HWK 1365 SE has lowered its forecast for 2025 and now expects total output to decline to EUR 15.4 million and a consolidated loss in the mid-single-digit million range instead of the previously expected sales growth and increase in earnings. The reasons for this are continued weak demand and low investment in the paper industry, which also necessitates an unscheduled goodwill write-down. The company is responding to the difficult environment with planned cost reductions and enhanced liquidity management. Following the revision to our estimates, we are adjusting our price target to EUR 34.00 (from EUR 39.00). We also move our rating from Buy to Spec. Buy, acknowledging above-average risk amid continued difficult markets, while maintaining our view of meaningful upside in the event of improving market dynamics or continued diversification. The full update can be downloaded under https://research-hub.de/companies/hwk-1365-se

Press reports suggest Rheinmetall is evaluating the acquisition of the German 50% KNDS stake, which we view as attractive upside with limited downside. KNDS delivered EUR 3.8bn in revenue in 2024 with EUR 11.2bn in order intake but has lagged Rheinmetall due to lower integration and missed investments. A tie-up would streamline development across Leopard 2, Puma, Boxer and MGCS, reduce duplication in turrets, guns and digital systems, and accelerate output amid Europe’s rearmament push. Political risk remains, but EU defence prioritisation, faster procurement and national-security carve-outs improve feasibility. Rheinmetall can fund the deal via debt, with combined scale potentially lifting margins and supporting ~10% multiple expansion. Rheinmetall and TKMS remain our preferred defence names, while valuations at RENK and Hensoldt remain rich. BUY; PT unchanged. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Sartorius faces mounting structural pressure from the US “America First” agenda, which seeks to repatriate pharmaceutical production and cut drug prices sharply. These policies could erode the company’s competitive position as demand shifts toward North America, while reduced outsourcing to Asia adds indirect risk. Although short-term US investment activity may offer support, global pharma capex remains weak, particularly in Lab Products & Services. Margin pressure, deglobalization, and limited demand recovery before FY27 weigh on visibility. With the stock trading at 85x 25E and 64x 26E earnings, the valuation remains demanding compared to peers (P/E 26E of 23x). The DCF-based target remains EUR 175.00, the rating SELL. The full update can be downloaded under https://research-hub.de/companies/sartorius-ag

Circus has completed a EUR 29.5m cash capital increase via a private placement of 2.42m new shares (≈10%) at EUR 12.20 each, with participation from CEO Nikolas Bullwinkel and CFO Fabian Becker. The fresh funds will accelerate production and delivery of its CA-1 robot kitchen, potentially lifting FY26 revenues above the recently published guidance of EUR 44–55m. Growth momentum is underscored by a major new customer win, Mercedes-Benz Gastronomie GmbH, deploying the CA-1 in 2026 and marking Circus’s entry into the automotive sector. With serial production and commercialization underway, the capital raise strengthens Circus’s growth runway. We upgrade estimates and confirm our BUY rating with a EUR 46.00 price target. The full update can be downloaded under https://research-hub.de/companies/circus-se

Cicor lowered its FY25 guidance amid a weaker economic environment, now expecting net sales of CHF 600-620m (previously CHF 620-650m) and EBITDA of CHF 58-62m (prior CHF 62-70m, excl. one-offs). The downgrade mainly reflects delayed German demand and currency headwinds, as well as one-off costs, while A&D momentum remains strong with a book-to-bill >1.0x and new program wins supporting growth from 2026 onward. The TT Electronics deal faces uncertainty after TT shareholder DBAY Advisors (24.5% of TT shareholding) declared opposition and can effectively block the transaction. Despite the setback, Cicor’s 2028 growth ambitions remain intact, supported by A&D and Readiness 2030. The intra-day 25% share price drop appears to be overdone, creating an attractive entry point for long-term investors. We have adjusted our estimates to reflect the revised guidance and one-off effects in 2025, reducing our sales estimates by around -5%, EBIT by -19%, while trimming outer-year forecasts by roughly 5-8% to reflect a more conservative near-term view. Reiterate BUY, PT CHF 200.00 (old 217.00). The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd

