LM PAY’s liquidity strategy relies on a securitization agreement with Fortress Investment Group, offering flexible financing via a rolling sale of loan receivables. This structure enables scalable lending with minimal balance sheet impact. To diversify funding sources, LM PAY now signed a term sheet with a major European bank, with implementation expected in September. The new partnership could strengthen financial resilience. Rating and price target remain unchanged at BUY with EUR 63.00. LM PAY will host its FY24 earnings call on July 9 to present results and strategic developments, with a focus on growth and funding. For more insights from CEO Jakub Czarzasty, please register here: https://research-hub.de/events/registration/2025-07-16-11-00/Y00-GR The full update can be downloaded under https://research-hub.de/companies/lm-pay-sa

Company Name: Samara Asset Group PLC ISIN: MT0001770107   Reason for the research: Research Comment Recommendation: BUY Target price: 3.93 EUR Target price on sight of: 31.12.2026 Last rating change: Analyst: Matthias Greiffenberger, Cosmin Filker Bitcoin’s price correction through the quarter weighed directly on Samara&r [ … ]

tk nucera reported soft preliminary Q3 25 results, with group revenue down 22% yoy to EUR 184m, driven by declines in both the Green Hydrogen (AWE) and Chlor-Alkali (CA) segments. EBIT was flat at EUR 0m, as losses in AWE narrowed while CA profits fell due to prior-year one-offs. Year-to-date revenue rose modestly by 9% to EUR 663m, with EBIT turning positive at EUR 4m. However, order intake plunged to EUR 63m, largely due to a collapse in green hydrogen orders, causing the backlog to shrink to EUR 679m (mwb est.) and underscoring the urgent need for new large-scale AWE projects amid delayed final investment decisions. Management revised FY25 guidance, lowering revenue expectations but raising the EBIT outlook. We have lowered our FY25–27 revenue estimates while remaining cautiously optimistic on EBIT. Accordingly, we maintain our price target of EUR 12.00 and keep our BUY rating unchanged. The full update can be downloaded under https://research-hub.de/companies/thyssenkrupp-nucera-ag-co-kgaa

Leifheit reported Q2 2025 prelims with group revenue of EUR 60m, down 13.6% yoy, driven by weak consumer demand, cautious buying in key European markets, strategic assortment changes, and a major retail partner’s insolvency. Q2 EBIT was EUR -1.1m versus EUR 3.6m in Q2 2024, weighed down by lower contribution margins, one-off costs of EUR 1.8m related to relocating injection molding, and a EUR 0.6m currency loss. After a June guidance cut, Leifheit now expects full-year revenue to decline 5–8% and EBIT between EUR 9m and 11m. Given ongoing demand weakness and uncertainty on its duration, we revise our FY25 estimates downward, forecasting an 8% revenue decline and EBIT near EUR 9m. Despite short-term challenges, strong liquidity, strategic cost optimizations, and a dividend yield of over 7% support our positive mid- and long-term view on the company. We maintain our BUY rating and lower our PT to EUR 23.00 (from EUR 29.00). Join our Aug. 13 roundtable for CEO and CFO insights. Register here: https://research-hub.de/events/registration/2025-08-13-14-00/LEI-GR. The full update can be downloaded under https://research-hub.de/companies/leifheit-ag

secunet delivered solid H1 2025 results, driven by a robust Q1, but a closer look reveals a weaker Q2. While Q2 margins softened, the company remains on track to meet its full-year guidance of EUR 425m revenue and 9.5–11.5% EBIT margin. Seasonality should work in the company’s favor, even a flattish H2 vs. 2024 would suffice to reach the upper end of guidance. That said, current valuation appears stretched given the lack of visible order momentum or fundamental upgrades. With no near-term catalysts and the stock reflecting a level of optimism not yet warranted, we maintain our EUR 180.00 price target and downgrade from HOLD to SELL. The full update can be downloaded under https://research-hub.de/companies/secunet-security-networks-ag

