Rational’s presentation at our German Select Conference reinforced our positive view, with FY26 guidance reiterated and the key investor debate shifting to 2027 pricing power as US tariffs rise and the 2026 refund falls away. China remains weak at the headline level, but early traction for the locally produced iCombi One, including a new key account, supports positioning. On innovation, management remains focused on internally developed technology, with iHexagon viewed as a gradual product-cycle opportunity and no appetite to pursue M&A in cooking automation. We reiterate our BUY rating and EUR 830.00 price target. Video is available under: https://researchhub.de/events/video/2026-08-25-15-00/RAA-GR The full update can be downloaded under https://research-hub.de/companies/rational-ag

Lufthansa presented at our mwb GS8 conference yesterday and confirmed our bullish case. Management is in no rush on a Lufthansa Technik (LHT) IPO but did not rule it out, and we now expect a listing towards the end of the decade. An activist campaign could be a plausible accelerator. LHT alone is worth >40% of group EV standalone and the owned fleet covers >85%, which leaves the airline franchise and Cargo in the current valuation close to zero (mwb est.). Furthermore, pricing is already turning as the “cheap” tickets sold before the Iran war roll out of the mix, and the working capital drag from short booking windows should reverse in 2027. Estimates unchanged. BUY, PT EUR 21.00. The full update can be downloaded under https://research-hub.de/companies/deutsche-lufthansa-ag

At the well-attended German Select 8 conference, tonies’ Head of IR, Moritz Verleger, delivered a reassuring presentation that effectively addressed market concerns over H1 profitability and cash flows. The 4PP yoy expansion in H1 Toniebox revenue share temporarily diluted margins, but scales the global installed base, laying the foundation for accelerating figurine attachment rates and sharply higher margins. Furthermore, the H1 cash drag reflects proactive inventory positioning ahead of H2 catalyst launches like Toniebox Lite, Pokémon, and Bluey, setting up a powerful cash flow reversal as holiday demand hits retail channels. With H2 EBITDA margins poised to rebound and full-year FCF set to turn positive, any temporary weakness in the stock offers a compelling buying opportunity to capture tonies' long-term profitable growth story. We confirm our BUY rating with a PT of EUR 17.25. A recording of the event is available to view here: https://research-hub.de/events/video/2026-08-25-10-00/TNIE-GR The full update can be downloaded under https://research-hub.de/companies/tonies-se

Marc Schellenberger, Head of IR at Heidelberger Druckmaschinen (HEIDELBERG), delivered a compelling pitch at our German Select Conference yesterday. While headline Q1 FY2026/27 results reflect a soft start to the year, the central narrative has shifted decisively toward strategic transformation. HEIDELBERG is moving fast to redefine itself beyond traditional press manufacturing, leveraging its high-precision engineering and global footprint to target lucrative, high-growth adjacencies like defense, security, and next-generation energy storage. With FY2026/27 guidance fully reconfirmed—expecting stable sales and a noticeable margin uplift—the long-term value creation story remains intact. We reconfirm our BUY rating and PT of EUR 2.35. You can find a recording here: https://research-hub.de/events/video/2026-08-25-11-00/HDD-GR The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

MS Industrie delivered a clear step-up in Q2 profitability despite softer sales. Revenue came in at EUR 37.4m, down 4.4% yoy, while EBITDA reached EUR 3.3m, implying an 8.7% margin, up 180bps yoy, reflecting lower US ramp-up costs and the benefits from the Trossingen refinancing. The order backlog stood at EUR 81.7m at the end of Q2, up 3.2% yoy and 3.4% qoq, providing further support for the demand outlook. For H1, revenue was broadly stable yoy, while EBITDA increased 22% yoy. The clear highlight, however, was operating cash flow, which jumped to EUR 8.3m from EUR 3.2m, supported by improved capital allocation and a EUR 6.2m reduction in working capital. Management confirmed FY26 guidance of around EUR 155m revenue and a positive net result. We raise our margin and cash flow assumptions and reiterate our BUY rating, lifting our PT to EUR 2.75 from EUR 2.20, implying c. 118% upside. The full update can be downloaded under https://research-hub.de/companies/ms-industrie-ag