TUI’s final FY25 results confirmed preliminary figures, with group revenue at EUR 24.2bn (+4.4%) and underlying EBIT at constant currency of EUR 1,459m, implying a strong 12.6% margin above guidance. The Markets & Airlines segment faced competitive pressure, with FY25 EBIT roughly halving. TUI prioritized margins over volume, leading to flat passenger numbers a slightly deteriorating load factor. Holiday Experiences in contrast delivered robust growth, with Q4 EBIT up c. 10% yoy, led by strong Hotels & Resorts, Cruises, and Musement performances. A strengthened balance sheet saw net debt reduced 20% to EUR 1.3bn and dividend reinstated (EUR 0.10 per share for FY25). The new dividend policy sees a 10–20% payout from FY26. FY26 guidance targets 7–10% EBIT growth and 2–4% revenue growth, based on solid Summer booking momentum and broadly in line with our estimates. We reiterate our BUY rating with EUR 16.00 price target. The full update can be downloaded under https://research-hub.de/companies/tui-ag

Nordex announced a major agreement with Alliant Energy, potentially unlocking up to 1,060 MW of wind capacity, representing around EUR 950m in potential order intake, or roughly 13% of annual revenue. While subject to regulatory approvals and not yet firm orders, conversion looks highly likely in the coming quarters, covering up to 190 Delta4000 turbines for Midwest projects in 2028 and 2029. This deal signals a potential rebound in the US onshore wind market after a slowdown linked to investment delays under the previous administration. It also highlights strong market traction for Nordex’s current product lineup, with production ramping up in West Branch, Iowa. Revenue estimates for 2028/29 have been raised accordingly, and the PT is lifted to EUR 33.00 (from EUR 30.00), maintaining our BUY rating. The full update can be downloaded under https://research-hub.de/companies/nordex-se

Aixtron’s shares have surged toward our EUR 18.00 fair value after a strong AI-fueled rally, reflecting improved sentiment and confidence in the company’s execution and financial strength despite a challenging environment. While the long-term story remains compelling, underpinned by GaN adoption in AI data centers, SiC recovery into 2027, and growing photonics traction, the near-term upside now appears priced in. With 2026 likely a transition year characterized by subdued order momentum in power electronics, ongoing macro uncertainty, margin headwinds from FX, and next-generation platform investments, we view the risk/reward fair at these levels. We therefore adopt a neutral stance and downgrade to HOLD, maintaining conviction in Aixtron’s structural leadership and long-term growth potential. We see renewed scope for re-rating once AI-related and SiC orders begin to materialize, with the current consolidation phase likely paving the way for the next leg of structural upside. PT unchanged. Down to HOLD. The full update can be downloaded under https://research-hub.de/companies/aixtron-se

Stabilus SE published its detailed Q4/FY25 results confirming the dull pre-release. Overall, its FY25 results were in line with the revised FY25 guidance but were supported largely by full-year contribution from the Destaco acquisition. Revenues declined 0.8% yoy (-4.6% yoy organically [org.]) to EUR 1,296m (mwb est.: EUR 1,299m), as a better outcome in the Americas and EMEA was offset by a weaker Asia-Pacific, especially China. Adjusted (adj.) EBIT fell 9.2% yoy (-17.7% yoy org.) to EUR 142.6m (mwb est.: EUR 143m), and the margin narrowed 1.0ppt yoy to 11.0%. The challenging macro conditions continue to weigh down on results and as such, Stabilus initiated a muted guidance for FY26, expecting revenues to come in between EUR 1.1bn-1.3bn and adj. EBIT margin at 10%-12%, (-7.4% yoy and flat yoy at mid-points, respectively). Despite Stabilus’ assurance to lower its leverage profile and improve profitability over FY26-FY28, we continue to maintain our cautious medium-term view, due to execution and timing uncertainties. Given the weak outlook, we have lowered our assumptions and price target to EUR 26.60 (previously EUR 30.00). However, despite the recently weak share price performance, the BUY rating remains due to upside potential of 40%. The full update can be downloaded under https://research-hub.de/companies/stabilus-se

AUTO1 strengthened its financial flexibility by expanding its inventory financing facility to EUR 1.6bn (+45%) and extending maturity to 2027, broadening its banking base and securing liquidity for continued growth. In meetings at the Frankfurt Equity Forum, management indicated stable used-car prices and only modest gross profit per unit (GPU) growth in 2026 after strong gains this year, with a profitable net interest margin from its financing rollout. Operational trends remain positive, supported by ongoing network expansion. Despite stable fundamentals, the share price correction to ~EUR 23.00 offers renewed upside. We upgrade from HOLD to BUY, maintaining our EUR 33.00 price target. The full update can be downloaded under https://research-hub.de/companies/auto1-group-se