Südzucker (SZU) has lowered its FY26 (ending 28 February) guidance, now expecting at the midpoint revenues of EUR 8.5bn, EBITDA of EUR 520m, and operating profit of EUR 150m. The revision confirms our cautious view, as weak market momentum, particularly low sugar prices, continues to weigh on performance, with no meaningful improvement expected this fiscal year. In Sugar, weak global prices and a softer-than-expected EU market are creating pressure. CropEnergies suffers from low ethanol prices and technical issues, while Special Products faces higher material costs and pricing pressure. We adjust our estimates to the midpoint of FY26 guidance, but from FY27 onwards, we anticipate a recovery supported by rising EU sugar prices and market consolidation. We leave our PT unchanged at EUR 9.50, and with the recent share price decline already reflecting weak market momentum, we raise our rating to HOLD. The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag

Mayr-Melnhof Karton AG (MM) reported weaker-than-expected Q2 revenues of EUR 987m (-3% yoy, -5% qoq), mainly due to tough markets, but also the deconsolidation of TANN. Adjusted EBIT of EUR 51.5m was in line with expectations thanks to strong cost management. Operating cash flow recovered, while free cash flow surged, boosted by the TANN sale. MM is conserving cash and has reduced FY25 capex guidance by EUR 50m. Board & Paper remains pressured by overcapacity, but margins improved, while Food & Premium Packaging suffered from the TANN deconsolidation and margin erosion, and Pharma & Health Care Packaging achieved stronger-than-expected margins through efficiency gains. With H2 markets still expected to be soft, MM targets additional EUR 150m savings by 2027. We adjust estimates for a weaker H2 and the gain from the TANN sale, leading to an unchanged price target of EUR 115.00 and a BUY recommendation. The ongoing share buyback programme should mitigate downside risk. The full update can be downloaded under https://research-hub.de/companies/mayr-melnhof-karton-ag

Company Name: Vidac Pharma Holding Plc ISIN: GB00BM9XQ619   Reason for the research: Update Report Recommendation: Buy from: 22.08.2025 Target price: EUR 4.30 (unchanged) Target price on sight of: 36 months Last rating change: - Analyst: Peter Thilo Hasler A recent study by S. Lin et al (Cancer Biol Med, 2025/22, p 648-671) inv [ … ]

Company Name: ad pepper media International N.V. ISIN: NL0000238145   Reason for the research: Update Recommendation: Buy from: 21.08.2025 Target price: 5,00 Euro Target price on sight of: 12 Monate Last rating change: 20.07.2020: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity  [ … ]

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

Company Name: Pharming Group NV ISIN: NL0010391025   Reason for the research: Q2/H1 2025 results; Cell Study Recommendation: Buy from: 20.08.2025 Target price: €2.40 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on Pharming Group [ … ]

Company Name: Diversified Energy PLC ISIN: GB00BYX7JT74   Reason for the research: Q2 results Recommendation: Buy from: 20.08.2025 Target price: GBp1500 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on Diversified Energy PLC (ISIN: GB [ … ]