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

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

Cicor has announced efficiency measures with recurring annual EBITDA benefits of more than CHF 10m, while confirming FY26 guidance of CHF 700-750m sales and CHF 70-80m adjusted EBITDA. Initial savings and the expected H2-weighted organic recovery should support adjusted EBITDA in the second half of the year. Reported EBITDA, however, will be affected by mid-single-digit CHFm implementation costs, mostly in H1. We therefore cut FY26E reported EBITDA, while taking only a measured uplift in FY27E and beyond as our model already included margin recovery from integration and better utilization. BUY and CHF 180 PT confirmed. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd

We initiate coverage of Jungheinrich AG Pref with a BUY recommendation and a PT of EUR 41.00 offering an upside potential of 72.0%. Jungheinrich is the only major intralogistics provider with a fully electric product portfolio and in-house capabilities across lithium-ion batteries, drive technology, and automation software, positioning it to disproportionately benefit from accelerating warehouse electrification and automation demand. A direct sales and service network across more than 40 countries generates a recurring revenue base above 50% of group sales, providing earnings stability through the cycle. We expect revenues to grow at a CAGR of 6.6% through 2030E, driven by continued service penetration, geographic expansion in the Americas and selected APAC countries (excluding China as a target sales market), and an increasing mix of higher-margin automation and software solutions. BUY. The full update can be downloaded under https://research-hub.de/companies/jungheinrich-ag

123fahrschule has outlined a more ambitious platform-driven growth path following improved visibility on Germany’s driving school reform. Management confirmed FY26 guidance of EUR 26-29m revenue and EUR 1.5-2.5m EBITDA, in line with our estimates, while highlighting potential for up to EUR 90m revenue and EUR 20-25m EBITDA by 2029. We view the reform as a structural catalyst for digital theory, simulators and asset-light scaling. However, financing, instructor availability, execution risk and final legislative approval remain key constraints. For the moment, we keep estimates unchanged and confirm BUY with an unchanged EUR 5.20 price target. Should 123fahrschule validate the platform ramp and credibly underpin its 2029 margin profile, the stock could offer meaningful upside in a bull-case scenario. CEO Boris Polenske presented the details in our roundtable yesterday. Find recording here: research-hub.de/videos The full update can be downloaded under https://research-hub.de/companies/123fahrschule-se

Following Wacker Chemie’s recent share placement, Siltronic has tapped the equity market, raising EUR 273m. The capital increase looks less like a signal of an imminent earnings inflection and more like an opportunistic move after the recent AI-led re-rating, at what we believe is a stretched valuation. The raise strengthens the balance sheet and funds future growth, but it comes with dilution and sits somewhat at odds with management’s Q1 message that liquidity was sufficient. While oversubscription and anchor shareholder HAL Trust’s participation are supportive, HAL’s involvement should not be overinterpreted given its natural incentive to limit dilution. With the stock already discounting a faster recovery than we currently see in the fundamentals, we reiterate our SELL rating and adjust our model, resulting in a new price target of EUR 70.00. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag