Stratec reported muted Q2 results, as the strong top line and margin development seen at the beginning of the year faded. Q2 sales were down 1% yoy (+1% yoy in constant currency [c.c.]) to EUR 58.2m. Adjusted (adj.) EBIT plunged 55% yoy to EUR 3.1m, while the margin narrowed 6.4ppt yoy to 5.4% (vs 8.9% in Q1), largely on FX headwinds. Despite the visible slowdown, management still expects to see growth reacceleration in H2 2025, largely from improved scale, while EBIT contribution from the Development and Services business is expected to be back-end loaded for Q4. As such, management reiterated its guidance for FY 25, which still carries a caveat for macro uncertainty-induced demand decline. In our view, Stratec should achieve its FY 2025 targets, assuming a continuation in high-margin service demand and planned development milestones and no further deterioration in demand situation. Therefore, we reiterate our BUY rating and our price target of EUR 32.50. The full update can be downloaded under https://research-hub.de/companies/stratec-se

Deutsche Rohstoff reported Q2 revenues of EUR 43.2m, a 27% decrease qoq, primarily due to lower realized WTI prices (USD 64 vs. USD 69 in Q1) and the fact that new wells only went into production at the end of the quarter. This led to a 11% drop in output to 1,163k barrels of oil equivalent (BOE). EBITDA fell by 37% qoq, reflecting lower sales volumes and drilling preparation costs in the western areas of the Powder River Basin, despite efficiency gains in operating expenses and depletion per BOE. Robust working capital management helped stabilize operating cash flow, funding higher capital expenditure and leaving a modest positive free cash flow of EUR 2.5m, aided by lower drilling costs (below USD 9m per well). The company has confirmed its FY25 guidance of sales of EUR 170–190m and EBITDA of EUR 115–135m, even at an unfavorable EUR/USD exchange rate of 1.20. We have made a slight upgrade to our FY25 estimates and are confirming our BUY rating with an unchanged price target of EUR 53.00. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

The Malta Financial Services Authority (MFSA) has approved The Payments Group Holding’s (PGH) acquisition of Calida Financial pending formal written confirmation, clearing the last hurdle for PGH’s takeover of The Payments Group (TPG), which includes Calida, Funanga, TWBS, and Surfer Rosa. The deal, agreed in August 2024, shifts PGH from a transitional holding company to a regulated PayTech platform. With the approval through the MFSA, PGH economically holds a call option of the TPG companies, which is no longer dependent on the occurrence of conditions beyond the company’s control and thus represents a separate economic value/asset. In our view, regulatory clarity and commercial milestones strengthen PGH’s equity story, which is why we upgrade our PT to EUR 1.80 (previously EUR 1.50), which prompts an upgrade to BUY (from HOLD). The full update can be downloaded under https://research-hub.de/companies/the-payments-group-holding

Veganz, soon to be renamed Planethic Group AG, held its virtual AGM with 57% of share capital represented and over 97% approval on all items. This includes its transformation into an investment holding structure by spinning off Mililk, Happy Cheeze, Peas on Earth and Veganz into separate subsidiaries to attract external capital while retaining control and to attain the level of focus needed to fulfill the pursued growth goals. Growth prospects are strongest at Mililk, where management cited commitments for 160m liters, equivalent to EUR 160m, mainly from the US. Veganz plans the construction of two plants there, requiring EUR 4–8m capex (mwb est.). CEO Jan Bredack also disclosed further details of the Orbifarm sale, including the payment schedule of the EUR 30m purchase price and earn-out clauses. Leadership changes include Bredack stepping down as CEO in September 2025 (to lead Orbifarm) and being succeeded by finance expert Rayan Tegtmeier, while the Supervisory Board chairmanship passed to food tech specialist Evgeni Kouris. With the new strategy, structure, and governance in place, we confirm our Spec. BUY rating with a EUR 21.50 price target. The full update can be downloaded under https://research-hub.de/companies/veganz-group-ag

Two weeks ago, Fraport’s Q2 results showed solid operational momentum, with adjusted revenue and EBITDA up 8% yoy, and free cash flow turning positive due to lower capital expenditure. This marks the start of a favorable capital expenditure cycle. Coupled with speculation about an early dividend, this has driven the share price back to pre-Covid levels. However, high leverage looks set to keep dividends below the pre-Covid level of EUR 2.00 per share, resulting in modest yields of less than 2% in the medium term. Furthermore, structural challenges persist: passenger growth at Frankfurt remains weak (around 90% of pre-Covid levels reached in FY25); higher aviation fees and regulatory burdens are weighing on hub competitiveness; and utilization risks are looming once T2 is modernized in three to four years. With shares now trading at an EV/EBITDA premium to peers, we have downgraded the rating to SELL with an unchanged price target of EUR 62.00. The full update can be downloaded under https://research-hub.de/companies/fraport-ag

