Traton delivered a weak start to the year, with declining unit sales reflecting ongoing demand pressure, particularly in the Americas. While performance across brands was mixed, the overall picture remains subdued, with strong growth at MAN largely driven by catch-up effects rather than a sustained recovery. Key markets such as South America and the US continue to show weakness, underlining the fragile demand environment. The broader truck market outlook remains challenging. Weak freight demand, macroeconomic uncertainty, and high cost levels continue to weigh on fleet investment decisions. Although some early signs of stabilization are emerging, particularly in the US, these have yet to translate into meaningful volume recovery. Structural headwinds further limit visibility and delay replacement cycles. We believe the market underestimates the persistence of these pressures. Increasing competition, especially in electric trucks, is likely to weigh on margins and market positioning over time. We therefore reiterate our SELL rating with an unchanged PT of EUR 23.00. The full update can be downloaded under https://research-hub.de/companies/traton-se

We downgrade Singulus to HOLD following a share price rally of more than 200% since the announcement of its solar partnership and refinancing in the last weeks. While the strategic positioning improved and the balance sheet materially de-risked, key details on the partnership remain limited. Moreover, the significant FY25 shortfall and lack of clarity on its drivers continue to weigh on confidence in execution. At current levels, we see a more balanced risk/reward profile and thus adopt a more cautious stance pending greater visibility with the annual report on 30 April to rebuild our conviction. The full update can be downloaded under https://research-hub.de/companies/singulus-technologies-ag

Carl Zeiss Meditec’s (CZM) weak Q1 FY 2025/26 results, reported in February, have largely been digested, but the withdrawal of guidance continues to limit visibility. Margins remain under pressure from FX headwinds, an unfavorable product mix, and operating deleverage, with no clear signs of a near-term rebound. Structural risks are increasing, particularly in China, where volume-based procurement could drive sustained pricing pressure in the IOL segment. While a gradual recovery appears possible, uncertainty around the sustainable margin level persists, while global conflicts increase existing headwinds. We are reinforcing our cautious stance and revising our assumptions, which leads us to a lower PT of EUR 26.00 (previously EUR 29.50). Remains a HOLD. The full update can be downloaded under https://research-hub.de/companies/carl-zeiss-meditec-ag

Daimler Truck reported weak Q1 26 unit sales, reflecting continued pressure across key regions. North America and Daimler Buses saw particularly sharp declines, while Mercedes Benz Trucks was the only segment to show growth, in our view largely driven by technical effects rather than underlying demand strength. European conditions remain subdued, with no clear recovery visible. The global truck market remains weak and is expected to stay challenging into 2027, as macro uncertainty, geopolitical tensions, high energy prices, and tariff risks continue to weigh on freight demand. Fleet activity remains cautious, with subdued replacement cycles and limited visibility. Looking ahead, competition is set to intensify from Chinese makers in electric trucks, which could increase pressure on volumes and margins, in line with developments in the car industry. We remain cautious and reiterate our SELL rating with a EUR 30.00 PT. The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag

Planethic is seeking bondholder approval to amend its EUR 10m 7.5% 2020/2030 bond after missing its February 24 interest and partial repayment. The company proposes to defer interest payments for 2025 and 2026 to maturity and resume partial principal repayments in 2027. The goal is to preserve liquidity and fund its shift to a food-tech holding, including scaling its Mililk brand in the U.S. Voting will take place April 20 - 22, 2026, requiring a 50% quorum and 75% approval. We believe that approval is the better outcome for both bond- and shareholders as rejection could lead to a liquidity crisis, default, and possible insolvency. This would likely reduce recoveries for bondholders and wipe out shareholders. We retain our price target and rating under review pending the results. The full update can be downloaded under https://research-hub.de/companies/planethic-group-ag

Puma remains in the midst of its deliberate distribution reset heading into Q1 2026 results on 30 April. We model revenues of EUR 1.83bn, with North America wholesale clean-up (incl. Model change at Puma United) and China uncertainty the primary drags. Gross margin is estimated at ~46.5% (Q1 2025: 47.0%), as ongoing inventory clean-up continues to weigh. We model EBIT of EUR 20-35m (Q1 2025: EUR 70m). With 2026 a transition year, investor focus will center on materialization of structural improvements and strategic commentary on 2027 and beyond. In addition, the Iran conflict adds incremental macro risk. Remains a HOLD with an unchanged PT of EUR 23.00. The full update can be downloaded under https://research-hub.de/companies/puma-se

We downgrade Brenntag to HOLD as the share price has reached our EUR 60.00 target (~8.2x 2026E EV/adj. EBITDA), leaving the risk-reward balanced. The near-term outlook remains challenging, with management guiding to a ~3% yoy EBITDA decline in 2026 amid weak industrial demand, limited order visibility and ongoing pricing pressure, particularly in Essentials, while FX and geopolitical uncertainty add further headwinds. At the same time, the Middle East conflict could provide some temporary tailwinds through higher prices and potential pre-buying. While cost savings and strong cash generation provide downside support, these factors appear largely priced in. With ongoing headwinds and current valuation, we see limited scope for re-rating without a sustained recovery in volumes. The full update can be downloaded under https://research-hub.de/companies/brenntag-se

Company Name: Deutsche Rohstoff AG ISIN: DE000A0XYG76   Reason for the research: Update Recommendation: Buy from: 09.04.2026 Target price: €124 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on Deutsche Rohstoff AG (ISIN: DE000A0X [ … ]

Against this backdrop, mwb research is hosting an online roundtable with Moritz Palmi (Head of IR) on April 23, 2026, at 4:00 p.m. CEST. 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 take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-04-23-16-00/ETS.VI

Against this backdrop, mwb research is hosting an online roundtable with Andreas Grassauer (CEO) on April 23, 2026, at 3:30 p.m. CEST. 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 take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-04-23-15-30/MARI.VI