Fresenius Medical Care (FME) reported better-than-expected results in Q4 2025, with revenues of EUR 5.07bn (flat yoy, +7% yoy in cc) coming 1% ahead of consensus and adjusted (adj.) EBIT of EUR 705m (+53% yoy in cc) surpassing by 11%. The margin improved 4.3ppt yoy to 13.9%, supported by favourable TDAPA reimbursement regulations and cost savings. For the full-year, revenues grew 5% yoy in cc to EUR 19.6bn and adj. EBIT was up 27% yoy in cc to EUR 2.2bn (margin: 11.3%, +2ppt yoy). For FY 2026, management guides for broadly flat revenues yoy, and adj. EBIT to grow between positive and negative mid-single digit %, implying an EBIT margin of 10.5%-12.0%. The outlook implies steady to only a gradual operational recovery in 2026. The company is progressing well on its FME+ efficiency programme and portfolio optimisation initiatives. However, the uncertainty around US dialysis volumes and persistent FX headwinds remain key monitorable. With attractively cheap valuations and support by ongoing share buy-backs, we confirm our unchanged price target of EUR 47.00. Rating remains BUY. The full update can be downloaded under https://research-hub.de/companies/fresenius-medical-care-ag

U.S. tariff relief provides incremental support for Draegerwerk, but the benefit will likely be gradual. While certain tariffs have been removed, temporary measures remain in place for around 150 days, limiting the positive impact in 2026. A broader margin tailwind is therefore expected from 2027 onward. Management guides for 1-5% yoy sales growth and a 5.0-7.5% EBIT margin in FY26, in line with our expectations. Following a strong FY25, the stock has rallied above EUR 90.00 (+31% ytd), largely pricing in improved earnings quality. We raise our price target to EUR 97.00 but downgrade to HOLD, as valuation now appears broadly fair. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

Company Name: Antimony Resources Corp. ISIN: CA0369271014   Reason for the research: Management Interview Last rating change: Analyst: Cosmin Filker You can download the research here: 20260225_Antimony_Interview_engl Contact for questions: GBC AGHalderstraße 2786150 Augsburg0821 / 241133 0research@gbc-ag.de++++++++++++++++ [ … ]

MHP Hotel AG reaffirmed its ambitious growth strategy in an online investor roundtable, highlighting its focus on premium and luxury hotels, segments that are outperforming the broader European market. The company has achieved record KPIs in Q4 2025 and benefits from a footprint concentrated in high-growth cities such as Vienna, Munich, Berlin, and Hamburg. MHP also sees attractive expansion opportunities, including selective acquisitions (e.g., assets emerging from Revo’s insolvency), potential entry beyond the DACH region, and further rollout of its MOOONS boutique brand, while maintaining disciplined capital allocation. Management confirmed 2025 and 2026 guidance. A temporary decline in 2026 EBITDA is due to one-offs and base effects; adjusting for these implies a recurring EBITDA margin of ~6% and an attractive 2026 EV/EBITDA of 3.3x, supporting our BUY rating and EUR 3.30 PT. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

Nordex delivered a strong Q4 FY25, clearly exceeding expectations. While Q4 is typically seasonally strong due to year-end project completions, this performance reflects the company’s structurally improved earnings profile. Better pricing, disciplined project execution, a favorable regional and product mix, and stronger scale effects drove substantial margin expansion and highlighted growing operating leverage. For FY25, Nordex achieved solid revenue growth, improved margins, and very strong free cash flow, supported by favorable working capital dynamics and high customer prepayments. The record order backlog provides excellent revenue visibility, with European markets strong and North America gaining momentum. Looking ahead, management raised mid-term profitability targets and plans capital returns, likely a dividend from FY26. We raise estimates, keep BUY, and lift PT to EUR 40.00 from 36.00. The full update can be downloaded under https://research-hub.de/companies/nordex-se

