PUMA’s Q2 should mark another transition quarter, with management already flagging sales development clearly below Q1. We model sales of EUR 1.66bn, down c.9% currency-adjusted, gross margin of 47.5% and reported EBIT of EUR -62.5m. The focus will be on the composition of the decline, as wholesale clean-up, lower promotions and the reduction of undesirable US mass-merchant business weigh on sales but support channel quality. We raise our FY26E EBIT estimate, reflecting better reset execution, a more resilient gross-margin trajectory and lower one-time costs. We maintain our PT of EUR 25.00, HOLD. The full update can be downloaded under https://research-hub.de/companies/puma-se

NORMA’s AGM approved a second share buyback of up to EUR 208m, further reinforcing its shareholder return strategy. Management is authorized to pay a premium of up to 30% over the relevant average share price, underlining its commitment to returning proceeds from the Water Management divestment within a disciplined capital allocation framework. Following the divestment, NORMA retains a net cash positive balance sheet, ensuring strong financial flexibility and resilience. This supports both continued capital returns and optionality for future strategic initiatives. At the same time, the “NewNORMA” strategy is steadily reshaping the group towards a more focused industrial applications footprint in connection technology, supported by simultaneous cost optimization. We view NORMA as a relatively low-risk investment with multiple upside drivers and reiterate our BUY rating with a PT of EUR 23.00. The full update can be downloaded under https://research-hub.de/companies/norma-group-se

ZEAL is set to deliver a strong Q2, supported by an unusually strong lottery backdrop as 12 jackpot peaks, led by Lotto 6aus49’s first cap event in three years, drive strong billings momentum and favourable mix. We forecast total revenue of EUR 65-66m, up c.30% yoy, with EBITDA margins above the normalized run-rate at ~30% (-5pp yoy) as operating leverage offsets higher marketing and product investment. Following the recent c.15% share-price pullback, we see an attractive entry point into an asset-light, predictable and cash-generative growth platform trading at undemanding 2026E/27E EV/EBIT multiples, and reiterate BUY with an unchanged EUR 72.00 price target. The full update can be downloaded under https://research-hub.de/companies/zeal-network-se

The Payments Group Holding (PGH) has reported its FY25 financial figures, highlighted by a narrowed net loss of EUR 1.83m and an exceptionally strong 90% equity ratio (EUR 11.78m equity). Strategically, the company executed a complete reset by abandoning its dilutive PayTech acquisition plans to return to its roots as a tech venture capital vehicle, a move to be finalized by a renaming to German Tech Holding (GTH) in August 2026. The investment case now depends on private growth assets like AuctionTech and Softmax AI, alongside an expected summer 2026 settlement of EUR 6.2m in SGT Capital claims. Based on a deep discount to the estimated NAV of over EUR 1.50 (including off-balance-sheet items), we reiterate our Spec. BUY rating but lower our PT to EUR 1.03 (previously EUR 1.24) based on reported NAV as per 31.12.2025. The full update can be downloaded under https://research-hub.de/companies/the-payments-group-holding

HMS has published its first IFRS annual report. Headline numbers were pre-flagged in April; the key task is stripping out non-recurring items. Reported EBITDA of EUR 59.4m includes EUR 36.4m from the Maatla consolidation and EUR 3.1m on the Silesian Coal disposal, leaving underlying EBITDA of EUR 22.4m, marginally ahead of the restated 2024 base. Beyond the accounting, the report documents HMS' expansion into mining and marine fuels. With both Maatla and HRV now in production and marine fuels scaling, 2026 is the first year the new business lines register in the P&L. We confirm BUY and PT EUR 80.00; follow-up after next week's management call. The full update can be downloaded under https://research-hub.de/companies/hms-bergbau-ag

