We initiate coverage of Blue Cap AG with a BUY recommendation and a PT of EUR 29.00 offering an upside potential of ~60%. The company offers a differentiated entry into Germany’s SME sector, focusing on B2B companies in succession, carve-out, or turnaround situations. Blue Cap has built a solid track record of value creation, highlighted by successful exits such as Neschen, nokra and most prominently con-pearl, which demonstrate both restructuring expertise and capital discipline. Its diversified portfolio spans niches with defensible positions and operational upside. While Blue Cap has significantly de-risked its balance sheet to a net cash position, the stock still trades at a deep discount to its ~EUR 30.00 NAV per share (2025E). Coupled with a projected 8% dividend yield, a robust deal pipeline and rising free float, Blue Cap is positioned for the next chapter of substantial M&A-fueled growth. The full update can be downloaded under https://research-hub.de/companies/blue-cap-ag

The management update call with TPG’s CEO Benner provided additional clarity on the planned acquisition of AEP GmbH, enabling a more refined assessment of the transaction economics. While final terms remain undisclosed, discussions highlighted AEP’s positioning as a regulated pharmaceutical wholesaler with structurally low margins. The potential buyer universe is limited, as strategic competitors are largely excluded due to antitrust constraints, reducing the likelihood of valuation premiums. Based on sector benchmarks, transaction multiples are expected to remain low, in the range of 3.0–4.5x EBITDA. This implies an assumed enterprise value of roughly EUR 60–90m (mwb est.), consistent with TPG’s disciplined M&A approach. Based on reasonable assumptions, we expect this to be an earnings-accretive transaction. Until final details on transaction terms and regulatory conditions become available, we leave our forecasts unchanged. We confirm our price target of EUR 19.50 and maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/the-platform-group-se-co-kgaa

Company Name: The Platform Group SE & Co. KGaA ISIN: DE000A40ZW88   Reason for the research: Update Recommendation: BUY Target price: EUR 21 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr FY25 on a strong growth path, sig. M&A underway; chg. The Platform Group reported preliminary and  [ … ]

Anta Sports Products has agreed to acquire a 29.06% stake in Puma SE from existing shareholder Artémis, becoming the company’s largest single shareholder upon completion. The transaction is structured as a strategic minority investment, with no takeover intended in the near term. Anta positions the entry as part of its global multi-brand strategy, highlighting its track record in brand building, retail execution and supply-chain management across both China and international markets. From Puma’s perspective, this may introduce longer-term strategic optionality. However, the company remains in the midst of a broad operational reset, with 2026 flagged as a transition year and earnings visibility limited. Against this backdrop, the transaction does not alter our near-term investment view. We reiterate our HOLD rating and EUR 21.00 PT. The full update can be downloaded under https://research-hub.de/companies/puma-se

With Q4 prelims due on 05 Feb, Rational enters year-end with resilient momentum, supported by healthy order intake, rising customer engagement and sustained demand for productivity-enhancing kitchen solutions. Data continues to point to stable customer activity, as operators prioritize efficiency, energy savings and labor substitution over discretionary capex timing. Looking ahead, 2026 is shaping up as an execution year: while US tariffs will represent a clearer but quantified headwind, management remains focused on protecting competitiveness through efficiency and operational levers rather than price-led volume risk. With iVario continuing to outgrow the group, penetration still in its early innings and manufacturing capacity structurally prepared for scale, Rational should be able to sustain growth beyond the current cycle. We reiterate our BUY rating and maintain our EUR 800.00 PT, supported by the company’s premium quality profile, strong cash generation and multi-year compounding potential. The full update can be downloaded under https://research-hub.de/companies/rational-ag

The Platform Group (TPG) announced the proposed acquisition of 100% of AEP GmbH, a German B2B pharmaceutical wholesale and platform operator, with closing expected in Q2 26 subject to regulatory approval. Based on an implied EBITDA contribution of EUR 20–25m, the purchase price is estimated at c. EUR 130–170m (mwb est.). The transaction would establish Pharma & Service Goods as a new core segment and materially increase scale, visibility and sector exposure. While regulatory complexity would rise, the acquisition represents a strategic step-change. Until closing took place (expected in Q2 26) and further details on valuation, financing structure and regulatory conditions become available, we leave our assumptions unchanged and confirm our price target of EUR 19.50. The BUY rating is maintained. The full update can be downloaded under https://research-hub.de/companies/the-platform-group-se-co-kgaa

GEA reported mixed preliminary FY25 results, with order intake beating expectations at EUR 5.9bn (+9% organic), supported by strong Q4 momentum (+18% organic, book-to-bill 1.2x). Q4 sales were broadly in line at EUR 1.56bn (+7% organic), while EBITDA before restructuring moderately beat estimates at EUR 261m, lifting the margin to 16.7% and resulting in a full-year margin of 16.5%, above company guidance of 16.2%-16.4%. However, the preliminary EPS range of EUR 2.60-2.70 missed both mwb estimates and consensus, for reasons not yet fully clear. Looking ahead, management remains confident for FY26, guiding for >5% organic sales growth and further margin expansion, keeping the company on track toward its 2030 targets. We confirm our BUY rating and unchanged EUR 68 price target. The full update can be downloaded under https://research-hub.de/companies/gea-group-ag

Company Name: OHB SE ISIN: DE0005936124   Reason for the research: Update Recommendation: BUY Target price: EUR 260 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller Opportunity: Starlink-like project for the Bundeswehr, chg. OHB’s CMD last week already signalled a turning point, highlighting mil [ … ]

Stabilus reported a weak start into FY26, with Q1 26 revenue declining to EUR 291.1m (-10.7% yoy), driven by automotive weakness and adverse FX effects. Management confirmed FY26 guidance, supported by ongoing transformation and efficiency measures. Regional performance was mixed, with stable EMEA revenues and improved margins, while the Americas and APAC remained under pressure, particularly due to China automotive demand. Reported EBIT declined to EUR 21.1m, while EPS fell 45% yoy. A key positive was strong cash generation, with adjusted FCF rising to EUR 23.9m. As the valuation remains depressed, we maintain our BUY rating with an unchanged price target of EUR 25.00. The full update can be downloaded under https://research-hub.de/companies/stabilus-se

Given this background, mwb research is hosting an online roundtable discussion with Alexander Reinicke (Managing Director Corporate Finance & Accounting), Jens Dienstbach (Managing Director Corporate Treasury), and Alexander Koffka (Head of Investor Relations) from ABO Energy GmbH & Co. KGaA on February 5, 2026, at 6:00 p.m. CET. 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 be held online in German. Participation is free of charge; access data will be provided after registration at https://research-hub.de/events/registration/2026-02-05-18-00/AB9-GR.