TAKKT faced a challenging demand environment in Q4 2025, with organic sales down 6.7% yoy across segments and the adjusted EBITDA margin falling 2.5ppt to 2.1%. For FY25, organic sales declined 6.6% (within guidance of -4% to -8%), while the adjusted EBITDA margin reached 3.8% (vs. 4%–6% guidance) and free cash flow totaled EUR 10m. The company booked a EUR 125m goodwill impairment on its US units due to tariff headwinds and weak sales, reducing future impairment risk. TAKKT suspended its 2025 dividend (mwb est. EUR 0.20), and management expects a weak start to 2026 but anticipates positive H2 growth and improved profitability, supported by TAKKT Forward. We reiterate BUY, with downward revised PT of EUR 5.50 (prev. EUR 7.00), as we believe in TAKKT’s strong cash-generation and strong market position. In our view, this offers an attractive entry point ahead of an expected mid-term cyclical recovery. The full update can be downloaded under https://research-hub.de/companies/takkt-ag

According to the FT, Rheinmetall is set to join two start-ups in supplying drones to the German armed forces, with an initial contract volume of EUR 269m, subject to Bundestag approval and milestones. The financial impact is limited and does not warrant changes to estimates or price target. The award underscores Berlin’s clear diversification strategy and the rising role of defense tech start-ups such as Stark and Helsing, whose contracts carry significant step-up potential. Procurement growth is becoming more contested, not structurally concentrated on incumbents. Furthermore, the contract reinforces the structural shift in land warfare toward drones, ISR and air defense, lessons drawn from Ukraine and reiterated at the Munich Security Conference. For Rheinmetall, Skyranger validation in Ukraine is the key factor for the medium-term land systems narrative. PT unchanged at EUR 2,000. BUY. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Hoenle reported a mixed Q1, with revenue broadly flat at EUR 21.5m but significantly weaker profitability as EBITDA halved to EUR 0.5m due surging operating expenses (FX, marketing, IT). While Curing suffered from continued investment reluctance in mechanical engineering and Adhesives saw margin pressure despite flat sales, Disinfection delivered strong double-digit growth and a sharp improvement in earnings, underlining its structural growth profile and increasing importance within the Group. Management reiterated its FY 2025/26 guidance, implying a clear improvement over the upcoming quarters, which we will monitor closely. Overall, we continue to see an attractive risk/reward profile at these levels as business mix improves, particularly following the multi-year restructuring and strategic repositioning. Thus, we reiterate BUY rating and PT of EUR 20.00. Follow the earnings call today at 14:00 CET by registering here: https://research-hub.de/events/registration/2026-02-24-14-00/HNL-GR The full update can be downloaded under https://research-hub.de/companies/hoenle-ag

Leifheit announced preliminary Q4 FY25 results ahead of our expectations, with restructuring and cost-saving measures driving strong earnings despite softer sales. Q4 EBIT surprised on the upside, highlighting the tangible impact of operational efficiency and structural improvements. For FY25, while group turnover declined, adj. EBIT margins improved and free cash flow remained positive, supported by working capital gains. Core categories, particularly mechanical cleaning and laundry care, showed resilience, offsetting weakness in non-core areas. The company continues to enhance efficiency through consolidation and digital initiatives under the FOCUS program. With further upcoming product relaunches, increased marketing efforts, and ongoing innovation, Leifheit is well positioned to benefit from a broader recovery in demand. We slightly adjust est. and reiterate our BUY rating with a PT of EUR 23.00. The full update can be downloaded under https://research-hub.de/companies/leifheit-ag

Viscom’s preliminary FY25 figures were mixed. While the top line came in within expectations, profitability was clearly below, weighed down by inventory and receivables impairments. While the year-on-year improvement in earnings is notable, the miss versus guidance is a setback, shifting the equity story from recovery to stabilization. Operationally, solid momentum in core SMT, selected Asian automotive projects and the OEM X-ray business was offset by weak automotive demand in Europe and North America, battery inspection underperformance and softer microelectronics trends. Looking into FY26, management’s tone signals stabilization rather than acceleration, with revenue and margin guidance all below our prior estimates. As we push out our recovery assumptions, we downgrade from BUY to HOLD and lower our price target to EUR 5.00 (old: EUR 6.00), awaiting signals of renewed momentum and improving execution. The full update can be downloaded under https://research-hub.de/companies/viscom-se