Verbio has raised its FY26 EBITDA guidance, reflecting strong biofuel demand, improving spreads, and a more supportive regulatory and geopolitical backdrop. The company also expects further deleveraging by year-end. This confirms our more constructive view outlined earlier this week, particularly regarding improving market conditions driven by geopolitical tensions and energy-market tightness similar to 2022. Following the upgrade, we raise our FY26 estimates and position ourselves at the upper end of guidance, which we still view as conservative. We also slightly increase capex assumptions and lift estimates for the following years, reflecting higher confidence in the outlook. Improving spreads, higher GHG quota prices, and stronger policy support reinforce our positive view. We raise our price target to EUR 50.00 (from EUR 44.00) and reiterate our BUY rating. On April 14, the company will provide first-hand insights at our German Select online conference. Register here: https://research-hub.de/conference/german-select-vii The full update can be downloaded under https://research-hub.de/companies/verbio-se

ZEAL delivered a mixed Q4, with weak Eurojackpot dynamics sharply reducing engagement and billings, partly cushioned by resilient 6aus49 and strong momentum in newer verticals like Games and raffles. While revenue slightly beat on product mix, profitability missed due to higher marketing spend and investments in new verticals. Looking ahead, 2026 guidance points to solid double-digit growth driven by product diversification, but with continued margin pressure as ZEAL leans into marketing and scaling initiatives. The company proposed a dividend of EUR 1.40 per share for FY25, flat yoy if we exclude the special dividend. We adjust our model and estimates, resulting in a higher price target of EUR 72.00 (old 67.00) and maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/zeal-network-se

Ernst Russ’ FY25 results confirm exceptional profitability and cash generation, with revenue of EUR 158.1m and EBIT of EUR 96.4m (61% margin), driven by high utilization and strong charter rates, alongside gains from vessel disposals. Net income rose significantly to EUR 73.5m. The company maintains a strong balance sheet with net cash, a 79% equity ratio, and EUR 114m liquidity, supporting flexibility and shareholder returns. A 61% increase in backlog to EUR 449m and longer contract durations enhance earnings visibility and stability. While FY26 guidance reflects normalization, Ernst Russ remains profitable, with its shift toward contract-backed, diversified operations underpinning long-term value and supporting a positive investment outlook. We therefore reiterate to BUY, PT unchanged at EUR 12.50. The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

Leifheit’s FY26 guidance came in below expectations at the EBIT level, with only modest revenue growth and EBIT broadly in line with FY25. The company is entering its new strategic phase in a challenging environment marked by continued consumer caution. To expand its market share in Europe, the company is increasing investments in marketing and innovation, which are expected to weigh on near-term EBIT margins, partly offset by ongoing production efficiency gains. Free cash flow is projected to remain broadly stable, albeit below our expectations. The FY25 dividend proposal offers an attractive yield of over 8%, supported by a solid liquidity position. In light of the soft outlook, we lower our estimates for FY26 and beyond and reduce our PT to EUR 20.00 (from EUR 23.00) but reiterate our BUY rating. We continue to see the stock as an attractive long-term dividend investment with further upside if the strategy succeeds. The full update can be downloaded under https://research-hub.de/companies/leifheit-ag

Company Name: Northwest Biotherapeutics Inc. ISIN: US66737P6007   Reason for the research: Initiation of coverage Recommendation: Buy from: 24.03.2026 Target price: USD 1.00 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research on 24/03/2026 initiated coverage on Northw [ … ]

Against this backdrop, mwb research is hosting an online earnings call on April 1, 2026, at 10:00 a.m. with Carsten Salewski (CSO/COO) and Dirk Schwingel (CFO). Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional retail investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-04-01-10-00/VC6-GR.

Company Name: Aroundtown SA ISIN: LU1673108939   Reason for the research: Jahresbericht 2025 Recommendation: Kaufen from: 24.03.2026 Target price: €4,10 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Aroundtown SA (ISIN: LU1673108939) v [ … ]

While FY25 preliminary results revealed a sharp deterioration in Q4 with limited visibility on root causes, raising concerns around execution and order timing, the company has simultaneously secured a fully committed refinancing package linked to a strategic solar partnership with a leading non-Asian player. As part of this, the company will redeem its EUR 12m corporate bond early, with around EUR 27m deployed to refinance the bond alongside other liabilities, removing the key near-term funding overhang and significantly strengthening balance sheet stability, effectively shifting the narrative from survival toward recovery. Although uncertainty around underlying business momentum and the FY26 outlook may weigh on sentiment in the near term, we expect the new partnership to drive material revenue contributions from 2026 onwards and view the strategic validation and financial de-risking as more important for the equity case, supporting a continued Speculative BUY despite a modestly lower PT of EUR 4.20. The full update can be downloaded under https://research-hub.de/companies/singulus-technologies-ag

Company Name: Vossloh AG ISIN: DE0007667107   Reason for the research: Update Recommendation: BUY from: 24.03.2026 Target price: 86 Last rating change: Analyst: Daniel Kukalj, CIIA, CEFA Despite short-term volatility, the growth trajectory remains intact Vossloh delivered robust full-year 2025 results, with revenue advancing 11.0 [ … ]

Nagarro’s FY2025 prelims slightly missed expectations, with revenue of EUR 999.3m (+2.8% YoY) and reported EBITDA of EUR 118.7m, down 11.5% YoY), largely impacted by one-offs. Adj. EBITDA came in -6% YoY at EUR 138.2m, impacted by FX impacts on intra-group loans. Operationally, performance remained solid, with gross profit improving by 8.6% YoY. The FY2026 outlook points to stable underlying margins but weaker-than-expected revenue, reflecting macro uncertainty related to the Iran conflict. We downgraded our estimates, leading to a revised PT of EUR 87.00 (from EUR 92).We maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/nagarro-se