Koenig & Bauer reported H1 2025 revenue of EUR 550.4m, with a strong preliminary Q2 result (+7% yoy) offsetting a weaker Q1. Operating EBIT improved sharply in Q2 to EUR 1.8m (Q2/24: –EUR 20.9m), driven by restructuring progress under the “Spotlight” programme. The Q2 book-to-bill ratio of 1.21x reflects continued demand, pushing the order backlog to a record EUR 1.10bn. FY guidance was reaffirmed: slight sales growth to EUR 1.3bn and operating EBIT of EUR 35–50m. As part of its strategic focus, the company launched a review of Coding GmbH (c. EUR 50m in annual sales), including possible divestment. Overall, Koenig & Bauer is on track for earnings recovery, with improved operational momentum and a strengthened foundation for sustainable profitability. We reiterate our BUY rating with unchanged PT of EUR 21.00. The full update can be downloaded under https://research-hub.de/companies/koenig-bauer-ag

Company Name: DN Deutsche Nachhaltigkeit AG ISIN: DE000A3DW408   Reason for the research: Research study (Anno) Recommendation: BUY Target price: 6,42 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Cosmin Filker, Marcel Goldmann You can download the research here: 20250729_DN_Anno_engl Contact for questi [ … ]

Q2 results came in stronger than expected, double upbeat on sales and EBITDA margin. The outperformance was driven by higher wafer volumes, improved fixed cost absorption, and positive FX valuation effects. Management reiterated EBITDA margin guidance and lowered the sales outlook to reflect FX headwinds, while maintaining confidence in cost discipline. That said, the market backdrop remains fragile, with elevated memory and power-related inventories still weighing on order momentum despite visible demand in servers, PCs, and automotive. While we do not expect a meaningful volume recovery in H2, we continue to anticipate a gradual normalization of customer inventories through 2026, potentially setting the stage for a more sustained topline recovery from lower absolute levels, particularly if demand in industrial, automotive, and smartphones strengthens. We adjust our estimates accordingly and reiterate our BUY rating and EUR 57.50 price target. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

Dräger confirmed its Q2 2025 results, with revenue up 1.8% yoy (fx-adj.) to EUR 780m and EBIT at EUR 20m, reflecting the absence of one-off gains seen last year. Medical performed well (+5.0% fx-adj.), driven by strong demand, while Safety declined slightly (–2.0% fx-adj.). Order intake rose 14.3% yoy to EUR 877m, the highest Q2 level since 2020, led by Medical (+25.5% fx-adj.) and broad regional growth. Safety orders were flat overall. The strong backlog enhances H2 visibility and supports full-year guidance. With no changes to estimates and the share near our EUR 72.00 target, we maintain our HOLD rating. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

Company Name: The Platform Group AG ISIN: DE000A2QEFA1   Reason for the research: Update Recommendation: Buy from: 29.07.2025 Target price: EUR 18.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch New strategy to enter Opticians & Hearing market. With the announced acquisitions of 50.1% of  [ … ]

SUSS MicroTec delivered a strong Q2 revenue beat, likely driven by better-than-expected backlog conversion, though profitability fell short due to gross margin pressure from one-offs and higher costs related to R&D and capacity ramp-up. Management cut FY25 margin guidance but maintained the sales outlook, implying a softer H2. While current profitability is weighed down by transitional cost items tied to scaling, we do not see signs of material demand deterioration. That said, given the dynamic market environment, we remain cautious and are monitoring order momentum closely. Accordingly, we have revised our FY25 estimates, raising sales slightly and trimming margins. We reiterate our BUY rating and EUR 68.40 price target as we continue to see long-term value in SUSS at current price levels. The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se

Heidelberg has entered a strategic partnership with defense specialist VINCORION, marking its first move into the defense sector. The agreement positions Heidelberg to develop and produce power control systems for military applications, leveraging its strong industrial base and scaling capabilities. While initial financial contributions are expected to be modest, the deal opens a high-margin, future-growth segment aligned with Europe’s push for defense autonomy. Strategically, this expands Heidelberg’s reach beyond print into safety-critical technologies, enhancing long-term resilience and value creation. We view the partnership as a positive optionality play with limited execution risk. BUY rating maintained with a price target of EUR 2.60. The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

TUI's fiscal Q3 2025 results (ending June 30), due August 13, are expected to benefit from the late Easter, providing a tailwind after negatively impacting Q2. Despite earlier concerns, summer 2025 booking patterns are believed to have improved, driven by consumer prioritization of holidays in key markets like Germany and the UK, even amid cost-of-living pressures. We anticipate FQ3 revenues to increase by 7.2%, aligning with TUI's 7-10% FY25 guidance, and project a nearly 17% year-on-year increase in underlying EBIT due to robust pricing in Hotels & Resorts, a positive mix from increased cruise capacity (Mein Schiff Relax), and the beneficial effect of a late Easter for Markets & Airline. These factors are expected to drive margin improvement despite ongoing cost pressures, reinforcing confidence in TUI's operational improvements and deleveraging path, leading us to reiterate our BUY rating with an unchanged price target of EUR 16.00. The full update can be downloaded under https://research-hub.de/companies/tui-ag

Company Name: Daldrup & Söhne AG ISIN: DE0007830572   Reason for the research: Update Recommendation: Buy from: 28.07.2025 Target price: 20.00 Last rating change: Analyst: Ralf Marinoni Daldrup wins tender for major geothermal energy contractThe success story continues: Daldrup & Söhne has won the EU-wide tender [ … ]

Company Name: GFT Technologies SE ISIN: DE0005800601   Reason for the research: Update Recommendation: Buy from: 28.07.2025 Target price: 32 Last rating change: Analyst: Sebastian Droste Mixed picture but mid-term targets remain intact On July 23, GFT Technologies released its preliminary H1 2025 results and lowered its guidance  [ … ]