Ernst Russ is diversifying its fleet by acquiring four IMO II chemical and product tankers with five-year fixed charters, adding USD 126m to its backlog. The total investment is estimated at approx. EUR 120m (USD 140m), likely financed with a typical 30% equity tranche (mwb est.). Remarkably, the secured charter backlog of USD 126m covers a significant portion of the total investment, effectively "pre-earning" the acquisition costs. This move reduces reliance on the container market and enhances long-term cash flow visibility starting in 2027. In our view, this "de-risked" expansion strengthens the company's valuation basis and supports a stable dividend outlook. BUY, with new PT of EUR 13.50 (previously EUR 12.50) after updating Ernst Russ’ fleet and our forecasts. The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

Company Name: tonies SE ISIN: LU2333563281   Reason for the research: Update Recommendation: BUY Target price: EUR 14.5 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr tonies fires on all cylinders; PT Up tonies released final FY25 figures and its FY26 guidance, underpinning the company’s [ … ]

AIXTRON delivered a weak but expected Q1 on earnings, offset by clearly stronger-than-expected order intake driven by optoelectronics, prompting a FY26 guidance upgrade and confirming an early-cycle photonics ramp. We believe the strength in optoelectronics is likely to continue. While this improves near-term visibility and de-risks execution, our broader concerns around delayed SiC recovery and the timing of AI GaN orders remain unchanged. Meanwhile, we see valuation as increasingly stretched already pricing in a strong and smooth recovery into 2027–2028, making risk-reward unfavorable at these levels. We maintain our SELL rating with a higher price target of EUR 33.00. The full update can be downloaded under https://research-hub.de/companies/aixtron-se

At our German Select Conference, Drägerwerk’s (Dräger) Head of IR, Thomas Fischler, confirmed Dräger’s strategic pivot toward profitability, targeting a mid-term EBIT margin of ~10% supported by pricing, cost discipline, and portfolio optimization. FY 2025 delivered record sales of EUR 3.48bn and EBIT of EUR 233m (6.7% margin), despite substantial headwinds from FX (approx. EUR -45m) and tariffs (approx. EUR -25m). Both divisions showed operational improvement, with Safety remaining the key margin driver. Guidance for 2026 implies continued progress but short-term volatility. Overall, the structural margin story remains intact. A video of the presentation is available on https://research-hub.de/events. We reiterate our BUY rating with an unchanged price target of EUR 108.00. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

At the mwb German Select Conference, Verbio’s Head of IR Alina Köhler highlighted recent developments and the company’s outlook. She noted that ongoing geopolitical uncertainty and disruptions, supply chain issues, and Europe’s dependence on energy imports continue to drive volatility in energy markets, while structural decarbonisation demand remains strong. Verbio benefits from this due to short-term energy security needs and long-term structural tailwinds driven by decarbonisation, supported by favourable regulatory frameworks for renewable fuels. Recent performance was mainly influenced by external regulatory distortions in the European CO₂ market rather than operational weakness, while volume growth and early EBITDA recovery indicate improving momentum. Looking ahead, demand strength, regulatory normalisation in Europe, the US ramp-up, efficiency gains, and higher GHG quota prices support the outlook. We therefore reiterate our BUY and PT of EUR 50.00. The Roundtable recording is available here: https://research-hub.de/events The full update can be downloaded under https://research-hub.de/companies/verbio-se

tonies delivered strong FY25 results, confirming preliminary upbeat figures with revenue up 36%, driven by international expansion (North America +40%, Rest of World +68%), while DACH still grew solidly (+16%). Growth was supported by the successful launch of Toniebox 2 and the scalable razor-blade model, with Tonies figurine sales surging ~41% units versus ~8% box growth. Profitability improved meaningfully, with adjusted EBITDA margin rising to 8.6% (+110bps), led by operating leverage and product mix. Net profit lagged expectations due to a non-cash warrant revaluation, while free cash flow turned negative due to a temporary inventory build for new launches. Looking ahead, tonies guides 20% FY26 revenue growth and further margin expansion, in line with our estimates. We confirm our BUY rating with unchanged price target of EUR 14.00. The full update can be downloaded under https://research-hub.de/companies/tonies-se

Cicor's Q1 2026 business update showed meaningful headwinds. Organic decline of 6%, temporary supply chain constraints and an -4.8% FX drag, more than offset by acquisition-driven revenue growth of 33.4%. Order intake of CHF 196.4m and a book-to-bill of 1.22x provide constructive H2 visibility, supported by new A&D customer wins including Kongsberg. In H2 2026, organic growth is largely secured through existing framework agreements and binding orders. Full-year guidance of CHF 700-750m revenue and adjusted EBITDA of CHF 70-80m was confirmed, with organic recovery in H2 the critical swing factor for delivery. We make modest adjustments to our 2026 estimates and maintain our price target of CHF 180.00 and BUY rating. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd

Company Name: mVISE AG ISIN: DE000A0KE043   Reason for the research: Update Recommendation: BUY Target price: EUR 10.5 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Buy & Build to gain momentum Yesterday, management announced it has entered into concrete negotiations to acquire minority st [ … ]

Nemetschek (NEM) announced the acquisition of US-based Heavy Construction Systems Specialists (HCSS), expanding its Build & Construct segment. HCSS generated ~USD 215m revenue and ~40% EBITDA margin in 2025 (US GAAP). The transaction structure is complex as PE investor Thoma Bravo will retain a ~28% stake in NEM´s entire Build & Construct segment, while Nemetschek keeps control and full consolidation. The implied valuation (~USD 1.5bn mwb est.) appears in line with Nemetschek’s own multiples. Strategically, the deal strengthens exposure to infrastructure and enhances data-driven capabilities. However, complexity, integration risks, and shared value creation with a minority partner remain key considerations. At this stage, we leave our estimates unchanged pending further analysis. We confirm our price target of EUR 109.00 and reiterate our BUY rating, awaiting greater clarity on the transaction’s financial and operational impact. The full update can be downloaded under https://research-hub.de/companies/nemetschek-se

Nordex started the year with softer order intake following a particularly strong prior year, reflecting a return to more typical seasonal patterns. While underlying demand remains solid, activity is usually slower in the early months before accelerating later in the year. Pricing saw a slight improvement, supported by a favorable regional mix, and we expect full-year order intake to normalize below last year’s peak. For Q1 26, we expect only modest revenue growth, partly due to weather conditions in Europe, while profitability should continue to improve. Free cash flow is likely to be affected mainly by working capital effects. Overall, management guidance appears achievable given the strong order backlog. However, the recent share price rally has resulted in elevated valuation levels, leading us to adopt a more cautious stance, and we therefore downgrade to SELL from HOLD while keeping our PT at EUR 40.00 unchanged. The full update can be downloaded under https://research-hub.de/companies/nordex-se