Company Name: Valneva SE ISIN: FR0004056851   Reason for the research: Update Recommendation: Buy from: 20.02.2026 Target price: €6.60 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on Valneva SE (ISIN: FR0004056851). Analyst Simo [ … ]

HMS Bergbau AG has acquired a 75% stake in the South African coal mining company Hoshoza Resources Vryheid (HRV), marking its second mining investment in Africa following the production start in Botswana. HRV is a brownfield restart project targeting initial open-pit production from Q2 2026, with Phase 1 output of around 200,000 tons per annum. The project is expected to deliver a positive EBITDA contribution in the single-digit million euro range from 2026, following an initial ramp-up phase. While the revenue impact remains limited, the acquisition strengthens vertical integration and supports margin stability and earnings quality from 2026 onwards. We maintain our EUR 70.00 PT and BUY rating. The full update can be downloaded under https://research-hub.de/companies/hms-bergbau-ag

Since reporting its Q1 results on 10 February, TUI shares have fallen around 13% despite a record start to the year. The drop reflects concerns about slower Winter 25/26 bookings in Germany, softer Summer 26 bookings in the UK, and weaker H2 hotel occupancy. However, the reaction looks overdone. German travel demand remains solid, with recent survey data pointing to stable or longer trips and potentially earlier bookings. UK consumer confidence has also improved slightly in January, suggesting discretionary spending is at least stabilizing. Strategically, TUI continues to diversify and enhance margin quality through dynamic packaging (+8% departed passengers in Q1) and higher-margin direct app sales (+26% yoy in Q1). A normalization of the booking curve in Germany and a bigger appetite for discretionary spending in the UK could provide the catalysts for a rerating with the H1 numbers scheduled for 13 May. We reiterate our BUY rating with an unchanged price target of EUR 16.00. The full update can be downloaded under https://research-hub.de/companies/tui-ag

Dermapharm Holding (DMP) is expected to deliver on its FY25 targets. The company guided revenues of EUR 1.16–1.20bn and adj. EBITDA of EUR 322–332m, with our estimates pointing to EUR 1.18bn in sales and EUR 322m in adj. EBITDA. Q4 implies accelerating profitability, supported by mix improvements, efficiency gains, easing cost pressures, and the completion of portfolio streamlining in the Parallel import business. While European pharma markets remain structurally challenging, operational discipline and scalability should underpin earnings visibility and free cash flow generation into FY26. Limited USD exposure reduces external risks. We raise our price target from EUR 43.00 to EUR 45.00 and reiterate our BUY rating. The full update can be downloaded under https://research-hub.de/companies/dermapharm-holding-se

Company Name: Bittium Oyj ISIN: FI0009007264   Reason for the research: Update Recommendation: BUY Target price: EUR 40 Target price on sight of: 12 months Last rating change: Analyst: Julius Neittamo Outstanding Q4 as expected, cautious FY26 guidanceYesterday, Bittium reported record results and presented its financial guidance  [ … ]

Intershop reported FY25 revenues of EUR 33.3m (-14% yoy), reflecting a 30% decline in legacy revenues, while cloud revenues remained stable at EUR 20.5m. Prolonged sales cycles and customer caution delayed cloud decisions, amplifying the revenue impact of legacy run-off. EBIT fell to EUR -2.8m due to a resource-intensive legacy project and restructuring costs. Cloud order entry rose 9% yoy, supported by strong Q4 momentum, but Net New ARR declined, largely impacted by elevated churn and muted expansion. For FY26, management expects stable cloud performance and balanced EBIT. On the revenue side, management expects a lower percentage decline compared to FY25, reflecting the continued structural run-off in the legacy business. We maintain BUY, lowering PT to EUR 1.80 after shifting our growth assumptions to reflect a later inflection point. A recording of the earnings call can be found here: https://research-hub.de/events/video/2026-02-18-13-30/ISHA-GR The full update can be downloaded under https://research-hub.de/companies/intershop-communications-ag

Hoenle AG specializes in industrial UV technology with ~50 years of process expertise. After a period of strategic overextension that diluted focus and eroded earnings power, the group has undergone a multi-year restructuring, including portfolio simplification, balance-sheet repair and leadership change, effectively resetting the business. The company refocused on higher-value applications and repositioned itself as an integrated solution provider rather than a component supplier. We view management’s 2030 targets of EUR 175m in revenues (15% CAGR from 2026E) and EBITDA margins of 20–25% as ambitious but directionally credible. While execution risk remains, we see an asymmetric risk-reward profile with limited downside and attractive upside even under conservative assumptions. We initiate coverage with BUY rating and PT of EUR 20.00, reflecting confidence in the strategic repositioning and clean-up.

Hoenle AG specializes in industrial UV technology with ~50 years of process expertise. After a period of strategic overextension that diluted focus and eroded earnings power, the group has undergone a multi-year restructuring, including portfolio simplification, balance-sheet repair and leadership change, effectively resetting the business. The company refocused on higher-value applications and repositioned itself as an integrated solution provider rather than a component supplier. We view management’s 2030 targets of EUR 175m in revenues (15% CAGR from 2026E) and EBITDA margins of 20–25% as ambitious but directionally credible. While execution risk remains, we see an asymmetric risk-reward profile with limited downside and attractive upside even under conservative assumptions. We initiate coverage with BUY rating and PT of EUR 20.00, reflecting confidence in the strategic repositioning and clean-up. The full update can be downloaded under https://research-hub.de/companies/hoenle-ag

Company Name: Scandinavian Astor Group AB ISIN: SE0019175274   Reason for the research: Update Recommendation: BUY Target price: SEK 51 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller Strong Q4 execution, scaling to continue, chg. Astor closed FY’25 with a very strong Q4, confirming that the gr [ … ]

Krones AG delivered solid FY2025 results, with revenue rising 7.0% yoy to EUR 5.66bn, in line with guidance, though momentum is normalizing. In 2025, growth was offset by EUR 99m in negative FX effects. Order intake reached EUR 5.56bn, implying a 0.98x book-to-bill and signaling peak demand has passed. EBITDA increased 12.2% to EUR 602m, lifting margins to 10.6% on efficiency gains, while ROCE rose to 19.1%. Going forward margin upside appears limited amid cost pressures and competition. Management guides for 3–5% organic growth in 2026, reflecting macroeconomic and geopolitical risks. We downgrade to HOLD with a EUR 150.00 PT (previously EUR 160.00) but note that the company is sitting at a strong net cash position of EUR 550m as per end 2025. The full update can be downloaded under https://research-hub.de/companies/krones-ag