FCR Immobilien’s audited FY25 results confirm a successful shift toward a recurring-income business model. While headline EBT fell to EUR 6.9m due to the absence of prior-year one-off gains, FFO increased to EUR 7.4m. Operational strength is evidenced by 94.6% occupancy and a WAULT of 5.9 years. The portfolio value remains stable at EUR ~397m. In addition, active deleveraging as helped to reduce net debt to ~ EUR 259m, pushing the company’s LTV to c. 65% from above 70% in the previous year. Although high interest expenses of EUR 12m remain the key investment risks, the transition to a more transparent, cash-flow-driven model is well underway. Given the attractive valuation and resilient retail exposure, we confirm our BUY rating with unchanged PT of EUR 22.00, which on top provides an attractive dividend of EUR 0.35 (yield ~3%). The full update can be downloaded under https://research-hub.de/companies/fcr-immobilien-ag

SBO’s presentation at our Austrian Select Conference largely confirmed our existing view: Precision Technology recovery remains the most important near-term catalyst, while resilient long-term oil & gas fundamentals and capability-led diversification support the broader equity story. Management sees Q3 2025 as the low point for Precision Technology, with clearer improvement expected in H2 2026. At the same time, rising decline rates and maintenance-driven upstream capex underline the structural relevance of oil & gas. Diversification into flow control and additive manufacturing adds attractive long-term growth potential. We maintain our HOLD rating and EUR 39.00 target price. The recording of SBO’s presentation, along with further conference sessions, can be found here: https://research-hub.de/videos The full update can be downloaded under https://research-hub.de/companies/sbo-ag

Nordex delivered a solid start to 2026, with revenues and margins improving, supported by scale effects, stable pricing and a growing contribution from higher-margin service activities. Cash flow was however strongly negative, reflecting a normalization in working capital. The order backdrop remains supportive, particularly in Europe, with strong service momentum and an expanding installed base enhancing visibility for recurring revenues. Management has confirmed FY26 guidance, underlining a stable outlook. However, the strong share price performance has materially reduced the risk/reward profile, with much of the positive momentum already reflected in the valuation. At current levels, the cyclical nature of the wind industry adds downside risk. We slightly increase estimates but maintain our SELL rating and EUR 40.00 price target. The full update can be downloaded under https://research-hub.de/companies/nordex-se

ATOSS delivered a clean Q1, with 11% revenue growth, a 35% EBIT margin well ahead of guidance, and Cloud ARR up 27% to EUR 109.8m. The numbers speak to a resilient business model with high revenue visibility. The nuance lies in the order dynamics: solid pipeline execution through February gave way to a material softening in conversion rates in March, driven by geopolitical uncertainty. New logo momentum in enterprise improved, while SMB lagged. Management raised the EBIT margin floor to 34% and confirmed revenue guidance at EUR 215m. The AI-driven software selloff has hit the sector without distinction: ATOSS has the data assets and domain expertise to prove AI is a lever, not a risk. Estimates and price target unchanged at EUR 130.00, BUY. The full update can be downloaded under https://research-hub.de/companies/atoss-software-se

MTU’s ~4% pullback reflects concerns over a softer aftermarket cycle, but we see the implied downside scenario as too pessimistic. Even if 2026 normalizes somewhat, the year represents <2% of our price target and should not drive the investment case. Past shocks such as Covid and the Ukraine war created sharp but temporary drawdowns that were quickly bought. We see the current weakness as another entry point, with MTU’s long-term earnings engine intact. BUY. PT EUR 520.00. A multiples-based analysis points to a fair value of >EUR 600.00, which we see as realistic over the long term once uncertainty fades. The full update can be downloaded under https://research-hub.de/companies/mtu-aero-engines-ag

Lockheed’s weak Q1 and 4% drop is not a demand warning, but an important mix signal for Rheinmetall. The sector tailwinds remain very strong, yet capital is increasingly moving toward missiles, air defence and high precision systems rather than classical land platforms. Rheinmetall is partly exposed to this shift, but its 2030 story still relies heavily on 155mm artillery and vehicles, where we see rising normalisation risk. We cut our long-term estimates and reduce our PT to EUR 1,450 (from 1,500). HOLD. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

We reiterate our SELL rating on Siltronic, as we view the recent rally above EUR 70.00 as sentiment-driven rather than fundamentally justified. Early signs of stabilization are emerging in leading-edge 300mm, supported by AI demand and modest improvement in utilization, support a price target increase to EUR 50.00 (from EUR 41.00). Nonetheless, the broader recovery remains constrained by elevated inventories, ongoing pricing pressure and weak legacy end markets. With profitability still burdened by high depreciation, subdued utilization and FX headwinds, we see no near-term earnings inflection and view the recent strength as an opportunity to de-risk rather than a signal of structural recovery. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

Pyramid AG successfully raised EUR 5.54m via a capital increase, though weak existing shareholder take-up (23%) confirms the measure was largely defensive. While the transaction materially reduces refinancing risks and improves the leverage profile—bringing FY26E net debt/EBITDA to an expected 1.1x—the resulting dilution is substantial. We believe the strengthened balance sheet provides a necessary foundation for future growth, even as the low placement price anchors the valuation lower. Reflecting the increased share count and the removal of execution risk, we reduce our PT to EUR 3.30 and resume coverage with a BUY rating (prev. “under review”). The full update can be downloaded under https://research-hub.de/companies/pyramid-ag

Mayr-Melnhof (MM) Head of IR Stephan Sweerts-Sporck presented at the mwb research Austrian Select conference (recording available here: https://research-hub.de/events/video/2026-04-23-11-30/MMK-AV). MM has completed a major transformation, shifting from recycled cartonboard to segments such as virgin-fiber board and pharmaceutical packaging. Following a EUR 1.2bn investment cycle and the divestment of non-core assets, MM now has a modernized, low-cost European asset base. Amid challenging market conditions with overcapacity and soft demand, the group is driving margin recovery through its Fit-for-Future efficiency program, targeting over EUR 250m in improvements by 2027. Operational stability, cost leadership, and a strengthened balance sheet underpin confidence, reflected in an increased EUR 2.00 dividend (3.8% yield 2026E). Trading at a 20 - 25% discount to peers, MM presents an attractive risk-reward profile. We recommend to BUY with a EUR 105.00 price target. The full update can be downloaded under https://research-hub.de/companies/mayr-melnhof-karton-ag

POB AG (former PerformanceONE; renamed in March) reported prelim FY25 results above expectations, with revenue rising 15.2% yoy to EUR 10.6m, exceeding both guidance and our estimates. Adjusted EBITDA turned positive at EUR 0.4m, significantly outperforming our EUR 0.1m forecast, indicating stronger underlying profitability. Reported EBITDA remained negative due to one-off restructuring and capital increase costs. Operational improvements in Digital Services and early traction in Digital Health and AI support the positive development. FY26 guidance appears conservative in light of the improved base. However, the equity story continues to hinge on potential exits enabled by the new holding structure. We confirm our price target of EUR 4.70 and the BUY rating. For more insights: On April 29, POB will present at a virtual roundtable in cooperation with mwb research: registration here: https://research-hub.de/events The full update can be downloaded under https://research-hub.de/companies/pob-ag