Company Name: Desert Gold Ventures Inc. ISIN: CA25039N4084   Reason for the research: Research Report (Anno) Recommendation: Buy Target price: 0.93 CAD Target price on sight of: 31.12.2026 Last rating change: Analyst: Matthias Greiffenberger, Cosmin Filker Why the market should care now Historically, Desert Gold has been valued [ … ]

Mayr-Melnhof Karton AG delivered a resilient FY25 performance despite weaker-than-expected Q4 sales, which declined ~10% amid soft European demand and portfolio adjustments. Encouragingly, profitability held up well, with margins exceeding expectations in key divisions and supported by ongoing cost efficiencies from the Fit-for-Future program, which is gaining traction and has an increased improvement target. The company also strengthened its financial position, generating positive free cash flow, reducing leverage, and announcing a more shareholder-friendly dividend policy with a higher-than-expected EUR 2.00 payout. While the outlook for 2026 remains cautious due to macro and industry headwinds, MM’s solid execution, improving efficiency measures, and enhanced capital returns underpin the investment case. We slightly reduce our price target to EUR 105.00 (from EUR 110.00) and maintain a BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/mayr-melnhof-karton-ag

Pyramid’s preliminary FY25 results showed solid revenue growth of 9% to EUR 74.5m, slightly below guidance, but were overshadowed by a significant EBITDA miss at EUR 2.2m due to losses in the Asia business. Even adjusted EBITDA of EUR 2.7m indicates some softness in the core operations. The disposal of the faytech Asia units via MBO marks a key strategic step, reducing complexity, eliminating volatile low-margin exposure, and removing around EUR 3m in liabilities, while retaining European distribution rights. FY26 guidance (EUR 87-93m revenue, EUR 4.2-4.7m EBITDA) points to a strong recovery, supported by a streamlined structure and core market focus. Overall, despite a weak FY25, the outlook improves, underpinning a more focused and higher-quality equity story. We reiterate our BUY rating albeit with lower PT of EUR 1.35 (prev. EUR 1.50) as we cautiously model at the lower end of the guidance. The full update can be downloaded under https://research-hub.de/companies/pyramid-ag

Company Name: Power Metallic Mines Inc. ISIN: CA73929R1055   Reason for the research: Research Report (Inital Coverage) Recommendation: BUY Target price: 2.85 CAD Target price on sight of: 31.12.2026 Last rating change: Analyst: Matthias Greiffenberger, Cosmin Filker The Lion Zone has emerged as the central driver of the compan [ … ]

We initiate coverage of GEVORKYAN, a.s. with a BUY rating and a PT of EUR 13.70 offering an upside potential of 44.4%. The company is a European leader in powder metallurgy with over 50 years of expertise, operating a highly automated, vertically integrated facility in Vlkanová, Slovakia. It produces 3,000+ mostly single-sourced metal components for automotive, defense, and oil industries. Founder and CEO Artur Gevorkyan holds a 77% stake. The firm replaces CNC machining and casting with solutions delivering 30–70% cost savings and greater design flexibility, driving strong customer stickiness. Its moat is supported by EUR 80m in capex, proprietary know-how, automation, and rising energy self-sufficiency. Growth comes from organic expansion and margin-accretive M&A.

We initiate coverage of GEVORKYAN, a.s. with a BUY rating and a PT of EUR 13.70 offering an upside potential of 44.4%. The company is a European leader in powder metallurgy with over 50 years of expertise, operating a highly automated, vertically integrated facility in Vlkanová, Slovakia. It produces 3,000+ mostly single-sourced metal components for automotive, defense, and oil industries. Founder and CEO Artur Gevorkyan holds a 77% stake. The firm replaces CNC machining and casting with solutions delivering 30–70% cost savings and greater design flexibility, driving strong customer stickiness. Its moat is supported by EUR 80m in capex, proprietary know-how, automation, and rising energy self-sufficiency. Growth comes from organic expansion and margin-accretive M&A. The full update can be downloaded under https://research-hub.de/companies/gevorkyan-as

CHAPTERS Group reported preliminary 2025 figures showing continued expansion. Pro-forma revenue reached about EUR 193m (pro-forma figures include the full-year contribution of acquired businesses and therefore differ from reported numbers due to timing effects), up 53% yoy, while adjusted operating EBITDA rose 62% to roughly EUR 49m. Organic revenue growth remained moderate at around 4.5%, partly reflecting accounting adjustments and the write-off of unrealizable following post-merger reviews. At the same time, operational improvements supported low-teens organic EBITDA growth. For 2026, management expects accelerating organic growth and continued M&A activity, supported by a healthy deal pipeline and financial flexibility. We maintain our BUY rating and EUR 48.00 price target pending full-year results in May. The full update can be downloaded under https://research-hub.de/companies/chapters-group-ag

Company Name: LAIQON AG ISIN: DE000A12UP29   Reason for the research: Update Recommendation: BUY Target price: EUR 9.1 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller WertAnlage distribution gains traction, chg. 2026 should mark LAIQON’s transition from build-up to growth and profitability. Aft [ … ]

Enapter reported prelim FY25 results with revenue slightly above guidance, demonstrating resilience. EBITDA fell sharply due to one-off costs from stack recalls and bad debt provisions. Adjusted for these, results would have been only marginally below our expectations. On a positive note, Enapter’s order backlog provides a solid foundation for FY26, supporting revenue assumptions and limiting the need for rapid additional intake. While mid-term profit expectations have been slightly lowered due to an expected slightly higher general cost base, we continue to see EBIT break-even in FY27 as achievable, with continued order inflows, even in a challenging market, supporting the growth story. Geopolitical developments, including the energy crisis linked to the Iran conflict, may weigh on short-term demand, but over the medium to long term, they could drive stronger demand as energy independence gains renewed focus. We maintain our Spec. BUY rating but reduce our PT to EUR 3.00 (from EUR 3.30). The full update can be downloaded under https://research-hub.de/companies/enapter-ag

Daimler Truck (DTG) reported Q4 revenues broadly in line with expectations, with adjusted EBIT slightly ahead. Industrial sales and margins declined due to lower volumes, pricing pressure, and tariffs, while orders picked up, driven by a low base and seasonality and catch-up effects in Europe. Mercedes-Benz Trucks saw volume growth on replacement demand, though revenue and profitability were affected by higher costs and FX headwinds. North American and Asian truck operations continued to face tariff and geopolitical challenges, weighing on sales and earnings, while Daimler Buses delivered stronger revenue and margin performance. Looking ahead, DTG expects modest volume and revenue recovery in FY 26, though macro pressures persist. Cost-saving initiatives and the EUR 2bn share buyback provide some support. Structural long-term risks, including rising competition from Chinese EV truck makers, are gradually emerging and could play out similarly to the car market. We adjust our est. and, given ongoing uncertainty, maintain our SELL rating with a EUR 30.00 PT. The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag