Brenntag’s second guidance upgrade in seven weeks materially raises the FY26 earnings floor, with the new midpoint implying H2 operating EBITDA of c.EUR 644m, or c.+7% yoy, versus c.-5% under the previous guidance. We believe the stronger Q3 start reflects the continued pricing benefit from unresolved Strait of Hormuz-related supply disruption, supporting spreads and near-term earnings. However, the earnings uplift is thus temporary and not yet driven by a genuine recovery in underlying chemical demand. We raise our estimates and price target to EUR 65.00 from EUR 60.00, while maintaining HOLD: at c.7.6x 2027E EV/operating EBITDA, valuation is not demanding, but further upside requires sustainable recovery in the underlying demand. The full update can be downloaded under https://research-hub.de/companies/brenntag-se

GEA delivered a strong Q2, with organic sales growth of 11.0% and EBITDA before restructuring of EUR 251m, clearly ahead of consensus. The EBITDA margin expanded 90bp yoy to 17.4%, while order intake grew 14.2%, confirming broad based demand momentum. Management consequently raised FY26 guidance already in July across all three KPIs, now targeting 6-8% organic growth, a 17.0-17.4% EBITDA margin and 36- 40% ROCE. With H1 growth already at 8.2%, we consider the upgraded targets achievable. GEA remains a low beta compounder with resilient end markets, a rising margin and ROCE profile, a growing backlog and a capital return story which does not get affected by crisis. We confirm our price target of EUR 76.00. BUY. The full update can be downloaded under https://research-hub.de/companies/gea-group-ag

Company Name: GFT Technologies SE ISIN: DE0005800601   Reason for the research: Update Recommendation: BUY Target price: EUR 32 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller Growth and margins moving higher GFT delivered a strong Q2, with growth accelerating and profitability improving further. Sal [ … ]

Company Name: OHB SE ISIN: DE0005936124   Reason for the research: Update Recommendation: BUY Target price: EUR 340 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller Positioned for the award cycle Q2 delivered margin expansion on more moderate growth, while the contracts underpinning the investment cas [ … ]

Company Name: Westwing Group SE ISIN: DE000A2N4H07   Reason for the research: Update Recommendation: BUY Target price: EUR 23.5 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Q2 with strong growth, confirming the investment case Growth accelerated further to the strongest print in years, with  [ … ]