We upgrade AIXTRON to HOLD from SELL following the 33% share-price pullback, which has brought the stock back toward our unchanged EUR 40.00 fair value and largely removed the previous valuation asymmetry. The correction appears driven by profit-taking and a broader reset in AI-related expectations rather than change in fundamentals. Momentum in AI optoelectronics remains intact, with GaN providing an additional medium-term growth pillar. AIXTRON’s roughly 90% market share in both markets positions it to capture a combined annual revenue opportunity of around EUR 340–610m from AI optics and HVDC alone, with further optionality from a renewed SiC capex cycle and specialty LED recovery. We expect a strong Q2, with order intake the key highlight and bookings exceeding EUR 200m. At around 22.5x 2027E EV/EBIT, we now see a more balanced risk-reward. The full update can be downloaded under https://research-hub.de/companies/aixtron-se

A leaked 2027 budget plan for Germany's defence procurement finally puts hard numbers behind the land systems caution we had flagged earlier. Comparing the final 2026 buckets against the leaked 2027 plan, the money moves away from ammunition, combat vehicles and general Armed Forces vehicles, and slightly towards PUMA, space and ships. Net, we read this as negative for Rheinmetall, slightly negative for Renk and positive for TKMS. We still see consensus not pricing the shift. In our view, even the German government now treats tanks and artillery as no longer the #1 priority. Rising risk to our terminal value keeps us cautious on the 2030 targets, but with the numbers still volatile we hold the model for now. PT EUR 1,150, HOLD. While our PT implies BUY level upside at the current share price, we await further evidence on the budget outcome before upgrading. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

RENK's Q2 2026 pre-close confirmed FY guidance and flagged another single-quarter order intake (OI) record. We model Q2 OI of c. EUR 620m, keeping the c. EUR 2bn FY ambition in reach. Revenue rose only "slightly" yoy on an Israel delivery gap that shifts EUR 80-100m into H2. We estimate Q2 revenue of c. EUR 350m (+1% yoy). Adj. EBIT again outgrew revenue. We est. EUR 52m (14.8%), consistent with FY guidance of EUR 255-285m (mwb est. EUR 282m, upper half). More important is a leak of the German 2027 procurement budget. Versus the final 2026 budget, we identify cumulative cuts to combat vehicles and "vehicles incl. accessories" (plus ammunition, RHM-only), partly offset by a Puma increase. RENK frames it as supportive but, in our view, cherry-picks it. Slightly net negative for RENK, negative for Rheinmetall. We lower our topline, now slightly below RENK's own 2030 guidance, and cut our PT accordingly to EUR 48.00 from 50.00 as the leaked documents only confirm our cautious view. HOLD pending firm H1 figures on 6 August. The full update can be downloaded under https://research-hub.de/companies/renk-group-ag

LM PAY’s preliminary FY25 results exceeded expectations, with revenue up 48.5% to PLN 37.8m and EBIT reaching PLN 10.8m, both above our forecasts. However, net income turned negative due to deferred-tax adjustments. Q1 2026 was weaker, with revenue growth slowing to 3.8% and EBIT declining 24.6%, reflecting integration costs, insurance investments and a temporary partner loss. Management expects improvement in H2 as the partner has returned and insurance integrations ramp up. We reduced FY26 and long-term estimates following the weak start and suspended Romanian expansion. We maintain BUY but lower our PT from EUR 63.00 to EUR 59.00. The full update can be downloaded under https://research-hub.de/companies/lm-pay-sa

Following a steep downward revision to its FY26 guidance, Circus's Q2 update call revealed that the deployment velocity of its CA-1 systems in the near term is being held back not by hardware, but by the complex real-world logistics of the operational ecosystem. While establishing a proprietary, partly-frozen ingredient supply chain delays immediate rollouts, it is expected to yield ingredient margins of up to 45% and could ultimately mature into a long-term competitive moat. In order to navigate this challenging transition and enforce disciplined capital allocation, the company has appointed Christian Bauer, a former Volocopter and Daimler executive, as CFO and CoCEO. Despite the higher-than-average risks, the immense upside potential of the food automation thesis justifies our Spec. BUY rating and price target of EUR 8.40. The full update can be downloaded under https://research-hub.de/companies/circus-se

