Siltronic’s Q2 results are set to reflect ongoing pressure from weak wafer demand, persistent customer inventories, pricing headwinds in 200mm, and adverse FX trends. While near-term catalysts remain elusive, we believe much of the bad news is already priced in. We see flat to limited upside in H2 relative to H1, and continue to look toward 2026, where we expect 10% year-over-year growth, albeit from currently depressed levels, as the recovery builds gradually. This will be supported by structural demand in AI, data centers, and eventually a recovery in industrial and automotive, which have lagged over the past two years. Trading at just 0.65x P/B, well below historical cycle troughs, we believe the current weakness presents a compelling opportunity for investors with a 12-month+ horizon. We reiterate our BUY rating and price target of EUR 57.50. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

MHP Hotel AG reported strong Q2 KPI, with an average daily rate reaching an all-time high of EUR 238, up 9% yoy, driven in part by the opening of the Koenigshof. Despite a slight dip in occupancy to 80% (vs. 81% last year, which benefited from the UEFA Euro 2024), revenue per available room increased by 6% yoy, matching the record set in Q3 24. Overall Q2 revenue grew 9% to EUR 45.2m, with lodging revenue up 11% and F&B up 6%. MHP confirmed its full-year 25 guidance of approximately EUR 180m in revenue and EUR 15m in EBITDA, which appears realistic provided that the Conrad Hamburg opens early September, as planned. The recent capital increase of EUR 4.5m is set to support further portfolio expansion, and coupled with increased free float, should boost share attractiveness. Consequently, we reiterate our BUY recommendation with a price target of EUR 3.20. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

Veganz has raised EUR 7.1m through a capital increase by issuing 651.5k new shares—boosting its share count by 47.3% to around 2.03m. The proceeds significantly derisk Veganz and will fund growth initiatives, including expanded production capacity and the rollout of Mililk, a patented 2D-printed plant-based milk technology with a strategic U.S. partnership. Plans are underway for a 60m liter facility in the U.S. by 2026, supported by cost-efficient capex needs (~EUR 2m per 20m liter plant). Additionally, Veganz is in the process of selling its stake in OrbiFarm for EUR 30m plus earn-out, with the first step reportedly completed. Considering the dilution from the capital increase and a 50bp lower risk premium, we adjust our price target to EUR 21.50 (from EUR 25.00). Should the sale of OrbiFarm be closed at the reported EUR 30m plus earn-out, our fair value would increase by an additional EUR 10.80. The full update can be downloaded under https://research-hub.de/companies/veganz-group-ag

LM PAY presented its final FY24 results during its investor and earnings call yesterday – a recording can be found here: https://research-hub.de/events/video/2025-07-16-11-00/Y00-GR. LM PAY delivered strong FY24 results, confirming its scalable embedded finance model. Loan volume exceeded PLN 100m and monthly originations topped 5,000. Revenues rose 30% yoy to PLN 30m, with EBIT at PLN 7m. Key metrics like customer retention (>30%) and low default rates (<3%) remained solid. The company focuses on short-term, high-margin products like MediPay and MediRaty, while expanding its portfolio with SecurePay (insurance financing). A new financing partnership could lower financing costs significantly from September onwards. Management guides for PLN 35–42m revenue in FY25, which is fully in line with our expectations. With product expansion, strong margins, and refinancing upside, LM PAY is on a solid growth path. We confirm both our BUY rating and price target EUR 63.00. The full update can be downloaded under https://research-hub.de/companies/lm-pay-sa

Friedrich Vorwerk Group (FVG) continues to benefit from strong demand in Germany’s energy infrastructure sector, highlighted by a major new pipeline contract that supports its robust order backlog and long-term visibility. Operationally, the company is performing well, with full order books and strong margins. Q2 is expected to show continued yoy revenue growth and improving profitability. However, capacity constraints are becoming increasingly relevant. FVG is already operating at full capacity, and further growth depends on expanding that capacity, a challenge due to the persistent shortage of specialized skilled labor. Meanwhile, the stock trades at a high valuation, with a P/E of 35.1x on FY25 estimates, leaving little room for operational execution errors. We remain cautious and maintain our SELL rating, but slightly raise our PT to EUR 47.50 (from EUR 45.00), based on our DCF model and the expectation of a revenue guidance increase. The full update can be downloaded under https://research-hub.de/companies/friedrich-vorwerk-group-se

We initiate coverage of Heidelberger Druckmaschinen AG with a BUY recommendation and a PT of EUR 2.60 offering an upside potential of 73.6%. Heidelberg, once synonymous with printing presses globally, is in the midst of a substantial strategic transformation — from a traditional industrial player to a more balanced digital and services-driven technology provider. The company now operates across attractive end-markets such as packaging and label printing, with growing digitalization and automation offerings. Following years of restructuring, Heidelberg has refocused its portfolio, optimized its cost base, and deleveraged the balance sheet — laying the foundation for profitable growth. The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

SUSS MicroTec is set to report Q2 results on 8 August, with order intake expected to remain broadly flat qoq at EUR ~90m ± 10m amid seasonal dynamics and limited new UV scanner bookings (capacity sold out through FY25). We forecast sales of EUR 123–127m, reflecting stable backlog conversion across both segments. Meanwhile, gross and EBIT margins are likely to trend towards the lower end of FY25 guidance (39-41% and 15-17%), driven by an unfavorable mix, historically higher OpEx in Q2 and ongoing investments. Based on year-to-date market dynamics, we now see SUSS as more likely to reach the midpoint of its FY25 sales guidance, while we continue to position our margin assumptions conservatively. That said, risk-reward remains compelling. We reiterate our BUY rating and EUR 68.40 price target. The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se

Ceconomy has published preliminary Q3 results alongside an updated full-year guidance, now projecting adjusted EBIT of around EUR 375m for FY 2024/25. The outlook revision follows a solid operating performance in Q3, with like-for-like sales up 4.4% and a EUR 20m year-on-year EBIT improvement. For H1, adjusted EBIT rose by EUR 56m, reflecting contributions from core regions and progress in higher-margin business areas. We slightly raise our earnings estimates and increase our price target from EUR 3.90 to EUR 4.10. Although still below the company’s mid-term EBIT ambition of EUR 500m, further upside remains if margin traction continues. BUY. The full update can be downloaded under https://research-hub.de/companies/ceconomy-ag

Fuchs reported weak preliminary Q2 results, with sales of EUR 880m declining both year-over-year and sequentially, missing consensus by around 5%, and EBIT falling short c. 6%. Margins hit an eight-quarter low, suggesting pricing pressure. The company downgraded its FY25 guidance, now expecting flat sales and EBIT versus FY24, citing muted demand, geopolitical tensions, slow European industrial activity, and tariff uncertainties. Strategic challenges include high exposure to the automotive sector, where the shift to EVs threatens long-term lubricant demand, and heavy reliance on the sluggish EMEA region. Despite some potential for margin recovery in H2, persistent headwinds lead to a PT cut to EUR 44.60 (from EUR 48.00) and a maintained HOLD rating. The full update can be downloaded under https://research-hub.de/companies/fuchs-se

Kontron AG has signed a multi-year, high triple-digit million-euro Future Railway Mobile Communication System (FRMCS) contract with French state railway SNCF, further underlining its strategic position in next-generation rail communications. The agreement appears consistent with Kontron’s positioning as a key infrastructure partner in Europe. Additionally, the sale of its JUMPtec unit to congatec (cash inflow > EUR 100m) supports portfolio focus and strengthens the balance sheet. A one-off EBITDA gain will be recognized in Q2 2025. With improving earnings quality and a clearer strategic profile, we raise our price target from EUR 35.00 to EUR 37.00 and reaffirm our BUY rating. The full update can be downloaded under https://research-hub.de/companies/kontron-ag