SBO will present at our Austrian Select Conference next week. While the oil and gas sector faces geopolitical risks, including the Iran conflict, which has led to high oil prices, upstream CapEx growth remains restrained. SBO is actively diversifying into Flow Control, Geothermal, and Additive Manufacturing, leveraging its expertise in advanced materials and precision manufacturing. The company is well-positioned to benefit from growing geothermal investments and the expanding metal additive manufacturing market. However, following the recent stock surge, we downgrade our rating to HOLD with a target price of EUR 39.00. Register here for our Austrian Select Conference on 23 April: https://research-hub.de/conference/austrian-select. The full update can be downloaded under https://research-hub.de/companies/sbo-ag

We expect a strong start to FY26 for Elmos, with Q1 revenues of EUR 150-155m (+20% yoy) supported by improving order intake and normalized underlying demand following destocking, although sequential growth is tempered by typical seasonality and shipment pull-ins. Profitability should improve, with stable gross margins and higher EBIT margins driven by volume leverage and absence of one-offs. Adj. FCF is set to come in strong, supported by underlying operations and favorable working capital. While no severe allocation is visible yet, some tightness is emerging in 8-inch wafer capacity driven by AI demand. Should tightness intensify, we expect Elmos to benefit, as in prior cycles, unlocking further upside. That said, we increase our price target to EUR 150.00 (old: EUR 135.00) but maintain a HOLD rating on fair valuation. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se

Circus held its Q1 update call, highlighting significant improvements in system maturity and operational efficiency. System uptime is now above 90%, and daily human handling time has been reduced to 1.5 hours. The company is increasing production capacity, planning to manufacture 64 units per month by Q4 2026. Strong commercial momentum was demonstrated through a key contract with the Lithuanian Armed Forces and successful pilot installations. Circus also announced the acquisition of Alberts, a Belgian food robotics specialist. This acquisition will enable Circus to expand into space-constrained urban environments, such as office lobbies, gyms and convenience stores, and open up new cross-selling opportunities. The acquisition is expected to close by Q2 2026. We are maintaining our BUY recommendation with a price target of EUR 46.00. The full update can be downloaded under https://research-hub.de/companies/circus-se

Following RENK´s participation at the mwb research German Select conference, the company reaffirmed its core equity story, particularly the structurally high aftermarket exposure (>50% long-term (mwb est) vs. ~36% FY25), which supports a more resilient earnings profile. Execution remains solid with >20% adj. EBIT margins in reach and strong visibility backed by EUR >6.7bn backlog (5x LTM sales). However, current valuation depend on sustained demand into the 2030s, where we see risks of a cycle increasingly underappreciated by the market. HOLD, PT unchanged at EUR 53.00. A recording can be viewed here: https://research-hub.de/videos. The full update can be downloaded under https://research-hub.de/companies/renk-group-ag

Amadeus Fire (AAD) faced a difficult FY25 due to German economic stagnation, with revenue and EBITA falling to EUR 363.6m (-16.8% yoy) and EUR 13.7m respectively. However, stabilization trends noted by peers like Michael Page and a strategic shift toward AI-based training platforms (Masterplan, eduBITES) suggest a recovery is underway. For FY26, the company guides for Group revenue up to EUR 394m and a significant profit recovery in the Training segment. Despite short-term uncertainty, the structural need for skilled labor remains a long-term tailwind. We believe AAD is well-positioned for an upturn. We therefore reiterate our BUY rating with unchanged PT of EUR 70.00. The full update can be downloaded under https://research-hub.de/companies/amadeus-fire-ag

At the mwb German Select Conference, Sophia Kursawe, Senior Manager IR, provided an update on the company’s recent developments and outlook. She highlighted the strong positioning in braking and safety-critical systems for rail and commercial vehicles. Rail remains the key profitability driver, supported by long-cycle demand, a strong aftermarket base, and the “BOOST” program driving margin expansion through cost control and portfolio optimisation. The Truck division shows early signs of stabilisation, although the cyclical environment remains weak. Looking ahead, Rail continues to benefit from structural megatrends such as digitalisation and sustainability, while Truck is expected to recover gradually but with uncertain timing. Strategic initiatives in M&A, signalling, and aftermarket services support medium-term growth, alongside longer-term digital opportunities. In our view, Rail strength is largely priced in, while Truck cyclicality remains a key risk, resulting in an unattractive risk-reward profile. We therefore maintain our SELL rating and PT of EUR 86.00. The Roundtable recording is available here: https://research-hub.de/videos. The full update can be downloaded under https://research-hub.de/companies/knorr-bremse-ag

R. STAHL reported FY25 results in line with prelims, confirming weak demand with revenue down 9.1% yoy and declining order intake (-6.4% yoy). Profitability remained supported by temporary effects, masking weaker underlying margins, while free cash flow turned slightly negative. FY26 guidance points to further declines in both revenue and EBITDA, reflecting continued subdued demand and limited backlog visibility. The NEXUS program targets structural improvement and growth to EUR ~500m sales by 2030, but meaningful contributions are expected only from FY27 onwards. Despite weak near-term fundamentals, the stock offers an attractive risk-reward profile, supporting a continued BUY recommendation with a slightly lower price target of EUR 17.00 (before EUR 18.50.). The full update can be downloaded under https://research-hub.de/companies/r-stahl-ag

Formycon reported updated FY2025 preliminary results with improved profitability, as EBITDA is now expected at around EUR -4m (vs. previously EUR -12m), mainly driven by accounting-related capitalization of development costs. Revenues remain unchanged at around EUR 45m. Importantly, there is no update on the company’s Stelara-biosimilar FYB202, where US uptake remains limited due to exclusion from key PBM formularies, and impairment assumptions are unchanged. While the EBITDA improvement is purely optical, underlying commercial challenges persist. We therefore leave our estimates unchanged and maintain our Buy rating with a price target of EUR 40.00, as we believe the current valuation does not fully reflect the portfolio’s long-term potential. The full update can be downloaded under https://research-hub.de/companies/formycon-ag

MHP Hotel AG reported strong Q1 KPIs, with results for the first time benefiting from the February acquisition and repositioning of the Hyatt Regency Vienna. Group occupancy dipped slightly to 65% due to the ramp-up of the newly opened Conrad Hamburg; however, excluding this property, occupancy reached a record high of 70% for Q1, highlighting robust underlying demand. Pricing remained resilient, with ADR rising by 1% yoy to reach a Q1 high of EUR 205, thereby driving RevPAR up by 4%. Revenues grew significantly by 25% yoy, supported by an exceptional 36% increase in food and beverage sales. The company reaffirmed its FY26 guidance of around EUR 225m in revenue and at least EUR 10m in EBITDA, noting both risks from geopolitical tensions and potential upside from shifting travel demand to Europe. EV/EBITDA multiples of 3.5x for 2026 and 2.1x for 2027 look highly attractive and represent a significant discount to peers. We confirm our estimates and maintain our BUY rating with a price target of EUR 3.30. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

AIXTRON has issued a EUR 450m zero-coupon convertible bond at a 30% premium, providing low-cost, flexible funding and effectively deferring equity issuance at higher valuation levels. While the structure appears financially attractive and opportunistic given the company’s strong net cash position, the broadly defined use of proceeds suggests limited visibility on near-term deployment. At the same time, hedging-related shorting from the concurrent share placement is likely to create near-term technical pressure, while the premium being set off a discounted reference price reduces its effective buffer and increases the likelihood of conversion over time, implying potential dilution of up to ~8%. Overall, we maintain our SELL rating at current prices on an unfavorable risk-reward profile. The full update can be downloaded under https://research-hub.de/companies/aixtron-se