Dermapharm’s (DMP) final H1 report confirms the Q2 prelims, with revenue up 4.8% yoy to EUR 285.2m and adjusted EBITDA rising 13.6% to EUR 75.8m, implying a 26.6% margin. Branded Pharmaceuticals remained the main growth driver, supported by German core growth and first-time contributions from Mucos and F. Trenka. FY26 guidance was confirmed, but the H2 margin ramp remains the main execution point. The EUR 180.6m share buyback increased leverage, though covenants remain comfortable. Estimates are unchanged but the lower share count lifts per-share value, driving our PT from EU 49.50 to EUR 52.00. BUY reiterated. The full update can be downloaded under https://research-hub.de/companies/dermapharm-holding-se

Ernst Russ reported solid Q2/H1 26 results, broadly in line with our expectations confirming the underlying strength of the enlarged and increasingly diversified fleet. Q2 revenues of c. EUR 40.8m were 2% above our estimate, while EBIT of c. EUR 11.4m was in line. Adjusted for the prior-year disposal gain, underlying EBIT increased c. 11% yoy. Operational KPIs remained strong, with charter rates of USD 19,716/day (+13.2% yoy), 98.3% utilisation and backlog rising to USD 689m, supporting earnings visibility. We leave FY26 estimates unchanged, but raise FY27 and following earnings estimates to reflect sustained high charter rates, the strong backlog and fleet growth to 31 ships in 2027 from currently 26. Consequently, we increase our PT to EUR 14.50 from EUR 13.70 and reiterate BUY. The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

Rubean has expanded its SoftPOS solution in Spain by integrating Bizum, the country's dominant mobile real-time payment service. With more than 30m active users and around 90% of the Spanish real-time payment market, Bizum is a meaningful addition to Rubean's local offering. More than 120,000 Spanish merchants already accept Bizum, although Rubean does not disclose how many also use its SoftPOS solution. In our view, the integration strengthens Rubean's competitive positioning and increases the platform's appeal to existing and prospective merchants. While the announcement does not provide sufficient financial detail for estimate changes, it is another positive proof point for the expansion of Rubean's SoftPOS ecosystem. We reiterate our BUY rating and EUR 10.00 PT. The full update can be downloaded under https://research-hub.de/companies/rubean-ag

Blue Cap shares have faced renewed pressure, trading at c. EUR 16.00, which is roughly 7-8% below year-end 2025 levels. This muted market reaction seems unjustified given the highly positive year-to-date news flow. The weakness is partly technical following a record EUR 1.60 per share dividend distribution. Operationally, Q1 FY26 proved resilient, but the true highlight is the transformational acquisition of Janoschka. Adding c. EUR 90m in revenue, it significantly boosts group scale and profitability, prompting management to raise FY26 guidance. Supported by a robust balance sheet and a steep discount to NAV, the stock presents an attractive entry point. Reiterate BUY with an unchanged price target of EUR 33.00. The management will host a CMD in Munich on Sept. 8. Investors might register using the following link: https://researchhub.de/events/registration/2026-09-08-10-00/B7E-GR. The full update can be downloaded under https://research-hub.de/companies/blue-cap-ag

The Platform Group (TPG) reported mixed Q2 figures, with GMV rising c. 18% yoy to around EUR 350m, while revenue declined 2.3% to c. EUR 178m. We believe the topline slowdown reflects weaker B2C demand and Freight Goods underperformance. Adjusted EBITDA nevertheless increased c. 9% to approximately EUR 19m, lifting the margin to 10.7% from 9.5% in Q2 2025, supported by cost and efficiency measures. While EBITDA guidance appears achievable, the revenue target looks more demanding. Financing and transparency remain central to the investment case. The new financing provides additional flexibility, but key terms remain undisclosed, the AEP transaction remains pending since January and several verification issues remain outstanding. Our rating and price target therefore remain Under Review. The full update can be downloaded under https://research-hub.de/companies/the-platform-group-se-co-kgaa