HENSOLDT reported a mixed set of prelims. Q4 sales missed expectations. While order intake was strong is largely concentrated in traditional land platforms that are not at the core of current battlefield dynamics in Ukraine. Cash flow benefited from advance payments and remains volatile. EBITDA was solid, yet FY EBIT came in 32% below consensus (!), a clear negative surprise. The 2026 outlook implies limited upside and mid-term growth targets remain ambitious relative to our more conservative assumptions. Visibility beyond the current order wave is still surprisingly constrained, and software defined defence remains too small to support a credible recurring growth profile. In our view, the market continues to discount a structural re rating, while current momentum appears largely cyclical. We lower our price target to EUR 57.00 from EUR 65.00 and reiterate SELL. The -6% share price reaction is justified. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

Nordex stocks surged sharply yesterday following exceptionally strong quarterly results, briefly topping 20% intraday. The rally highlights the market’s confidence in the company’s operational execution and structurally improved earnings, yet it also pushes the share to a notably higher valuation. Operational performance remains robust, with strong cash generation, solid order intake, and confident guidance for the year 2026. Mid-term targets point to continued margin expansion and profitable growth, reflecting management’s optimism about operational efficiency and market demand. However, with the recent share price jump, much of the positive outlook is already priced in, leaving limited room for missteps. We remain fundamentally bullish, maintaining our price target of EUR 40.00, but we are revising our rating from BUY to HOLD, as much of the optimism following the share price jump is already reflected in current valuations. The full update can be downloaded under https://research-hub.de/companies/nordex-se

Gerresheimer (GXI) announced in an ad hoc release, that BaFin has expanded its FY24 audit and initiated a special review of further reports, citing indications of misstatements in lease liabilities, development cost amortization and potential impairments within Advanced Technologies. Further concerns include inadequate H1 25 risk disclosures, delayed impairments and possible bill-and-hold misreporting. These issues suggest structural weaknesses in accounting and internal controls, with visibility severely constrained as the audit may extend for months. Given recurring downward revisions to historical figures and elevated governance risk, we apply a higher risk discount in our DCF model and cut our price target to EUR 12.50 and downgrade GXI to SELL. Regulatory uncertainty is set to dominate the equity story, while operational improvements are still out of sight. The full update can be downloaded under https://research-hub.de/companies/gerresheimer-ag

NORMA has kicked off its 2026 shareholder return program with a targeted share buyback of up to ~3.19m shares at EUR 16.59 per share, representing a 13.7% premium to yesterday’s closing price and a maximum total volume of EUR 52.9m. The acceptance period runs until 27 March 2026, marking a well-anticipated first step in returning capital to shareholders. This is unlikely to be the last measure in 2026, as the main portion of planned shareholder returns is still to come. The buyback follows the sale of the Water Management business, which strengthened the balance sheet and freed capital for both debt reduction and shareholder returns. The program is anti-dilutive, reducing the share count and enhancing value per share. Full execution could lift the price target by roughly EUR 2.50. For now, we maintain our BUY rating with a PT of EUR 20.00, until the share buyback is completed. The full update can be downloaded under https://research-hub.de/companies/norma-group-se

Elmos delivered FY25 preliminary figures broadly in line with our expectations, outperforming peers in a challenging automotive environment. More importantly, 2026 guidance surprised positively, pointing to a return to double-digit growth, strengthening operating leverage and a step-change in free cash flow. At its virtual Capital Markets Day, management added more granularity around the operational levers behind the 2030 targets, underpinned by structural content growth, over 75% secured design-win coverage and incremental contributions from newer product families. After years of subdued cash generation driven by strategic investments, structural FCF generation is now improving and is more embedded in the model. We have adjusted our estimates and raise our price target from EUR 113.00 to EUR 135.00 (20x 2026E P/E). While we remain fundamentally bullish on Elmos, the sharp share price appreciation leaves limited room for execution missteps. We therefore reiterate our HOLD rating. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se

AUTO1 delivered strong FY25 preliminary results, exceeding its own guidance on units, gross profit and adjusted EBITDA. Full-year volumes reached 842k units, with adjusted EBITDA of EUR 197.5m (+81% yoy), underscoring continued operating leverage. Q4 also came in solid, with units ahead of expectations and profitability at the upper end of estimates, supported by robust Retail growth and stable Merchant performance. For 2026, management guides for further unit expansion and another step-up in EBITDA. With 3.1% market share and a 2.4% adj. EBITDA margin versus mid-term targets of 10% share and 5-9% margin, the structural growth and profitability runway remains intact. PT and rating maintained (EUR 33.00, BUY). The full update can be downloaded under https://research-hub.de/companies/auto1-group-se

Fresenius Medical Care (FME) reported better-than-expected results in Q4 2025, with revenues of EUR 5.07bn (flat yoy, +7% yoy in cc) coming 1% ahead of consensus and adjusted (adj.) EBIT of EUR 705m (+53% yoy in cc) surpassing by 11%. The margin improved 4.3ppt yoy to 13.9%, supported by favourable TDAPA reimbursement regulations and cost savings. For the full-year, revenues grew 5% yoy in cc to EUR 19.6bn and adj. EBIT was up 27% yoy in cc to EUR 2.2bn (margin: 11.3%, +2ppt yoy). For FY 2026, management guides for broadly flat revenues yoy, and adj. EBIT to grow between positive and negative mid-single digit %, implying an EBIT margin of 10.5%-12.0%. The outlook implies steady to only a gradual operational recovery in 2026. The company is progressing well on its FME+ efficiency programme and portfolio optimisation initiatives. However, the uncertainty around US dialysis volumes and persistent FX headwinds remain key monitorable. With attractively cheap valuations and support by ongoing share buy-backs, we confirm our unchanged price target of EUR 47.00. Rating remains BUY. The full update can be downloaded under https://research-hub.de/companies/fresenius-medical-care-ag

U.S. tariff relief provides incremental support for Draegerwerk, but the benefit will likely be gradual. While certain tariffs have been removed, temporary measures remain in place for around 150 days, limiting the positive impact in 2026. A broader margin tailwind is therefore expected from 2027 onward. Management guides for 1-5% yoy sales growth and a 5.0-7.5% EBIT margin in FY26, in line with our expectations. Following a strong FY25, the stock has rallied above EUR 90.00 (+31% ytd), largely pricing in improved earnings quality. We raise our price target to EUR 97.00 but downgrade to HOLD, as valuation now appears broadly fair. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

MHP Hotel AG reaffirmed its ambitious growth strategy in an online investor roundtable, highlighting its focus on premium and luxury hotels, segments that are outperforming the broader European market. The company has achieved record KPIs in Q4 2025 and benefits from a footprint concentrated in high-growth cities such as Vienna, Munich, Berlin, and Hamburg. MHP also sees attractive expansion opportunities, including selective acquisitions (e.g., assets emerging from Revo’s insolvency), potential entry beyond the DACH region, and further rollout of its MOOONS boutique brand, while maintaining disciplined capital allocation. Management confirmed 2025 and 2026 guidance. A temporary decline in 2026 EBITDA is due to one-offs and base effects; adjusting for these implies a recurring EBITDA margin of ~6% and an attractive 2026 EV/EBITDA of 3.3x, supporting our BUY rating and EUR 3.30 PT. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

Nordex delivered a strong Q4 FY25, clearly exceeding expectations. While Q4 is typically seasonally strong due to year-end project completions, this performance reflects the company’s structurally improved earnings profile. Better pricing, disciplined project execution, a favorable regional and product mix, and stronger scale effects drove substantial margin expansion and highlighted growing operating leverage. For FY25, Nordex achieved solid revenue growth, improved margins, and very strong free cash flow, supported by favorable working capital dynamics and high customer prepayments. The record order backlog provides excellent revenue visibility, with European markets strong and North America gaining momentum. Looking ahead, management raised mid-term profitability targets and plans capital returns, likely a dividend from FY26. We raise estimates, keep BUY, and lift PT to EUR 40.00 from 36.00. The full update can be downloaded under https://research-hub.de/companies/nordex-se