We expect an imminent decision on Canada’s CAD 12bn+ Canadian Patrol Submarine Project, ahead of NATO’s July summit, with total lifetime costs above CAD 60bn. Despite its strategic importance for Atlantic defense procurement, we believe the market largely ignores the event. A TKMS win would validate the company as NATO’s leading conventional submarine supplier, with ~70% of NATO’s conventional submarine fleet, extend backlog visibility into the 2040s, and deepen the 212CD ecosystem across North America and Europe. Management assigns 50/50 odds, while we see a 70% probability for TKMS. We also do not see meaningful directional event risk priced into the ATM option curve. Even a tender loss would support EUR 100 on fundamentals. We recommend accumulation ahead of clarity. BUY, PT EUR 125.00. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

Redcare Pharmacy upgraded its FY26 guidance after a strong start to Q2, with group sales up 20.4% yoy in April and May. The key positive is not only continued German Rx momentum, but also a clear acceleration in German non-Rx, directly addressing concerns after the weak Q4 and the subsequent reset in expectations. Profitability is also improving, supported by better marketing efficiency and a stronger DACH contribution. We raise our 2026 sales and earnings estimates, keep outer-year assumptions broadly stable, and reiterate BUY with a EUR 95.00 target price. The full update can be downloaded under https://research-hub.de/companies/redcare-pharmacy-nv

ONBERG Autonomous Systems (49% owned by HEIDELBERG) has signed an MoU with Ukrainian UAS specialist Skyeton to scale production of NATO-compliant unmanned aerial systems. The partnership will combine Skyeton’s battlefield-tested Raybird reconnaissance platform with HEIDELBERG’s scalable precision manufacturing infrastructure in Germany. While the agreement lacks immediate financial visibility and is not yet reflected in our estimates, it significantly strengthens HEIDELBERG’s long-term defense narrative as a multi-domain autonomous security provider. We view this development as a highly relevant strategic stepping stone for the dual-use business. We reiterate our BUY rating with a slightly adjusted PT of EUR 2.50 (prev. EUR 2.60) as we align our margin expectations with the company’s recently initiated FY guidance. HEIDELBERG will present on mwb research’s Industrial Technology conference on June 22. To participate, register here: https://research-hub.de/events/registration/2026-06-22-11-00/HDD-GR The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

123fahrschule is expected to benefit from improved reform visibility after cabinet approval of draft legislation for the planned driving school reform, targeted for January ’27. Key elements, including e-learning, simulator usage and more efficient training, align with 123fs’ platform model. The shift to e-learning could reduce branch requirements and generate c. EUR 0.6m annual cost relief, while future sites may focus on simulators and practical training. At current levels, the shares offer long-term exposure to consolidation in Germany’s EUR 3.0bn driving school market, which is why we confirm our BUY-rating and the EUR 5.20 price target. CEO Polenske will present tomorrow, June 16, at 14:00 in an online roundtable and investors will have the opportunity to discuss the impact, strategy, simulator economics and funding requirements with management. Registration here The full update can be downloaded under https://research-hub.de/companies/123fahrschule-se

Against this backdrop, mwb research is hosting an online roundtable with Boris Polenxke (CEO) on June 16, 2026, at 2:00 p.m. CEST. Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-06-16-14-00/123F-GR.

Siltronic’s re-rating has been fueled by the broader AI-driven chip rally and improving leading-edge 300mm wafer demand, with normalized logic/memory inventories and early signs of more reasonable 300mm spot pricing adding credibility to the recovery narrative. However, we think the market is moving faster than the earnings base: power inventories remain a drag, evidence of a broad-based pricing inflection is still limited, and elevated depreciation alongside a high debt burden should constrain the earnings recovery. We therefore reiterate SELL, while raising our PT to EUR 65.00 to reflect a better medium-term visibility throughout the cycle and gradually improving end-market demand. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

Geratherm’s has reported FY25 results. Revenues increased by 6%, but severe macroeconomic headwinds, Chinese competition, and domestic cost pressures compressed the EBIT margin to 0.6%, resulting in a net loss of EUR -0.15 per share after a EUR 1.1m securities impairment. Despite the loss, management proposed a stable dividend of EUR 0.10, backed by a strong liquidity position and positive cash flow from good working capital management. For FY26, management guides for flat revenues and a negative EBIT during a transition period focused on addressing structural deficiencies, especially in Healthcare Diagnostics. Considering these ongoing challenges, we downgrade our estimates, leading to a new PT of EUR 4.50 (old: EUR 6.00), still supporting our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/geratherm-medical-ag

America First adds another layer of uncertainty to STRATEC’s investment case, but the impact should be indirect rather than immediate. Recent investment cuts by Eli Lilly and Boehringer highlight a more politicized pharma and healthcare capital-allocation backdrop, although STRATEC is not primarily exposed to pharma production capex. As an OEM partner for diagnostic systems, software and consumables, the key risk is that diagnostics and life-science customers delay new platform decisions, serial-production transfers or supply-chain commitments amid tariffs, localization pressure and policy uncertainty. After a weak Q1 26, FY26 and mainly H2 remains execution dependent. But according to recent news flow from lager diagnostic players, visibility remains low. Therefore, we keep our cautious ‘show me first’-stance, even the recent share price set-back could offer an attractive entry point. With estimates and a price target of EUR 20.00 unchanged, we remain HOLD. The full update can be downloaded under https://research-hub.de/companies/stratec-se

Frasers Group has moved HUGO BOSS into M&A territory. Within two days, the UK retailer first de-escalated its governance stance by backing Supervisory Board Chairman Stephan Sturm and welcoming the adjusted dividend policy, before announcing its intention to launch an unsolicited voluntary takeover offer at EUR 38.00 per share. Frasers is already an active anchor shareholder with around 25% and board representation, making the bid a further step in its push for influence. While the offer may create a short-term valuation floor, we view it as opportunistic and financially unattractive for long-term shareholders. HOLD confirmed. The full update can be downloaded under https://research-hub.de/companies/hugo-boss-ag

Ennoconn has crossed the 30% voting-rights threshold in Kontron, triggering a mandatory offer at EUR 23.50 per share. We see the offer as a regulatory consequence of Ennoconn strengthening its anchor-shareholder role, not as a fair-value benchmark. The fundamental upside case remains intact, driven by Defense, Transportation/Rail and the emerging Cybersecurity software opportunity. We reiterate BUY and our EUR 34.00 PT. Kontron CFO Clemens Billek will present at our virtual Industrial Technology Conference on 22 June 2026, followed by Q&A. Please register here: https://research-hub.de/conference/industrial-technology The full update can be downloaded under https://research-hub.de/companies/kontron-ag