Multitude AG delivered a solid Q2 25 with net profit rising 48% yoy to EUR 6.9m and EPS doubling to EUR 0.28. Net interest income contracted 4% as higher funding costs weighed, but this was offset by strong fee and commission income and lower impairments. Operating expenses rose due to growth investments, partly mitigated by reduced marketing spend. Asset quality improved with loan loss ratio down to 2.5%. New products, AI initiatives, and structural simplification should support further efficiency and growth. In our view, FY25 guidance of EUR 24–26m net profit appears conservative and we therefore confirm our EUR 12.80 target and BUY rating. The full update can be downloaded under https://research-hub.de/companies/multitude-ag

Ernst Russ AG (ER) is set to release Q2/H1 2025 results on August 28. We expect solid profitability, supported by resilient charter rates, near-perfect average vessel availability (99.2%), and disposal gains from vessel sales. Despite a leaner fleet (26 vs. 29 ships), Q2 revenues should remain broadly stable at EUR 39m, aided by firm average day rates (~USD 17,500). EBIT is projected at EUR 14.2m, with disposal gains (~EUR 5m) cushioning the impact of fewer vessels. Net income is seen at EUR 9.5m (EPS EUR 0.28). With ~84% of FY25 revenues already secured and most disposal gains realized, outlook visibility is high. Strong balance sheet, reliable cash flows, and structural streamlining support our BUY rating with a PT of EUR 10.00. The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

tonies reported Q2 figures showing a slowdown in yoy growth to 16% (vs. 18% est.), mainly due to weaker US growth (14% vs. 25% est.) following price hikes and softer consumer confidence, while DACH slightly outperformed and RoW grew strongly in line. Gross margin improved sharply in H1 on lower costs and favorable mix, but adj. EBITDA margin slipped 50 bp due to higher expenses tied to international expansion and probably the upcoming Toniebox 2 launch. The net loss was narrower than expected (EPS -0.01 vs. -0.07 est.) on warrant revaluation. FY25 guidance points to >25% revenue growth (>EUR 600m) and >30% US growth (>EUR 273m), in line with estimates, though EBITDA margin guidance (6.5–8.5%) is below expectations (9.3%), mostly due to one-offs. We reiterate our BUY rating with EUR 11.00 price target. The full update can be downloaded under https://research-hub.de/companies/tonies-se

In a first-instance ruling, Wolftank’s 100% subsidiary, DGM Srl, has been ordered to pay approx. EUR 4.5m in damages related to a 2020 environmental services project. Of this amount, around EUR 1.1m covers environmental damages, which are already insured, while the larger portion of EUR 3.4m relates to the customer’s alleged lost profits. Wolftank DGM considers the lost profit claim disproportionate, and the company is likely to challenge the ruling. In a worst-case scenario, the full EUR 3.4m could weigh on FY25 earnings and liquidity, although a successful appeal may reduce or fully eliminate this exposure. Provisions are likely to be reflected in the H1 results and could extend into H2. Out of caution, we are lowering our FY25 estimates, initially assuming EUR 1.7m in additional provisions for Wolftank and reducing our PT to EUR 10.50 from EUR 12.00. However, we maintain our BUY rating, as this represents a one-off impact that does not affect the company’s long-term operational outlook. The full update can be downloaded under https://research-hub.de/companies/wolftank-group-ag

Photon Energy’s Q2 results showed 7.5% revenue growth, driven by a 183% yoy surge in the Technology (trading) segment from strong PV module sales. This was offset, by declines in electricity generation (-4.7%) due to Romanian asset shutdowns and Australian disposals, and a 17.1% drop in New Energy from weaker capacity market revenues. EBITDA fell to EUR 2.8m with margin halved to 11% on a weaker product mix and New Energy losses, while operating cash flow improved to EUR 8.2m, yielding EUR 6.5m in free cash flow used for debt repayment. The equity ratio slipped to 25.0% (25.9% adjusted), narrowly above the 25.0% covenant, leaving limited room for further losses in H2. Despite no FY25 guidance and short-term risks, Photon Energy retains attractive long-term opportunities in DSR, capacity markets, Raygen, and PFAS remediation. With a revised PT of EUR 1.00, we reiterate our Spec. BUY rating. The full update can be downloaded under https://research-hub.de/companies/photon-energy-nv

