Elmos’ presentation at mwb research’s German Select VI conference reaffirmed a compelling equity story built on resilient execution, structural growth, and rising cash generation. Now a fully fabless analog-mixed-signal automotive specialist, the company continues to benefit from electrification and ADAS trends with a drivetrain-independent portfolio. Destocking is largely complete, and China localization is progressing rapidly, enhancing cost competitiveness and strategic flexibility. While fundamentals remain robust and improving, the share price is approaching our updated EUR 105.00 fair value, already baking in the recent positive developments. While valuation is undemanding at a ~15× 2026E P/E (consensus), lingering short-cycle volatility and macro uncertainty call for caution. We therefore step back to HOLD (from BUY), recognizing Elmos’ solid positioning and superior execution versus peers, while waiting for a clearer macro backdrop, sustained demand momentum into 2026, or a more attractive entry point to re-engage. Watch full video here: https://research-hub.de/events/video/2025-12-02-10-00/ELG-GR The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se

Hugo Boss’ freshly announced “Claim 5 Touchdown” strategy marks a shift from expansion to optimization. 2026 will be a refocus year, with mid- to high-single-digit sales decline and EBIT guided at EUR 300-350m, before growth and ~12% margin recovery by 2028. The plan prioritizes cost discipline, channel rationalization and brand simplification, mirroring Puma’s recent reset. However, optimization comes at the expense of business volume, with no near-term growth catalyst. Added governance friction with 25% shareholder Frasers Group and limited visibility prompt a more cautious stance. We lower our estimates, resulting in a lower fair value per share computation of EUR 38.00 (down from EUR 50.00) and downgrade to HOLD, awaiting proof of execution through 2027. The full update can be downloaded under https://research-hub.de/companies/hugo-boss-ag

At the mwb German Select Conference, Hamborner REIT AG CEO Niclas Karoff reaffirmed the company’s commitment to portfolio stability and disciplined capital management. With a EUR 1.41bn portfolio focused on food-anchored retail and office properties, Hamborner maintains high occupancy of nearly 97% and a solid financial position with LTV at 43.3% and REIT equity ratio at 55.8%. The 2025 guidance projects rental income of EUR 89.5-90.5m and FFO of EUR 44-46m, reflecting portfolio streamlining and elevated costs. Management reiterated its 60-70% FFO payout policy, balancing dividends with reinvestment flexibility. Karoff emphasized active asset rotation, prudent refinancing, and value preservation in a challenging real estate environment, underscoring Hamborner’s resilient income base and strategic discipline as key strengths for the medium term. BUY, PT unchanged EUR 11.00. A recording of the event is available here: https://research-hub.de/events/video/2025-12-02-14-00/HABA-GR. The full update can be downloaded under https://research-hub.de/companies/hamborner-reit-ag

At our German Select Conference, Nagarro’s Head of IR Michael Knapp presented a focused update highlighting operational stability, disciplined capital allocation, and ongoing governance improvements, including a new CFO appointment and the transition to Tier-1 auditor KPMG. Management reiterated its commitment to shareholder returns through a EUR 20m buyback. Knapp noted that IT spending is recovering after a digestion phase, with renewed AI-driven project activity and steady demand from the Mittelstand. Although the share price has rebounded strongly, we continue to see upside. We maintain our PT of EUR 92.00 and confirm our BUY rating. A recording of the event is available here: https://research-hub.de/videos. The full update can be downloaded under https://research-hub.de/companies/nagarro-se

At our German Select Conference, HelloFresh’s Head of Investor Relation Daniel Alvarez outlined steady progress on the EUR 300m efficiency program, with 70% of measures implemented and further margin gains expected. Management reaffirmed FY25 guidance (revenue -6% to -8% cc; adj. EBITDA EUR 415-465m) and anticipates positive free cash flow after leases. The company continues shifting from volume to value, focusing on higher-quality customers and improved product offerings. Ready-to-Eat is recovering, while Meal Kits show sequential stabilization. Execution discipline remains key as HelloFresh rebuilds profitability ahead of a more predictable growth phase from 2026. We maintain our BUY rating and DCF-backed PT of EUR 10.00. The recording is available here: https://research-hub.de/videos The full update can be downloaded under https://research-hub.de/companies/hellofresh-se

