-profile campaigns. With pre-pandemic order and delivery levels now reached, the post-Covid rebound is clearly fading, pointing to normalization rather than the acceleration still implied by market pricing. The 8,754 aircraft backlog supports long term volumes but not higher multiples, with the backlog to sales ratio at ~10x, well below pre Covid levels. Reflecting the opening of several new sites, we slightly raise our long run production ceiling to ~1,000 aircraft per year from 950 and expect ~870 deliveries in 2026, driving a modest price target increase. Competitive risk from COMAC remains largely ignored by the market. At ~30x P/E 2026E and ~15x EV/EBITA, valuation leaves no margin for error. SELL reiterated, PT EUR 175 (prev. EUR 167). The full update can be downloaded under https://research-hub.de/companies/airbus-se

Shares of Drägerwerk (Dräger) have risen by close to 10% since the start of 2026, bringing the stock close to our EUR 76.00 price target and prompting a rating change from BUY to HOLD. The move occurred without new fundamental catalysts, although attention is now turning to FY25 preliminary results expected in January. Management has reaffirmed the investment case, citing stable demand, solid operations and improving visibility into FY26. Seasonality remains key, with more than 50% of annual profits typically generated in Q4. While long-term margin targets remain intact, the current valuation suggests a balanced risk-reward profile. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

Nordex achieves another record-breaking quarter, with Q4 25 project orders reaching 3.6 GW, up 9% yoy and surpassing last year’s record, carrying momentum into FY25 and reinforcing its market position. All eyes are now on Q4 to see if this progress can continue hand in hand with a meaningful boost in profitability. We expect revenues of around EUR 2.4bn, up 9% yoy, and an EBITDA margin above 10%, reflecting a clear step-change from last year. A strong margin uplift in Q4 would not only validate the operational turnaround but could also fuel positive momentum for FY26, potentially opening the door to an upward revision of Nordex’s 8% EBITDA margin target. We maintain our estimates and reaffirm our BUY rating with a price target of EUR 36.00. The full update can be downloaded under https://research-hub.de/companies/nordex-se

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