Based on our estimates Airbus delivered 87 commercial jets in June according to our data (excl. the two C295s handed to the Spanish Air Force). The company could therefore deliver its two strongest consecutive months on record, putting Q2 on track for a potential 235 units, above the prior all-time Q2 record of 227 set in 2019. The pace is notable given management flagged persistent engine supply constraints on the Q1 call, and given the market, including us, had raised doubts about a potential guidance cut following the weak Q1 print. We raise our FY26 delivery estimate to 870 units, in line with the company's own "around 870" guidance, upgrade to BUY, and lift our price target to EUR 215 from EUR 180. However, our long run thesis on COMAC as a structural earnings risk from the mid 2030s is unchanged. The full update can be downloaded under https://research-hub.de/companies/airbus-se

Mister Spex is shifting to an asset-light operating model by closing its Berlin-Spandau site by late 2026 and fully outsourcing logistics to Arvato and production to Rodenstock. This transformation affects around 125 employees but transforms capital-intensive in-house processes into highly variable cost functions. We believe this structural pivot will optimize long-term scalability and support the ongoing margin recovery strategy, despite creating new operational dependencies on third parties and introducing short-term restructuring costs, which however have already been reflected in mwb research’s estimates. Consequently, we maintain our positive stance on the stock's long-term value creation. We reiterate our BUY rating with a PT of EUR 3.40. The full update can be downloaded under https://research-hub.de/companies/mister-spex-se

Rigsave’s FY25 pro forma results exceeded our operating outlook, with self-consolidated sales of EUR 3.3m versus EUR 2.6m expected and EBIT of EUR 0.6m versus EUR 0.4m. EPS reached EUR 0.13, ahead of our EUR 0.10 estimate, indicating early operating leverage. However, the RAAF revaluation remains the key drag, reducing equity by EUR 14.2m after tax and compressing FY25 equity to EUR 8.5m. Management is shifting toward a leaner B2B-focused model, closing RAAF and Rigsave Tech, insourcing services, and prioritizing Rigsave Capital, where UCITS AuM reached more than EUR 400m. We confirm our Spec. BUY and reduce the PT to EUR 4.50, following the devaluation of RAAF. The full update can be downloaded under https://research-hub.de/companies/rigsave-spa

Gevorkyan’s CEO Artur Gevorkyan and CFO Andrej Bátovský highlighted strong growth prospects at the mwb Industrial Tech conference. The company is now targeting the AI data center cooling market with specialized powder metallurgy solutions and approaching a milestone commercial agreement. Gevorkyan is also accelerating its European defense vendor status following the Sinteris acquisition, while pursuing two further M&A opportunities in Italy and finalizing refinancing for its upcoming EUR 30m bond maturity. With a confirmed FY26 guidance and a long-term EBITDA CAGR target of up to 20%, the structural growth story remains fully intact. BUY, PT EUR 12.80. A recording of the event is available here: https://research-hub.de/events/video/2026-06-22-15-30/GEV-CP. The full update can be downloaded under https://research-hub.de/companies/gevorkyan-as

We update our Q2 estimates and continue to see a better FY than the broader market seems to expect, despite unfavorable phasing as fuel adds ~EUR 300m of costs and strikes ~EUR 150m (mwb est.). We model Q2 revenue of EUR 10,800m (+4.6%, pricedriven), EBIT of EUR 290m (2.7% margin) and broadly flat FCF, the latter distorted by a shorter booking window rather than weaker cash generation. Against an Iran-driven backdrop that raised the odds of a structurally worse year, the company has navigated well, and the fuel spike already sits in the share price and should unwind into 2027. The 2026 guidance headroom is likely gone, and the fuel bill maxed out, but 2026 is <4% of our price target and should not be overinterpreted. The asset backing anchors the bull case, as the fleet alone covers ~70% of EV and the MRO business, where we expect strong growth, ~40% of EV (mwb est.). Lufthansa remains structurally undervalued while the market keeps pricing a never-ending crisis. BUY, PT unchanged at EUR 21.00. The full update can be downloaded under https://research-hub.de/companies/deutsche-lufthansa-ag