Planethic has provided an update on the status of the creditor vote regarding the amendment to the terms of its bond. The first meeting did not reach the required quorum of 50% and a second creditors' meeting is planned for mid-May 2026, where the quorum requirement will be reduced to 25%. Management expects sufficient participation and support based on discussions with relevant bondholders (which we believe to hold more than the required quorum). If the amendments are not approved, or if the quorum is not met again, the original bond terms will remain in place. This could potentially force Planethic into restructuring proceedings or insolvency. This would likely result in low recoveries for bondholders and total losses for shareholders. Therefore, we consider the approval of the proposed changes to be the most favorable outcome for bondholders and shareholders. We are retaining Planethic’s rating under review pending the outcome of the second vote. The full update can be downloaded under https://research-hub.de/companies/planethic-group-ag

Siemens Energy (SE) delivered solid Q2 FY26 preliminary results, with a clear beat in orders and cash flow. Revenue grew at a healthy pace but came in slightly below consensus, while margins before special items were in line with expectations and improved yoy, supported by strong execution, pricing discipline, and a favorable mix. FCF was particularly strong, underlining robust cash conversion. Demand continues to be the key driver, led by gas infrastructure and electrification, with additional support from grid-related activities. Order momentum remained strong yoy, reinforcing a highly visible backlog, while profitability recovery and cash generation continued to gain traction. The raised outlook further confirms sustained structural demand and strengthens the narrative of an ongoing energy infrastructure supercycle. While we remain constructive on SE’s operational momentum, we believe much of the supercycle optimism is already reflected in the share price, leaving a less compelling risk-reward. We raise our price target to EUR 100.00 (old EUR 89.00) but reiterate our SELL rating. The full update can be downloaded under https://research-hub.de/companies/siemens-energy-ag

Sartorius reported a solid but unspectacular Q1 2026, with sales of EUR 899m (+1.8% yoy; +7.5% cc), fully in line with consensus. Growth was driven by consumables, while equipment demand remained weak. Underlying EBITDA reached EUR 267m (+1.6% yoy), slightly below expectations, with margin at 29.7%. Bioprocess continued to perform strongly, while Lab returned to growth but with declining margins. Overall, the recovery remains uneven and lacks operating leverage. With results broadly in line and no upside surprise, there is no trigger for estimate revisions. Given the still demanding valuation with an 2026E EV/EBIT of 30x and P/E of 69x, we reiterate our SELL rating and EUR 190.00 price target. The full update can be downloaded under https://research-hub.de/companies/sartorius-ag

Intershop opened 2026 on a stable footing in terms of profitability. Despite a 13% revenue decline, EBIT turned slightly positive as cost discipline takes hold and the long-standing service project is resolved. Cloud order entry rose 8%, cloud revenue grew 3%, and liquidity improved significantly. Net New ARR remains under pressure from a major customer loss and persistently prolonged sales cycles impacting on new customer business. However, full year guidance was confirmed across all metrics. Strategically, the company is advancing its agentic B2B commerce platform with new copilots, a visual product finder, and a simplified AI pricing model. Progress is gradual but directionally sound. BUY, PT EUR 1.80. The full update can be downloaded under https://research-hub.de/companies/intershop-communications-ag

Deutsche Rohstoff has published FY25 audited results, confirming the early-March prelims which exceeded expectations at the time of publication. Deutsche Rohstoff significantly boosted liquidity and will share its success with shareholders in the form of a proposed dividend increase to EUR 2.25 per share (+13%) and a new share buyback program of up to EUR 7.5m. Looking ahead, the company reaffirmed its recently increased FY26 guidance and introduced an initial FY27 outlook supported by an accelerated drilling program. Its operational flexibility and strengthened cash position - including a EUR 100m gain from selling Almonty Industries shares - position it to capitalize on favorable oil prices. Reflecting upgraded FY27 estimates, we increase the price target to EUR 135.00 (old: EUR 129.00), implying roughly 50% upside. We confirm our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

With immediate effect, we are discontinuing coverage of “Photon Energy NV”. Our price target, estimates and valuation are no longer valid.

Stabilus reported preliminary Q2 FY2026 results with a margin beat, as adjusted EBIT reached EUR 34.1m and margin 11.2%, both above expectations. Revenue of EUR 304.9m slightly exceeded forecasts but remained down yoy, highlighting ongoing demand weakness, particularly in automotive. H1 sales declined over 10%, confirming persistent top-line pressure. Free cash flow was weak at EUR 4.1m due to working capital build-up. Earnings quality remains affected by sizeable adjustments, likely similar to Q1 levels. Hence, we take a more cautious stance, reduce our estimates to reflect softer momentum, but restructuring progress support the long-term case. With a slightly lower price target of EUR 24.00 (before EUR 25.00), we reiterate our BUY rating. The full update can be downloaded under https://research-hub.de/companies/stabilus-se

RENK held a pre-close call ahead of its Q1 2026 results due on 6 May. Headline Q1 revenue looks soft, with our estimates at EUR 280m versus consensus at EUR 304m and adj. EBIT at EUR 40m versus consensus at EUR 43m. The shortfall is driven by around EUR 15m of timing related headwinds in M&I Navy that should shift into Q2 rather than reflect weaker underlying demand. Order intake, by contrast, was very strong. We estimate EUR 585m for Q1, which would mark the highest quarterly level on record and sit well above the EUR 400m to 500m range indicated at the FY 2025 call. The FY EUR 2bn target therefore remains firmly on track. Free cash flow should also turn positive, versus EUR -25m a year ago. In our view, Q1 consensus revenue needs to come down, but this is a timing issue rather than a change in the underlying story. HOLD. Price target unchanged at EUR 53.00. The full update can be downloaded under https://research-hub.de/companies/renk-group-ag

Vossloh delivered a solid start to the year with strong Q1 revenue growth, slightly ahead of expectations, supported by the Sateba acquisition. Profitability was mixed but mainly shaped by seasonal factors and accounting effects, while underlying demand remained robust, reflected in strong order intake and a higher backlog. Core Components was the main growth driver, whereas Customized Modules and Lifecycle Solutions showed softer performance due to project mix, logistic costs, and weather-related impacts. Management confirmed its FY guidance, pointing to continued growth in both revenues and earnings, supported by a healthy order pipeline and resilient demand in global rail infrastructure markets. Overall, the results further reinforce our positive stance, supported by its positioning within a structurally growing global rail infrastructure upcycle. Therefore, we reiterate our BUY rating with an unchanged EUR 100.00 PT. The full update can be downloaded under https://research-hub.de/companies/vossloh-ag

Our H1 preview suggests that headline comparables remain distorted by the exceptional prior-year base, but underlying performance should remain firmly intact. We estimate H1 order intake of EUR 2.2bn, revenue of EUR 1.15bn, and an adjusted EBIT margin of 5.4%, which in our view points to continued solid execution and supports confidence in the full-year trajectory. With the publication of the H1 financial report due on 11 May 2026, we see little in the current setup that would challenge the broader investment case. Cost inflation should not be a near term concern, as legacy contracts without inflation clauses are already too advanced to be materially affected. Against this backdrop, FY margin guidance of around 6% looks well within reach. BUT. PT EUR 125.00. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa