GEA’s valuation gap versus industrial peers has now fully closed, with the stock trading in line with its three-year median across FY27E EV/EBITDA of 8x, EV/EBIT of 10x and P/E of 16x. The recent insider buying adds a strong signal, with seven board members purchasing >EUR 1.3m of shares since mid-May 2026, the broadest and most concentrated management buying at GEA in at least three years. Operationally, the case is unchanged & FY26 guidance was confirmed, consensus expectations remain achievable, and Middle East exposure is immaterial, with the region accounting for only around 3% of order intake and no local production footprint. With valuation back at fair levels, guidance intact, geopolitical risk close to zero and management buying aggressively, we see limited downside and a credible path to our unchanged EUR 68.00 price target. BUY. Interested investors can participate in our online conference with GEA (link). The full update can be downloaded under https://research-hub.de/companies/gea-group-ag

HEIDELBERG’s final FY25/26 release confirmed preliminary numbers, including stable sales of EUR 2.29bn but a weak Q4 and an adjusted EBITDA margin of 6.6%. The primary focus is now on strategic transformation. Management highlighted its positioning as a system integrator in packaging, detailed concrete cost-out measures, and emphasized high-tech dual-use ambitions in defense via ONBERG. While defense remains an unquantified option value for now, guidance for FY26/27 points to a noticeable margin improvement on stable sales, supported by efficiency gains. Despite slightly below our expectations, we view this self-help story positively as the company diversifies beyond traditional printing. We reiterate our BUY rating and PT of EUR 2.60. HEIDELBERG will present on mwb research’s Industrial Technology conference on June 22. To participate, register here: https://research-hub.de/events/registration/2026-06-22-11-00/HDD-GR. The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

Formycon’s full-board roundtable ahead of the AGM made the FYB4Growth strategy more tangible, framing it as a response to the challenges of 2025. The strategy focuses on global diversification, smarter portfolio selection, operational excellence and lean development, including targeted cost and timeline reductions. We view this as a credible framework, but execution remains key. FYB201 must rebuild US momentum, FYB202 contributions remain uneven, FYB203 is still early in its launch phase, and FYB206 is entering the submission phase with further milestone potential. We maintain our BUY rating and EUR 38.00 price target. A recording of the presentation and the Q&A is available at: https://research-hub.de/videos. The full update can be downloaded under https://research-hub.de/companies/formycon-ag

Germany and France have pulled the plug on the manned fighter jet at the centre of FCAS. For Airbus, the direct earnings impact should be negligible. FCAS had not moved beyond demonstrator work, service entry was a 2040+ story, and revenues in our forecast window were immaterial. The EUR 100bn headline figure refers to lifetime program cost across several nations over decades, not near-term Airbus revenue. Strategically, the collapse removes a long running industrial overhang while leaving combat cloud, drone and network elements potentially alive. A read across is MGCS (RHM:GR & KNDS), where Franco German defense cooperation could also face renewed scrutiny. For Airbus, however, the investment case remains driven by commercial aircraft deliveries, engine supply constraints and the 2026 guidance risk. Unchanged PT of EUR 180.00. HOLD The full update can be downloaded under https://research-hub.de/companies/airbus-se

POB AG (former PerformanceONE; renamed in March) has resolved to issue a 5-year convertible bond of up to EUR 1.25m to strengthen liquidity and support refinancing. The bond carries a 10% coupon, implying EUR 125k annual interest expense at full placement. Net proceeds of c. EUR 1.15m would mainly fund refinancing, credit line repayment and working capital, while only c. EUR 400k is allocated to Digital Health, AI and Digital Services projects. Full conversion would create c. 0.5m new shares, implying potential dilution of ~24%. Taking a back-of-the-envelope SotP-calculation into account, we confirm our EUR 4.70 price target, with a BUY-rating. The full update can be downloaded under https://research-hub.de/companies/pob-ag

Company Name: LAIQON AG ISIN: DE000A12UP29   Reason for the research: Update Recommendation: BUY from: 08.06.2026 Target price: €8.70 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research has published a research update on LAIQON AG (ISIN: DE000A12UP29). Analyst Ch [ … ]

Nordex shares have fallen back from their May peak of around EUR 50 after a strong rally of roughly 70% since the start of the year, as expectations for an extended and uninterrupted wind cycle have been reassessed. The subsequent 20% correction reflects a more critical market view, with uninterrupted peak-cycle assumptions increasingly seen as too optimistic given the sector’s inherent cyclicality. While the earlier rally was supported by strong order intake, improving profitability, and margin expansion, recent data suggests that momentum is weakening. Nevertheless, following the share price decline, we see a more balanced risk-reward profile, with the key question being whether the cycle has already peaked or still has further to run. We upgrade from SELL to HOLD, with an unchanged price target of EUR 40.00. The full update can be downloaded under https://research-hub.de/companies/nordex-se

Following the strong share price performance, Singulus has reached our EUR 6.00 price target, leaving the risk/reward more balanced despite continued positive sentiment around the solar partnership, refinancing and Q1’26 rebound. While the recovery story remains intact, Q1 should not yet be extrapolated into a sustainable run-rate given Singulus’ project-driven business model and the volatility this creates. With fair value reached, a further re-rating now hinges on sustained execution and additional follow-up orders. We therefore move to the sidelines and downgrade Singulus to HOLD from Spec. BUY with an unchanged EUR 6.00 price target. The full update can be downloaded under https://research-hub.de/companies/singulus-technologies-ag

Shares of Friedrich Vorwerk (FVG) have fallen by around 56% since their peak in October last year, broadly confirming our previously cautious stance. After a period of exceptional operational performance, investor expectations had become overly optimistic, pricing in near-perfect conditions. The correction has reset these expectations and restored a more reasonable outlook. Over the past year, FVG benefited from peak operating conditions driven by strong contract wins, high growth, and elevated margins. However, these conditions appear increasingly unsustainable, with risks including geopolitical tensions, a slower rollout of Germany’s infrastructure program, already reflected in fewer large-scale contract awards, greater political focus on cost-efficient energy infrastructure expansion, and a slower hydrogen ramp-up. In our view, the sharp share price decline has now brought the risk-reward profile back into balance. We upgrade from SELL to HOLD, with an unchanged EUR 60.00 PT. The full update can be downloaded under https://research-hub.de/companies/friedrich-vorwerk-group-se

Pharma capex risk is becoming more visible for Sartorius, supporting our SELL view. Recent reports that Eli Lilly may halve the second phase of its Alzey investment and Boehringer Ingelheim may cancel EUR 900m of German projects point to weakening investment visibility across Europe. Meanwhile, large pharma groups continue to commit capital to the US, driven by industrial policy, tariff exemptions and “America First” supply-chain priorities. For Sartorius, a regional capex shift could pressure equipment-heavy LPS and parts of BPS. While recurring revenues (75% mwb est)should stabilize growth, they may not offset delayed investment cycles. SELL, EUR 190.00 PT. The full update can be downloaded under https://research-hub.de/companies/sartorius-ag