Nordex is expected to deliver another strong Q2, supported by higher installation volumes, a better-priced backlog, a growing service contribution and positive scale effects. Revenue and EBITDA should rise clearly yoy, with the EBITDA margin expected to improve to 9%. This performance should keep the company firmly on track to achieve its FY26 guidance and support further progress towards its mid-term margin target. The already announced strong order intake also points to continued demand, although recent growth has been driven primarily by the US, while Europe is showing signs of normalization. The geographic shift towards North America should improve diversification and reduce cyclical risk. However, the valuation already reflects much of the expected earnings upside. We maintain our HOLD rating with a EUR 44.00 PT. The full update can be downloaded under https://research-hub.de/companies/nordex-se

123fahrschule’s preliminary H1 2026 results broadly support our full-year expectations. Revenue increased slightly to EUR 13.0m despite a declining market, while reported and adjusted EBITDA reached EUR 0.85m and EUR 1.1m, respectively. The core driving school business improved, and Foerst is expected to accelerate in H2 on stronger simulator demand. FahrerWerk added five locations through its first asset-light partnership, supporting the model’s expansion potential. Meanwhile, the Bundesrat left the reform’s key digital elements unchanged, reducing regulatory risk. With estimates unchanged, we reiterate our BUY rating and EUR 5.20 price target for the shares. The full update can be downloaded under https://research-hub.de/companies/123fahrschule-se

Uber and Delivery Hero have signed a business combination agreement for a voluntary cash offer of EUR 41.50 per share, implying a fully diluted equity value of EUR 13.0bn. The offer is supported by both boards and is accompanied by a EUR 1.4bn carve-out of 14 overlapping markets to SSW Partners. Uber’s existing stake, additional instruments and irrevocable tender commitments would take its position already above 53%. Closing is expected in H2 2027 and remains subject to regulatory approvals. We raise our price target to EUR 41.50 and recommend tendering. SELL. The full update can be downloaded under https://research-hub.de/companies/delivery-hero-se

BASF’s Q2 prelims showed a strong pricing-led earnings beat, supported by sustained volumes and supply-chain dislocation rather than a broad-based recovery in underlying demand. While the segment mix remained uneven and higher raw-material prices continued to weigh on cash conversion, management’s guidance upgrade confirms stronger near-term earnings momentum. BASF’s resilient supply setup should allow it to keep benefiting if disruptions persist, although weaker demand and working-capital pressure remain key risks. Following the recent sell-off, we view the risk/reward as more attractive and upgrade the shares from HOLD to BUY, with a slightly revised price target of EUR 55.00. The full update can be downloaded under https://research-hub.de/companies/basf-se

Circus has announced a substantial downward revision to its FY26 guidance, slashing revenue expectations to EUR 5.2m (previously EUR 44m to EUR 55m) and widening its projected EBITDA loss to c. EUR -17m (previously a loss of EUR -6m to EUR -8m). According to management, the cut is driven by operational bottlenecks in the supply chain and maintenance, which have pushed planned rollouts into FY27. At this stage, it remains difficult to determine whether these challenges represent structural scalability issues or merely temporary setbacks. Acknowledging the company's inherently high degree of uncertainty and a flatter growth trajectory, we sharply downgrade our estimates and reduce our price target to EUR 8.40 (previously EUR 46.00). However, given the significant long-term upside if these operational hurdles are cleared, we issue a Spec. BUY recommendation (previously BUY) for investors with a high risk tolerance. The full update can be downloaded under https://research-hub.de/companies/circus-se