FCR Immobilien AG delivered a solid H1 2025, confirming the resilience of its retail-focused portfolio. Rental income reached EUR 15.6m, while EBT came in at EUR 4.0m (H1 2024: EUR 4.8m). Crucially, FFO remained stable at EUR 3.9m, underlining robust cash generation. Financing costs declined significantly to EUR 6.3m, reflecting a more favorable interest environment and disciplined refinancing. Portfolio metrics strengthened further with occupancy at 94.2% and WAULT extending to 5.9 years. NAV rose to EUR 161.5m (YE24: EUR 145.6m), while the equity ratio improved to 33.7%. Overall, FCR’s stable operations, strong balance sheet, and predictable rental income confirm its defensive equity story and support our BUY rating with a target price of EUR 22.00. The full update can be downloaded under https://research-hub.de/companies/fcr-immobilien-ag

Hensoldt supplies sensors and radars to both Rheinmetall and KNDS, making a potential KNDS IPO (~EUR 22bn MCap) operationally neutral. Demand visibility re-mains robust, while Berlin’s 25.1% stake in Hensoldt secures political protection. The risk lies in outflows: recent buying has been dominated by passive ETFs, and a KNDS listing could divert capital away from Hensoldt given its smaller size and ~44% free float. Ukraine contributes ~7% of revenues and will remain supportive irrespective of ceasefire dynamics, as NATO integration drives structural demand. Overall, we see the IPO as neutral to fundamentals but negative for outflows, and with HAG still trading at a premium to Rheinmetall despite weaker growth and margins, we reiter-ate SELL, PT EUR 70.00. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

The potential KNDS IPO (~EUR 22bn on RHM multiples) raises political risk for Rheinmetall as Berlin considers a 25.1% stake in KNDS but holds none in RHM, despite its important role. We see this asymmetry as unjustified and potentially favoring KNDS in future tenders. While the IPO proceeds could allow KNDS to close part of its historic CAPEX gap, RHM retains a clear leader in capacity and technology. However, a listing could divert passive inflows which strongly supported RHM´s stock in their past rally, but fundamentals remain the decisive driver in the long run. RHM´s drop on peace headlines is a buying opportunity, as also CEO Armin Pappenberger has always further increased his stake after share price drops in the past. We continue to believe peace news will not change Europe’s multi-decade rearmament plans and reiterate to BUY with a PT of EUR 2,280. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Mister Spex’s Q2 2025 results due on Aug 28 are set to show sharp topline pressure but improving margins. We expect revenues of c. EUR 55m (-19% yoy), reflecting the strategic withdrawal from the company’s international markets, continued weak German demand and heavy online discounting, while gross profit should prove more resilient at c. EUR 30m (-9% yoy). Gross margin is seen rising c. 5pp to 53.7%, with EBIT losses narrowing to c. EUR -6m (Q2 24: -7.2m), highlighting early benefits from the SpexFocus program. Despite ongoing revenue headwinds, management is likely to maintain FY25 guidance (sales -10% to -20% yoy; EBIT margin unchanged). With a solid liquidity position (YE24 cash EUR 72m), Mister Spex is well-placed to execute its turnaround. We reiterate our BUY rating, PT unchanged at EUR 4.00 as we see light at the end of the “restructuring tunnel”. The full update can be downloaded under https://research-hub.de/companies/mister-spex-se

Die LS telcom AG hat ihre Prognose für Geschäftsjahr 2025 deutlich gesenkt. Statt bislang erwarteter Umsätze in Höhe von EUR 41–46 Mio. und eines EBITs von EUR 0,8–1,9 Mio., rechnet der Vorstand nun mit EUR 35,5–38,5 Mio. Umsatz und einem EBIT zwischen EUR –0,95 und EUR 1,1 Mio. Grund sind Verzögerungen bei zwei Großprojekten, die voraussichtlich erst in kommenden Geschäftsjahr 2026 starten. Nach einem stabilen H1 mit EBIT-Verbesserung auf EUR –0,6 Mio. entfällt damit die erhoffte Dynamik und weiteren Erholung in H2. Positiv wirkt die fortgesetzte Kostenreduktion, die den Ergebniseffekt abmildert. Wir passen unsere Schätzungen an und senken das Kursziel auf EUR 6,00 (alt: EUR 6,80) gesenkt, das Rating Kaufen bleibt angesichts des mittelfristigen Erholungspotenzials bestehen. Die vollständige Analyse ist abrufbar unter https://research-hub.de/companies/ls-telcom-ag