SYNBIOTIC has announced several developments that together support the investment case and underpin the ongoing turnaround scenario. Two small capital increases, the insolvency of a non-core subsidiary, and strong sector tailwinds were followed by the strategic entry of cannabis-focused fund CANSOUL as anchor investor. While the capital measures signal short-term liquidity needs, the exit from recreational cannabis activities is viewed as a consistent loss cut within a focused restructuring. New anchor investors validate SYNBIOTIC’s strategic assets, including medical cannabis licenses and industrial hemp exposure, and should stabilize financing. We incorporate the issuance of new shares into our forecasts from FY26 onwards, resulting in a moderate dilution of approximately 5%. Reflecting the updated capital structure, we lower our price target to EUR 6.60 (from EUR 7.00) while reiterating our Spec BUY rating. The full update can be downloaded under https://research-hub.de/companies/synbiotic-se

PUMA shares have strengthened in recent weeks, driven by takeover rumors and selective positive read-across rather than a broad-based improvement in sector fundamentals. Macro indicators point to a stable, but not accelerating, consumer environment, with recent US and Asian retail data showing resilience but limited volume tailwinds. The transition of PUMA’s North American legwear business from the PUMA United joint venture to a licensing model is a key driver of changes versus prior estimates and should be seen as part of the broader wholesale reset. While this reduces reported revenues, it improves capital intensity, cash flow visibility and working-capital dynamics from 2026. Reflecting lower model volatility rather than faster growth, we raise our DCF-based price target to EUR 21.00 (from EUR 19.00) and reiterate HOLD The full update can be downloaded under https://research-hub.de/companies/puma-se

tk nucera announced FY25 results in line with preliminary figures, showing a slight decline in revenue but an improvement in earnings. Green Hydrogen (gH2) experienced near-term softness as legacy projects rolled off and new awards remained limited, while Chlor Alkali (CA) remained resilient, generating stable cash flow. Order intake slowed, particularly in gH2. Looking ahead to FY26, guidance points to lower group revenue and modest earnings, largely reflecting the execution of the existing order backlog. CA is expected to remain steady, while gH2 is likely to continue facing softness. Strong liquidity and a reliable CA segment position the company well to navigate the soft cycle, with potential new orders in FY26 as feasibility studies for new projects progress. We maintain our BUY rating and price target of EUR 10.00. The full update can be downloaded under https://research-hub.de/companies/thyssenkrupp-nucera-ag-co-kgaa

December deliveries are tracking far below the level required to meet Airbus’ already reduced ~790 aircraft target. With only ~30 deliveries recorded so far this month (source: Cirrus), Airbus would need to hand >100 aircrafts in the remaining days of December, an outcome we see as highly unlikely given national holidays and ongoing A320 fuselage quality issues. This materially increases the probability of another delivery miss and raises the risk of a financial guidance miss. At the same time, we see consensus as too optimistic on the production ramp, while longer-term competitive pressure from COMAC continues to be underappreciated. To reflect another delivery shortfall, we slightly lower our revenue estimates, leading to a reduce PT of EUR 167.00 (prev. 170.00). SELL. The full update can be downloaded under https://research-hub.de/companies/airbus-se

Photon Energy’s November report reveals a challenging operational environment, with proprietary electricity generation falling 20% yoy, primarily due to continued licensing delays in Romania where output lagged forecasts by nearly 55%. Despite this volume setback, the company achieved a robust 13% sequential increase in realized electricity prices to EUR 200/MWh, while simultaneously advancing its strategic portfolio optimization through the completed sale of the Domanowo project and launching a promising PFAS remediation technology. With critical Romanian capacity expected to come online between December and Q1 2026, and the stock trading at a discount to its potential, we reiterate our Spec. BUY rating with a price target of EUR 1.00. The full update can be downloaded under https://research-hub.de/companies/photon-energy-nv