Brenntag’s Q2 prelims confirm that external pressures have intensified, with FX, North American industrial demand softness, and pricing pressure in Essentials driving a realistic reset to full-year guidance. While the anticipated Q2 recovery didn’t materialize, margin discipline in Specialties and accelerating cost savings provide some cushion. With valuation now reflecting much of the downside and execution levers still intact, we see the reset as an opportunity rather than a break in the equity story. At ~8x FY25e EBITA (based on the new midpoint), the risk/reward skews favorably, particularly if FX and macro headwinds ease following the expected resolution of tariff uncertainty in August. We reiterate our BUY rating and lower our price target to EUR 72.00 (previously EUR 75.00), while acknowledging that patience may be needed as the external environment plays out. The full update can be downloaded under https://research-hub.de/companies/brenntag-se

cyan AG provided a business update at its recent AGM, confirming positive cash flow in H1 2025 and operational stability during the CEO transition. The Guard 360 rollout with Odido (Netherlands) from August marks a key step in scaling the partner-led strategy. Additional partner agreements are expected, alongside a planned AWS Marketplace listing. In the telco segment, progress continues with Orange and Claro, with further customer rollouts expected later this year. These developments support the view that cyan may reach the upper end of its FY25 guidance and is building momentum for 2026. The full update can be downloaded under https://research-hub.de/companies/cyan-ag

BASF’s Q2 shows a business increasingly shaped by its downstream strengths, with Agricultural Solutions again standing out as a margin stabilizer. While headline EBITDA was in line, the pressure in Chemicals and Industrial Solutions reinforces structural concerns in upstream. The guidance reset reflects macro and FX headwinds rather than operational deterioration, and we see room for upside if the USD stabilizes or downstream momentum holds. While valuation has rerated toward the upper end of its historical range at 8.3x EV/EBITDA 25E, much of the bad news now appears priced in, and free cash flow remains supported by tight capital discipline. Medium-term, we see BASF leaning more heavily on segments where it retains pricing power and volume leverage. Thus, we see medium-term upside potential despite limited near-term catalysts. We reiterate our BUY with a lower price target of EUR 52.00 (old: 53.00). The full update can be downloaded under https://research-hub.de/companies/basf-se

AIXTRON is set to report Q2 results on July 31, and we expect a sequential improvement in both revenue and margins, supported by demand in Asia, operational leverage and lower OPEX. Both SiC and GaN continue to tread water, with revenue trends broadly flat yoy and activity concentrated among Asian customers. Optoelectronics is growing, particularly in telecom/datacom, but remains too small to materially influence group performance, while LED and microLED are acting as a clear drag following last year’s one-off boost. Overall, we continue to expect AIXTRON to deliver around the midpoint of its full-year guidance. Given limited near-term visibility and muted development in underlying demand, we’ve taken a more conservative stance, trimming mainly our 26 outlook to reflect only modest mid-single-digit revenue growth, though our valuation remains intact. We reiterate our BUY rating and EUR 20.00 price target. The full update can be downloaded under https://research-hub.de/companies/aixtron-se

Dräger’s Q2 25 prelims show stable revenue and strong order momentum and were reported in line with our expectations. Revenue rose 1.8% currency-adjusted to EUR 780m, driven by 5.0% growth in the Medical division. EBIT fell to EUR 20m (Q2 2024: EUR 40.7m), mainly due to one-off gains in the prior year - specifically the disposal of a non-core business in the Netherlands and a U.S. property. Adjusted for these effects, profitability remained broadly stable. Order intake rose 14.3% yoy to EUR 877m, led by a major contract in Mexico and reaching the highest Q2 level since 2020. Management confirmed its FY guidance of 1.0–5.0% revenue growth and 3.5–6.5% EBIT margin. With shares near our EUR 72.00 price target, we reiterate our HOLD rating. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa