TKMS has submitted a non-binding offer for German Naval Yards Kiel (GNYK), a move we have highlighted since initiation and see as share price positive. GNYK is structurally underutilised, configured around the delayed F126 frigate and lacks viable alternative buyers given its immediate proximity to TKMS’ Kiel site. This creates clear pricing power for TKMS and attractive upside via incremental surface vessel capacity and higher utilisation. Importantly, TKMS does not need GNYK to deliver its strategy, while GNYK’s standalone viability appears limited. Guidance remains conservative in our view, the structural margin story is intact, and backlog visibility supports our BUY with PT unchanged at 102.00 pending clarity on Canada or GNYK. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

We downgrade Siltronic to HOLD after recent share price strength closed the gap to our fair value. While optimism around memory supply bottlenecks has supported sentiment, this has yet to translate into meaningful customer engagement amid still-elevated inventories. Power remains the biggest drag, as continued weakness in automotive and industrial end-markets pushes the recovery and inventory digestion further out. At the same time, higher than we initially anticipated COGS, depreciation, and interest expense related to the FabNext ramp-up and increased debt burden are set to put significant pressure on mid-term margins. With valuation now implying a more balanced risk-reward, where upside hinges on demand strength translating into material volumes, while downside risks are skewed toward timing, mid-term margin pressure, FX headwinds. We cut our price target to EUR 53.50 from EUR 57.50 and step back to the sidelines until visibility improves. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

Company Name: q.beyond AG ISIN: DE0005137004   Reason for the research: Update Recommendation: BUY Target price: EUR 1.3 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Margin trajectory intact heading into FY26 As QBY approaches FY26, the company is leaving the most demanding phase of its multi [ … ]

Company Name: ad pepper media International N.V. ISIN: NL0000238145   Reason for the research: Update Recommendation: Buy from: 08.01.2026 Target price: 5,00 Euro Target price on sight of: 12 Monate Last rating change: 20.07.2020: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity  [ … ]

TT Electronics shareholders rejected Cicor’s recommended offer at the Court and General Meetings on 7 January 2026, and the proposed acquisition will not be pursued further. Following DBAY Advisors’ increase of its shareholding in TT Electronics to around 25%, deal completion had become increasingly uncertain despite support from both boards. As a result of the failed transaction, Cicor revised its reported FY25 EBITDA to CHF 53-57m, reflecting around CHF 7m of one-off costs, while adjusted EBITDA remains unchanged at CHF 63-67m. The setback highlights execution risks in larger M&A, but balance sheet flexibility is preserved. With the core investment case unchanged, current share price levels offer a compelling re-entry into a high-quality EMS franchise. BUY reiterated, PT CHF 200. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd

Company Name: SMARTBROKER HOLDING AG ISIN: DE000A2GS609   Reason for the research: Research Note Recommendation: Buy Target price: 17.60 EUR Target price on sight of: 31.12.2026 Last rating change: Analyst: Matthias Greiffenberger, Cosmin Filker Based on this improved corporate outlook, we are adjusting our estimates for the 20 [ … ]

Knorr-Bremse has successfully completed the acquisition of Duagon, significantly strengthening its capabilities in rail electronics, embedded systems, and signaling. The transaction reinforces the company’s position as a Tier-1 partner across the full rail system, from rolling stock to infrastructure, while adding around 1,000 skilled electronics and software specialists. The integration of Duagon is expected to deliver meaningful synergies, accelerate innovation and digitalization, and support the long-term profitability of the Rail Division. In our view, the deal enhances earnings visibility and highlights rail as a key growth and margin driver. The Commercial Vehicle Systems business, on the other hand, continues to face short-term headwinds from challenging macro conditions weighing on the truck market. We raise our estimates and increase our price target to EUR 86.00 (from EUR 80.00) but downgrade our rating to SELL (from HOLD) following the strong share price rally in recent months. The full update can be downloaded under https://research-hub.de/companies/knorr-bremse-ag

Following Sartorius’ roughly 20% share price recovery since mid-November, a reassessment of the investment case appears appropriate. Sartorius remains a high-quality company with strong market positions, high entry barriers, and a resilient consumables business that has supported a gradual operational stabilization during FY25. However, the broader market environment remains challenging, with cautious capex behavior among pharma and biotech customers, elevated financing costs, and rising political uncertainty. US industrial policy adds a further structural risk for European suppliers. While margins benefit from cost discipline and mix effects, visibility on a sustained recovery in order intake is limited. The stock continues to trade at a significant premium to peers, which appears difficult to justify given the moderate pace of recovery. We confirm our price target of EUR 175 and maintain a SELL rating. The full update can be downloaded under https://research-hub.de/companies/sartorius-ag

Redcare Pharmacy’s Q4 2025 preliminary sales missed market expectations, reflecting softer non-Rx performance. Group sales grew 18% yoy to EUR 794m, below consensus, as non-Rx growth slowed to 9% yoy despite a seasonally supportive quarter. In contrast, German Rx sales rose 60% yoy, in line with expectations and confirming continued momentum in e-prescriptions. For FY25, group sales increased 24% yoy to around EUR 2.9bn, with Rx fully delivering while non-Rx growth undershot consensus. We now assume a more cautious earnings trajectory due to intensifying competition in non-Rx. Consequently, we lower our PT to EUR 120.00 (old: EUR 144.00) but maintain our BUY rating, supported by the intact e-Rx thesis and expected efficiency gains from ongoing logistics automation. The full update can be downloaded under https://research-hub.de/companies/redcare-pharmacy-nv

Recent share price strength suggests the market is increasingly pricing in a smoother transition into the next upcycle, with first meaningful signals expected in H2 2026 from AI-related GaN orders tied to NVIDIA’s 800 VDC architecture. However, following recent discussions with Aixtron, we now see 2026 shaping up weaker than initially anticipated, largely due to continued weakness in SiC, prompting a downgrade to our near-term forecasts. Encouragingly, margins should still edge higher yoy, supported by a more favorable mix skewed toward GaN and photonics (30% higher yoy 2026E). Beyond this bridge year, we raise our outer-year estimates as we are more confident in a tangible volume inflection in 2027 onwards, underpinned by a re-acceleration in SiC from early 2027 alongside the ramp of AI-related GaN orders. This supports a higher price target of EUR 21.00 (from EUR 18.00). At current levels, we see the risk-reward as balanced, with valuation already reflecting early-cycle dynamics, upside hinges on a materializing recovery, and downside linked to residual timing uncertainty and execution, leading us to maintain our HOLD amid still-weak 2026 fundamentals. The full update can be downloaded under https://research-hub.de/companies/aixtron-se