Fielmann Group reported strong preliminary H1 2025 results, with sales up 12% yoy to EUR 1.2bn and adjusted EBITDA rising 26% to EUR 290m, lifting the EBITDA margin to 23.7% at Group level. Margins in Europe reached 24.9%, driven by digitalization, scale effects, and early efficiency gains. Management confirmed that the Group has already met its Vision 2025 EBITDA margin target, highlighting disciplined execution. FY25 guidance was reaffirmed, with sales of up to EUR 2.5bn and a Group EBITDA margin of ~24%. The new Vision 2035 sets strategic growth targets, while financial ambitions are EUR 4bn in sales and a 25% margin by 2030, supported by customer-centric innovation. We reiterate our BUY rating with a PT of EUR 68.00, reflecting Fielmann’s operational strength and long-term growth potential. The full update can be downloaded under https://research-hub.de/companies/fielmann-group-ag

Company Name: Energiekontor AG ISIN: DE0005313506   Reason for the research: Update Recommendation: Buy from: 09.07.2025 Target price: 105,00 Euro Target price on sight of: 12 Monate Last rating change: 18.10.2022: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein [ … ]

Rigsave’s FY24 standalone holding results offer limited insight due to a lack of audited group consolidation. Based on our pro forma consolidation, Rigsave Group generated EUR 1.72m in revenue (+92% yoy), but fell short of expectations. Operating income was slightly positive (EUR 42k), aided by government grants. A EUR 15.2m fair value loss from the RAAF fund significantly reduced equity, now down to EUR 21.8m. The balance sheet is increasingly debt-financed and financial risk has risen. Given lower growth assumptions and a 56% RAAF revaluation decline, we cut our price target to EUR 6.20 (from EUR 9.50) and change the rating to Spec. BUY (old: BUY). The full update can be downloaded under https://research-hub.de/companies/rigsave-spa

AUTO1 is expected to report a seasonally softer Q2, following a strong start to the year. Management anticipates lower sequential volumes and profitability due to public holidays and ongoing investment activity. The company is expanding its Autohero operations and progressing with a large-scale hiring initiative to support long-term growth. Meanwhile, recent price data suggests a stabilizing used car market in Europe. This supports a moderate upward revision of our estimates. With the share now trading close to the updated PT of EUR 28.00 (old: EUR 27.00), mwb research's analysts currently see limited near-term upside and downgrade their rating from BUY to HOLD. The full update can be downloaded under https://research-hub.de/companies/auto1-group-se

Rubean has successfully completed its fully subscribed capital increase, raising EUR 4.32m through the issuance of 785,588 new shares at EUR 5.50 each. The two-tranche offering—via rights issue and private placement—boosts share capital by ~19%, reflecting strong shareholder confidence. Proceeds will reduce debt and accelerate growth, particularly through expanded sales efforts and onboarding of international payment service providers. This supports broader adoption of Rubean’s flagship PhonePOS, the only softPOS solution supporting girocard in Germany. With growing traction for both PhonePOS and GetPAYD across banking, retail, and logistics, Rubean benefits from strong partner channels and regulatory tailwinds. Despite slight dilution, the raise enhances financial flexibility ahead of 2026 cash break-even. We maintain our BUY rating and EUR 10.00 PT. The full update can be downloaded under https://research-hub.de/companies/rubean-ag

Company Name: Avemio AG ISIN: DE000A40KY59   Reason for the research: Research study (Anno) Recommendation: BUY Target price: 15.00 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Cosmin Filker; Niklas Ripplinger You can download the research here: 20250707_Avemio_Anno_engl Contact for questions: GBC AGHa [ … ]

Hydrogen remains central to Europe’s decarbonization efforts, supported by expanding national programs and growing corporate investments. Germany targets 10 GW of electrolyser capacity by 2030, backed by major EU initiatives, while Italy, France, and Spain pursue ambitious plans focusing on industrial applications, electrolyser production, and green hydrogen incentives. This coordinated policy framework ensures strong demand visibility for electrolyser manufacturers like Enapter. Industrial sectors increasingly prefer hydrogen over pure electrification due to advantages like technical feasibility, lighter weight, faster refueling, and potential on-site hydrogen generation. Enapter’s next-generation products, Stack T and Nexus 2500, are well positioned to benefit. Contrary to mwb research’s previous update, first deliveries are expected in H2 2026 rather than January. Orders can already be placed, likely boosting intake from H2 2025 and expanding the current EUR 46m backlog, supporting revenue growth and profitability in the coming years. The mwb research analysts maintain their Spec. BUY rating and PT of EUR 6.40. The full update can be downloaded under https://research-hub.de/companies/enapter-ag

Deutsche Rohstoff stands to benefit significantly from its significant stake in Almonty Industries, whose shares have surged nearly 5-fold YTD due to the strategic importance of its Sangdong tungsten mine in South Korea, set to begin production in H2 2025. With China controlling over 80% of global tungsten supply and imposing export controls, Almonty is emerging as a key conflict-free, Western supplier, especially as the US tightens restrictions on tungsten from hostile nations. Almonty’s has now filed for a Nasdaq listing intends to raise capital as part of the process, further strengthening its strategic positioning. Meanwhile, Deutsche Rohstoff’s Q2 results, due 19 August, are expected to show weaker performance due to a lower WTI price and USD, but this is offset by hedging and Almonty’s value surge, now reflected at EUR 100m in our updated model. Despite FX-related estimate downgrades, we raise our price target from EUR 47.00 to EUR 53.00, reinforcing our BUY rating. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

Dermapharm Holding SE (DMP) reaffirmed its shareholder-focused strategy and stable dividend policy at its AGM, approving a EUR 0.90 per share payout (EUR 48.5m total). The company maintains a clear strategic focus for 2025, targeting organic growth, operational efficiency, and selective portfolio expansion. Key priorities include strengthening the branded pharmaceuticals segment, accelerating the transformation of Arkopharma, and realigning the parallel import business. Management confirmed its FY25 guidance, citing solid year-to-date performance and continued demand for health products. We believe that these initiatives should support margin expansion and improve DMP’s global positioning. Consequently, we are maintaining our EUR 45.00 price target ant the BUY rating. The full update can be downloaded under https://research-hub.de/companies/dermapharm-holding-se

Company Name: Vossloh AG ISIN: DE0007667107   Reason for the research: Update Recommendation: Buy from: 07.07.2025 Target price: 102 Last rating change: Analyst: Daniel Kukalj, CIIA,CEFA Driving Infrastructure Growth Following a change of analyst, we are raising our price target to EUR 102, applied by our ROE/COE valuation approa [ … ]