Bechtle remains well positioned from an operational standpoint. Its strong presence in the public sector, broad customer base, and solid balance sheet provide stability in a selectively challenging IT market environment. In addition, recent contract wins and the Q3 25 performance point to signs of an operational bottoming-out. The next potential catalyst will be the release of FY25 results on March 20. In our view, guidance for FY26 is likely to be conservative, reflecting the still cautious investment behavior in parts of the private sector and limited visibility at the start of the year. Until then, we believe a wait-and-see stance is appropriate. Following the gradual recovery of the share price, our price target of EUR 48.00 is now within reach, resulting in a more balanced risk-reward profile from a valuation perspective. We therefore confirm our existing estimates and price target but see limited upside potential in the near term. We downgrade Bechtle from BUY to HOLD. The full update can be downloaded under https://research-hub.de/companies/bechtle-ag

Company Name: ATOSS Software SE ISIN: DE0005104400   Reason for the research: Update Recommendation: BUY Target price: EUR 152 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald FY26e: Quality and margins prevail Entering FY26, ATOSS looks set to increasingly benefit from its strong structural posi [ … ]

LS telcom AG has presented its final figures for the 2024/2025 fiscal year, which were in line with expectations. After a loss-making previous year, the company returned to profitability. With revenues remaining virtually stable at EUR 36.6m, EBIT of EUR 0.7m was achieved, supported by a consistent cost and efficiency program. The order backlog rose by 16% yoy to EUR 36.4m, which corresponds to approximately one year's revenues. The increasing share of recurring service and maintenance revenues as well as larger projects in the defense sector is positive. For the 2025/2026 fiscal year, the Management Board is forecasting sales of EUR 37.0 to 42.0m and EBIT of EUR 0.4 to 1.6m. As our estimates are in line with the forecast, we are only making minor adjustments and introducing estimates for the 2027/2028 fiscal year. We confirm our price target of EUR 6.00 and BUY rating. The full update can be downloaded under https://research-hub.de/companies/ls-telcom-ag

Company Name: Borussia Dortmund GmbH & Co KGaA ISIN: DE0005493092   Reason for the research: Update Recommendation: BUY Target price: EUR 5.2 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Normalization following 2 volatile seasons; chg. Following a mixed 2024/25 season, which was highlight [ … ]

Q4 2025 and the full-year annual report are expected on 26 March. The quarter unfolded under a markedly less supportive jackpot environment, with Eurojackpot losing momentum as average jackpots fell ~54% yoy and no jackpot peaks materialized (vs. seven peaks last year and two in Q3), resulting in bets declining ~47% yoy. By contrast, 6aus49 offered some stabilization, with higher average jackpots (+50% yoy) supporting bets growth of ~4.5% yoy, though insufficient to offset the Eurojackpot drag. Against this backdrop, we forecast Q4 group revenue of ~EUR 54.5m (-19% yoy, -10% qoq) and an EBITDA margin easing to ~28% (-12pp yoy, -2.7pp qoq), reflecting softer engagement, tougher comparables, and continued H2 investment, partially cushioned by lower-than-expected marketing intensity in the absence of jackpot peaks. Looking ahead to 2026, we model just below 10% revenue growth with EBITDA margins expanding modestly yoy, with further margin upside should marketing intensity and investments prove lower than assumed. We reiterate our BUY rating and EUR 67.00 price target. The full update can be downloaded under https://research-hub.de/companies/zeal-network-se

Hensoldt is being pulled higher by a broad defence sector rally rather than by company specific news. The move looks hard to justify fundamentally given the company’s negligible Venezuela exposure and only limited indirect linkage to the Iran / Israel headlines that drove risk sentiment. With the stock now trading materially above our price target, we see the risk reward turning asymmetric. The macro tailwind remains intact, but the order wave is cyclical and competitive pressure is rising, especially in sensors and software defined defence - Hensoldt´s main growth areas. We therefore downgrade to SELL from HOLD, with PT unchanged at EUR 65.00. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

Intershop updated its FY25 outlook following stronger-than-expected Cloud bookings toward the end of Q4. Cloud order entry is now expected to increase by around 8% yoy, compared with prior guidance for a slight decline, while Net New ARR is guided below EUR 1.0m due to a higher share of multi-year Cloud contracts. While these contracts lift order intake immediately, ARR builds more gradually over the contract term, resulting in a lower first-year ARR contribution. Overall, the update points to improving sales execution after a prolonged period of weak conversion, while revenue and EBIT guidance remain unchanged. We reiterate our BUY rating with a price target of EUR 2.00 ahead of FY25 results on 18 February 2026. The full update can be downloaded under https://research-hub.de/companies/intershop-communications-ag

Airbus SE has likely met its lowered 2025 delivery target of ~790 aircraft, materially above both our and other industry experts’ earlier estimates, which had assumed weaker deliveries due to the slow start to the month. As a result, FY 2025 financial guidance for EBIT and FCF now looks achievable. EPS, which is not guided, could positively surprise consensus, supported by gains from the 10.6% Dassault stake, although this contribution is non-operational. At the same time, this creates a negative base effect for the following year. Focus now shifts to order intake, where momentum is softening and Airbus risks losing the annual order race to Boeing for the first time in six years. Furthermore, COMAC remains an underappreciated medium-term competitive risk at current record-high valuations. Todays 2% share price move looks like a relief rally. PT unchanged at EUR 167.00. SELL The full update can be downloaded under https://research-hub.de/companies/airbus-se

Nordex announced major Canadian orders totaling 508 MW for delivery in 2027–28, equivalent to around EUR 480m of Q4 25 intake, giving a strong boost to quarterly momentum. With newly disclosed orders reaching roughly 1.4 GW, nearly half from Canada, Q4 25 looks set to become a record quarter, potentially surpassing the 3.3 GW peak of Q4 24. Importantly, Nordex typically reports only a portion of its quarterly orders, with the full Q4 intake expected by mid-January. Order momentum is further reinforced by the major 1 GW US agreement announced in mid-December, positioning North America as a new key growth engine, while Europe continues to deliver robust demand. Reflecting this, revenue estimates for 2027 and beyond have been raised, and with strong margins and healthy cash flow trends underpinning growth, we lift our PT to EUR 36.00 (from EUR 33.00) while maintaining our BUY rating. The full update can be downloaded under https://research-hub.de/companies/nordex-se

Company Name: DO & CO AG ISIN: AT0000818802   Reason for the research: Update Recommendation: BUY Target price: EUR 266 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller Operational momentum intact, chg. Thanks to high demand for air travel and new contract additions, DOC’s Q3 25/26 results ( [ … ]