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

HMS Bergbau has issued its FY26 guidance, targeting revenues of EUR 2.0bn and underlying EBITDA of EUR 35m, up 56% versus the adjusted FY25 base. The revenue figure materially exceeds our prior estimate, driven by a stronger-than-expected marine fuels performance. A new eight-year exclusive chrome ore offtake agreement with Mantengu Ltd. adds a further long-term growth layer, with HMS replacing an RWE subsidiary as marketing partner for the producing Langpan mine. With both mining projects ramping and the chrome deal contributing from 2026, we raise our 2027E underlying EBITDA to EUR 47m, lift our PT to EUR 80.00 (from EUR 70.00) and maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/hms-bergbau-ag

Verbio has raised its FY26 EBITDA guidance to EUR 160m-180m from EUR 100m-140m, driven by strong ethanol market conditions and an expected partial reversal of inventory write-downs linked to GHG quota certificates. The upgrade is fully in line with our expectations, as we had already anticipated a significant earnings improvement supported by the currently highly favorable market environment. Geopolitical tensions and energy market dynamics continue to support biofuel economics, while RED III provides additional structural regulatory tailwinds. We had even expected a slightly stronger outlook and therefore remain modestly above the new guidance range in our EBITDA estimates. The setup increasingly resembles the strong conditions seen in 2022 after the Ukraine-driven energy crisis, although we view it as cyclical rather than structural. We leave our est. unchanged, reiterate our BUY rating with a EUR 55.00 PT. The full update can be downloaded under https://research-hub.de/companies/verbio-se

Formycon delivered a positive Q1 with revenues of EUR 13.1m, nearly tripling year-on-year, driven by FYB206 and FYB202 milestones. The FYB206 Dahlia PK study readout is the quarter's strategic highlight, placing Formycon firmly among the leading pembrolizumab biosimilar developers. FYB203 launched in Europe post-quarter, while FYB202 US dynamics remain subdued amid a competitive formulary environment. Full-year guidance of EUR 60-70m and a first positive EBITDA appears achievable, with FYB206 milestone timing and FYB202's commercial trajectory the key variables. BUY, EUR 38.00. We are inviting you to our virtual roundtable with Formycon’s Management Board on 8 June 2026. Please register here: https://research-hub.de/events/registration/2026-06-08-10-00/FYB-GR. The full update can be downloaded under https://research-hub.de/companies/formycon-ag

The Payments Group Holding (PGH) is pursuing yet another strategic reset by pivoting back to its venture capital roots. Rebranded as “German Tech Holding” the company will now continue to focus heavily on early-stage AI and BioTech investments. In doing so PGH has increased its stakes in promising startups and AI company builder Softmax AI and Cognicare AI. While these operational targets remain ambitious and lack detailed financial disclosure, the overarching investment case is supported by a claimed NAV of over EUR 1.50 per share. This valuation is driven by legacy assets like AuctionTech and EUR 6.2m in outstanding SGT Capital receivables, representing a massive discount to current share prices. In our view, PGH offers high speculative upside, which is why we reiterate our Spec. BUY with an unchanged EUR 1.24 PT, based on the last reported NAV per share. The full update can be downloaded under https://research-hub.de/companies/the-payments-group-holding

Ernst Russ’s Q1 ‘26 report demonstrates a successful operational transition toward a diversified tonnage platform with high cash flow visibility. Despite lower headline earnings due to the lack of prior-year vessel sale gains, underlying metrics were strong with 99.8% utilization and a soaring charter backlog of EUR 620.9m. Strategic expansions into multipurpose vessels (MPP) and tankers significantly de-risk the asset base against container cyclicality. Furthermore, the c. 3% share placement by anchor investors Döhle to institutional buyers lifts the free float to 28.0%, structurally boosting stock liquidity. Backed by a flawless balance sheet and a recently upgraded FY26 guidance, we therefore reiterate our BUY rating and PT of EUR 13.70. The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

The Platform Group (TPG) reported a strong start to FY26, with Q1 26 GMV up 23% yoy to EUR 438m and revenue up 51% to EUR 243m, supported by partner, customer and order growth. Adjusted EBITDA rose 37% to EUR 21.8m, already covering 27–31% of FY26 guidance, while cost ratios improved. However, gross margin declined 40bps and net income softened, partly due to a positive Q1 25 one-time effect. FY26 guidance was confirmed, while AEP progress is now expected in June. TPG’s shift toward selective M&A and lower leverage should improve earnings quality. With no changes to our estimates, we reiterate BUY and confirm our EUR 19.50 price target. The full update can be downloaded under https://research-hub.de/companies/the-platform-group-se-co-kgaa