Company Name: Electro Optic Systems Holdings Ltd. ISIN: AU000000EOS8   Reason for the research: Update Recommendation: Buy from: 19.06.2026 Target price: 18.00 AUD (zuvor: 16.00 AUD) Target price on sight of: 12 Months Last rating change: - Analyst: Bastian Brach Laser JV, RWS order and BAE partnership support growth trajectory  [ … ]

Company Name: NanoRepro AG ISIN: DE0006577109   Reason for the research: Update Recommendation: BUY Target price: EUR 4.3 Target price on sight of: 12 months Last rating change: Analyst: Sarah Hellemann Converting its CGM-distribution license into an equity stake Yesterday, NanoRepro announced the conversion of a distribution lic [ … ]

LANXESS’s EUR 500m bond placement removes a near-term refinancing overhang and confirms continued capital-market access, but the higher 4.375% coupon also adds c. EUR 17m of annual interest burden versus the 1.0% 2026 bond, leaving the deleveraging story still dependent on EBITDA recovery and cash generation. Recent oil and gas price relief is modestly positive for costs and working capital, though it may also reduce some of the temporary supply-chain support from disruption; on balance, however, we see the lower-cost and reduced-uncertainty backdrop as net positive. With Q2 expected to show a clear sequential pickup from the Q1 trough, we now see a more attractive risk-reward into H2 2026 and 2027, as even a moderate recovery in end-market demand could drive meaningful operating leverage from depressed utilization levels; we therefore upgrade LANXESS to BUY from HOLD and raise our price target to EUR 20.00 from EUR 17.00. The full update can be downloaded under https://research-hub.de/companies/lanxess-ag

LS telcom hat den Halbjahresfinanzbericht 2025/2026 veröffentlicht. Der Umsatz lag mit EUR 17,1 Mio. leicht unter dem Vorjahresniveau (EUR 17,7 Mio.), was unseren Erwartungen entspricht. Das EBIT von TEUR -816 folgt dem typischen saisonalen Muster und trübt den Jahresausblick nicht. Der Auftragsbestand blieb mit EUR 36,5 Mio. stabil, davon sind EUR 17,0 Mio. für H2 abrufbar und damit mehr als im Vorjahr (EUR 16,3 Mio.). Im Defense-Bereich wurden erste Erfolge erzielt (Naher Osten, NATO). Die Jahresprognose von EUR 37,0 bis 42,0 Mio. Umsatz und EUR 0,4 bis 1,6 Mio. EBIT wurde bestätigt. Mit unveränderten Schätzungen bestätigen wir unser Kursziel von EUR 6,00 und das Rating KAUFEN. The full update can be downloaded under https://research-hub.de/companies/ls-telcom-ag

Following yesterday’s London CMD, we confirm our BUY rating and EUR 17.25 PT on tonies, reinforced by the teaser of the Toniebox Lite, a smaller, more portable, and probably lower-priced device. While a cheaper hardware variant introduces potential cannibalization risks, it is heavily mitigated by tonies’ classic razor-and-blade model, where a lower financial barrier to entry accelerates the global active installed base and drives highly profitable "attach revenue" from figurines. This hardware expansion is supercharged by geographical diversification and growth in under-penetrated markets like North America. This is supported by tier-one global IP exclusivity (Bluey, Pokémon) and data-backed retail shelf expansion. Ultimately, tonies’ commercial moat, built on a 10-year-established base of 12m boxes and a deep, exclusive content library, leaves it with unmatched competitive quality, underpinning management's path to double group revenue by 2030 to EUR 1.4bn with a 16-18% adjusted EBITDA margin. The full update can be downloaded under https://research-hub.de/companies/tonies-se

Yesterday evening Blue Cap announced that it has completed the acquisition of Janoschka AG (announced 7 May 2026), taking 100% ownership. This removes key execution risks and initiates full consolidation. Janoschka provides prepress solutions and printing tools globally, employing c. 1,500 people across 12 countries, with FY25 revenues of c. EUR 90m. The transaction transforms Blue Cap's scale and margin profile, adding exposure to the resilient packaging sector. Management confirmed its upgraded FY26 guidance (revenue EUR 170-190m, adjusted EBITDA margin 7.5-8.5%). Our estimates remain unchanged, expecting FY26E revenue of EUR 179.3m. The entry multiple of the acquisition of 3-4x EV/EBITDA (mwb est.) is highly attractive. We reiterate our BUY rating and PT EUR 33.00. The full update can be downloaded under https://research-hub.de/companies/blue-cap-ag

Recent media allegations have materially raised the perceived risk profile of The Platform Group’s (TPG) equity and credit instruments. Management has denied the allegations, initiated legal action, and announced a EUR 5.0m Nordic Bond buyback, which may support confidence but remains limited versus EUR 70m outstanding. While FY25 accounts do not indicate cancelled bank loans or material tax liabilities, the allegations have not yet been verifiably refuted through external documentation. With investors now pricing in higher financing, liquidity, and reputational risk, operating metrics alone are no longer sufficient. We place our recommendation and price target under review pending verifiable clarification ahead. The full update can be downloaded under https://research-hub.de/companies/the-platform-group-se-co-kgaa

AUTO1’s CMD significantly improved visibility on the long-term investment case. Management disclosed separate Merchant and Retail unit economics, profitability bridges and cash-flow mechanics, while deriving its long-term targets from bottom-up market assumptions and operational value drivers, materially enhancing their credibility. Merchant remains the cash-generating core, while Retail is the key long-term earnings opportunity, supported by scaling Autohero and captive finance. We make modest upward revisions to our estimates and raise our DCF-derived price target to EUR 35.00 from EUR 33.00. BUY. The full update can be downloaded under https://research-hub.de/companies/auto1-group-se

Company Name: Flughafen Wien AG ISIN: AT00000VIE62   Reason for the research: Update Recommendation: BUY Target price: EUR 57 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller May traffic: Recovery increasingly visible Flughafen Wien’s May traffic data were better than feared and suppor [ … ]

Ahead of its inaugural Capital Markets Day, tonies has unveiled an ambitious strategic roadmap targeting more than a doubling of group revenue to over EUR 1.4bn by FY30 and an improved mid-term adjusted EBITDA margin of 16-18%. This profitable international expansion is driven by a highly scalable platform model leveraging significant penetration headroom, particularly in the US market, alongside structural cost efficiencies, a repeatable global launch playbook, and a high-velocity IP pipeline featuring top-tier brands like Pokémon and Bluey. Supported by management's strong track record of execution, a plausible line of sight to EUR 1.4bn-plus in revenue, and a protective IP moat, tonies offers a compelling risk-reward profile. We upgrade our estimates, yielding a new PT of EUR 17.25 (old: EUR 14.00). Today’s CMD should provide further confidence in tonies’ ambitious growth path. BUY. The full update can be downloaded under https://research-hub.de/companies/tonies-se