MTU delivered a strong set of FY25 prelims that reinforces the structural earnings story. Growth remains robust across both OEM and MRO, margins continue to expand despite temporary GTF headwinds, and the EBIT margin has already moved close to the 2030 ambition level, up 150bp yoy(!). Operational execution is solid, the order book stands at around EUR 30bn, and 2026 guidance points to continued double digit earnings growth. The negative market reaction of -6% looks difficult to justify in our view and provides an attractive entry opportunity. The investment case remains fully intact, driven by structural aftermarket growth, improving mix, expanding margins and strong earnings visibility. Despite this, MTU still trades at a discount to peers, which we consider unwarranted given its quality profile, high entry barriers and improving cash flow trajectory. Price target unchanged at EUR 505.00. BUY. The full update can be downloaded under https://research-hub.de/companies/mtu-aero-engines-ag

Hamborner REIT announced a substantial strategic repositioning, sharpening its focus on food-anchored retail and DIY assets while reducing office exposure from c. 43% of portfolio value to 10-20% over the medium term. We estimate office currently contributes roughly 40-45% of rental income (~EUR 41-46m based on 2025E sales), making this a meaningful earnings reallocation. The rationale is compelling given structural headwinds in German offices versus the resilience of grocery-led retail. Management also increases flexibility via smaller ticket sizes and selective core-plus investments. Compared to prior periods, FY26 guidance is softer (FFO EUR 38-42m), reflecting disposals, higher maintenance, operating and financing costs; we adjust estimates accordingly. Despite a transitional 2026, the repositioning should enhance defensiveness and long-term value. We reiterate BUY with a slightly lower PT of EUR 10.50. The full update can be downloaded under https://research-hub.de/companies/hamborner-reit-ag

R. STAHL reported mixed FY25 results, with revenues declining 9.1% yoy to EUR 313m, below guidance and expectations due to weak investment spending and geopolitical headwinds, which also led to decreasing order intake. However, EBITDA before special items reached EUR 34.4m, exceeding guidance and estimates, mainly driven by temporary cost effects and a strong December. EBIT fell sharply yoy but slightly beat forecasts. We see FY26 as a transition year with limited visibility: While lowering our price target to EUR 18.50, we reiterate BUY given solid fundamentals and long-term growth drivers. The full update can be downloaded under https://research-hub.de/companies/r-stahl-ag

Powering Germany’s green hydrogen transition, H2APEX is evolving from an EPC service provider into a full-scale hydrogen producer. Since 2012, it has built expertise across the hydrogen value chain, progressing from pilot projects to operational plants. Flagship projects at the Laage and Lubmin sites, planned to start production in 2029 and 2030 respectively, alongside four smaller projects across Germany, highlight its ambition to deliver ready-to-market hydrogen. Strategically positioned, H2APEX leverages renewable energy, RFNBO certification, proprietary technologies, and access to Germany’s planned Hydrogen Core Network to secure industrial and mobility clients. Early deployments build experience, while the flagship projects will enable large-scale supply, unlock economies of scale, and boost margins. With disciplined project execution and strategic partnerships, H2APEX is exceptionally well positioned to capture growing market opportunities. We initiate coverage of H2APEX with a Spec. BUY rating and a PT of 3.00 offering an upside potential of 136%. The full update can be downloaded under https://research-hub.de/companies/h2apex-group-sca

Schloss Wachenheim delivered solid H1, supported by steady volume growth and improved group profitability. While revenue growth remained modest due to mix pressure in Germany, gross margin expansion drove higher EBIT and strengthened margin quality. Eastern Europe continued to act as the key earnings pillar, whereas France benefited from stronger gross profitability, although the prior-year EBIT comparison was supported by a one-off effect. Germany remained challenged by weaker wine retail demand and ongoing trading down. Q2 confirmed stable margins in the seasonally important quarter. With guidance reaffirmed and H1 covering most annual earnings, we reiterate our BUY rating and EUR 21.00 price target. The full update can be downloaded under https://research-hub.de/companies/schloss-wachenheim-ag

