ATOSS Software’s Q2 2025 revenues grew 9% yoy to EUR 45.8m, again driven by the SaaS business, with revenues from cloud/subscription up 30% yoy. Overall recurring revenues (subscription + maintenance) grew 20% yoy to EUR 32.7m, now accounting for 71% of the total topline, and edging closer to its long-term target of 75%. However, EBIT of EUR 15.4m declined 2% yoy and the margin deteriorated 3.7ppt yoy to 33.6%, likely due to sales organization-related investments. Despite a slowdown in order intake amid global macro uncertainties, management is confident of reaching its 2025 guidance (unchanged), including sales of “around” EUR 190m and an EBIT margin of at least 31%. ATOSS also confirmed its 2030 targets, including sales of EUR 400m and an EBIT margin of >35%. However, given the current subdued demand environment, we believe that reaching its ambitious targets could be backend loaded. We reiterate our HOLD rating and price target of EUR 125.00 unchanged. The full update can be downloaded under https://research-hub.de/companies/atoss-software-se

Ceconomy has confirmed it is in advanced discussions with JD.com regarding a possible takeover at EUR 4.60 per share, a ~23% premium to the July 23 close. While no formal bid has been made, this marks the first official acknowledgment of long-standing market speculation. JD.com’s interest is likely to center on logistics and infrastructure, similar to its earlier (withdrawn) approach to Currys. Gaining control will require support from anchor shareholders, notably Convergenta (29.2%). Given limited upside vs. our EUR 4.10 target and ongoing uncertainty, we downgrade from BUY to HOLD pending further clarity. The full update can be downloaded under https://research-hub.de/companies/ceconomy-ag

Vossloh reported better-than-expected Q2 2025 numbers, with sales, EBIT, and order intake surpassing consensus by 3%, 16%, and 8%, respectively. The top-line grew 14% yoy to EUR 331.5m, led by broad-based growth across businesses. EBIT was up 19% yoy (+52bps to 11.3%), driven by Customized Modules, even as other segments reported a decline. Given the good order momentum, management confirmed its 2025 guidance for its existing business, expecting revenue growth of 6% yoy and EBIT to increase 9% yoy at the mid-point of its target range. Europe’s rail infrastructure renewal and global projects, along with catch-up effects from China, offer tailwinds over the medium-to-long term, which should help the company achieve its organic target of over 5% sales CAGR through 2030. We adjust our 2025 estimates to reflect the delay in the Sateba consolidation (previously expected in May) but raise our long-term profitability assumptions due to strong business momentum. As a result, we increase our price target from EUR 90.00 to EUR 105.00 and maintain our BUY rating. Vossloh will present at our German Select Conference on August 26. Register here: https://research-hub.de/events/registration/2025-08-26-14-30/VOS-GR The full update can be downloaded under https://research-hub.de/companies/vossloh-ag

Nemetschek raised its FY25 revenue guidance to 20–22% currency-adjusted growth (prev. 17–19%) following strong Q2 results. The Design segment benefitted from higher multi-year subscription uptake, while Build continued to grow organically and through GoCanvas. Q2 revenue rose 27.4% yoy to EUR 290.0m, EBITDA increased 44.0% to EUR 88.5m, with margins expanding to 30.5%. US growth and product innovation further drive momentum. Despite one-off charges, the balance sheet remains solid. Execution is strong, but valuation appears full. We raise our price target to EUR 125.00 (from EUR 117.00) and reiterate our HOLD rating. The full update can be downloaded under https://research-hub.de/companies/nemetschek-se

MTU Aero Engines (MTU) reported upbeat numbers in Q2 2025. Revenues, adj. EBIT, and adj. net income surpassed consensus by 3%, 19%, and 20%, respectively, particularly led by robust performance at the commercial OEM sub-segment. Adj. revenues grew 17% yoy to EUR 2.05bn in Q2 and adj. EBIT was up 41% yoy to EUR 357m, with the margin improving a notable 3.0ppt yoy to 17.4% (+3.1ppt qoq) on improving commercial OEM mix. Management is optimistic of reaching its recently raised 2025 guidance, expecting EUR 8.6bn-8.8bn in revenue and adjusted EBIT growth of 20%-25% yoy. Defence remains a strategic growth lever, while large aircraft backlogs and tight global MRO capacity, in addition to recent investments in LEAP and GEnx MRO capacity, support MTU’s long-term growth story. However, FX risk remains an overhang, as USD exposure beyond 2025 becomes increasingly partially hedged. We slightly revise our long-term estimates and reiterate HOLD at a PT of 370.00 (old: EUR 360.00). The full update can be downloaded under https://research-hub.de/companies/mtu-aero-engines-ag

Company Name: Somec S.p.A. ISIN: IT0005329815   Reason for the research: Research study (Comment) Recommendation: BUY Target price: 22.50 EUR Last rating change: Analyst: Marcel Goldmann, Cosmin Filker The contracts cover the turnkey delivery of the balcony systems for the new motorised vertical opening system developed for so-c [ … ]

Duerr's Q2 2025 results disappointed, with order intake down 33.5% to EUR 807m, prompting a guidance cut for its FY25 order intake expectations. However, the forecast for revenue, EBIT margin before special items, and earnings after taxes has been confirmed. Sales fell 7.7% to EUR 1bn, and EBIT margin before one-offs was modest at 4.2%, while reported EBIT was hit by a EUR 110–130m goodwill impairment. Industrial Automation remained weak, though Automotive and Woodworking showed relative stability. Management is accelerating its restructuring—cutting ~500 admin roles and realigning to three core divisions. The sale of the Clean Technology Systems unit should deliver a significant Q4 profit boost. Despite the Q2 softness, solid backlog, improving cost discipline, and restructuring momentum support the mid-term case. We maintain our BUY rating and EUR 31.00 target. The full update can be downloaded under https://research-hub.de/companies/duerr-ag

Intershop’s Q2 results confirm ongoing operational softness in cloud new business and professional services. While ARR ticked up slightly, net new ARR was muted due to churn and FX headwinds. The problematic services project remains unresolved but is progressing, and cost-saving measures including planned staff reductions are being initiated. The balance sheet remains solid, though the EUR 10.4m cash position at period-end has since been reduced by the scheduled repayment of the convertible bond. Strategic execution in AI and partner enablement continues, but conversion challenges persist. We maintain our EUR 2.60 PT and BUY rating, with estimates unchanged. The full update can be downloaded under https://research-hub.de/companies/intershop-communications-ag

Leaked details suggest that tonies is about to launch a new Toniebox, the Toniebox 2 (T2), on 15 September. Pictures suggest that it will retain the familiar cube-shaped design with front-facing speakers and signature cat ears, but with more rounded corners and added features like a sleep timer and Bluetooth headphone support. A major new addition is "Tonieplay," an interactive feature involving a controller that enables children to engage in games and interactive stories. We assume that the T2 will be backward compatible with existing T1 figurines. The T2 marks the first significant hardware update since the original 2016 launch. It seems to be preserving the brand's core focus on screen-free, imagination-driven audio play, but the enhancements should help broaden its appeal, strengthen differentiation and support growth potential. We see upside to our estimates, but will only revise them once more information becomes available with the expected official launch. We confirm our BUY rating with a price target of EUR 11.00. The full update can be downloaded under https://research-hub.de/companies/tonies-se

Amadeus Fire issued a profit warning for 2025 following a sharp deterioration in Q2 results, with revenue down 21% yoy and EBITA plunging 86% yoy to EUR 2.1m. In sum, H1 2025 performance fell short of expectations, prompting management to cut full-year guidance significantly. Despite early signs of macro stabilization in Germany, improvements are unlikely to materialize fast enough to rescue the current business year. Personnel Services remain under pressure, and delays in public training funding weigh on growth. Nevertheless, Amadeus' focused business model, strong market position, and long-term growth prospects remain intact. We reiterate our BUY rating but lower our price target to EUR 90.00 (previously EUR 97.00) to reflect reduced near-term earnings visibility. The full update can be downloaded under https://research-hub.de/companies/amadeus-fire-ag