Uber and Delivery Hero have signed a business combination agreement for a voluntary cash offer of EUR 41.50 per share, implying a fully diluted equity value of EUR 13.0bn. The offer is supported by both boards and is accompanied by a EUR 1.4bn carve-out of 14 overlapping markets to SSW Partners. Uber’s existing stake, additional instruments and irrevocable tender commitments would take its position already above 53%. Closing is expected in H2 2027 and remains subject to regulatory approvals. We raise our price target to EUR 41.50 and recommend tendering. SELL. The full update can be downloaded under https://research-hub.de/companies/delivery-hero-se

BASF’s Q2 prelims showed a strong pricing-led earnings beat, supported by sustained volumes and supply-chain dislocation rather than a broad-based recovery in underlying demand. While the segment mix remained uneven and higher raw-material prices continued to weigh on cash conversion, management’s guidance upgrade confirms stronger near-term earnings momentum. BASF’s resilient supply setup should allow it to keep benefiting if disruptions persist, although weaker demand and working-capital pressure remain key risks. Following the recent sell-off, we view the risk/reward as more attractive and upgrade the shares from HOLD to BUY, with a slightly revised price target of EUR 55.00. The full update can be downloaded under https://research-hub.de/companies/basf-se

Circus has announced a substantial downward revision to its FY26 guidance, slashing revenue expectations to EUR 5.2m (previously EUR 44m to EUR 55m) and widening its projected EBITDA loss to c. EUR -17m (previously a loss of EUR -6m to EUR -8m). According to management, the cut is driven by operational bottlenecks in the supply chain and maintenance, which have pushed planned rollouts into FY27. At this stage, it remains difficult to determine whether these challenges represent structural scalability issues or merely temporary setbacks. Acknowledging the company's inherently high degree of uncertainty and a flatter growth trajectory, we sharply downgrade our estimates and reduce our price target to EUR 8.40 (previously EUR 46.00). However, given the significant long-term upside if these operational hurdles are cleared, we issue a Spec. BUY recommendation (previously BUY) for investors with a high risk tolerance. The full update can be downloaded under https://research-hub.de/companies/circus-se

Traton’s preliminary Q2 figures point to a clear improvement in adjusted profitability, with Group adj. EBIT coming in well above expectations and International Motors returning to positive territory. However, the release included only a limited number of KPIs and focused solely on adjusted operating metrics. More importantly, the strong earnings performance was not matched by cash generation, as net cash flow remained negative and significantly below consensus. This divergence may reflect non-cash, one-off tariff-related receivables recognition and working-capital movements, but the limited disclosure does not yet allow for a firm conclusion. We therefore leave our estimates unchanged and await the full Q2 and H1 results on 23 July for better visibility on reported earnings, cash conversion and margin sustainability. Our broader investment thesis remains unchanged, with cyclical weakness and rising structural competition still key concerns. We maintain our SELL rating and EUR 23.00 PT. The full update can be downloaded under https://research-hub.de/companies/traton-se

Pyramid AG reported strong preliminary H1 2026 results, showing sales of EUR 40.3m (+10% yoy) and EBITDA of EUR 1.9m. Momentum was exceptionally strong in Q2, where revenues grew 28% qoq to EUR 22.6m and the EBITDA margin reached 7.5% (vs 1.1% in Q1). Supported by an annualized order intake run-rate of over EUR 100m, the operational turnaround is taking shape. While consolidated results and cash conversion remain to be seen, the operational trend and the recently secured balance sheet stability support a constructive outlook. We reiterate our BUY rating and PT of EUR 3.30. The full update can be downloaded under https://research-hub.de/companies/pyramid-ag

Vossloh announced preliminary Q2 2026 results showing strong revenue growth, supported by the consolidation of Sateba, while profitability came under pressure from integration effects and higher procurement and logistics costs. Management also lowered its 2026 guidance, reflecting weaker call-offs under framework agreements, project delays into 2027 and limited cost pass-through. However, the underlying investment case remains intact. Order intake continued to grow strongly and the order book reached a new record, providing solid visibility for the coming years. We therefore reduce our FY 2026 estimates to around the midpoint of the new guidance and lower our medium-term margin assumptions. Despite this, we still expect Vossloh to achieve its 2030 targets, supported by structural growth in rail infrastructure spending. Following the recent share-price sell-off, we see an attractive entry point. We reiterate our BUY rating but lower our PT to EUR 90.00 from EUR 100.00. The full update can be downloaded under https://research-hub.de/companies/vossloh-ag

MHP Hotel AG (MHP) has secured a long-term lease agreement for a new ~180-room Marriott Autograph Collection hotel in the heart of Düsseldorf, expanding its total portfolio to 16 properties in operation or in active pipeline. Developed in partnership with Midstad and scheduled to open by 2029 within the iconic, historic Carsch-Haus building ensemble, this project is expected to generate stabilized annual revenue of over EUR 20m. The transaction hits the sweet spot of a polarizing DACH hotel market, where the premium and luxury tiers heavily outpace the budget segment. By repositioning scarce, culturally significant inner-city architecture, MHP can command premium average daily rates and achieve high occupancy. Furthermore, as MHP continues to scale its footprint across premier metropolitan hubs, it is well-positioned to exploit significant operational cluster synergies, leading us to confirm our BUY recommendation with a price target of EUR 3.00. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

CHAPTERS Group has raised its 2026 outlook for organic growth in adjusted operating EBITDA to above 22%, from the previous 14%-17%, while confirming 7%-9% organic revenue growth. The guidance upgrade is underpinned by stronger operating leverage, driven by earlier-than-expected AI and automation efficiencies, value-based pricing and growing cluster synergies. While the new guidance creates clear upside risk to our forecasts, we leave our estimates unchanged ahead of the Capital Markets Day on 15 July, which typically provides a operational deep dive through case studies, platform presentations and strategic commentary from management. We reiterate BUY and our EUR 50.00 price target. The full update can be downloaded under https://research-hub.de/companies/chapters-group-ag

Leifheit announced preliminary Q2 2026 results showing continued sales weakness but a clear yoy and sequential improvement in EBIT, indicating that earlier restructuring and efficiency measures are helping to cushion the impact of lower volumes. The consumer backdrop remains challenging, with cautious spending, weak demand and tight retailer inventories. Management also provided further details on the FOCUS programme, aimed at simplifying the organisation, reducing costs and strengthening long-term profitability. The revised FY 2026 guidance points to continued pressure on sales, earnings and cash flow, although new product launches should support H2. We lower our FY 2026 and 2027 estimates but keep our longer-term view broadly unchanged. At 12.6x 2028E P/E and an 8% dividend yield, we reiterate our BUY rating but lower our PT to EUR 19.00 from EUR 20.00. The full update can be downloaded under https://research-hub.de/companies/leifheit-ag

Following a pre-close call with the company, we see no material change in the underlying picture since Q1. We expect a sequential improvement in both sales and EBITDA margin in Q2 and continue to anticipate a stronger H2 relative to H1. Positively, Siltronic remains reluctant to lock in additional long-term business at prevailing spot prices, which we read as a positive sign that management expects bargaining power and pricing to improve. At this stage, we continue to struggle to see a credible path to a meaningful earnings recovery without a broad-based price and volume inflection, even assuming double-digit revenue growth next year. Ahead of Q2 results, we therefore reiterate our SELL rating and unchanged EUR 70.00 price target. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag