Company Name: Pharming Group NV ISIN: NL0010391025   Reason for the research: Q2/26 results preview Recommendation: Buy from: 22.07.2026 Target price: €2.40 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on Pharming Group NV (ISIN [ … ]

Company Name: Advanced Blockchain AG ISIN: DE000A0M93V6   Reason for the research: Research Report (Anno) Recommendation: Buy Target price: 2.00 EUR Target price on sight of: 31.12.2027 Last rating change: Analyst: Matthias Greiffenberger, Cosmin Filker The most significant impact occurred at the subsidiary Incredulous Labs Ltd [ … ]

Cicor’s H1 2026 results were mixed. Revenue and order intake remained strong, with Q2 returning to organic growth and A&D continuing to outperform. However, profitability and cash conversion were held back by acquisition integration, production transfers and supply-chain constraints, particularly for PCBs and customized A&D components. Management expects a stronger H2, supported by more than CHF 10m in annual savings, completed ramp-ups and higher volumes. We keep our revenue view broadly unchanged but lower adjusted EBITDA expectations to reflect a more gradual margin recovery. The medium-term growth case remains intact. BUY, PT CHF 180. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd

Airbus used its Business Update to set a formal 2029 EBIT Adjusted target of EUR 12bn to EUR 13bn, broadly in line with consensus but above our previous assumptions. Near term guidance and production targets remain unchanged, limiting the immediate operational read through, while the EUR 5bn buyback should be mildly accretive. More importantly, management’s tone has shifted towards backlog conversion, industrial output, quality and margin delivery following repeated programme delays. COMAC remains the key long-term risk, but their certification and production progress continue to disappoint. We raise our estimates and price target to EUR 225 (from EUR 215) to reflect the higher than estimated EBIT and reiterate BUY. The full update can be downloaded under https://research-hub.de/companies/airbus-se

Company Name: MHP Hotel AG ISIN: DE000A3E5C24   Reason for the research: Update Recommendation: BUY Target price: EUR 3.7 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald MHP Hotel AG: Record Q2 revenue as hotel platform scales Yesterday, MHP released Q2 '26 hotel performance figures, posting the [ … ]

Stabilus will report Q3 26 results on August 2. We expect revenue of c. EUR 300m, adjusted EBIT of EUR 30.4m, reported EBIT of EUR 24.4m, and net income of EUR 11.0m. Automotive weakness, difficult conditions in China, adverse currency effects, and lower plant utilization should remain the main headwinds. Industrial activities are unlikely to fully offset the pressure. We reduce FY26 estimates to EUR 1.214bn in revenue and EUR 96m in reported EBIT. For FY27, we forecast flat EBIT as portfolio disposals offset restructuring benefits. We lower our price target to EUR 21.00 (from EUR 21.90) and reiterate BUY. The full update can be downloaded under https://research-hub.de/companies/stabilus-se

Friedrich Vorwerk announced strong preliminary Q2 26 results, with revenue developing broadly in line with expectations and profitability clearly exceeding our forecast. The figures underline FVG’s strong project execution and its ability to generate exceptionally high margins from the projects currently underway. At the same time, order momentum is beginning to moderate. While H1 order intake remained solid, the book-to-bill ratio was below 1.0x, and both acquired project volume and the order backlog declined yoy. The backlog nevertheless remains substantial and continues to provide good revenue visibility. Following the strong H1 margin development, management raised its FY26 EBITDA guidance while maintaining its revenue outlook. Despite the improved earnings outlook, risks remain elevated. We reiterate our HOLD rating but raise our PT to EUR 70.00 from EUR 60.00. The full update can be downloaded under https://research-hub.de/companies/friedrich-vorwerk-group-se

Drägerwerk (Dräger) received an additional EUR 14.2m in tariff refunds, including interest, and raised its FY26 EBIT margin guidance to 6.0%–8.0% from 5.5%–7.5%. We add the confirmed payment and the lower end of a further potential EUR 7m–9m reimbursement to our estimates, increasing FY26E EBIT by EUR 21.2m to EUR 277m. Sales remain unchanged at EUR 3,659m, implying a 7.6% EBIT margin. Given two successful reimbursements, we see a reasonable likelihood of a third payment. We reiterate BUY and raise our price target to EUR 114.00 from EUR 113.00, reflecting approximately EUR 1.13 per share in incremental EBIT before tax effect. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

GEA delivered a clean beat on prelim. Q2 figures and raised FY26 guidance on all three-headline metrics. Organic order intake grew 15.4% yoy, organic sales 11.0% against a 6.3% consensus, and the EBITDA margin before restructuring expenses reached 17.4% vs. 16.5% in Q2 2025. For the full-year, organic sales growth guidance moves to 6-8% (prev. 5-7%), the EBITDA margin to 17-17.4% (prev. 16.6-17.2%) and ROCE to 36-40% (prev. 34-38%). The midpoint of the new margin range is equal to the previous ceiling. We lift FY26E EBITDA before restructuring expenses to EUR 1,010m, equal to a 17.2% margin, and raise our medium-term margin assumptions, while trimming FY26E EPS to EUR 3.27 to reflect a higher tax rate. We raise our PT to EUR 76.00 (prev. EUR 73.00). BUY. The full update can be downloaded under https://research-hub.de/companies/gea-group-ag

Company Name: SMARTBROKER HOLDING AG ISIN: DE000A2GS609   Reason for the research: Research Report (Anno) Recommendation: BUY Target price: 17.80 EUR Target price on sight of: 31.12.2027 Last rating change: Analyst: Matthias Greiffenberger, Cosmin Filker Operationally, Smartbroker benefited in fiscal year 2025 from a significan [ … ]