Against this backdrop, mwb research is hosting an online roundtable on May 6, 2026, at 10:00 a.m. CEST with Dr. Jörg Frehse (CEO) and Max Michaelsen (Senior Associate, Corporate Finance). Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-05-06-10-00/CDZ0-GR.

Against this backdrop, mwb research is hosting an online roundtable with Jürgen Laakmann (CEO) and Gerrit Kaufhold (CFO) on May 5, 2026, at 2:00 p.m. CEST. Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-05-05-14-00/H2O-GR

Q1 was weak but broadly in line, with lower wafer volumes, adverse mix and continued 200mm/power weakness driving softer sales, negative gross margins and weak cash flow, while elevated depreciation from the Singapore ramp continues to weigh on profitability. Although leading-edge demand is improving, supported by stronger AI-driven server demand, healthier logic and memory inventories and early signs of more constructive customer behavior, recovery remains narrow as pricing pressure outside of LTAs and excess inventories persist in power/200mm. With earnings still structurally constrained by low operating leverage and high depreciation, we see the recent share price re-rating as ahead of fundamentals and reiterate SELL, while raising our PT slightly to EUR 55.00 from 50.00 to reflect improved medium-term visibility. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

Fuchs delivered strong Q1 26 results, with record EBIT of EUR 125m, up 16% yoy, driven by 4.5% organic sales growth, particularly in the EMEA and Asia-Pacific regions. Despite currency headwinds and a weaker USD impacting the Americas, the company demonstrated strong financial health, with free cash flow rising sharply to EUR 54m. Management has adjusted its full-year guidance, raising the sales outlook to above EUR 3.7bn while maintaining the EBIT target of EUR 450m, though free cash flow expectations have been lowered due to higher working capital needs. The company remains on track to deliver profitable growth. We increase our price target from EUR 45.00 to EUR 46.50 and maintain a BUY rating. The full update can be downloaded under https://research-hub.de/companies/fuchs-se

Company Name: Limes Schlosskliniken AG ISIN: DE000A0JDBC7   Reason for the research: Update Recommendation: BUY Target price: EUR 710 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Dividend debut & strong Q1 reinforce growth trajectory Today, LIMES announced that its supervisory board has a [ … ]

Scout24 delivered a strong start to 2026, with Q1 results confirming the resilience of its subscription-led model and the continued strength of its Professional segment. Revenue grew 13.9% yoy (+10.7% organic), while ordinary operating EBITDA increased 15.1% with margin expansion to 60.1%, supported by operating leverage and AI-driven efficiencies. AI is increasingly becoming a visible earnings driver, with clear monetization benefits in Propstack and strong user growth at HeyImmo. FY26 guidance was confirmed ahead of the May CMD, where we expect updated mid-term ambitions. Accelerated buybacks further underline management confidence in valuation and cash generation. BUY, PT EUR 129.00. The full update can be downloaded under https://research-hub.de/companies/scout24-se

TIN INN has secured a transformative framework agreement with an institutional investor to develop and operate up to 20 new hotel locations, marking a shift from an owner-operator model to a more capital-efficient, asset-light strategy. This partnership de-risks the company’s expansion by having the investor hold the properties on-balance sheet, while TIN INN acts as general contractor and operator. The deal is expected to generate EUR 35-40m in construction revenue, enhancing revenue visibility through 2026 and 2027, and provides long-term, recurring management fees. Management is in talks with additional investors for similar models, which could ease future capital requirements. Following the share price correction, we upgrade TIN INN to HOLD (from SELL) with unchanged estimates and PT of EUR 12.25. The full update can be downloaded under https://research-hub.de/companies/tin-inn-holding-ag

Symrise reported a better-than-feared start to 2026, with an organic sales decline of only 0.4% (EUR 1.25bn) outperforming consensus estimates of EUR 1.21bn. While the Scent & Care segment faced headwinds in UV filters, the Taste, Nutrition & Health division showed resilience with 1.7% organic growth. Management reaffirmed its FY26 guidance (organic sales growth of 2-4%, adj. EBITDA margin between 21.5-22.5%), signaling confidence in a back-half recovery driven by the "ONE SYM" transformation program. Despite FX pressures and a soft start, the operational "beat" and steady outlook support our positive investment case. We maintain our BUY rating and PT of EUR 95.00, offering a decent 30% upside potential. The full update can be downloaded under https://research-hub.de/companies/symrise-ag

Blue Cap’s final FY25 results confirm a strategic pivot following the con-pearl exit, moving the group to a strong net cash position of EUR 50.9m. Operational KPIs landed within guidance, with Industrials remaining the core driver and Business Services showing margin recovery despite macro headwinds. The record dividend proposal of EUR 1.60 (~9% yield) provides a strong valuation floor and signals a shift toward a capital allocation-led equity story. With the balance sheet de-risked and significant M&A optionality ahead, the current ~35% discount to NAV appears unjustified. We expect a strategic rerating as capital is redeployed and hence reiterate our BUY rating with unchanged PT of EUR 29.00. The full update can be downloaded under https://research-hub.de/companies/blue-cap-ag

Traton started 2026 with a weak Q1, as revenue and volumes declined from an already low base. Adjusted profitability softened, while reported earnings were heavily impacted by special items and cash flow weakened, reflecting a difficult market environment. Order intake was the main positive, but the rebound is largely driven by a weak prior year and temporary effects rather than a genuine demand recovery. Segment performance remained mixed: Scania proved resilient on services, MAN improved profitability through cost control, while International Motors stayed weak and Volkswagen Truck and Bus faced margin pressure. Overall, the truck market remains in a cyclical downturn, compounded by structural headwinds such as rising EV competition from Chinese OEMs, which could pressure volumes and margins over time, similar to the car industry. We reiterate our SELL rating with a PT of EUR 23.00. The full update can be downloaded under https://research-hub.de/companies/traton-se