Recent defense procurement decisions suggest that the debate is no longer about the size of NATO spending, but increasingly about its composition. The NATO summit in Ankara and Germany's delayed Arminius programme all point to stronger demand for air defence, drones, surveillance and naval capabilities, while visibility for traditional land platforms has weakened. Although RENK's expanding naval exposure provides an important offset, we believe consensus still underestimates the risk that future procurement volumes for tanks and infantry fighting vehicles fall short of current expectations. PT EUR 50.00 unchanged until Berlin's intentions are clearer. The NATO summit was not a catalyst. We downgrade to HOLD from BUY after the stock reached our price target. The full update can be downloaded under https://research-hub.de/companies/renk-group-ag

Fielmann’s preliminary H1 2026 results show a mixed picture, with total sales up 2% to EUR 1.25bn and a resilient adjusted EBITDA margin of 24% (EBITDA of EUR 296m). While a sharp Q2 acceleration in international markets (+6%) is encouraging, the core German market remains soft due to poor consumer sentiment. Management confirmed its FY 2026 guidance (sales of EUR 2.55b-2.60bn, adjusted EBITDA of EUR 590m-610m) but now anticipates results at the lower end. Our estimates, which sit slightly below guidance, already reflect this cautious tone, leaving our numbers unchanged. Still, in our view, Fielmann faces substantial execution pressure for an H2 recovery driven by aggressive store rollouts. We retain our BUY rating with an unchanged PT of EUR 68.00. The full update can be downloaded under https://research-hub.de/companies/fielmann-group-ag

Daimler Truck reported Q2 26 unit sales of 86,707 vehicles, up 8% yoy, supported by Mercedes-Benz Trucks and Trucks North America, while Daimler Buses remained under pressure. At first glance, this looks encouraging, but the improvement comes against a low prior-year base and does not yet point to a sustainable recovery. H1 26 tells a more cautious story, with reported group unit sales down 1% yoy to 155,556 units, suggesting that Q2 was mainly supported by catch-up effects. Ahead of the full Q2 results on August 7, we expect revenue of EUR 12.6bn, broadly flat yoy, and adj. EBIT of EUR 897m, down 20% yoy, implying a 7.1% margin. The cyclical pressure, geopolitical uncertainty, tariff overhang, and rising Chinese EV truck competition continue to weigh on the outlook. We believe the market remains to underestimate cyclical and structural risks, with clear parallels to the pressure Chinese competition has already created for the European car industry. We therefore reiterate our SELL rating and EUR 30.00 PT. The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag

The NATO summit confirmed that traditional land systems, while still important, are no longer where the incremental rearmament money flows, with spending intent concentrating on layered air defense, deep-strike, drones and surveillance. Tanks contribute ~20% of the 2030 EBIT guidance, and the Street continues to capitalise an oversized Arminius contract on the back of CEO commentary framing the program at ~EUR 40bn total / ~EUR 22bn to RHM on ~3,000 systems, figures we and multiple sources view as too high. The near-one-year delay in the German decision, alongside Estonia's suspension of a EUR 500m tank buy in favour of drones and air defense confirms our view. We therefore base Arminius on ~1,800 vehicles, cut post-2030 assumptions, and raise our minority interest assumption to reflect growth increasingly running through 51%-held JVs. As of now the Street largely ignored this topic. We downgrade Rheinmetall to HOLD (from BUY) and cut our price target to EUR 1,150 (from EUR 1,400). The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Company Name: Antimony Resources Corp. ISIN: CA0369271014   Reason for the research: Research Comment Recommendation: BUY Target price: 3.00 CAD (1.85 EUR) Target price on sight of: 31.12.2026 Last rating change: Analyst: Cosmin Filker; Matthias Greiffenberger You can download the research here: 20260708_Antimony_Comment_engl  [ … ]

Company Name: PEH Wertpapier AG ISIN: DE0006201403   Reason for the research: Initial Coverage Recommendation: Buy from: 08.07.2026 Target price: 60.00 Last rating change: Analyst: Ralf Marinoni Initiation of Coverage: Buy, TP 60.00PEH Wertpapier AG (“PEH”) is a leading financial services provider in the German-speaki [ … ]

Company Name: UmweltBank AG ISIN: DE0005570808   Reason for the research: Research study (Anno) Recommendation: BUY Target price: 9.00 EUR Target price on sight of: 31.12.2027 Last rating change: Analyst: Cosmin Filker, Marcel Goldmann You can download the research here: 20260708_UmweltBank_Anno_engl Contact for questions: GBC [ … ]

Company Name: Emerald Horizon AG ISIN: AT0000A3UZE1   Reason for the research: Initiation Recommendation: BUY Target price: EUR 1300 Target price on sight of: 12 months Last rating change: Analyst: Jorge Gonzalez A key differentiator is ADES's proposed subcritical accelerator-driven design. If successfully validated, the archit [ … ]

Hugo Boss is set to report Q2 on 4 August 2026 against a fragile macro backdrop and cautious industry read-across. Consensus expects another weak sales quarter, but the key issue is less the top line than the quality of the reset: gross margin resilience, inventory discipline and free cash flow. Middle East disruption and softer tourist flows remain relevant risks, while broader apparel peers continue to prioritize marketplace health over volume. The stock also remains under the shadow of Frasers Group's ongoing EUR 38.00 tender offer, pitched at the statutory minimum price. With 2026 still a transition year under CLAIM 5 TOUCHDOWN, we leave estimates unchanged and maintain our HOLD rating and EUR 36.50 price target. The full update can be downloaded under https://research-hub.de/companies/hugo-boss-ag

At its AGM, Viromed highlighted critical regulatory milestones, led by the MDR Class IIa certification for ViroCAP Med. This clearance acts as a catalyst for global expansion across Europe, the Middle East, Asia (via UMECO), and the US (via an initiated FDA 510(k) process). To bypass a 4-to-6-year delay for broad German statutory health insurance coverage, management is negotiating direct selective contracts for its wound treatment. Additionally, clinical data for PulmoPlas is slated for high-impact journal submission in mid-July 2026 to back an application for special BfArM authorization. While concurrently commercializing two early-stage blockbuster assets poses operational challenges, the de-risked investment case and accelerated international footprint justify a steeper long-term growth curve. Consequently, we increase our price target to EUR 11.00 (old: EUR 10.00) and reiterate our BUY rating. The full update can be downloaded under https://research-hub.de/companies/viromed-medical-ag