Rational remains a clear structural winner in professional cooking systems, supported by sustainability-driven adoption, strong North America momentum, and strategic expansion into China. With ~75% of kitchens still using traditional appliances, the long runway for growth is intact, while reinvestment in R&D and sales capacity underpins durable, high-quality earnings. Despite tariff and FX headwinds, we see the company’s moat and pricing power justifying a premium valuation. At 34x 2026E PE versus a 10-year average of 50x, we reiterate our BUY with a refined price target of EUR 800.00 (from EUR 835.00), underpinned by visible, high-quality earnings growth. The full update can be downloaded under https://research-hub.de/companies/rational-ag

CHAPTERS Group has placed the first tranche of its EUR 32m bearer bond, providing additional flexibility to fund its growth strategy. Building on insights from the recent Capital Markets Day, we revisit the story, highlighting the company’s sharpened profile and clarified growth ambitions. CHAPTERS acquires vertical market software businesses with strong positions, recurring cash flows, and durable moats, focusing on proven opportunities. Operating across Public, Enterprise, and newly established Fintech segments, the company leverages the Manuscript Method to foster organic growth within a decentralized model. With ~20% EPS CAGR post-2027, disciplined leverage, and new AI/Cybersecurity initiatives, CHAPTERS offers long-term compounding shareholder value. We confirm our PT of EUR 49.00 and maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/chapters-group-ag

HelloFresh’s Q2 2025 saw weaker revenue but stronger profitability. Sales fell 13% yoy to EUR 1.70bn (-10% at constant currencies) amid US Ready-to-Eat operational challenges and lower Meal Kits volumes, but adjusted EBITDA rose 8% to EUR 158.5m, supported by savings from its EUR 300m efficiency program. Operating cash flow in H1 surged 87% to EUR 274m. FY25 guidance was cut mainly due to FX headwinds, with margin assumptions unchanged. The “ReFresh” upgrade, featuring expanded menus, larger portions, premium ingredients, and improved packaging, aims to boost customer satisfaction and support growth from 2026. We trim estimates and lower our PT to EUR 10.00 (old: EUR 11.00), maintaining BUY. The full update can be downloaded under https://research-hub.de/companies/hellofresh-se

The bioenergy market remains in a sideways phase, though multiple signs point to a long-term rebound. Policies like the EU RED III, the US IRA through OBBBA, and local initiatives in Asia support renewable fuels such as ethanol and biomethane. Rising blending mandates in India and Japan, as well as increased biofuels use in heavy-duty transport in China and India, signal growing long-term demand. Verbio’s preliminary FY25 EBITDA was weaker than expected due to inventory write-downs from lower-than-expected greenhouse gas certificate prices, but adjusted EBITDA was only slightly below our estimates. Net debt remained better than expected, supporting balance sheet stability. Operational progress is slower than anticipated, yet a rebound is expected as operations scale and market conditions point to recovery in the long-term. We therefore maintain our BUY rating but lower our price target to EUR 13.00 (from EUR 15.00) based on our DCF model with updated estimates. The full update can be downloaded under https://research-hub.de/companies/verbio-se

LANXESS’s Q2 was weak, hit by softer volumes, price pressure, FX headwinds, and energy costs, prompting a guidance reset, but the long-term investment case remains intact. Consumer Protection margins held firm on mix gains, one-offs, and cost control despite sales declines due to agro, while Advanced Intermediates and Specialty Additives suffered from Chinese competition, raw-material pass-throughs, and subdued construction and auto demand. Management sees near-term softness continuing in Q3, yet a stronger balance sheet post-divestment, partial US tariff exemptions, lean inventories, and EUR 50m in cost savings from 2027 set the stage for margin recovery when demand rebounds, likely in 2026 as German government stimulus trickles in and trade tensions ease. We remain cautious short term but view current weakness as an opportunity to accumulate and maintain our BUY rating with a lower PT of EUR 30.00 (previously: 32.00). The full update can be downloaded under https://research-hub.de/companies/lanxess-ag