MHP Hotel AG reported strong Q1 KPIs, with results for the first time benefiting from the February acquisition and repositioning of the Hyatt Regency Vienna. Group occupancy dipped slightly to 65% due to the ramp-up of the newly opened Conrad Hamburg; however, excluding this property, occupancy reached a record high of 70% for Q1, highlighting robust underlying demand. Pricing remained resilient, with ADR rising by 1% yoy to reach a Q1 high of EUR 205, thereby driving RevPAR up by 4%. Revenues grew significantly by 25% yoy, supported by an exceptional 36% increase in food and beverage sales. The company reaffirmed its FY26 guidance of around EUR 225m in revenue and at least EUR 10m in EBITDA, noting both risks from geopolitical tensions and potential upside from shifting travel demand to Europe. EV/EBITDA multiples of 3.5x for 2026 and 2.1x for 2027 look highly attractive and represent a significant discount to peers. We confirm our estimates and maintain our BUY rating with a price target of EUR 3.30. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

AIXTRON has issued a EUR 450m zero-coupon convertible bond at a 30% premium, providing low-cost, flexible funding and effectively deferring equity issuance at higher valuation levels. While the structure appears financially attractive and opportunistic given the company’s strong net cash position, the broadly defined use of proceeds suggests limited visibility on near-term deployment. At the same time, hedging-related shorting from the concurrent share placement is likely to create near-term technical pressure, while the premium being set off a discounted reference price reduces its effective buffer and increases the likelihood of conversion over time, implying potential dilution of up to ~8%. Overall, we maintain our SELL rating at current prices on an unfavorable risk-reward profile. The full update can be downloaded under https://research-hub.de/companies/aixtron-se

Following TKMS’s participation at our mwb research German Select Conference, we came away with renewed confidence in the structural strengths of the business model. In our view, the market still fails to reflect that TKMS is fundamentally different from land-based defence peers, with long-cycle naval exposure, exceptional backlog visibility, and margin upside that remains insufficiently priced in. BUY, PT EUR 125.00. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

HEIDELBERG has lowered its FY25/26 adjusted EBITDA margin guidance to ~6.6% (previously ~8.0%) due to geopolitical tensions, FX headwinds, and a weaker product mix. Despite this, revenue remains stable at ~EUR 2.4bn. The company is strongly investing in its new defense and energy pillar (HDAT), which weighs on current margins but promises future growth. While near-term sentiment is dampened by the profit warning, the underlying efficiency gains and strategic repositioning support a recovery once macro conditions stabilize. We believe the long-term investment case remains intact, which is why we maintain our BUY rating and PT of EUR 2.60. The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

We expect SUSS to report a weak Q1 marking the trough, with revenue around EUR 95m (-20% qoq) and EBIT around break-even, reflecting the lagged impact of weak 2025 order intake, low volumes, and continued ramp and R&D costs. However, underlying fundamentals are improving, with order intake expected above EUR 130m (+10% qoq), driven by strong AI-related demand (HBM/CoWoS) and follow-on orders. We expect this order momentum to sustain into Q2 onwards, creating scope to narrow the full-year guidance corridor upward. We therefore reiterate our BUY rating and raise our price target to EUR 70.00 (from EUR 61.00), reflecting growing confidence in the order recovery and medium-term growth trajectory. The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se

HMS Bergbau reported preliminary FY2025 revenues of EUR 1.22bn, missing guidance of ~EUR 1.5bn on lower coal prices, while volumes remained broadly stable. The implied operating EBITDA of EUR 22.4m was roughly in line with our estimates, with reported EBITDA of EUR 59.4m inflated by a EUR 37m IFRS consolidation effect from Maatla. According to management, Q1 2026 has started well, with both mines ramping to their planned capacity by mid-May and cash returns expected from Q3. Marine fuels seem able to navigate Middle East disruptions (Strait of Hormuz!). Management abstained from formal guidance given geopolitical uncertainty. So far, commodity markets provide a constructive foundation for our estimates, which remain subject to revision upon publication of audited figures. We maintain our EUR 70.00 PT and BUY rating. The full update can be downloaded under https://research-hub.de/companies/hms-bergbau-ag

Ernst Russ is diversifying its fleet by acquiring four IMO II chemical and product tankers with five-year fixed charters, adding USD 126m to its backlog. The total investment is estimated at approx. EUR 120m (USD 140m), likely financed with a typical 30% equity tranche (mwb est.). Remarkably, the secured charter backlog of USD 126m covers a significant portion of the total investment, effectively "pre-earning" the acquisition costs. This move reduces reliance on the container market and enhances long-term cash flow visibility starting in 2027. In our view, this "de-risked" expansion strengthens the company's valuation basis and supports a stable dividend outlook. BUY, with new PT of EUR 13.50 (previously EUR 12.50) after updating Ernst Russ’ fleet and our forecasts. The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

AIXTRON delivered a weak but expected Q1 on earnings, offset by clearly stronger-than-expected order intake driven by optoelectronics, prompting a FY26 guidance upgrade and confirming an early-cycle photonics ramp. We believe the strength in optoelectronics is likely to continue. While this improves near-term visibility and de-risks execution, our broader concerns around delayed SiC recovery and the timing of AI GaN orders remain unchanged. Meanwhile, we see valuation as increasingly stretched already pricing in a strong and smooth recovery into 2027–2028, making risk-reward unfavorable at these levels. We maintain our SELL rating with a higher price target of EUR 33.00. The full update can be downloaded under https://research-hub.de/companies/aixtron-se

At our German Select Conference, Drägerwerk’s (Dräger) Head of IR, Thomas Fischler, confirmed Dräger’s strategic pivot toward profitability, targeting a mid-term EBIT margin of ~10% supported by pricing, cost discipline, and portfolio optimization. FY 2025 delivered record sales of EUR 3.48bn and EBIT of EUR 233m (6.7% margin), despite substantial headwinds from FX (approx. EUR -45m) and tariffs (approx. EUR -25m). Both divisions showed operational improvement, with Safety remaining the key margin driver. Guidance for 2026 implies continued progress but short-term volatility. Overall, the structural margin story remains intact. A video of the presentation is available on https://research-hub.de/events. We reiterate our BUY rating with an unchanged price target of EUR 108.00. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

At the mwb German Select Conference, Verbio’s Head of IR Alina Köhler highlighted recent developments and the company’s outlook. She noted that ongoing geopolitical uncertainty and disruptions, supply chain issues, and Europe’s dependence on energy imports continue to drive volatility in energy markets, while structural decarbonisation demand remains strong. Verbio benefits from this due to short-term energy security needs and long-term structural tailwinds driven by decarbonisation, supported by favourable regulatory frameworks for renewable fuels. Recent performance was mainly influenced by external regulatory distortions in the European CO₂ market rather than operational weakness, while volume growth and early EBITDA recovery indicate improving momentum. Looking ahead, demand strength, regulatory normalisation in Europe, the US ramp-up, efficiency gains, and higher GHG quota prices support the outlook. We therefore reiterate our BUY and PT of EUR 50.00. The Roundtable recording is available here: https://research-hub.de/events The full update can be downloaded under https://research-hub.de/companies/verbio-se