Rheinmetall announced a framework agreement today with the Bundeswehr for the FV-014 loitering munition that is described as being worth billions in the headline, but the immediate financial impact is much smaller. The only firm portion at this stage is an initial call off of around EUR 300m, which should cover roughly 2,500 drones and represents less than 1% of Rheinmetall’s backlog. Deliveries are scheduled from H1 2027, subject to qualification in Q2 2026. The order is strategically relevant as it strengthens Rheinmetall’s position in autonomous systems, but it was already largely known after Bundestag approval on 15 April and therefore does not change our estimates or investment case. HOLD. PT 1,500 The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Infineon’s AI power business is emerging as a structurally stronger and more durable growth driver than previously assumed, with demand continuing to outstrip supply and positioning the company to benefit from capacity-driven revenue upside, supportive pricing, and a likely beat to FY26 AI guidance. Beyond volume growth, the quality of earnings is improving as higher power intensity and a shift toward more advanced architectures materially increase content per system and support a more resilient margin profile. While non-AI end-markets are stabilizing and provide additional upside optionality, we believe the recent share price re-rating already reflects much of the AI opportunity. We therefore raise our price target to EUR 48.00 but maintain a HOLD rating, as the current valuation implies a balanced risk-reward unless further upside emerges from incremental AI monetization or a stronger-than-expected recovery in non AI end- markets. The full update can be downloaded under https://research-hub.de/companies/infineon-technologies-ag

Formycon's final FY2025 results confirmed the updated prelims, with revenues of EUR 44.5m and EBITDA of EUR -3.6m. The net result of EUR -64.7m was dominated by non-cash impairments on FYB202 and a negative at-equity contribution from Bioeq. More importantly, operating cash flow turned positive at EUR +10.8m, signalling genuine operational improvement. Liquidity remains solid at EUR 68.8m. For 2026, management targets revenues of EUR 60-70m and a positive EBITDA, driven by its commercial pipeline and milestone realization on FYB206. We maintain our BUY rating and EUR 40.00 price target. The full update can be downloaded under https://research-hub.de/companies/formycon-ag

TUI's FY2026 EBIT guidance cut landed today, as we had already flagged before. The Iran conflict has dented bookings and cost the company around EUR 40m in March alone. However, the worst operational fear (the two cruise ships trapped in the Persian Gulf) has been resolved. The street remains ~5% too high on consensus EBIT estimates and will need to adjust. We trim our price target to EUR 15.00 (from EUR 16.00) but stay BUY. 2026 is an externally-driven pain year, not evidence of a broken business. The earnings recovery, once geopolitical visibility returns, is not priced in at current levels. The full update can be downloaded under https://research-hub.de/companies/tui-ag

Drägerwerk (Dräger) reported a strong start to FY26, with Q1 revenues of EUR 766m (+6.9% yoy, currency-adjusted) at the upper end of guidance, supported by both divisions and solid order intake (+3.4% yoy). Profitability improved significantly, with EBIT rising to EUR 18m (margin 2.4%), driven by higher volumes, gross margin expansion, and lower costs, partly due to base effects. The results provide early evidence for the company’s margin expansion strategy. However, given strong seasonality and a back-end loaded earnings profile, guidance (2–6% sales growth, 5.0–7.5% EBIT margin) remains unchanged. We reiterate BUY with an unchanged price target of EUR 108.00. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

With Q2 results due on 19 May, we expect Hoenle to deliver a sequential improvement following a soft Q1, driven by stronger momentum in Adhesives and Disinfection, while Curing remains subdued but stable. The shift toward larger, higher-value orders in Adhesives systems should improve revenue quality and margins, with additional upside potential from a >EUR 1m project currently under negotiation. At the same time, any cost inflation is largely passed through. Despite this improving short-term trajectory, geopolitical uncertainty and weak capex continue to weigh on visibility. Should the fragile macro backdrop persist, full-year guidance would likely skew toward the lower end; nonetheless, we maintain our BUY rating and EUR 20.00 price target. The full update can be downloaded under https://research-hub.de/companies/hoenle-ag

MTU reports Q1 2026 on Thursday, 30 April. We expect a strong quarter with limited downside risk, supported by MTU’s consistent track record of beating too conservative street expectations. Near-term volatility around jet fuel supply and potential Airbus guidance pressure is, in our view, noise rather than a change in fundamentals and should be used to add exposure. In line with this, the newly disclosed long position by Kerrisdale Capital reinforces our core thesis that consensus materially understates MTU’s normalized earnings power, with temporary drags masking structurally higher margins and cash generation. Against this backdrop, the valuation discount remains difficult to justify. We reiterate our conservative EUR 520.00 PT and BUY rating, with MTU remaining a top pick in the sector. The full update can be downloaded under https://research-hub.de/companies/mtu-aero-engines-ag

We initiate coverage of Voltatron AG (formerly Voltabox AG) with a Spec. BUY recommendation and a PT of 5.00 offering an upside potential of 12.5%. Following a comprehensive restructuring, Voltatron has emerged as a focused and profitable EMS platform with a clear buy-and-build strategy. After disposing of loss-making activities, the group is building a more integrated electronics business centred on PCB (printed-circuit-boards) related manufacturing and industrial electronics. Backed by an experienced management team with a strong execution track record, meaningful management ownership (36%), and exposure to structurally growing end markets, we see a credible path towards EUR 100m of mid-term revenue through selective acquisitions. The full update can be downloaded under https://research-hub.de/companies/voltatron

Beiersdorf’s Q1 2026 organic sales decline of 4.6% highlights a challenging start to the year, led by weakness in NIVEA and La Prairie. Despite these headwinds, the Derma segment remains robust with 8.2% growth. We have lowered our FY26 estimates to reflect a more cautious recovery pace and potential margin pressure, leading to a price target reduction. However, given the underlying demand stability and the strength of the Eucerin brand, we believe the long-term investment case remains intact. We maintain our BUY rating with a new PT of EUR 100.00 (prev. EUR 125.00). The full update can be downloaded under https://research-hub.de/companies/beiersdorf-ag

Against this backdrop, mwb research is hosting an online earnings call for Q1 2026 on April 22, 2026, at 1:30 p.m. CEST with Markus Dränert (CEO) and Petra Stappenbeck (CFO). 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/2026-04-22-13-30/ISHA-GR.