ZEAL shares have corrected by c.12% over the past week, partly reflecting the recent ex-dividend adjustment and likely broader sector concerns around prediction-market platforms, rather than a clear company-specific trigger. We see ZEAL as structurally differentiated through its regulated lottery focus, while the jackpot backdrop has improved materially, with both EUROjackpot and Lotto 6aus49 now at peak levels simultaneously. This should support customer engagement, reactivations, billings and new customer acquisition, while further jackpot rollovers would help de-risk FY26 guidance. With our estimates and investment thesis unchanged, we view the pullback as an attractive entry opportunity and reiterate our BUY rating with an unchanged EUR 72.00 price target. The full update can be downloaded under https://research-hub.de/companies/zeal-network-se

Delivery Hero’s investment case has shifted materially to an active M&A situation. Prosus is reducing its stake due to EU requirements, while activist investor Aspex has built a sizeable position and increased pressure on management. CEO Niklas Östberg will step down by March 2027. Most importantly, Uber has emerged as the largest shareholder and made an indicative EUR 33.00 per share proposal, while DoorDash is reportedly also exploring options. With potential asset sales adding optionality, the M&A angle now dominates. We raise our price target to EUR 33.00, view this as a floor, but downgrade to HOLD as upside above that level is speculative. The full update can be downloaded under https://research-hub.de/companies/delivery-hero-se

Infineon’s fundamentals are clearly improving, with AI strength broadening into industrial recovery and early automotive stabilization, while order intake continues to move in the right direction. However, the stock has already captured this better backdrop: the broader chips trade has become crowded, valuations have rerated sharply, and further upside now depends on continued positive revisions and sustained multiple expansion. With the shares materially above our revised EUR 60.00 price target, we see an unfavorable risk-reward profile and hence downgrade the stock from HOLD to SELL. The full update can be downloaded under https://research-hub.de/companies/infineon-technologies-ag

Ernst Russ raised its FY26 EBIT guidance to EUR 45-55m (previously EUR 34-44m) following the strategic sale of the 2008-built, 52% owned container ship MV "EF Emira". In our view, the implied book gain of roughly EUR 10-11m reflects the company's ability to realize hidden reserves. In addition, this transaction provides fresh capital for fleet modernization and ESG-compliant investments. Supported by high fleet availability of 97% and secured charter coverage, the operational outlook remains highly robust, with potential for further upside if additional sales occur. We believe this active portfolio management significantly improves earnings quality and long-term prospects. We therefore reiterate our BUY rating and slightly increase our PT to EUR 13.70 (previously EUR 13.50). The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

Company Name: NFON AG ISIN: DE000A0N4N52   Reason for the research: Update Recommendation: BUY Target price: EUR 8.3 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Q1 in line with muted expectations Yesterday, NFON published its Q1'26 figures. Revenue and profitability came in soft, as wid [ … ]

Company Name: Nabaltec AG ISIN: DE000A0KPPR7   Reason for the research: Update Recommendation: BUY Target price: EUR 16 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Q1 out: Demand picking up, data centres as tailwindsNabaltec published final Q1 figures, in line with its prelims. The start in [ … ]

SBO’s Q1 call added comfort to our constructive view. Management confirmed that recovery remains a H2 base case, while Q2 is still affected by Middle East logistics. Importantly, the Q1 Middle East impact was described as deferred rather than lost revenue, and the Q2 booking run-rate remains broadly in line with Q1. The call also provided more substance on diversification: bookings for diversified applications more than doubled yoy on a group level and reached a high single-digit share of group bookings, up from a low single-digit share in Q1 2025. We keep 2026E unchanged after our initial trim, leave 2027E broadly unchanged, but slightly raise 2028E. Our PT increases to EUR 40.00 (old: EUR 39.00); BUY. The full update can be downloaded under https://research-hub.de/companies/sbo-ag

HENSOLDT has outperformed the sector by ~26pp over 10 days despite the same cycle exposure that triggered a sector-wide selloff after Rheinmetall's earnings call. The outperformance is not justified by fundamentals in our view. Armoured vehicles are a core revenue driver but are the least-favoured spending category of the current conflict environment in Ukraine where drones are preferred. Hensoldt is perceived as a software-defined defense supplier, but with software accounting for only 8% of sales in FY30E, that perception does not look justified. Meanwhile, HENSOLDT trades at ~40x 2027E P/E versus Rheinmetall's ~22x on nearly double the top-line growth and same margins/ CCR ratios. Our DCF and peer-based analysis both point to a fair value of EUR 58.00-62.00. The stock is priced for a transformation that is, at best, still a decade away. SELL. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

Südzucker (SZU) reported FY26 results broadly in line with prelims, confirming a difficult year with continued pressure on earnings, driven primarily by Sugar. CropEnergies provided a partial offset with improving profitability on lower input costs and a more supportive biofuels backdrop, while Special Products and Starch weakened and Fruit remained resilient, underscoring the value of diversification. Despite weaker earnings, operating cash flow remained positive, supported by working capital effects. Looking ahead, SZU expects a strong yoy rebound in Q1 FY27 EBITDA, marking the first clear signs of recovery. This should be driven by a stronger cost base and improving biofuels dynamics, while a sustainable turnaround ultimately depends on a recovery in sugar pricing. FY26 likely represented a cyclical trough, with improving conditions now setting the stage for gradual recovery. We reiterate our BUY rating and EUR 15.00 PT. The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag

Company Name: Delticom AG ISIN: DE0005146807   Reason for the research: Update Recommendation: BUY from: 21.05.2026 Target price: 3.70 Last rating change: Analyst: Daniel Kukalj, CIIA, CEFA Discipline over volume; guidance reiterated Delticom's Q1 2026 trading update confirms what we view as the central thesis on the stock: manag [ … ]