With immediate effect, we are discontinuing coverage of “Photon Energy NV”. Our price target, estimates and valuation are no longer valid.

Stabilus reported preliminary Q2 FY2026 results with a margin beat, as adjusted EBIT reached EUR 34.1m and margin 11.2%, both above expectations. Revenue of EUR 304.9m slightly exceeded forecasts but remained down yoy, highlighting ongoing demand weakness, particularly in automotive. H1 sales declined over 10%, confirming persistent top-line pressure. Free cash flow was weak at EUR 4.1m due to working capital build-up. Earnings quality remains affected by sizeable adjustments, likely similar to Q1 levels. Hence, we take a more cautious stance, reduce our estimates to reflect softer momentum, but restructuring progress support the long-term case. With a slightly lower price target of EUR 24.00 (before EUR 25.00), we reiterate our BUY rating. The full update can be downloaded under https://research-hub.de/companies/stabilus-se

RENK held a pre-close call ahead of its Q1 2026 results due on 6 May. Headline Q1 revenue looks soft, with our estimates at EUR 280m versus consensus at EUR 304m and adj. EBIT at EUR 40m versus consensus at EUR 43m. The shortfall is driven by around EUR 15m of timing related headwinds in M&I Navy that should shift into Q2 rather than reflect weaker underlying demand. Order intake, by contrast, was very strong. We estimate EUR 585m for Q1, which would mark the highest quarterly level on record and sit well above the EUR 400m to 500m range indicated at the FY 2025 call. The FY EUR 2bn target therefore remains firmly on track. Free cash flow should also turn positive, versus EUR -25m a year ago. In our view, Q1 consensus revenue needs to come down, but this is a timing issue rather than a change in the underlying story. HOLD. Price target unchanged at EUR 53.00. The full update can be downloaded under https://research-hub.de/companies/renk-group-ag

Vossloh delivered a solid start to the year with strong Q1 revenue growth, slightly ahead of expectations, supported by the Sateba acquisition. Profitability was mixed but mainly shaped by seasonal factors and accounting effects, while underlying demand remained robust, reflected in strong order intake and a higher backlog. Core Components was the main growth driver, whereas Customized Modules and Lifecycle Solutions showed softer performance due to project mix, logistic costs, and weather-related impacts. Management confirmed its FY guidance, pointing to continued growth in both revenues and earnings, supported by a healthy order pipeline and resilient demand in global rail infrastructure markets. Overall, the results further reinforce our positive stance, supported by its positioning within a structurally growing global rail infrastructure upcycle. Therefore, we reiterate our BUY rating with an unchanged EUR 100.00 PT. The full update can be downloaded under https://research-hub.de/companies/vossloh-ag

Our H1 preview suggests that headline comparables remain distorted by the exceptional prior-year base, but underlying performance should remain firmly intact. We estimate H1 order intake of EUR 2.2bn, revenue of EUR 1.15bn, and an adjusted EBIT margin of 5.4%, which in our view points to continued solid execution and supports confidence in the full-year trajectory. With the publication of the H1 financial report due on 11 May 2026, we see little in the current setup that would challenge the broader investment case. Cost inflation should not be a near term concern, as legacy contracts without inflation clauses are already too advanced to be materially affected. Against this backdrop, FY margin guidance of around 6% looks well within reach. BUT. PT EUR 125.00. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

Rheinmetall announced a framework agreement today with the Bundeswehr for the FV-014 loitering munition that is described as being worth billions in the headline, but the immediate financial impact is much smaller. The only firm portion at this stage is an initial call off of around EUR 300m, which should cover roughly 2,500 drones and represents less than 1% of Rheinmetall’s backlog. Deliveries are scheduled from H1 2027, subject to qualification in Q2 2026. The order is strategically relevant as it strengthens Rheinmetall’s position in autonomous systems, but it was already largely known after Bundestag approval on 15 April and therefore does not change our estimates or investment case. HOLD. PT 1,500 The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Infineon’s AI power business is emerging as a structurally stronger and more durable growth driver than previously assumed, with demand continuing to outstrip supply and positioning the company to benefit from capacity-driven revenue upside, supportive pricing, and a likely beat to FY26 AI guidance. Beyond volume growth, the quality of earnings is improving as higher power intensity and a shift toward more advanced architectures materially increase content per system and support a more resilient margin profile. While non-AI end-markets are stabilizing and provide additional upside optionality, we believe the recent share price re-rating already reflects much of the AI opportunity. We therefore raise our price target to EUR 48.00 but maintain a HOLD rating, as the current valuation implies a balanced risk-reward unless further upside emerges from incremental AI monetization or a stronger-than-expected recovery in non AI end- markets. The full update can be downloaded under https://research-hub.de/companies/infineon-technologies-ag

Formycon's final FY2025 results confirmed the updated prelims, with revenues of EUR 44.5m and EBITDA of EUR -3.6m. The net result of EUR -64.7m was dominated by non-cash impairments on FYB202 and a negative at-equity contribution from Bioeq. More importantly, operating cash flow turned positive at EUR +10.8m, signalling genuine operational improvement. Liquidity remains solid at EUR 68.8m. For 2026, management targets revenues of EUR 60-70m and a positive EBITDA, driven by its commercial pipeline and milestone realization on FYB206. We maintain our BUY rating and EUR 40.00 price target. The full update can be downloaded under https://research-hub.de/companies/formycon-ag

TUI's FY2026 EBIT guidance cut landed today, as we had already flagged before. The Iran conflict has dented bookings and cost the company around EUR 40m in March alone. However, the worst operational fear (the two cruise ships trapped in the Persian Gulf) has been resolved. The street remains ~5% too high on consensus EBIT estimates and will need to adjust. We trim our price target to EUR 15.00 (from EUR 16.00) but stay BUY. 2026 is an externally-driven pain year, not evidence of a broken business. The earnings recovery, once geopolitical visibility returns, is not priced in at current levels. The full update can be downloaded under https://research-hub.de/companies/tui-ag

Drägerwerk (Dräger) reported a strong start to FY26, with Q1 revenues of EUR 766m (+6.9% yoy, currency-adjusted) at the upper end of guidance, supported by both divisions and solid order intake (+3.4% yoy). Profitability improved significantly, with EBIT rising to EUR 18m (margin 2.4%), driven by higher volumes, gross margin expansion, and lower costs, partly due to base effects. The results provide early evidence for the company’s margin expansion strategy. However, given strong seasonality and a back-end loaded earnings profile, guidance (2–6% sales growth, 5.0–7.5% EBIT margin) remains unchanged. We reiterate BUY with an unchanged price target of EUR 108.00. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa