The Platform Group (TPG) confirmed strong FY25 results, with revenue up 39% yoy to EUR 728m, GMV up 44% to EUR 1.3bn, and adjusted EBITDA rising 65% to EUR 55m, highlighting strong platform scalability. Operating cash flow of EUR 59.7m supports earnings quality, while balance sheet strength improved with a 48.4% equity ratio and 2.1x leverage. FY26 guidance excluding AEP was confirmed, while the planned AEP acquisition remains the key catalyst, with financing details expected in May. We view current valuation as attractive, driven more by financing uncertainty than operational weakness, and reiterate our BUY rating with EUR 19.50 PT. The full update can be downloaded under https://research-hub.de/companies/the-platform-group-se-co-kgaa

Wacker’s Q1 2026 results confirmed the preliminary release, with EBITDA materially ahead of consensus driven by PACE cost savings and temporary customer order pull-forwards rather than a genuine recovery in underlying demand. Chemicals margins improved despite weak volumes, supported by cost discipline, pricing actions and lower raw material costs, while construction-related demand remains soft and Polysilicon continues to show mixed trends between strong semiconductor demand and weak solar markets. FY26 sales guidance was raised on price pass-through, but EBITDA guidance remains unchanged given ongoing geopolitical uncertainty and orders volatility. We therefore maintain HOLD and our EUR 90.00 PT, based on ~10x 2026E EV/EBITDA, as Q1 supports stabilization but not yet a clear cyclical inflection, with visibility on a sustained volume recovery remaining low. The full update can be downloaded under https://research-hub.de/companies/wacker-chemie-ag

Gevorkyan has completed the full acquisition of Sinteris Italia via a distressed “negotiated crisis settlement,” likely structured as an asset deal that leaves legacy liabilities behind. The target, generating EUR 12-14m in revenue and ~EUR 2m EBITDA, was acquired for an estimated EUR 10m (all figures mwb est.). Strategically, the deal enhances Gevorkyan’s market position by combining Italian high-precision engineering and access to premium sectors like aerospace and high-speed rail with its own cost-efficient Slovak production and R&D base. While the acquisition may slightly dilute margins, it is expected to drive top-line growth and profitability through synergies, supporting an unchanged price target of EUR 12.80 and a continued BUY recommendation with over 60% upside The full update can be downloaded under https://research-hub.de/companies/gevorkyan-as

Mister Spex will release Q1 26 results on May 7, where we expect a 10% yoy revenue decline to EUR 40.2m, pressured by weak online demand and continued weak consumer sentiment in Germany. However, we anticipate a significant gross margin expansion of +259bps yoy to ~59%, reflecting a superior product mix and pricing discipline. While EBITDA is projected at EUR -1.5m due to seasonality, the focus remains on the FY26 target of adjusted EBITDA break-even. The strategic pivot toward a high-margin omnichannel model appears intact, with physical stores outperforming the e-commerce segment. In our view, any margin improvements should be seen as a validation of the current restructuring efforts. Consequently, we maintain our BUY rating with unchanged PT of EUR 3.40. The full update can be downloaded under https://research-hub.de/companies/mister-spex-se

MS Industrie reported FY25 results broadly in line with preliminary figures, reflecting a challenging year with lower revenue and subdued profitability amid continued weakness in the truck market. On the positive side, operational cash flow remained solid, supported by working capital effects, while investment activity was minimal, underscoring a low-CAPEX phase after completion of key automation projects. Strategically, the US expansion is gaining traction, with the Charlotte site now operational and series production underway, supporting diversification beyond the traditional truck business. Looking ahead, FY26 should mark a return to growth, driven by improving demand. Diversification into defense and data center infrastructure, alongside a stronger cost base, should support earnings recovery even without a strong cyclical upswing. We reiterate our BUY rating with a PT of EUR 2.20. Earnings call together with Q1 results on May 20. Register here: https://research-hub.de/events/registration/2026-05-20-14-00/MSAG-GR. The full update can be downloaded under https://research-hub.de/companies/ms-industrie-ag

Airbus posted a disappointing Q1, missing an already heavily reduced consensus on every metric that matters. Commercial aviation EBIT of EUR 1m on EUR 8.3bn of revenue is effectively zero, and the net income beat is entirely explained by a non-cash Dassault stake revaluation. With only 114 deliveries at 13.1% of the full-year target versus 17.2% in 2025 (a year that still saw a guidance cut) reaching 870 aircraft requires a monthly pace more than double the Q1 run rate, with P&W shortages unresolved. The EUR 2bn FCF outflow is largely timing-driven and should not be overinterpreted. Demand remains intact with record Q1 order intake and a near ten-year backlog, and Airbus reconfirmed guidance. However, we continue to model a cut and remain well below consensus on margins and FCF. The muted share price reaction of -0.5% in the afterhours likely reflects a guidance cut already being partially priced in. Our PT remains unchanged at EUR 170.00. HOLD. The full update can be downloaded under https://research-hub.de/companies/airbus-se

STRATEC’s final FY25 results confirm weak underlying profitability despite stable topline performance. Sales declined 2.6% yoy to EUR 250.9m, while the adjusted EBIT margin fell to 10.0%. More concerning is the sharp gap between adjusted and reported figures: reported EBIT dropped to EUR 9.1m (3.6% margin), and net income turned slightly negative. While systems sales showed encouraging recovery (+6.3% cc), higher-margin consumables remained weak. FY26 guidance implies revenue growth but no margin improvement, with recovery expected mainly in H2. We see 2026 as a transition year and a clear “show-me” story, downgrading the stock from BUY to HOLD with PT cut to EUR 20.00 (prev. EUR 24.30). The full update can be downloaded under https://research-hub.de/companies/stratec-se

Company Name: The Platform Group SE & Co. KGaA ISIN: DE000A40ZW88   Reason for the research: Update Recommendation: BUY Target price: EUR 17 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Final FY25 out, AEP acquisition to transform the group; chg.TPG closed FY25 with a strong set of resul [ … ]

Company Name: MLP SE ISIN: DE0006569908   Reason for the research: Update Recommendation: BUY Target price: EUR 12 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller Planning pays dividends We hosted a roadshow with MLP CEO Dr. Uwe Schroeder-Wildberg. Key takeaways confirm the equity story momentum: MLP [ … ]

Bayer’s U.S. Supreme Court hearing in Monsanto v. Durnell is broadly neutral to slightly constructive in our view and represents another step in the group’s broader Roundup litigation containment strategy. While oral arguments provided no decisive read-through and justices appeared divided, Supreme Court pre-emption remains a credible catalyst alongside the pending USD 7.25bn settlement, both of which improve visibility around Bayer’s largest structural overhang. A favorable ruling would not eliminate all litigation immediately, but it would strengthen Bayer’s legal position, reducing future cash uncertainty and supporting sentiment around the Crop Science business. With the market still over-discounting prolonged litigation drag, we reiterate our BUY rating and unchanged PT of EUR 52.00, as we continue to see scope for multiple re-rating. The full update can be downloaded under https://research-hub.de/companies/bayer-ag