LANXESS delivered a clear sequential earnings rebound, with output pricing offsetting input-cost inflation and volumes improving, although part of the uplift was supported by temporary Middle East-related supply disruption and underlying demand remains soft. Nevertheless, back-end-loaded savings and ongoing portfolio measures should support H2, and we see LANXESS landing toward the upper end of guidance as part of the Q2 volume recovery should prove sticky. We continue to view Q1 as the trough; with utilization still depressed, even a gradual demand normalization into 2027 could unlock meaningful operating leverage, though a further re-rating will require clearer evidence of sustainable volume recovery. We reiterate our BUY rating and price target of EUR 20.00. The full update can be downloaded under https://research-hub.de/companies/lanxess-ag

Daimler Truck reported Q2 results in line with preliminaries, with unit sales up 8% yoy and Industrial Business revenue up 6%, while adj. Group EBIT declined 18% and RoS fell to 6.8% amid tariff pressure. FCF was strong at EUR 1.76bn. Trucks North America remained the key earnings contributor, though margins weakened, while MercedesBenz Trucks showed a more resilient performance. The raised FY26 guidance, including adj. Group EBIT of EUR 3.6–4.1bn and Industrial Business RoS of 7–9%, was already announced with the preliminaries and is reflected in our estimates. We continue to see recent demand strength largely as a catch-up effect from ageing fleets rather than a sustained recovery. With the truck market still weak and Chinese EV competition a structural risk, we reiterate our SELL rating and EUR 33.00 PT. The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag

Scout24 delivered another strong quarter, with Q2 revenue up 20.0% yoy and 10.4% organically, while the organic EBITDA margin reached around 64%. The results showed solid underlying profitability despite costs for the integration of Spain. Segment-wise, Professional remained the main growth driver, while Private subscription momentum improved and AI products increasingly supported engagement and monetization. Management confirmed FY26 guidance and indicated that revenue is currently tracking towards the upper end of the 16-18% range. Overall, Q2 reinforces our positive view on Scout24’s growth, margin profile and earnings quality. We reiterate BUY with EUR 135.00 PT. The full update can be downloaded under https://research-hub.de/companies/scout24-se

Enapter has reached an agreement with Patrimonium to transfer the Enapter Campus in Saerbeck in exchange for the discharge of its outstanding bond liabilities. While the significant discount to the property’s book value is painful, we view the solution positively, as the Campus is no longer essential under the new partner-based production model and the transaction will materially reduce interest expenses, strengthening cash flow and financial flexibility during a challenging transition phase for the hydrogen market. The shift towards an asset-light business model had already been taking shape and is therefore already reflected in our model. Enapter will increasingly rely on production partners while retaining its technological core and focusing on R&D, sales, project development and service. A strategic investor has already committed to the planned capital increase in H2 2026, while a bridge loan supports near-term liquidity. We reiterate our Spec. BUY rating and PT of EUR 3.00. The full update can be downloaded under https://research-hub.de/companies/enapter-ag

Kontron’s Q2 showed a clear operational improvement, with underlying organic growth and stronger margins despite continued supply-chain constraints. Excluding GreenTec, H1 revenues grew organically by around 5%, while Q2 adjusted EBITDA increased by c. 20% yoy and the adjusted margin reached 14.7%. Demand remains strong, reflected in a 1.55x book-to-bill and record EUR 2.75bn backlog. Management confirmed its 2026 earnings guidance despite persistent component shortages. We slightly trim our sales estimates to reflect shipment risks but leave earnings broadly unchanged. Overall, Q2 reinforces our confidence in the improving operational quality and 2027 setup. PT of EUR 35.00 and BUY confirmed. The full update can be downloaded under https://research-hub.de/companies/kontron-ag

Company Name: DEUTZ AG ISIN: DE0006305006   Reason for the research: Update Recommendation: BUY from: 06.08.2026 Target price: 14 Last rating change: Analyst: Daniel Kukalj, CIIA,CEFA New mid-term guidance around the corner DEUTZ delivered a strong first half: order intake +28.7% to EUR 1,331.3m, revenue +10.7% yoy to EUR 1,115.3 [ … ]

Company Name: Schaeffler AG ISIN: DE000SHA0100   Reason for the research: Update Recommendation: BUY from: 06.08.2026 Target price: 9.20 Last rating change: Analyst: Daniel Kukalj, CIIA,CEFA The growth path has been reduced, but it is still intact Despite the solid Q2 results, the downward revision of the 2028 targets announced o [ … ]

ProSiebenSat.1 Media’s (PSM) delivered a sharp earnings recovery in Q2 26 despite continued revenue pressure. Group revenue declined 9% yoy, or 2% organically, while EBITDA improved to EUR 80m and EBIT reached EUR 40m (last year: EUR -72m). Cost reductions more than offset weakness in linear TV advertising, although accounting changes and an easier comparison base supported the improvement. Joyn maintained strong user and viewing growth, while digital advertising and distribution revenues remained resilient. The outlook depends on disciplined execution rather than a meaningful advertising recovery. A leaner cost base supports higher profitability. We adjust our model assumptions and derive a higher price target of EUR 4.50 (old EUR 4.30). The rating remains unchanged at BUY. The full update can be downloaded under https://research-hub.de/companies/prosiebensat-1-media-se

Rational’s Q2 results were broadly in line, with healthy underlying demand despite the expected normalization after Q1 US pre-buying, strong cash generation and unchanged FY26 guidance. Europe and Latin America remained the main growth drivers; North America was solid on a constant-currency basis. Overall, the print confirms that Rational remains on track for FY26, with improved visibility into H2 despite continued cost pressures. We reiterate our BUY rating and EUR 830.00 price target. Register for Q2 earnings call on Aug 06 at 15:00 CE(S)T under: https://research-hub.de/events/registration/2026-08-06-15-00/RAA-GR. The full update can be downloaded under https://research-hub.de/companies/rational-ag

Company Name: THE NAGA GROUP AG ISIN: DE000A41YCM0   Reason for the research: Update Recommendation: BUY Target price: EUR 7.3 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller Quality over count, chg. NAGA's preliminary H1 results mark the first profitable half in the group's history. Sales came in at [ … ]