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

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

Brenntag’s Q2 pre-release is clearly positive, with operating EBITDA of c. EUR 450m (+35% yoy) well ahead of expectations and prompting a FY26 guidance raise to EUR 1.25-1.40bn (+3% yoy at midpoint), but the quality and durability of the beat remain the key debate. The upside appears largely driven by Brenntag’s ability to monetize Middle East-related supply disruption through better pricing, supplier access and supply security, rather than by a broad-based demand recovery. This is also reflected in the updated guidance, which implies a much softer H2 and suggests management is not extrapolating the Q2 run-rate. While the print should support near-term sentiment, valuation looks fair at c. 8.4x 2026E EV/operating EBITDA on our unchanged EUR 60.00 price target, leaving risk-reward balanced and supporting our HOLD rating. The full update can be downloaded under https://research-hub.de/companies/brenntag-se

Nagarro shares have been under pressure for months amid weak IT services sentiment, with Accenture’s guidance cut adding further pressure to the sector. Investor concerns focus on muted demand, AI disruption, rising competition, client insourcing and the durability of traditional delivery models. For Nagarro, the question is whether AI dilutes billable effort or expands transformation demand. Nagarro’s management indicated that overall demand is “fairly similar to six months ago”. Following a muted Q1, management confirmed FY26 guidance, supported by constant-currency growth, Q2/Q3 working-day seasonality, utilization levers and encouraging early Q2 pipeline trends. H1 (Aug 14th ) will be the next important validation point. We leave estimates unchanged and confirm BUY, PT EUR 75.00. The full update can be downloaded under https://research-hub.de/companies/nagarro-se

Nordex announced three new orders in the United States with a total volume of 484 MW, potentially signaling the start of an upswing in its US business. While project details remain undisclosed, the overall volume points to sustained demand for Nordex’s technology in North America. This supports expectations of improving momentum in the US and a possible acceleration in regional order activity. Overall, the likelihood that the broader cycle remains intact has increased, particularly as Europe may have peaked. The US could emerge as a key growth driver, potentially offsetting normalization in European markets. Against this backdrop, we raise long-term growth assumptions and increase our price target to EUR 44.00 (from EUR 40.00), while maintaining a HOLD rating due to ongoing uncertainty and elevated valuation levels. The full update can be downloaded under https://research-hub.de/companies/nordex-se

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