Ernst Russ AG is acquiring two modern F500 multipurpose vessels, MV “Ronnie” and MV “Charlie” (12,500 dwt), with expected delivery in Q1 2026 and seven-year time charters to dship Carriers, securing visible cash flows and reducing spot exposure. The 2021/22-built, crane-equipped ships enhance fleet quality, diversification and earnings transparency through near-full ownership. Each priced at an estimated USD 25–30m (mwb est.) and funded via cash and moderate debt, the deal redeploys liquidity into income-generating assets while preserving balance sheet strength. We expect immediate EBITDA and free cash flow accretion with lower volatility. Strategically, the transaction advances Ernst Russ’ shift toward a diversified, directly controlled platform. We reiterate BUY and raise our PT to EUR 12.50 (from EUR 12.00). The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

Puma completed its strategic reset in 2025, closing the year with revenues of EUR 7.3bn (-8% constant currency), a 45.0% gross margin and a reported EBIT loss of EUR -357m. Results reflect deliberate wholesale clean-up, and inventory take-backs. Management guides for a low- to mid-single-digit revenue decline in 2026 and EBIT between EUR -50m and EUR -150m, framing the year as transitional. We expect stabilization in 2026, with revenues troughing and margins gradually rebuilding, followed by a clearer recovery in 2027 as operating leverage returns. With working capital normalizing and visibility improving, downside risk has moderated. We raise our PT to EUR 23.00 (old: EUR 21.00) and reiterate HOLD. The full update can be downloaded under https://research-hub.de/companies/puma-se

Scout24 delivered strong Q4 2025 results, with revenues up 13% year-on-year and ordinary operating EBITDA rising 17%, highlighting continued operating leverage. For FY 2025, revenues increased 15% to EUR 649.6m and ooEBITDA grew 16.5% to EUR 405.7m, resulting in a 62.5% margin, ahead of expectations. Growth was driven by customer additions and ARPU expansion across both Professional and Private segments, while disciplined cost control supported profitability despite ongoing investments. For 2026, management guides for 16-18% revenue growth, including Spain, with temporary margin dilution from acquisitions. AI risks appear limited, reinforcing Scout24’s structurally strong marketplace model. We reiterate our BUY rating and PT of EUR 129.00. The full update can be downloaded under https://research-hub.de/companies/scout24-se

Aixtron closed FY25 broadly in line with our expectations, supported by a seasonally strong Q4 that demonstrated solid operational execution despite a soft end-market backdrop. Cash generation improved materially, driven by working capital normalization and lower capex, resulting in a significantly strengthened net cash position. Looking ahead, 2026 is set to soften further. Strong AI-driven optoelectronics momentum and moderate GaN growth are expected to only partly offset another very weak year for SiC. While the strengthened balance sheet and robust free cash flow provide clear downside support, upside remains contingent on the timing and magnitude of AI-related GaN tool orders in late 2026 and early 2027, as well as on a more meaningful SiC recovery now increasingly framed as a 2027–2028 event. Encouragingly, accelerating optoelectronics demand may mark the start of a multi-year cycle, partly offsetting prolonged SiC weakness. Following the recent share price increase, we believe the valuation already discounts parts of the early-cycle recovery narrative. We therefore view the current risk/reward as balanced and reiterate our HOLD rating with an increased price target of EUR 24.00 (old: EUR 21.00). The full update can be downloaded under https://research-hub.de/companies/aixtron-se

KION delivered a soft Q4 margin, confirming that the path toward a 10% adj. EBIT margin by 2027 remains challenging. While revenues were broadly stable and cash flow strong, profitability declined, with margins at a five-quarter low and EPS down sharply. The market reaction reflects doubts about operating leverage and fixed cost absorption, particularly in ITS. FY25 was mixed versus our estimates, and FY26 guidance signals improvement but leaves little room for error. Adjusted for temporary cash outflows, underlying FCF is more stable than headline figures suggest, yet margin expansion must now materialize operationally, not just via targets. Until we see firmer evidence of sustainable demand momentum and structurally higher margins, we remain cautious. We reiterate SELL with a price target of EUR 48.50. The full update can be downloaded under https://research-hub.de/companies/kion-group-ag

Sartorius’ FY25 results and updated consensus prompt a reassessment of its growth outlook. While the company operates in structurally attractive biopharma and lab markets, sector tailwinds are increasingly offset by FX headwinds, a sharply weaker China, rising U.S. localization pressure, and limited M&A capacity due to elevated leverage. FY26E fundamentals remain solid, with improving margins and operating leverage, though higher financial expenses constrain EPS. Even adopting optimistic assumptions in line with consensus through 2030, our DCF indicates ~25% overvaluation. Market expectations assume blue-sky growth and margin levels achievable only during the pandemic surge, leaving limited room for execution missteps. Our updated price target of EUR 183.00 (before EUR 172.00) supports a continued SELL rating. The full update can be downloaded under https://research-hub.de/companies/sartorius-ag

Company Name: Aiforia Technologies Oyj ISIN: FI4000507934   Reason for the research: Update Recommendation: BUY Target price: EUR 3.8 Target price on sight of: 12 months Last rating change: Analyst: Julius Neittamo H2'25 preview; accelerating clinical revenue growth expectedAiforia will report H2’25 results on March 6. Our  [ … ]

Company Name: NFON AG ISIN: DE000A0N4N52   Reason for the research: Update Recommendation: BUY Target price: EUR 8.7 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Solid Q4 caps of difficult FY25; Chg.Topic: Yesterday, NFON released a solid set of preliminary FY25 figures, slightly overshooting [ … ]

Photon Energy’s unaudited Q4 and FY25 results fell short of guidance, with revenues of EUR 90.1m about 10% below the EUR 100–110m target and EBITDA of EUR 5.1m versus the guided EUR 9m. The EBITDA miss was mainly due to a provision and a penalty linked to a Polish capacity market dispute, one-off impairments related to intangible assets, and a loss on an EPC project. Without these effects, EBITDA would have been ca. EUR 12.2m. The unadjusted equity ratio declined to 23.5%, though a EUR 6.4m PPE revaluation supported an adjusted equity ratio of 25.1%, just above the 25% Green Bond covenant threshold. Liquidity remains strained, highlighted by a missed Green Bond coupon payment. With further revaluation outcomes pending ahead of audited statements on 30 April, we maintain the rating and price target under review. The full update can be downloaded under https://research-hub.de/companies/photon-energy-nv

SKB closed FY25 with a confirmed operational turnaround, delivering revenue of EUR 1.3bn (+2.2% yoy) and operational EBIT of EUR 36.6m, with margins improving to 2.8% as restructuring charges declined. Reported EBIT swung to EUR 31.3m (FY24: EUR -35.1m), and Q4 marked the strongest quarter, driving positive FCF of EUR 7.3m. FY26 guidance (flat revenue of ~EUR 1.3bn; ~EUR 80m operational EBITDA) however has been below our prior expectations, reflecting tariff uncertainty and deferred capex. While we lower estimates accordingly, the near-record EUR 971m backlog and improved earnings quality support an attractive risk/reward profile. We set a new PT of EUR 18.00 (old EUR 21.00) and reiterate BUY. The full update can be downloaded under https://research-hub.de/companies/koenig-bauer-ag