Viscom recent share price weakness likely reflects near-term execution and visibility concerns rather than any deterioration in the underlying investment case. While FY25 remains a volume bridge year marked by project timing effects and delayed investment decisions, demand has been deferred rather than lost, as evidenced by resilient order intake. At the same time, the company has structurally strengthened its positioning alongside an expected return to profitability already in 2025 through a leaner cost base, an improved geographic mix, broader end-market exposure, and a widening technology lead. With investment cycles expected to normalize and structurally higher inspection demand driven by electrification, AI hardware, and safety-critical applications, we see 2026 as the key inflection point for earnings and valuation. Against this backdrop, the current valuation appears undemanding and offers an attractive risk-reward profile, leading us to view the recent pullback as a compelling entry opportunity. Thus, we reiterate our BUY rating and EUR 6.00 price target with additional upside as the recovery becomes more visible. The full update can be downloaded under https://research-hub.de/companies/viscom-se

Cancom’s FY25 performance reflects a transition year with mixed dynamics. While regional public-sector demand is improving, federal projects remain delayed following the late budget approval. SME sentiment also stays cautious but may recover in FY26. Three structural trends - the Covid replacement cycle, Windows 11 migration, and rising AI-driven IT strategies - should support demand medium term. Restructuring is largely complete, and one-off effects of c. EUR 6m will not recur, paving the way for stabilization in FY26. With FY25 targets within reach, we raise our price target to EUR 28.00 (from EUR 25.00) and reiterate our HOLD rating. The full update can be downloaded under https://research-hub.de/companies/cancom-se

Fraport’s Supervisory Board has approved the 2026 business plan, including the reinstatement of a EUR 1.00 dividend for FY25, the first since FY19, signaling confidence in the company’s operational recovery and a shift from heavy capex toward cash generation, debt reduction, and shareholder returns. However, the plan also highlights significant cost headwinds, with about EUR 230m in additional depreciation and interest expenses in FY26, expected to drive a sharp profit decline despite improving free cash flow. While the upcoming reduction in Germany’s aviation tax (effective July 2026) should modestly support traffic at Frankfurt Airport, its overall impact is limited. Reflecting these factors, we lower our price target from EUR 64.00 to EUR 62.00 and maintain a SELL rating. The full update can be downloaded under https://research-hub.de/companies/fraport-ag

Carl Zeiss Meditec (CZM) reported decent set of results in Q4 FY 2025. Revenues grew 8.3% yoy to EUR 628m (+10.4% yoy organic) during the quarter, led by both the Ophthalmology and Microsurgery segments, and beat consensus estimates by 5%. EBITA of EUR 82m (+4.7% yoy; margin: -50ps), was 1% ahead. This took the full-year topline to EUR 2.2bn (+7.8% yoy) and EBITA to EUR 258m, which is clearly below our estimates of EUR 291m. Amid current macro and tariff-related challenges, management issued a cautious guidance for FY26, expecting organic revenue growth of only mid-single digit %, corresponding to reported revenues of EUR 2.3bn (c. +3% yoy). However, it targets to achieve an EBITA margin of c.12.5% (does not include negative impact of tariffs, organization adjustments). In our view, multiple challenges in the near-term could slow the growth pace. Moreover, the search for a new CEO also brings in some uncertainties to the company’s long-term strategy. We clearly cut our estimates to incorporate the weak outlook and reiterate our BUY on CZM at a lower PT of EUR 48.00 (old: EUR 57.00). The full update can be downloaded under https://research-hub.de/companies/carl-zeiss-meditec-ag

Formycon enters Q4 with renewed commercial traction supported by regional agreements for FYB206 (pembrolizumab) with MS Pharma and Zydus Lifesciences, and by ongoing market progress of FYB201 (ranibizumab) and FYB202 (ustekinumab). FYB201 continues to generate revenues internationally ahead of its planned U.S. re-launch in 2026, while FYB202, introduced earlier this year, is expanding distribution. Upfront payments from the Zydus deal and growing royalties from FYB202 underpin 2025 guidance. We reiterate our BUY rating and EUR 48.00 price target. This week, we hosted an investor roundtable with Formycon’s management team. A recording of the roundtable event is available here: https://research-hub.de/videos The full update can be downloaded under https://research-hub.de/companies/formycon-ag