Airbus used its Business Update to set a formal 2029 EBIT Adjusted target of EUR 12bn to EUR 13bn, broadly in line with consensus but above our previous assumptions. Near term guidance and production targets remain unchanged, limiting the immediate operational read through, while the EUR 5bn buyback should be mildly accretive. More importantly, management’s tone has shifted towards backlog conversion, industrial output, quality and margin delivery following repeated programme delays. COMAC remains the key long-term risk, but their certification and production progress continue to disappoint. We raise our estimates and price target to EUR 225 (from EUR 215) to reflect the higher than estimated EBIT and reiterate BUY. The full update can be downloaded under https://research-hub.de/companies/airbus-se

Stabilus will report Q3 26 results on August 2. We expect revenue of c. EUR 300m, adjusted EBIT of EUR 30.4m, reported EBIT of EUR 24.4m, and net income of EUR 11.0m. Automotive weakness, difficult conditions in China, adverse currency effects, and lower plant utilization should remain the main headwinds. Industrial activities are unlikely to fully offset the pressure. We reduce FY26 estimates to EUR 1.214bn in revenue and EUR 96m in reported EBIT. For FY27, we forecast flat EBIT as portfolio disposals offset restructuring benefits. We lower our price target to EUR 21.00 (from EUR 21.90) and reiterate BUY. The full update can be downloaded under https://research-hub.de/companies/stabilus-se

Friedrich Vorwerk announced strong preliminary Q2 26 results, with revenue developing broadly in line with expectations and profitability clearly exceeding our forecast. The figures underline FVG’s strong project execution and its ability to generate exceptionally high margins from the projects currently underway. At the same time, order momentum is beginning to moderate. While H1 order intake remained solid, the book-to-bill ratio was below 1.0x, and both acquired project volume and the order backlog declined yoy. The backlog nevertheless remains substantial and continues to provide good revenue visibility. Following the strong H1 margin development, management raised its FY26 EBITDA guidance while maintaining its revenue outlook. Despite the improved earnings outlook, risks remain elevated. We reiterate our HOLD rating but raise our PT to EUR 70.00 from EUR 60.00. The full update can be downloaded under https://research-hub.de/companies/friedrich-vorwerk-group-se

Drägerwerk (Dräger) received an additional EUR 14.2m in tariff refunds, including interest, and raised its FY26 EBIT margin guidance to 6.0%–8.0% from 5.5%–7.5%. We add the confirmed payment and the lower end of a further potential EUR 7m–9m reimbursement to our estimates, increasing FY26E EBIT by EUR 21.2m to EUR 277m. Sales remain unchanged at EUR 3,659m, implying a 7.6% EBIT margin. Given two successful reimbursements, we see a reasonable likelihood of a third payment. We reiterate BUY and raise our price target to EUR 114.00 from EUR 113.00, reflecting approximately EUR 1.13 per share in incremental EBIT before tax effect. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

GEA delivered a clean beat on prelim. Q2 figures and raised FY26 guidance on all three-headline metrics. Organic order intake grew 15.4% yoy, organic sales 11.0% against a 6.3% consensus, and the EBITDA margin before restructuring expenses reached 17.4% vs. 16.5% in Q2 2025. For the full-year, organic sales growth guidance moves to 6-8% (prev. 5-7%), the EBITDA margin to 17-17.4% (prev. 16.6-17.2%) and ROCE to 36-40% (prev. 34-38%). The midpoint of the new margin range is equal to the previous ceiling. We lift FY26E EBITDA before restructuring expenses to EUR 1,010m, equal to a 17.2% margin, and raise our medium-term margin assumptions, while trimming FY26E EPS to EUR 3.27 to reflect a higher tax rate. We raise our PT to EUR 76.00 (prev. EUR 73.00). BUY. The full update can be downloaded under https://research-hub.de/companies/gea-group-ag

Kontron announced two further orders in July. In Transportation, the company recently extended an existing rail maintenance and security framework agreement until 2035, adding close to EUR 100m of long-duration order visibility. Separately, Kontron won a new European automotive customer for 150,000 5G NAD modules, with potential to more than triple if rolled out to further platforms. Together, the announcements show solid commercial traction in key strategic areas: European rail communication and secure 5G connectivity. We slightly raise forecasts from 2027E onwards and update our share count reflecting the company’s buybacks. We raise our DCF-derived price target to EUR 35.00 (from EUR 34.00). BUY. The full update can be downloaded under https://research-hub.de/companies/kontron-ag

For Q3 2025/26, we expect broadly stable sequential sales of c. EUR 24m and an EBITDA margin of 7–8%, with Adhesives and Disinfection again offsetting persistent weakness in Curing. Positive electronics orders in Asia, water-treatment demand, a better mix and lower material costs should support profitability, while printing-related demand and competitive pressure are likely to keep Curing subdued into Q4. We now model FY revenues slightly below the EUR 95m guidance floor but still see the lower end of the EUR 6–9m EBITDA range as achievable. Reflecting the softer top-line outlook, we cut our price target to EUR 18.00 from EUR 20.00, but reiterate BUY given improving earnings quality and the medium-term potential of Adhesives and Disinfection. The full update can be downloaded under https://research-hub.de/companies/hoenle-ag

BaFin has opened a for cause examination of Jungheinrich's H1 2025 financial statements, questioning the valuation of rental equipment and inventories tied to the planned Russia disposal and, specifically, whether the related impairment should have been booked at 30 June 2025 (H1) rather than in July (H2). We see this as a timing question inside FY2025 with no impact on full year 2025 or 2026 earnings, and any negative share price reaction would look disproportionate to a fundamentally immaterial issue. With the stock near its 52-week low and trading well below both our DCF based (64% upside) and multiples based fair values (> 100% upside), we view the weakness as a reinforced entry opportunity and reiterate BUY with a target price of EUR 41.00. The full update can be downloaded under https://research-hub.de/companies/jungheinrich-ag

MHP reported record Q2 revenue and growth of 26% yoy (with F&B up 41% yoy), driven by the full contribution of the Hyatt Regency Vienna and the ramp-up of the Conrad Hamburg. Group occupancy dipped by 1 PP yoy due to the new Conrad Hamburg opening (reaching a record 82% ex-Conrad), while ADR declined 4% yoy and RevPAR dropped 5% yoy, reflecting portfolio mix effects and lower high-value Middle Eastern visitor numbers amid geopolitical friction. Management reiterated its FY26 guidance of EUR 225m in revenue and at least EUR 10m in EBITDA, supported by business picking up in May and June after a softer April. Backed by strong positioning in the luxury segment and highly attractive valuation metrics (2027 EV/EBITDA of 3.5x; 2028 EV/EBITDA of 2.5x), we confirm our BUY rating with a price target of EUR 3.00. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

Daimler Truck CEO Karin Rådström expects Chinese electric-truck manufacturers to expand into Europe, reinforcing a structural risk we have highlighted for some time. European OEMs retain important advantages through strong brands, established customer relationships and extensive service networks. However, defending their position could require lower prices, higher discounts or additional incentives, putting pressure on profitability. This is particularly concerning given the structurally higher labour, energy and manufacturing costs of European producers. The passenger-car industry provides a clear warning of how Chinese competition can reshape sector economics without immediately displacing incumbents. With freight operators increasingly focused on total cost of ownership after years of economic and geopolitical pressure, lower-priced alternatives may gain traction. We maintain our SELL rating and EUR 30.00 price target. The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag