CANCOM delivered a mixed H1 26, with weaker revenues but markedly improved profitability. Sales fell 3.5% yoy to EUR 775.9m, while gross margin expanded to 44.2% and EBITDA rose 34% yoy to EUR 49.2m, driven by strong improvement in Germany. International remained weak. Cash conversion deteriorated sharply, with operating cash flow at EUR -109.6m, mainly due to working capital effects. We see the top-line weakness as increasingly company-specific, particularly versus stronger peer trends. Given limited visibility and the H2 acceleration required to meet guidance, we cut estimates, lower our PT to EUR 25.50 from EUR 27.00 and reiterate HOLD. The full update can be downloaded under https://research-hub.de/companies/cancom-se

Q2 reads worse than it was. Order intake and revenue growth were solid, but the result was overshadowed, as already flagged, by margin pressure from price and mix plus several one-offs. The underlying EBIT margin fell to 6.8%, and net profit took a further hit from an unusually high tax rate. H1 FCF was negative, though this largely reflects acquisitions, working capital and tax effects, and we expect a significant recovery in H2. The recently lowered FY26 guidance was confirmed and our estimates sit comfortably within the range. The implied H2 margin recovery needs some stabilization in pricing, but the strong order book, improving AWE profitability and transformation savings provide support. The current share price does not reflect Jungheinrich´s potential. PT unchanged at EUR 41.00. BUY. The full update can be downloaded under https://research-hub.de/companies/jungheinrich-ag

NORMA’s Q2 results provide further evidence that the operational turnaround is gaining traction. While the top line remained broadly stable, profitability improved markedly and came in clearly ahead of expectations, supported by lower material costs, NewNORMA savings and tighter cost control. Industry Applications (IA) remained the key growth engine, offsetting continued weakness in automotive-related M&NE, while regional performance was mixed but showed encouraging margin progression. Management confirmed FY26 guidance, and we believe the improving earnings profile, together with a rising share of higher-margin IA revenues, should support further structural upside over time. We leave our estimates unchanged for now and continue to expect a stronger H2. Additional support comes from the pending EUR 208m share buyback, where we see scope for pricing towards the upper end of calculated EUR 19.00-23.00 range. We reiterate our BUY rating and EUR 23.00 price target, implying 22% upside. The full update can be downloaded under https://research-hub.de/companies/norma-group-se

Dermapharm Holding (DMP) reported H1 26 revenue of EUR 591m, slightly ahead of consensus, while adj. EBITDA of EUR 163.2m was broadly in line with our estimates of EUR 164.5m. The adj. EBITDA margin improved 1.8ppt yoy to 27.6%, although implied Q2 profitability moderated to 26.6%. Management confirmed FY26 guidance of EUR 1.18-1.22bn revenue and EUR 331-341m adj. EBITDA, implying a stronger H2 margin profile. We leave our estimates and EUR 49.50 PT unchanged. Following the BaFinrelated share-price weakness, upside has widened sufficiently to upgrade Dermapharm from HOLD to BUY. The full update can be downloaded under https://research-hub.de/companies/dermapharm-holding-se

Company Name: Deutsche Rohstoff AG ISIN: DE000A0XYG76   Reason for the research: Update Recommendation: Buy from: 10.08.2026 Target price: €115 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on Deutsche Rohstoff AG (ISIN: DE000A0X [ … ]

Company Name: Rosenbauer International AG ISIN: AT0000922554   Reason for the research: Update Recommendation: BUY Target price: EUR 71 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Q2 26: New record order backlog, profitability strengthened On Friday, Rosenbauer released its H1 results. The  [ … ]

Company Name: Bittium Oyj ISIN: FI0009007264   Reason for the research: Update Recommendation: BUY Target price: EUR 42 Target price on sight of: 12 months Last rating change: Analyst: Julius Neittamo Q2 review: Blow out sales and order intake; PT UPBittium printed an exceptional Q2. Sales grew 60.1% yoy to € 36.6m (eNuW: &e [ … ]

The Payments Group Holding (PGH) disclosed financial targets for holdings AuctionTech (36% stake; target revenue of several million EUR by 2030) and Cognicare AI (23% stake; €5m run-rate by 2029), alongside expanding AI ventures Cobo (up to 26.4% effective stake) and Socrivo via Softmax AI. Back-of-the-envelope calculations confirm that achieving these operational milestones yields equity value contributions far above PGH's current market cap (

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