secunet's H1 2026 results confirmed the strength already signaled by Q1's record order backlog, with Q2 delivering standout growth. Revenue grew 31.6% yoy and EBIT more than doubled to EUR 12.6m, driven by favorable operating leverage. Order backlog reached a record EUR 360.8m, and management specified FY26 revenue guidance to the upper end (EUR 460-500m) while holding EBIT/EBITDA ranges unchanged, citing ongoing investment. We see the top end of guidance as achievable, supported by backlog, a deliberate inventory build, and typical H2 seasonality. We nudge estimates up modestly and raise our PT to EUR 210.00, rating unchanged at HOLD. The full update can be downloaded under https://research-hub.de/companies/secunet-security-networks-ag

Company Name: Grand City Properties SA ISIN: LU0775917882   Reason for the research: Sechsmonatsbericht Recommendation: Kaufen from: 13.08.2026 Target price: €14,80 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Grand City Properties S. [ … ]

Voltatron's H1 report confirms FY26 guidance and shows the scale effect of the buyand-build strategy, with revenue from continuing operations up 166% yoy to EUR 24.6m. Reported margins are flattered by the EUR 1.1m KOMITEC bargain purchase, though adjusted EBITDA margin (5.6%) and adjusted EBT margin (-0.9%) remain below their guided FY 26 ranges. Meeting guidance therefore requires strong H2. Given the delivery track record of recent months, a supportive order environment and the June contract win with a new industrial e-mobility customer at EUR >10m p.a. over at least five years, we expect a strong H2 and see upside to our 2027E revenue. We reiterate Speculative BUY, EUR 5.00. The full update can be downloaded under https://research-hub.de/companies/voltatron-ag

Brenntag reported a solid Q2, with higher chemical pricing and cost-out driving strong gross-profit growth, margin expansion and materially better EBITDA conversion despite broadly stable volumes. FCF was weak, but the drag was largely technical and workingcapital related, with early signs of reversal already visible in Q3. The quarter therefore strengthens the earnings floor and validates execution, but the recovery stems from a temporary supply chain disruption; with valuation undemanding but upside still within our HOLD framework, we retain our EUR 65.00 price target, while a re-rating would require a durable volume recovery as current pricing tailwinds normalize. The full update can be downloaded under https://research-hub.de/companies/brenntag-se

Multitude delivered a strong Q2 26, materially improving visibility on its FY26 net profit target. In line with our estimates, revenue reached EUR 65.3m, while net profit rose to EUR 8.7m, up 26% yoy and nearly double Q1 26. Lower impairments and strong growth in fee and commission income supported profitability despite weaker interest income. Consumer Banking recovered sequentially and Wholesale continued to scale profitably, while SME remains the main weakness, with positive EBT now expected by 2027. With EUR 13.1m net profit achieved in H1, Q2 momentum would be sufficient to reach the EUR 30m FY26 target. Our estimates, PT at EUR 14.40 and our BUY rating remain unchanged. The full update can be downloaded under https://research-hub.de/companies/multitude-ag

Mister Spex delivered solid Q2 2026 operating results, with group revenues declining 11% yoy to EUR 47.1m (mwb est: EUR 47.6m). A 21% drop in online sales weighed on top-line performance, but offline revenues grew 9% yoy to EUR 18.9m, outperforming a weak German market. Adjusted EBITDA surged 55% yoy to EUR 2.6m (mwb est: EUR 2.3m), yielding a 5.4% margin due to strong cost discipline. However, heavy Q2 transformation costs (c. EUR 3.7m) kept reported EBIT negative at EUR -6.6m. Cash stood at EUR 43.2m still providing a reassuring safety net. In our view, overall, core turnaround drivers remain on track, and FY26 guidance was confirmed. We stick to our BUY rating with unchanged est. and PT of EUR 3.40. The full update can be downloaded under https://research-hub.de/companies/mister-spex-se

Friedrich Vorwerk delivered Q2 26 results in line with prelims, with strong growth and exceptionally high profitability. Order intake improved on an H1 basis, although softer Q2 momentum and a lower backlog point to some normalization. Cash generation strengthened significantly, while the strong liquidity position increases flexibility for acquisitions and shareholder returns. The meterQ acquisition broadens FVG’s technology offering and could support further diversification, with additional bolt-on deals potentially strengthening its market position. However, risks remain from higher costs, infrastructure delays, greater cost scrutiny, muted hydrogen activity and capacity constraints. Given uncertainty over the sustainability of FVG’s unusually strong operating performance, we reiterate our HOLD rating and EUR 70.00 PT. The full update can be downloaded under https://research-hub.de/companies/friedrich-vorwerk-group-se

Formycon's H1 2026 results showed strong year-on-year growth, with revenue nearly tripling to EUR 25.8m and EBITDA improving to EUR -3.4m. FYB206 licensing income was the main driver, delivering a consistent contribution across both quarters, while FYB202 royalties trended higher off a low base, though below management's own expectations. On the pipeline side, FYB203 launched in Europe and prepares for its US entry in Q4, FYB201/Cimerli continues its gradual US recovery via Sandoz, and FYB206 clinical development was completed, moving toward regulatory submission. Management confirmed FY2026 guidance. We maintain our BUY rating and EUR 38.00 price target. The full update can be downloaded under https://research-hub.de/companies/formycon-ag

Company Name: GFT TEchnologies SE ISIN: DE0005800601   Reason for the research: Update Recommendation: Buy from: 12.08.2026 Target price: 35 Last rating change: Analyst: Sebastian Droste Brazil and AI drive solid growth On August 6, GFT released its H1 financial results and confirmed its guidance for 2026. Revenue growth was stab [ … ]

Viscom’s Q2 marked a clear operational improvement, with a sharp return to profitability on recovering volumes, improving mix and strong operating leverage, while positive operating cash flow added further support. Importantly, the recovery is not confined to the battery project: core SMT, industrial and automotive demand is improving, led by Asia and North America, while Europe remains subdued. With orderintake guidance looking achievable, a backlog underpinning H2 and potential upside from earlier battery deliveries, full-year delivery now appears materially more credible. At the same time, pricing pressure, weaker service revenues and still-subnormal gross margins remain the key watchpoints. Overall, we see execution risk declining and the setup into 2027 improving, supporting our BUY rating and EUR 8.00 price target. The full update can be downloaded under https://research-hub.de/companies/viscom-se