At mwb research’s German Select Conference, CFO Andrea Behrendt reignited confidence in ZEAL Network’s long-term growth story, pointing to sustained double-digit growth and expanding margins. With a 44% market share, ZEAL is capitalizing on Germany’s underpenetrated online lottery market, where digital penetration of 29% is expected to rise to 50–70% over time. Operating in a high-barrier market with limited competition from the fragmented DLTB, ZEAL is well positioned to benefit from this structural shift thanks to its nationwide reach and marketing efficiency. Notably, the company’s business model underpins strong operating leverage, with 80–85% of incremental revenue flowing through to earnings. Meanwhile, new verticals in charity lotteries and games are already boosting the trajectory and mix. Backed by strong cash generation, ZEAL’s outlook remains one of compounding value creation anchored in structural market growth and disciplined execution. Thus, we reiterate our BUY rating and EUR 67.00 price target. Watch the full video here: https://research-hub.de/events/video/2025-12-02-10-30/TIMA-GR The full update can be downloaded under https://research-hub.de/companies/zeal-network-se

Airbus cut its 2025 delivery target to around 790 units after a supplier quality issue on A320 fuselage panels, while keeping EBIT adj. of EUR 7bn and FCF before customer financing of EUR 4.5bn unchanged. The update matches what we flagged in November that the ramp-up remains fragile, operational pressure is rising and delivery expectations needed to come down. Our estimates already reflected lower volumes and more conservative financials, so we keep our model and EUR 170.00 PT unchanged. With supply-chain sensitivities, softening demand indicators and a stretched valuation, we reiterate SELL. The full update can be downloaded under https://research-hub.de/companies/airbus-se

Formycon’s presentation at the Frankfurt Equity Forum highlighted renewed operational stability and clear execution after a turbulent start to the year. CFO Enno Spillner outlined progress across the company’s key biosimilar assets, including FYB201, FYB202, and FYB206, where a partnering deal is anticipated by year-end. With FYB208 extending the pipeline into immunology and additional “niche-buster” opportunities emerging, Formycon’s long-term optionality remains attractive. We reiterate our BUY rating (PT EUR 48.00). Register for our Roundtable on 9 December 2025 with Formycon’s management for 2025 highlights, pipeline insights, and extend Q&A: https://research-hub.de/events/registration/2025-12-09-10-00/FYB-GR The full update can be downloaded under https://research-hub.de/companies/formycon-ag

Bayer shares jumped 12% after the U.S. Solicitor General urged the Supreme Court to review the Roundup case, lending powerful support to Bayer’s federal preemption defense and materially raising the odds of a hearing -- historically granted in 60–70% of such instances. A favorable ruling could dismantle the legal basis for most remaining lawsuits, easing the litigation overhang that has weighed on valuation since the Monsanto acquisition. With the potential for substantial de-risking and renewed focus on operations and deleveraging, we see scope for multiple expansion unlocking up to ~75% equity upside in full resolution, with further upside from fundamental improvement in Bayer’s core businesses. Reflecting the improved risk/reward, we raised our outer estimates, prompting us to increase our price target to EUR 35.00 from EUR 30.00. Meanwhile, we maintain a HOLD rating, pending confirmation that the Supreme Court will take up the case in early 2026. The full update can be downloaded under https://research-hub.de/companies/bayer-ag

The 40% correction from Hensoldt’s peak share price unwound the pre-CMD rally and flushed out sentiment-driven selling on peace-talk headlines. With the stock back in its one-standard-deviation valuation band and near our DCF-based EUR 65.00 price target, the downside has largely played out. Fundamentals remain intact, Ukraine exposure is limited, and forward multiples have normalized. Competitive pressure and a post-2030 revenue peak still cap long-term upside, but these risks are now priced in. We move to HOLD after our SELL rating played out. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag