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

Kontron announced two further orders in July. In Transportation, the company recently extended an existing rail maintenance and security framework agreement until 2035, adding close to EUR 100m of long-duration order visibility. Separately, Kontron won a new European automotive customer for 150,000 5G NAD modules, with potential to more than triple if rolled out to further platforms. Together, the announcements show solid commercial traction in key strategic areas: European rail communication and secure 5G connectivity. We slightly raise forecasts from 2027E onwards and update our share count reflecting the company’s buybacks. We raise our DCF-derived price target to EUR 35.00 (from EUR 34.00). BUY. The full update can be downloaded under https://research-hub.de/companies/kontron-ag

For Q3 2025/26, we expect broadly stable sequential sales of c. EUR 24m and an EBITDA margin of 7–8%, with Adhesives and Disinfection again offsetting persistent weakness in Curing. Positive electronics orders in Asia, water-treatment demand, a better mix and lower material costs should support profitability, while printing-related demand and competitive pressure are likely to keep Curing subdued into Q4. We now model FY revenues slightly below the EUR 95m guidance floor but still see the lower end of the EUR 6–9m EBITDA range as achievable. Reflecting the softer top-line outlook, we cut our price target to EUR 18.00 from EUR 20.00, but reiterate BUY given improving earnings quality and the medium-term potential of Adhesives and Disinfection. The full update can be downloaded under https://research-hub.de/companies/hoenle-ag

BaFin has opened a for cause examination of Jungheinrich's H1 2025 financial statements, questioning the valuation of rental equipment and inventories tied to the planned Russia disposal and, specifically, whether the related impairment should have been booked at 30 June 2025 (H1) rather than in July (H2). We see this as a timing question inside FY2025 with no impact on full year 2025 or 2026 earnings, and any negative share price reaction would look disproportionate to a fundamentally immaterial issue. With the stock near its 52-week low and trading well below both our DCF based (64% upside) and multiples based fair values (> 100% upside), we view the weakness as a reinforced entry opportunity and reiterate BUY with a target price of EUR 41.00. The full update can be downloaded under https://research-hub.de/companies/jungheinrich-ag

MHP reported record Q2 revenue and growth of 26% yoy (with F&B up 41% yoy), driven by the full contribution of the Hyatt Regency Vienna and the ramp-up of the Conrad Hamburg. Group occupancy dipped by 1 PP yoy due to the new Conrad Hamburg opening (reaching a record 82% ex-Conrad), while ADR declined 4% yoy and RevPAR dropped 5% yoy, reflecting portfolio mix effects and lower high-value Middle Eastern visitor numbers amid geopolitical friction. Management reiterated its FY26 guidance of EUR 225m in revenue and at least EUR 10m in EBITDA, supported by business picking up in May and June after a softer April. Backed by strong positioning in the luxury segment and highly attractive valuation metrics (2027 EV/EBITDA of 3.5x; 2028 EV/EBITDA of 2.5x), we confirm our BUY rating with a price target of EUR 3.00. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

Daimler Truck CEO Karin Rådström expects Chinese electric-truck manufacturers to expand into Europe, reinforcing a structural risk we have highlighted for some time. European OEMs retain important advantages through strong brands, established customer relationships and extensive service networks. However, defending their position could require lower prices, higher discounts or additional incentives, putting pressure on profitability. This is particularly concerning given the structurally higher labour, energy and manufacturing costs of European producers. The passenger-car industry provides a clear warning of how Chinese competition can reshape sector economics without immediately displacing incumbents. With freight operators increasingly focused on total cost of ownership after years of economic and geopolitical pressure, lower-priced alternatives may gain traction. We maintain our SELL rating and EUR 30.00 price target. The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag

CHAPTERS’ Capital Markets Day highlighted a more active platform model designed to raise structural organic EBITDA growth. By combining domain expertise within industry clusters and extending the Manuscript Method through AI, automation and faster product development, management aims to lift structural organic EBITDA growth across the portfolio. We have therefore raised our medium- and long-term margin assumptions. As our forecasts still include only moderate acquisition activity, further M&A remains an additional source of upside. Our updated model supports a higher price target of EUR 55.00 (old EUR 50.00). BUY. The full update can be downloaded under https://research-hub.de/companies/chapters-group-ag

Drägerwerk (Dräger) reported strong preliminary H1 2026 results, with constant-currency revenue growth of 7.7% to approximately EUR 1.60bn and EBIT more than tripling to around EUR 64m. The EBIT margin improved to 4.0% from 1.3%, prompting management to raise the lower end of its FY 2026 margin guidance from 5.0% to 5.5%. Both segments delivered solid revenue growth, while Safety Technology posted particularly strong order intake. Gross margin expansion and disciplined cost growth drove most of the earnings improvement, despite a EUR 7.8m one-time tariff reimbursement. We raise our assumptions and our price target from EUR 108.00 to EUR 113.00. BUY. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

We upgrade Infineon to HOLD from SELL following the sharp share-price pullback, which has brought the stock closer to our unchanged EUR 60.00 fair value and largely removed the previous valuation asymmetry. The correction appears driven by profittaking and a broader reset in AI-related expectations rather than a change in fundamentals. AI power demand still exceeds supply, supporting allocation and pricing, while industrial and automotive trends continue to improve gradually. With the earnings recovery broadening beyond AI and the valuation now more appropriately aligned with the earnings outlook, we see a more balanced risk-reward ahead of a strong Q3 at around 18.5x 2027E EV/EBIT. The full update can be downloaded under https://research-hub.de/companies/infineon-technologies-ag