Following the recent release of preliminary FY25 results, attention now turns to the upcoming earnings event and outlook. With final results due on March 26, we expect 2026 to be another transition year. 2025 was about reducing overhead where the company also rolled out a voluntary separation program at headquarters in Q4. In 2026, Mister Spex will focus on optimizing tech stack and logistics backbone, the final step in completing the restructuring in our view. We estimate related restructuring costs at EUR 10–20m. While offline sales are projected to grow 10% yoy and recent M&A could contribute around EUR 4m in additional revenue, continued online weakness is likely to limit overall sales growth to roughly 0% yoy in FY26E. Despite the extended realignment, we reiterate our positive stance, reflecting the long-term appeal of Mister Spex’s market and positioning. BUY, PT EUR 3.40 (prev. EUR 4.00). The full update can be downloaded under https://research-hub.de/companies/mister-spex-se

HMS Bergbau AG has acquired a 75% stake in the South African coal mining company Hoshoza Resources Vryheid (HRV), marking its second mining investment in Africa following the production start in Botswana. HRV is a brownfield restart project targeting initial open-pit production from Q2 2026, with Phase 1 output of around 200,000 tons per annum. The project is expected to deliver a positive EBITDA contribution in the single-digit million euro range from 2026, following an initial ramp-up phase. While the revenue impact remains limited, the acquisition strengthens vertical integration and supports margin stability and earnings quality from 2026 onwards. We maintain our EUR 70.00 PT and BUY rating. The full update can be downloaded under https://research-hub.de/companies/hms-bergbau-ag

Since reporting its Q1 results on 10 February, TUI shares have fallen around 13% despite a record start to the year. The drop reflects concerns about slower Winter 25/26 bookings in Germany, softer Summer 26 bookings in the UK, and weaker H2 hotel occupancy. However, the reaction looks overdone. German travel demand remains solid, with recent survey data pointing to stable or longer trips and potentially earlier bookings. UK consumer confidence has also improved slightly in January, suggesting discretionary spending is at least stabilizing. Strategically, TUI continues to diversify and enhance margin quality through dynamic packaging (+8% departed passengers in Q1) and higher-margin direct app sales (+26% yoy in Q1). A normalization of the booking curve in Germany and a bigger appetite for discretionary spending in the UK could provide the catalysts for a rerating with the H1 numbers scheduled for 13 May. We reiterate our BUY rating with an unchanged price target of EUR 16.00. The full update can be downloaded under https://research-hub.de/companies/tui-ag

Dermapharm Holding (DMP) is expected to deliver on its FY25 targets. The company guided revenues of EUR 1.16–1.20bn and adj. EBITDA of EUR 322–332m, with our estimates pointing to EUR 1.18bn in sales and EUR 322m in adj. EBITDA. Q4 implies accelerating profitability, supported by mix improvements, efficiency gains, easing cost pressures, and the completion of portfolio streamlining in the Parallel import business. While European pharma markets remain structurally challenging, operational discipline and scalability should underpin earnings visibility and free cash flow generation into FY26. Limited USD exposure reduces external risks. We raise our price target from EUR 43.00 to EUR 45.00 and reiterate our BUY rating. The full update can be downloaded under https://research-hub.de/companies/dermapharm-holding-se

Intershop reported FY25 revenues of EUR 33.3m (-14% yoy), reflecting a 30% decline in legacy revenues, while cloud revenues remained stable at EUR 20.5m. Prolonged sales cycles and customer caution delayed cloud decisions, amplifying the revenue impact of legacy run-off. EBIT fell to EUR -2.8m due to a resource-intensive legacy project and restructuring costs. Cloud order entry rose 9% yoy, supported by strong Q4 momentum, but Net New ARR declined, largely impacted by elevated churn and muted expansion. For FY26, management expects stable cloud performance and balanced EBIT. On the revenue side, management expects a lower percentage decline compared to FY25, reflecting the continued structural run-off in the legacy business. We maintain BUY, lowering PT to EUR 1.80 after shifting our growth assumptions to reflect a later inflection point. A recording of the earnings call can be found here: https://research-hub.de/events/video/2026-02-18-13-30/ISHA-GR The full update can be downloaded under https://research-hub.de/companies/intershop-communications-ag