Leifheit announced preliminary Q2 2026 results showing continued sales weakness but a clear yoy and sequential improvement in EBIT, indicating that earlier restructuring and efficiency measures are helping to cushion the impact of lower volumes. The consumer backdrop remains challenging, with cautious spending, weak demand and tight retailer inventories. Management also provided further details on the FOCUS programme, aimed at simplifying the organisation, reducing costs and strengthening long-term profitability. The revised FY 2026 guidance points to continued pressure on sales, earnings and cash flow, although new product launches should support H2. We lower our FY 2026 and 2027 estimates but keep our longer-term view broadly unchanged. At 12.6x 2028E P/E and an 8% dividend yield, we reiterate our BUY rating but lower our PT to EUR 19.00 from EUR 20.00. The full update can be downloaded under https://research-hub.de/companies/leifheit-ag

Company Name: Northwest Biotherapeutics Inc. ISIN: US66737P6007   Reason for the research: Update Recommendation: Buy from: 13.07.2026 Target price: USD 1.00 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research has published a research update on Northwest Biotherapeuti [ … ]

Following a pre-close call with the company, we see no material change in the underlying picture since Q1. We expect a sequential improvement in both sales and EBITDA margin in Q2 and continue to anticipate a stronger H2 relative to H1. Positively, Siltronic remains reluctant to lock in additional long-term business at prevailing spot prices, which we read as a positive sign that management expects bargaining power and pricing to improve. At this stage, we continue to struggle to see a credible path to a meaningful earnings recovery without a broad-based price and volume inflection, even assuming double-digit revenue growth next year. Ahead of Q2 results, we therefore reiterate our SELL rating and unchanged EUR 70.00 price target. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

cyan AG has reported several developments that strengthen the Guard 360 investment case. The CANCOM partnership has already yielded a first German ISP customer, with marketing scheduled to begin in September 2026 and further ISP agreements potentially following. Separately, FileWave has added Guard 360 to its endpointmanagement offering, expanding the product’s partner network and addressable customer base. Co-founder Markus Cserna has also been confirmed as long-term CEO, ending the external search process. Overall, the recent news flow supports Guard 360’s potential as a second growth pillar. We continue to expect first material revenue contributions from Guard 360 from 2027 onwards. BUY, PT EUR 4.00. The full update can be downloaded under https://research-hub.de/companies/cyan-ag

Fraport’s weak June and H1 traffic figures highlight a fragile domestic growth trajectory, with Frankfurt passenger volumes down 1.7% in June yoy and 0.8% in H1 yoy due to Lufthansa strikes, high jet fuel prices, and geopolitical conflict in Iran. This stagnation creates an unfortunate mismatch with the April opening of the EUR 4bn Terminal 3 which adds 19m in annual passenger capacity and significantly escalates fixed costs. While a 1.0% increase in H1 group passengers offered minor cushion via international growth, performance there remains highly uneven. Consequently, FY26 targets look increasingly vulnerable. CEO Stefan Schulte has already lowered the Frankfurt passenger forecast to flat 2025 levels, abandoning the previously expected growth of at least 2.8%. Management considers the FY26 financial guidance to still be “achievable”, but also warned that stalling high-margin domestic traffic will dampen financial performance. We slightly reduce our FY26 estimates and maintain our EUR 62.00 price target and SELL recommendation. The full update can be downloaded under https://research-hub.de/companies/fraport-ag

Traton announced improved Q2 26 unit sales, but the regional mix still points to a fragile recovery rather than a clear turning point. Growth was supported by Scania’s product launch in China, Brazil’s subsidized credit program and solid momentum at Volkswagen Truck & Bus. However, International Motors continued to suffer from weak North American demand, while MAN’s key German market lagged the broader European market. H1 unit sales were still slightly below the prior-year level, underlining that the underlying trend remains fragile and partly supported by temporary or region-specific factors. For the full Q2 results on 23 July, we expect moderate revenue and adj. EBIT growth, but broadly stable margins. We see limited earnings momentum due to an unfavorable regional mix, ongoing weakness in North America and persistent cost and pricing pressure. Cyclical risks from freight markets, interest rates and tariffs remain significant, while Chinese electric-truck competition represents a growing structural threat. We reiterate our SELL rating and EUR 23.00 price target. The full update can be downloaded under https://research-hub.de/companies/traton-se

BENO has published its audited FY25 results, broadly confirming the strong preliminary figures released in March. Revenue increased to EUR 9.2m from EUR 8.7m, while net profit rose to EUR 4.6m from EUR 4.0m. More importantly, the audited figures confirm a clear improvement in recurring operating performance: FFO increased to EUR 2.25m from EUR -0.07m in FY24, while operating cash flow improved to EUR 3.6m from EUR -0.5m. Equity rose to EUR 34.9m, equivalent to EUR 10.04 per share, with the company reporting NAV of EUR 11.42 per share. Ultimately, the equity story remains intact as a highly cash-generative, defensively positioned light-industrial play trading at a deep valuation discount. Following this operational validation, we upgrade our estimates by 6-12% and increase our PT to EUR 13.50 (prev. EUR 12.50). We therefore reiterate our BUY rating with a decent >70% upside potential. The full update can be downloaded under https://research-hub.de/companies/beno-holding-ag

ZEAL’s acquisition of SevenCanyon offers an attractive, low-risk entry into the GBP 1.3bn (~ EUR 1.5bn) UK prize draw market at roughly 4x historical EBITDA. The deal adds a scaled, cash-generative platform, reduces reliance on German jackpot cycles and should contribute high-single-digit EURm EBITDA in its first full year, while modest leverage preserves balance-sheet flexibility. As such, we view the transaction as strategically compelling and financially disciplined. Ahead of a strong Q2, and at 11.8x EV/EBITDA 2026E and 10.0x 2027E, we reiterate our BUY rating with an unchanged EUR 72.00 PT. The full update can be downloaded under https://research-hub.de/companies/zeal-network-se

Nordex reported a strong Q2 26 order intake of 3.05 GW excluding services, up 32.2% yoy, supported by renewed demand from the US. ASP remained robust at EUR 0.97m per MW, broadly flat yoy, highlighting continued pricing discipline. However, the headline growth was largely driven by North America: excluding US orders, Q2 order intake would have declined by around 3% yoy in Europe (mwb est.), reflecting some normalization in European growth. For H1 26, order intake reached 4.9 GW, up 9.6% yoy, while ASP improved by 3.3% yoy to EUR 0.95m per MW. Without US orders, H1 order intake would have fallen by around 4% yoy in Europe (mwb est.), underlining the increasing importance of North America as a new growth driver. However, with much of the improved cycle visibility already priced in, Nordex’s 2026E P/E of 21.5x limits further upside potential. We maintain our HOLD rating with a EUR 44.00 price target. The full update can be downloaded under https://research-hub.de/companies/nordex-se

Südzucker’s Q1 FY27 results mark an important step in the group’s earnings recovery. Despite softer sales, profitability improved significantly, showing that the turnaround is gaining traction. A leaner cost base, efficiency measures and better momentum across several divisions were the key drivers. CropEnergies and Starch stood out, Specialities remained resilient, and Sugar showed early signs of stabilisation. Looking ahead, internal improvements could meet a more supportive market environment, driven by higher bioethanol prices, lower European beet acreage, tighter EU sugar import quotas and weather-related supply disruptions, which could support world market prices. This mix could become a meaningful driver, while Q1 provides further evidence of a structurally improving earnings base. We confirm our BUY rating with a EUR 15.00 PT The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag