GEA attended our Industrial Technology Conference, where the company reaffirmed medium-term growth momentum while confirming guidance midpoints of ~6% organic growth, 16.9% EBITDA margin, and 36% ROCE. Board conviction is unusually high as seven executives have purchased >EUR 1.4m in shares via open-market transactions. Furthermore, GEA stands as market leader in whey protein extraction equipment and rising protein powder demand could drive incremental capex demand. Capital allocation remains disciplined with EUR 210m dividends confirmed and opportunistic buyback optionality preserved. Taken together, conference validation, insider buying at multi-year highs, and intact guidance with margin delivery potential reinforce our BUY rating at EUR 68.00 PT, with current valuation presenting an attractive entry point. A recording of the presentation and Q&A is available here: research-hub.de/videos The full update can be downloaded under https://research-hub.de/companies/gea-group-ag

Yesterday's 8% drop wrongly assumes RENK shares Rheinmetall's F126 loss. RENK's exposure is limited to a potential ~EUR 20m write-off, offset by potential compensation claims (mwb est.). The market misses that the shift from F126 (RHM:GR) to MEKO A200 (TKMS:GR) is likely better for RENK due to faster delivery & more units, creating a potential EUR 30-40m opportunity. The F126 cancellation is neutral-to-positive for RENK and should not lead to an 8% selloff. Q2 order intake could exceed EUR 500m if Berlin accelerates land systems decisions. If not, the orders should land in Q3. VMS margins should also be solid. We upgrade to BUY (from HOLD) due to the selloff but reduce PT to EUR 50.00 (from EUR 53.00) because we are lowering our 2030 sales assumptions as Rheinmetall's Boxer and Leopard guidance could be too ambitious. The rearmament backdrop and RENK's land systems positioning remain intact. The sell-off created a better entry point. NATO Summit in early July is the next event to watch. The full update can be downloaded under https://research-hub.de/companies/renk-group-ag

The EU’s new breeding regulation introduced in June 2026 marks a structural turning point for agricultural innovation, enabling a new era of advanced plant breeding. By formally allowing New Genomic Techniques (NGTs) such as CRISPR, the EU removes key regulatory bottlenecks and treats precise genome edits more like conventional seeds when no foreign DNA is introduced. This is also a socio-political shift, addressing long-standing GMO concerns while clearly separating modern gene editing from older methods, supporting broader acceptance across Europe. Commercially, the reform accelerates breeding cycles, reduces costs, and speeds up time-to-market for traits such as disease resistance, climate resilience, and efficiency gains. KWS is well positioned due to its non-GMO heritage and strong genome editing expertise, enabling scaling across core portfolios and especially vegetables, strengthening its competitive position versus larger agrochemical peers. We maintain BUY, EUR 95.00 PT, implying ~43% upside and making current levels an attractive entry point after the share drop. The full update can be downloaded under https://research-hub.de/companies/kws-saat-se-co-kgaa

The 20% selloff is in our view an overreaction following the F-126 cancellation. The program represents only 5% of annual sales in our model and the Naval segment is margin dilutive anyway, so losing the frigate contract actually supports group profitability. We have already reset our PT to EUR 1,400 this morning to reflect the guidance impact, and even under our very cautious assumptions the stock trades at multiples among the cheapest in European defense. The current valuation offers an interesting entry point. BUY, PT 1,400. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Kontron CFO Clemens Billek presented at our virtual Industrial Technology Conference. Management commentary provided useful color on the key investor debates after Q1 and Ennoconn’s mandatory offer. Operationally, the GreenTec cleanup should remove earnings drag and free capacity for Transportation/Rail and Aerospace & Defense. The recent Deutsche Bahn GSM-R disruption further underlines the need for resilient rail communication infrastructure, supporting Kontron’s strong positioning in the migration from GSM-R to FRMCS. We leave estimates unchanged and reiterate BUY with an unchanged EUR 34.00 price target. A recording of the event is available under https://research-hub.de/videos . The full update can be downloaded under https://research-hub.de/companies/kontron-ag

AIXTRON’s mwb research Industrial Conference presentation strengthened the medium-term growth narrative, with AI-driven Optoelectronics now the clear swing factor and 800V HVDC power delivery emerging as a second sizeable opportunity. Management pointed to a sharp Opto ramp in 2026, a potentially much larger scale-up interconnect market from 2027/28, and meaningful incremental GaN/SiC tool demand from AI power architectures by 2028/29. However, the path is far from risk-free: substrate availability, yield improvements, wafer-size transitions and AIXTRON’s own production ramp will determine the timing and slope of conversion. With the stock already discounting a smooth recovery at c. 32.5x 2027E and c. 25.5x 2028E EV/EBIT, we see the improved growth optionality as more than reflected in the valuation and reiterate our SELL rating with unchanged price target at EUR 40.00. A recording of the video is available here: research-hub.de/videos The full update can be downloaded under https://research-hub.de/companies/aixtron-se

The F-126 frigate cancellation strips Rheinmetall of the crown jewel that justified the NVL acquisition and anchored 2030 Naval guidance. We're resetting Naval revenue from EUR 5bn to EUR 3bn which reflects both the loss of F-126 core revenue and the reality of a shipyard running below capacity. NATO's pivot toward "efficient spending" could mean fewer tanks and artillery, where Rheinmetall dominates, and more air defense and drones. The Skyranger has traction but is unproven as a Ukraine game-changer, and that gap in field validation undercuts as of now the bull case for tank-adjacent systems. We modestly cut our PT to EUR 1,400, yet BUY rating holds because naval is <10% of revenues. Management must reset guidance credibly at next earnings. Today’s selloff seems overdone given the low contribution. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Company Name: HORNBACH Holding AG & Co. KGaA ISIN: DE0006083405   Reason for the research: update Recommendation: Buy from: 23.06.2026 Target price: 110.00 Last rating change: Analyst: Ralf Marinoni Successful start to FY 2026/27 HORNBACH was able to increase sales in Q1-26/27 and market share, too. Its Baustoff Union sub-gr [ … ]

HEIDELBERG presented at mwb research’s Industrial Technology conference yesterday. Head of IR Marc Schellenberger reiterated that the company is transitioning from a traditional print manufacturer into an advanced industrial technology and packaging automation platform. Whilst FY25/26 results still showed macroeconomic pressure, with stable sales of EUR 2.29bn, an adjusted EBITDA margin down 50bp yoy to 6.6%, management’s FY26/27 guidance points to a clear margin recovery, driven by cost discipline and the scaling of its high-growth defense and digital ecosystem segments. We believe the stock offers significant self-help potential and high-tech optionality, which is why we reiterate our BUY rating and PT of EUR 2.50. The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

Voltatron's AGM reaffirmed FY26 guidance and the buy-and-build M&A roadmap, with the CFO guiding to bankability by Q3 2026 through active bank engagement. This is a material derisking of the CEO shareholder loan (due 2028). In parallel, the appointment of Christian Eibach as CSO anchors a strategic shift toward vertical integration (cabling, injection molding, complete device assembly) and a new China-based sourcing capability could lead to >200bp of gross margin expansion (mwb est.), though this remains an upside scenario contingent on execution. Near-term headwinds (resin, precious metals inflation, cautious customers) persist, and post-M&A working capital discipline remains important. We reiterate Speculative BUY, EUR 5.00 price target, balancing meaningful margin upside against elevated execution risk and limited visibility on timing. The full update can be downloaded under https://research-hub.de/companies/voltatron-ag