Bayer’s latest U.S. legal headlines add fresh noise to an already litigation-heavy equity story, with the Roundup settlement challenge raising uncertainty around the key de-risking milestone and the GMO corn seed lawsuit broadening Crop Science-related legal risk. While this may keep the shares volatile in the near term, we see the impact as sentiment-driven rather than estimate-changing. Importantly, operational momentum remains intact, with improving Crop Science execution and Pharma launch assets offsetting legacy erosion. With valuation already embedding a significant litigation discount and giving limited credit to improving earnings quality and legal milestones still ahead, we reiterate our BUY rating and EUR 52.00 price target. The full update can be downloaded under https://research-hub.de/companies/bayer-ag

HENSOLDT raised its FY26 adjusted FCF guidance to ~50% cash conversion on ad-justed EBITDA (from ~40%), driven entirely by higher customer advance payments accelerated by Germany's procurement ramp. All other guidance elements were confirmed. We raise our FY26 FCF estimate, but caution against over-reading. Advance payments received today reverse as order momentum fades, with consensus book-to-bill declining from 1.8x in FY26E to 1.3x by FY28E. Yesterday's sell-off likely already priced this read-through for what is, mechanically, a timing effect. The broader thesis is unchanged. HENSOLDT executes well at the peak of a defense procurement cycle, but cycle risk is not priced, and Software-Defined Defence (~8% of revenue by 2030) does not justify a tech premium on a hardware story. We confirm our SELL rating and EUR 62.00 price target. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

RENK made ~20% from its lows and has now reached our price target, leaving the stock fairly valued. The NATO Summit in Ankara (7/8 July) is now the pivotal near-term event. A drone-first spending signal from NATO would structurally pressure RENK's tank-driven earnings base, while a tank reaffirmation reopens upside. The evidence we hear form the frontline tilts toward the former. Until there is clarity, the asymmetry does not favor adding exposure. We downgrade to HOLD (from BUY) and confirm our PT of EUR 53.00. The full update can be downloaded under https://research-hub.de/companies/renk-group-ag

Company Name: The Platform Group SE & Co. KGaA ISIN: DE000A40ZW88   Reason for the research: Update Recommendation: Buy from: 01.06.2026 Target price: 19,00 Euro Target price on sight of: 12 months Last rating change: - Analyst: Alexander Rihane First Berlin Equity Research hat ein Research Update zu The Platform Group SE &a [ … ]

Cicor has secured a new A&D contract from a leading European prime contractor, adding another proof point for order momentum after a weak organic Q1. The program starts with almost EUR 10m in booked Q2 orders and is expected to generate more than EUR 50m, or CHF 45m, in total revenues by 2029. Importantly, the award will be executed at the former Éolane sites, supporting the integration case and Cicor’s positioning in French defence electronics. The news strengthens medium-term visibility, supports the expected return to organic growth in H2 and underpins our constructive view. We reiterate BUY with a CHF 180 price target. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd

Company Name: The Platform Group SE & Co. KGaA ISIN: DE000A40ZW88   Reason for the research: Update Recommendation: BUY Target price: EUR 17 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Strong Q1 figures, closing of AEP acquisition expected soon TPG published Q1 figures marked by strong  [ … ]

Airbus has materially improved its delivery cadence since our mid-May update, with our proprietary data pointing to ~87 deliveries in May. This would be the strongest month of 2026 and could lead to the strongest Q2 in history. It also reduces, though does not eliminate, the guidance cut risk we had flagged following weak mid-May data. However, P&W engine supply and China CAAC approval delays are unresolved (link), and our medium-term model embeds meaningful demand pressure from the mid-2030s as we expect COMAC to emerge as a credible narrowbody competitor. The backlog provides support, but it does not provide immunity. We raise our FY2026 delivery estimate to 860 (from 840) and our price target to EUR 180.00 (from EUR 170.00). We remain HOLD. The full update can be downloaded under https://research-hub.de/companies/airbus-se

Circus reported preliminary FY25 headline figures. Revenue grew sixfold yoy to EUR 1.5m, hitting its single-digit million guidance. Its unadjusted EBITDA loss of EUR -18.5m came in narrower than expected. Backed by solid operational execution in early FY26, including a 550-system backlog, the production scaling agreement with Celestica, and the strategic all-stock acquisition of Alberts, attention now turns to a catalyst-rich H2. Upcoming milestones like the delivery of military CA-M configurations and a strong Q4 manufacturing ramp-up are expected to validate the company's steep growth path. This should shift capital market focus toward high-margin recurring software revenues and support our BUY rating with a PT of EUR 46.00. The full update can be downloaded under https://research-hub.de/companies/circus-se

We see Viscom’s semiconductor-related activities becoming more relevant to the investment case, with OEM X-ray tubes and microelectronics adding potential upside beyond the core SMT recovery into FY27. OEM X-ray tubes are supported by new customers and demand from semiconductor, aerospace and automotive applications, particularly in Asia, while microelectronics offers early-stage optionality in areas such as microbumps, photonics and power semiconductors. Although larger orders are not yet secured and timing remains uncertain, the risk/reward is improving. Renewed project activity across Viscom’s end-markets and operating leverage from a leaner cost base and higher expected volumes strengthen the medium-term earnings outlook. We raise our price target to EUR 8.00 from EUR 6.00 and maintain our BUY rating The full update can be downloaded under https://research-hub.de/companies/viscom-se

CTS Eventim delivered a strong Q1 26 performance that substantially beat market consensus across key metrics, driven primarily by an extraordinary 38% yoy revenue surge in its Live Entertainment segment. The adjusted EBITDA margin dipped slightly to 19.4% due to the higher revenue mix from Live Entertainment. Meanwhile, Ticketing revenue grew a moderate 2.5% yoy (~6.0% underlying), maintaining a robust 41% margin. Backed by confirmed FY26 guidance and a strong competitive moat against US peer Live Nation's European expansion plans, we reiterate our BUY rating with a slightly adjusted price target of EUR 96.50 (down from EUR 100.00) to account for the margin-diluting segment mix. The full update can be downloaded under https://research-hub.de/companies/cts-eventim-ag-co-kgaa