Mayr-Melnhof (MM) has issued a Q1 trading statement. Sales were down 11% yoy due to the divestment of the TANN Group, with pro forma sales down 5.9%. Adjusted operating profit fell 19% reported but rose 5.6% pro forma, reflecting a 60bp margin improvement, driven by operational efficiencies from the Fit-For-Future program amid subdued demand and rising energy and transport costs. MM's outlook for 2026 remains shaped by a challenging market environment characterized by weak demand, intense competition and structural overcapacity. Although MM is successfully countering these developments with faster-than-expected progress on the Fit-For-Future programme, further headwinds are emerging in the form of rising energy, transportation and chemical costs. We have adjusted our estimates to reflect this, resulting in a new price target of EUR 96.00 (previously EUR 105.00). BUY. We recently hosted a roundtable with the company, a recording of the event can be viewed here: https://research-hub.de/events/video/2026-04-23-11-30/MMK-AV). The full update can be downloaded under https://research-hub.de/companies/mayr-melnhof-karton-ag

Südzucker (SZU) ended FY26 on a weak note, with prelim Q4 sales and full-year revenue both declining yoy, reflecting a still weak market environment. Profitability fell sharply, driven mainly by continued pressure in the sugar segment, where pricing weighed on margins. As a result, earnings declined significantly yoy, with both EBITDA and operating profit showing strong contraction. Additional already announced impairments further weighed on reported results. Management confirmed FY27 guidance points to slightly lower revenues yoy but some stabilization in earnings, suggesting that the worst of the cycle may be behind. While near-term visibility remains limited, we see improving sugar market dynamics supported by higher bioethanol prices, lower European supply and potential weather-related support. Overall, the mid-term setup is turning more positive and at current trough-cycle valuation levels, we see an attractive entry point for patient investors. We reiterate BUY with a PT of EUR 15.00. The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag

FCR Immobilien’s audited FY25 results confirm a successful shift toward a recurring-income business model. While headline EBT fell to EUR 6.9m due to the absence of prior-year one-off gains, FFO increased to EUR 7.4m. Operational strength is evidenced by 94.6% occupancy and a WAULT of 5.9 years. The portfolio value remains stable at EUR ~397m. In addition, active deleveraging as helped to reduce net debt to ~ EUR 259m, pushing the company’s LTV to c. 65% from above 70% in the previous year. Although high interest expenses of EUR 12m remain the key investment risks, the transition to a more transparent, cash-flow-driven model is well underway. Given the attractive valuation and resilient retail exposure, we confirm our BUY rating with unchanged PT of EUR 22.00, which on top provides an attractive dividend of EUR 0.35 (yield ~3%). The full update can be downloaded under https://research-hub.de/companies/fcr-immobilien-ag

Company Name: The Platform Group SE & Co. KGaA ISIN: DE000A40ZW88   Reason for the research: Update Recommendation: Buy from: 27.04.2026 Target price: 20,00 Euro Target price on sight of: 12 months Last rating change: - Analyst: Alexander Rihane First Berlin Equity Research hat ein Research Update zu The Platform Group SE &a [ … ]

SBO’s presentation at our Austrian Select Conference largely confirmed our existing view: Precision Technology recovery remains the most important near-term catalyst, while resilient long-term oil & gas fundamentals and capability-led diversification support the broader equity story. Management sees Q3 2025 as the low point for Precision Technology, with clearer improvement expected in H2 2026. At the same time, rising decline rates and maintenance-driven upstream capex underline the structural relevance of oil & gas. Diversification into flow control and additive manufacturing adds attractive long-term growth potential. We maintain our HOLD rating and EUR 39.00 target price. The recording of SBO’s presentation, along with further conference sessions, can be found here: https://research-hub.de/videos The full update can be downloaded under https://research-hub.de/companies/sbo-ag

Nordex delivered a solid start to 2026, with revenues and margins improving, supported by scale effects, stable pricing and a growing contribution from higher-margin service activities. Cash flow was however strongly negative, reflecting a normalization in working capital. The order backdrop remains supportive, particularly in Europe, with strong service momentum and an expanding installed base enhancing visibility for recurring revenues. Management has confirmed FY26 guidance, underlining a stable outlook. However, the strong share price performance has materially reduced the risk/reward profile, with much of the positive momentum already reflected in the valuation. At current levels, the cyclical nature of the wind industry adds downside risk. We slightly increase estimates but maintain our SELL rating and EUR 40.00 price target. The full update can be downloaded under https://research-hub.de/companies/nordex-se

Company Name: THE NAGA GROUP AG ISIN: DE000A41YCM0   Reason for the research: Update Recommendation: BUY Target price: EUR 9.50 Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow Mixed Q1 figures; guidance confirmed Last week, NAGA reported preliminary Q1 figures that came in as a mixed bag with sof [ … ]

Company Name: Eloro Resources Ltd. ISIN: CA2899003008   Reason for the research: Update Report Recommendation: Buy from: 24.04.2026 Target price: CAD 20.80 (previous: CAD 21.80) Target price on sight of: 24 months Last rating change: - Analyst: Peter Thilo Hasler, CEFA The updated MRE outlines Indicated Resources of 85.17 mn to [ … ]

ATOSS delivered a clean Q1, with 11% revenue growth, a 35% EBIT margin well ahead of guidance, and Cloud ARR up 27% to EUR 109.8m. The numbers speak to a resilient business model with high revenue visibility. The nuance lies in the order dynamics: solid pipeline execution through February gave way to a material softening in conversion rates in March, driven by geopolitical uncertainty. New logo momentum in enterprise improved, while SMB lagged. Management raised the EBIT margin floor to 34% and confirmed revenue guidance at EUR 215m. The AI-driven software selloff has hit the sector without distinction: ATOSS has the data assets and domain expertise to prove AI is a lever, not a risk. Estimates and price target unchanged at EUR 130.00, BUY. The full update can be downloaded under https://research-hub.de/companies/atoss-software-se

MTU’s ~4% pullback reflects concerns over a softer aftermarket cycle, but we see the implied downside scenario as too pessimistic. Even if 2026 normalizes somewhat, the year represents <2% of our price target and should not drive the investment case. Past shocks such as Covid and the Ukraine war created sharp but temporary drawdowns that were quickly bought. We see the current weakness as another entry point, with MTU’s long-term earnings engine intact. BUY. PT EUR 520.00. A multiples-based analysis points to a fair value of >EUR 600.00, which we see as realistic over the long term once uncertainty fades. The full update can be downloaded under https://research-hub.de/companies/mtu-aero-engines-ag