At our German Select Conference, Drägerwerk’s (Dräger) Head of IR, Thomas Fischler, confirmed Dräger’s strategic pivot toward profitability, targeting a mid-term EBIT margin of ~10% supported by pricing, cost discipline, and portfolio optimization. FY 2025 delivered record sales of EUR 3.48bn and EBIT of EUR 233m (6.7% margin), despite substantial headwinds from FX (approx. EUR -45m) and tariffs (approx. EUR -25m). Both divisions showed operational improvement, with Safety remaining the key margin driver. Guidance for 2026 implies continued progress but short-term volatility. Overall, the structural margin story remains intact. A video of the presentation is available on https://research-hub.de/events. We reiterate our BUY rating with an unchanged price target of EUR 108.00. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

At the mwb German Select Conference, Verbio’s Head of IR Alina Köhler highlighted recent developments and the company’s outlook. She noted that ongoing geopolitical uncertainty and disruptions, supply chain issues, and Europe’s dependence on energy imports continue to drive volatility in energy markets, while structural decarbonisation demand remains strong. Verbio benefits from this due to short-term energy security needs and long-term structural tailwinds driven by decarbonisation, supported by favourable regulatory frameworks for renewable fuels. Recent performance was mainly influenced by external regulatory distortions in the European CO₂ market rather than operational weakness, while volume growth and early EBITDA recovery indicate improving momentum. Looking ahead, demand strength, regulatory normalisation in Europe, the US ramp-up, efficiency gains, and higher GHG quota prices support the outlook. We therefore reiterate our BUY and PT of EUR 50.00. The Roundtable recording is available here: https://research-hub.de/events The full update can be downloaded under https://research-hub.de/companies/verbio-se

tonies delivered strong FY25 results, confirming preliminary upbeat figures with revenue up 36%, driven by international expansion (North America +40%, Rest of World +68%), while DACH still grew solidly (+16%). Growth was supported by the successful launch of Toniebox 2 and the scalable razor-blade model, with Tonies figurine sales surging ~41% units versus ~8% box growth. Profitability improved meaningfully, with adjusted EBITDA margin rising to 8.6% (+110bps), led by operating leverage and product mix. Net profit lagged expectations due to a non-cash warrant revaluation, while free cash flow turned negative due to a temporary inventory build for new launches. Looking ahead, tonies guides 20% FY26 revenue growth and further margin expansion, in line with our estimates. We confirm our BUY rating with unchanged price target of EUR 14.00. The full update can be downloaded under https://research-hub.de/companies/tonies-se

Cicor's Q1 2026 business update showed meaningful headwinds. Organic decline of 6%, temporary supply chain constraints and an -4.8% FX drag, more than offset by acquisition-driven revenue growth of 33.4%. Order intake of CHF 196.4m and a book-to-bill of 1.22x provide constructive H2 visibility, supported by new A&D customer wins including Kongsberg. In H2 2026, organic growth is largely secured through existing framework agreements and binding orders. Full-year guidance of CHF 700-750m revenue and adjusted EBITDA of CHF 70-80m was confirmed, with organic recovery in H2 the critical swing factor for delivery. We make modest adjustments to our 2026 estimates and maintain our price target of CHF 180.00 and BUY rating. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd

Nemetschek (NEM) announced the acquisition of US-based Heavy Construction Systems Specialists (HCSS), expanding its Build & Construct segment. HCSS generated ~USD 215m revenue and ~40% EBITDA margin in 2025 (US GAAP). The transaction structure is complex as PE investor Thoma Bravo will retain a ~28% stake in NEM´s entire Build & Construct segment, while Nemetschek keeps control and full consolidation. The implied valuation (~USD 1.5bn mwb est.) appears in line with Nemetschek’s own multiples. Strategically, the deal strengthens exposure to infrastructure and enhances data-driven capabilities. However, complexity, integration risks, and shared value creation with a minority partner remain key considerations. At this stage, we leave our estimates unchanged pending further analysis. We confirm our price target of EUR 109.00 and reiterate our BUY rating, awaiting greater clarity on the transaction’s financial and operational impact. The full update can be downloaded under https://research-hub.de/companies/nemetschek-se

Nordex started the year with softer order intake following a particularly strong prior year, reflecting a return to more typical seasonal patterns. While underlying demand remains solid, activity is usually slower in the early months before accelerating later in the year. Pricing saw a slight improvement, supported by a favorable regional mix, and we expect full-year order intake to normalize below last year’s peak. For Q1 26, we expect only modest revenue growth, partly due to weather conditions in Europe, while profitability should continue to improve. Free cash flow is likely to be affected mainly by working capital effects. Overall, management guidance appears achievable given the strong order backlog. However, the recent share price rally has resulted in elevated valuation levels, leading us to adopt a more cautious stance, and we therefore downgrade to SELL from HOLD while keeping our PT at EUR 40.00 unchanged. The full update can be downloaded under https://research-hub.de/companies/nordex-se

TUI is experiencing ongoing operational disruption within its cruise division, with Mein Schiff 4 and 5 currently stranded in the Arabian Gulf. The company has cancelled corresponding Mediterranean sailings until 10 May. The conflict in the Middle East is also causing a temporary slowdown in summer travel bookings, particularly for destinations such as Turkey and Egypt, with demand shifting towards Western Europe instead. However, this is expected to recover once conditions normalize. Despite rising crude oil prices, TUI’s extensive fuel hedging (85% for the summer season) is limiting near-term cost pressures. We have downgraded our FY26 estimates and see an increasing risk that TUI will have to adjust its guidance. Nevertheless, the impact of the war is likely to be contained to FY26, and TUI’s financial resilience and capacity-adaptation capabilities could lead to market share gains. BUY, unchanged price target EUR 16.00. The full update can be downloaded under https://research-hub.de/companies/tui-ag

Traton delivered a weak start to the year, with declining unit sales reflecting ongoing demand pressure, particularly in the Americas. While performance across brands was mixed, the overall picture remains subdued, with strong growth at MAN largely driven by catch-up effects rather than a sustained recovery. Key markets such as South America and the US continue to show weakness, underlining the fragile demand environment. The broader truck market outlook remains challenging. Weak freight demand, macroeconomic uncertainty, and high cost levels continue to weigh on fleet investment decisions. Although some early signs of stabilization are emerging, particularly in the US, these have yet to translate into meaningful volume recovery. Structural headwinds further limit visibility and delay replacement cycles. We believe the market underestimates the persistence of these pressures. Increasing competition, especially in electric trucks, is likely to weigh on margins and market positioning over time. We therefore reiterate our SELL rating with an unchanged PT of EUR 23.00. The full update can be downloaded under https://research-hub.de/companies/traton-se

We downgrade Singulus to HOLD following a share price rally of more than 200% since the announcement of its solar partnership and refinancing in the last weeks. While the strategic positioning improved and the balance sheet materially de-risked, key details on the partnership remain limited. Moreover, the significant FY25 shortfall and lack of clarity on its drivers continue to weigh on confidence in execution. At current levels, we see a more balanced risk/reward profile and thus adopt a more cautious stance pending greater visibility with the annual report on 30 April to rebuild our conviction. The full update can be downloaded under https://research-hub.de/companies/singulus-technologies-ag

Carl Zeiss Meditec’s (CZM) weak Q1 FY 2025/26 results, reported in February, have largely been digested, but the withdrawal of guidance continues to limit visibility. Margins remain under pressure from FX headwinds, an unfavorable product mix, and operating deleverage, with no clear signs of a near-term rebound. Structural risks are increasing, particularly in China, where volume-based procurement could drive sustained pricing pressure in the IOL segment. While a gradual recovery appears possible, uncertainty around the sustainable margin level persists, while global conflicts increase existing headwinds. We are reinforcing our cautious stance and revising our assumptions, which leads us to a lower PT of EUR 26.00 (previously EUR 29.50). Remains a HOLD. The full update can be downloaded under https://research-hub.de/companies/carl-zeiss-meditec-ag