Company Name: Eckert & Ziegler SE ISIN: DE0005659700   Reason for the research: Update Recommendation: BUY Target price: EUR 23 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller Q1 preview: Medical to continue growth trajectory EUZ Q1 26 results are due on May 12. We expect sales of € 72.5m (+ [ … ]

Company Name: FamiCord AG ISIN: DE000A0BL849   Reason for the research: Update Recommendation: Buy from: 17.04.2026 Target price: EUR 6.50 (prior: EUR 7.50) Target price on sight of: 12 Months Last rating change: - Analyst: Tim Kruse, CFA Preliminary 2025 figures in line with expectations – muted 2026 outlook amid macroeco [ … ]

SBO will present at our Austrian Select Conference next week. While the oil and gas sector faces geopolitical risks, including the Iran conflict, which has led to high oil prices, upstream CapEx growth remains restrained. SBO is actively diversifying into Flow Control, Geothermal, and Additive Manufacturing, leveraging its expertise in advanced materials and precision manufacturing. The company is well-positioned to benefit from growing geothermal investments and the expanding metal additive manufacturing market. However, following the recent stock surge, we downgrade our rating to HOLD with a target price of EUR 39.00. Register here for our Austrian Select Conference on 23 April: https://research-hub.de/conference/austrian-select. The full update can be downloaded under https://research-hub.de/companies/sbo-ag

We expect a strong start to FY26 for Elmos, with Q1 revenues of EUR 150-155m (+20% yoy) supported by improving order intake and normalized underlying demand following destocking, although sequential growth is tempered by typical seasonality and shipment pull-ins. Profitability should improve, with stable gross margins and higher EBIT margins driven by volume leverage and absence of one-offs. Adj. FCF is set to come in strong, supported by underlying operations and favorable working capital. While no severe allocation is visible yet, some tightness is emerging in 8-inch wafer capacity driven by AI demand. Should tightness intensify, we expect Elmos to benefit, as in prior cycles, unlocking further upside. That said, we increase our price target to EUR 150.00 (old: EUR 135.00) but maintain a HOLD rating on fair valuation. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se

Circus held its Q1 update call, highlighting significant improvements in system maturity and operational efficiency. System uptime is now above 90%, and daily human handling time has been reduced to 1.5 hours. The company is increasing production capacity, planning to manufacture 64 units per month by Q4 2026. Strong commercial momentum was demonstrated through a key contract with the Lithuanian Armed Forces and successful pilot installations. Circus also announced the acquisition of Alberts, a Belgian food robotics specialist. This acquisition will enable Circus to expand into space-constrained urban environments, such as office lobbies, gyms and convenience stores, and open up new cross-selling opportunities. The acquisition is expected to close by Q2 2026. We are maintaining our BUY recommendation with a price target of EUR 46.00. The full update can be downloaded under https://research-hub.de/companies/circus-se

Company Name: NFON AG ISIN: DE000A0N4N52   Reason for the research: Update Recommendation: BUY Target price: EUR 8.3 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Trading still soft but AI acceleration set to kick in Yesterday, NFON published its FY25 annual report, confirming the preliminary  [ … ]

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 Aiforia secures landmark hospital group as sole AI providerAiforia France has been selected as the sole AI partner f [ … ]

Following RENK´s participation at the mwb research German Select conference, the company reaffirmed its core equity story, particularly the structurally high aftermarket exposure (>50% long-term (mwb est) vs. ~36% FY25), which supports a more resilient earnings profile. Execution remains solid with >20% adj. EBIT margins in reach and strong visibility backed by EUR >6.7bn backlog (5x LTM sales). However, current valuation depend on sustained demand into the 2030s, where we see risks of a cycle increasingly underappreciated by the market. HOLD, PT unchanged at EUR 53.00. A recording can be viewed here: https://research-hub.de/videos. The full update can be downloaded under https://research-hub.de/companies/renk-group-ag

Amadeus Fire (AAD) faced a difficult FY25 due to German economic stagnation, with revenue and EBITA falling to EUR 363.6m (-16.8% yoy) and EUR 13.7m respectively. However, stabilization trends noted by peers like Michael Page and a strategic shift toward AI-based training platforms (Masterplan, eduBITES) suggest a recovery is underway. For FY26, the company guides for Group revenue up to EUR 394m and a significant profit recovery in the Training segment. Despite short-term uncertainty, the structural need for skilled labor remains a long-term tailwind. We believe AAD is well-positioned for an upturn. We therefore reiterate our BUY rating with unchanged PT of EUR 70.00. The full update can be downloaded under https://research-hub.de/companies/amadeus-fire-ag

At the mwb German Select Conference, Sophia Kursawe, Senior Manager IR, provided an update on the company’s recent developments and outlook. She highlighted the strong positioning in braking and safety-critical systems for rail and commercial vehicles. Rail remains the key profitability driver, supported by long-cycle demand, a strong aftermarket base, and the “BOOST” program driving margin expansion through cost control and portfolio optimisation. The Truck division shows early signs of stabilisation, although the cyclical environment remains weak. Looking ahead, Rail continues to benefit from structural megatrends such as digitalisation and sustainability, while Truck is expected to recover gradually but with uncertain timing. Strategic initiatives in M&A, signalling, and aftermarket services support medium-term growth, alongside longer-term digital opportunities. In our view, Rail strength is largely priced in, while Truck cyclicality remains a key risk, resulting in an unattractive risk-reward profile. We therefore maintain our SELL rating and PT of EUR 86.00. The Roundtable recording is available here: https://research-hub.de/videos. The full update can be downloaded under https://research-hub.de/companies/knorr-bremse-ag