INDUS Holding raised its FY26 guidance, expecting revenue of EUR 1.90–2.10bn and adjusted EBITA of EUR 220–260m (midpoint EUR 240m, +37%), driven by severe tungsten carbide shortages boosting Materials Solutions. Preliminary H1 26 figures confirm strong momentum, with revenue up 15.4% yoy to EUR 965.2m and adjusted EBITA more than doubling to EUR 123.5m (12.8% margin). While working capital buildup dragged H1 free cash flow to EUR -36.9m and raw material pricing may normalize, operational positioning and market share gains remain compelling. We reiterate our BUY rating and increase our PT to EUR 43.00 from previously EUR 40.00 as we significantly increase our FY26 est. We note, however, that a normalization of tungsten prices could trigger a reversion to the mean; hence, we refrain from extrapolating current margin levels over the coming years. The full update can be downloaded under https://research-hub.de/companies/indus-holding-ag

Nemetschek (NEM) reaffirmed its organic FY26 outlook (excluding M&A) and expects HCSS to add approximately 600 BP to constant-currency growth. However, PPA effects, integration expenses, and share-based compensation should dilute the EBITDA margin by around 150 BP in FY26. In addition, the preliminary PPA could reduce H2 26 revenue and EBITDA by a mid- to high-EUR 20m amount and minorities may represent ~13% of Group earnings (mwb est.). Hence, the transaction enhances the Group’s growth profile, while PPA effects, integration costs, and the minority interest are likely to impact financials. We incorporate all effects and update our model, with an only small effect on DCF-based valuation. With a new price target of EUR 91.00 (old EUR 95.00), we confirm our BUY rating. The full update can be downloaded under https://research-hub.de/companies/nemetschek-se

Rheinmetall delivered a strong Q2 beat on sales and operating profit, but the lack of a guidance increase limits the positive read through. We view the clearly negative OFCF as less meaningful given quarterly working capital volatility, although the missed F126 advance payment remains a risk for FY cash flow. More importantly, the leaked German budget documents support our cautious stance on traditional land systems and point to lower cumulative spending on ammunition and combat vehicles. We therefore see the update as neutral and reiterate our HOLD rating and EUR 1,150 price target. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Final Q2 results were in line with prelims and confirmed that the earnings beat was driven primarily by stronger contribution margins, supply-related pricing and the Zhanjiang ramp-up rather than a broad-based demand recovery, with elevated hedging and trading gains also providing a less-repeatable contribution. Cash conversion remained weak, but continued cost reduction, Ludwigshafen restructuring, portfolio optimization, deleveraging and the new buyback should strengthen BASF’s earnings resilience and provide downside support. With July trading holding up and no material demand destruction evident, we expect conditions to stabilize gradually through H2 2026, with scope for a modest improvement into 2027. We reiterate our BUY rating and EUR 55.00 price target. The full update can be downloaded under https://research-hub.de/companies/basf-se

AUTO1 delivered a strong Q2, with units up 20%, gross profit up 21% and adjusted EBITDA up 38%, marking a clear improvement in operating leverage versus Q1. Merchant continued to scale profitably, while Autohero combined 40% unit growth with narrower losses per vehicle. FY26 guidance was reiterated, with units and gross profit broadly halfway to their respective midpoints after H1, while adjusted EBITDA stands at 40%, requiring a stronger H2 contribution. We maintain our EUR 35.00 PT and BUY rating. Today's selloff following the Q2 update looks overdone. Over the past 3 years the company has typically upgraded its guidance, which might have disappointed markets. The full update can be downloaded under https://research-hub.de/companies/auto1-group-se

Redcare Pharmacy delivered a strong Q2, with revenue up 20% and adjusted EBITDA rising 63%, lifting the margin to 3.5%. Growth remained broad-based, led by German Rx at +58%, while German non-Rx improved and International reached positive adjusted EBITDA for the first time. Lower marketing intensity more than offset continued grossmargin pressure from mix effects. H1 performance supports the upgraded FY26 guidance, with the lower to mid-points of the ranges appearing well covered. However, management expects growth to moderate in Q3 as German non-Rx slows and Rx bonus comparables become tougher. We leave estimates unchanged, reiterate BUY and maintain our EUR 95.00 target price. The full update can be downloaded under https://research-hub.de/companies/redcare-pharmacy-nv

Nordex delivered a convincing Q2 26 performance, with revenue of EUR 2.18bn, up 16.3% yoy and slightly ahead of expectations, while EBITDA more than doubled to EUR 224m, c. 17.9% above expectations. The margin reached 10.3%, improving by 4.5pp yoy, supported by strong project execution, continued Service growth and positive free cash flow of EUR 165m. Order momentum also remained robust, with total intake of around EUR 3.5bn, a book-to-bill ratio of 1.6x and an order backlog of EUR 18.4bn, up from EUR 14.3bn a year earlier. Management reconfirmed its FY26 guidance, while the strength of the quarter leads us to raise our estimates and now expect a double-digit EBITDA margin already this year. However, Europe, particularly Germany, may be nearing a peak, and it remains unclear how far stronger US demand can offset a slowdown. We maintain our EUR 44.00 PT but upgrade from HOLD to BUY. The full update can be downloaded under https://research-hub.de/companies/nordex-se

Krones published its Q2/H1 results this morning, showing solid top-line growth with order intake reaching EUR 1.34bn (+3.5% yoy) and revenue rising to EUR 1.36bn (+1.5% yoy). Profitability outpaced sales as EBITDA rose 3.4% yoy to EUR 144m, expanding the margin to 10.8% (within 10.7-11.1% FY guidance). Net income reached EUR 70.4m (+0.7% yoy) due to higher depreciation, while FCF before M&A recovered to -EUR 21.3m. Strategically, a book-to-bill of ~1.0x and a robust EUR 4.3bn backlog underpin expected H2 revenue acceleration and provide high visibility toward 2028 financial targets. We reiterate our BUY rating and EUR 150.00 PT. The full update can be downloaded under https://research-hub.de/companies/krones-ag

Bechtle’s preliminary Q2 26 results materially exceeded expectations, with business volume up about 18% yoy to EUR 2.27bn, revenue rising more than 16% to roughly EUR 1.73bn, and EBT increasing over 20% to around EUR 80m. Management raised FY26 guidance to more than 10% business volume growth and 5%-10% growth in both revenue and EBT. We lift FY26E revenue to EUR 6.797bn, EBT to EUR 350m, and EPS to EUR 1.96. Our estimates still remain conservative for H2 26. We raise our price target to EUR 45.00 (old EUR 41.00) and reiterate BUY. The full update can be downloaded under https://research-hub.de/companies/bechtle-ag

TeamViewer’s (TMV) Q2 26 results showed improving operational trends, although revenue remained subdued. Revenue declined 1.4% yoy in cc to EUR 183m, while ARR was broadly stable at EUR 737m. Enterprise ARR grew 8.3% in cc and SMB churn began to stabilize, but Enterprise NRR remained below 100% and smaller SMB cohorts stayed weak. We therefore lower our FY26-FY28 revenue estimates, reflecting a slower recovery and gradual monetization of TeamViewer ONE and ServiceNow. Higher margins partly offset the weaker top line. Following our model recalibration, we reduce our PT to EUR 8.90 from EUR 9.60 and reiterate BUY. The full update can be downloaded under https://research-hub.de/companies/teamviewer-se