Company Name: THE NAGA GROUP AG ISIN: DE000A161NR7   Reason for the research: Update Recommendation: BUY from: 20.08.2025 Target price: EUR 1.10 Target price on sight of: 12 months Last rating change: Analyst: Frederik Jarchow H1 EBITDA stands at € 3.0m (+8% yoy) and hence lower than anticipated (eNuW: € 4.0m), mainl [ … ]

Company Name: Flughafen Wien AG ISIN: AT00000VIE62   Reason for the research: Update Recommendation: HOLD from: 20.08.2025 Target price: EUR 60.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Q2 EBITDA remained strong at € 130m (eNuW: € 128m, eCons: € 129m), but developed  [ … ]

Photon Energy’s Q2 results showed 7.5% revenue growth, driven by a 183% yoy surge in the Technology (trading) segment from strong PV module sales. This was offset, by declines in electricity generation (-4.7%) due to Romanian asset shutdowns and Australian disposals, and a 17.1% drop in New Energy from weaker capacity market revenues. EBITDA fell to EUR 2.8m with margin halved to 11% on a weaker product mix and New Energy losses, while operating cash flow improved to EUR 8.2m, yielding EUR 6.5m in free cash flow used for debt repayment. The equity ratio slipped to 25.0% (25.9% adjusted), narrowly above the 25.0% covenant, leaving limited room for further losses in H2. Despite no FY25 guidance and short-term risks, Photon Energy retains attractive long-term opportunities in DSR, capacity markets, Raygen, and PFAS remediation. With a revised PT of EUR 1.00, we reiterate our Spec. BUY rating. The full update can be downloaded under https://research-hub.de/companies/photon-energy-nv

FCR Immobilien AG delivered a solid H1 2025, confirming the resilience of its retail-focused portfolio. Rental income reached EUR 15.6m, while EBT came in at EUR 4.0m (H1 2024: EUR 4.8m). Crucially, FFO remained stable at EUR 3.9m, underlining robust cash generation. Financing costs declined significantly to EUR 6.3m, reflecting a more favorable interest environment and disciplined refinancing. Portfolio metrics strengthened further with occupancy at 94.2% and WAULT extending to 5.9 years. NAV rose to EUR 161.5m (YE24: EUR 145.6m), while the equity ratio improved to 33.7%. Overall, FCR’s stable operations, strong balance sheet, and predictable rental income confirm its defensive equity story and support our BUY rating with a target price of EUR 22.00. The full update can be downloaded under https://research-hub.de/companies/fcr-immobilien-ag

Hensoldt supplies sensors and radars to both Rheinmetall and KNDS, making a potential KNDS IPO (~EUR 22bn MCap) operationally neutral. Demand visibility re-mains robust, while Berlin’s 25.1% stake in Hensoldt secures political protection. The risk lies in outflows: recent buying has been dominated by passive ETFs, and a KNDS listing could divert capital away from Hensoldt given its smaller size and ~44% free float. Ukraine contributes ~7% of revenues and will remain supportive irrespective of ceasefire dynamics, as NATO integration drives structural demand. Overall, we see the IPO as neutral to fundamentals but negative for outflows, and with HAG still trading at a premium to Rheinmetall despite weaker growth and margins, we reiter-ate SELL, PT EUR 70.00. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

The potential KNDS IPO (~EUR 22bn on RHM multiples) raises political risk for Rheinmetall as Berlin considers a 25.1% stake in KNDS but holds none in RHM, despite its important role. We see this asymmetry as unjustified and potentially favoring KNDS in future tenders. While the IPO proceeds could allow KNDS to close part of its historic CAPEX gap, RHM retains a clear leader in capacity and technology. However, a listing could divert passive inflows which strongly supported RHM´s stock in their past rally, but fundamentals remain the decisive driver in the long run. RHM´s drop on peace headlines is a buying opportunity, as also CEO Armin Pappenberger has always further increased his stake after share price drops in the past. We continue to believe peace news will not change Europe’s multi-decade rearmament plans and reiterate to BUY with a PT of EUR 2,280. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Mister Spex’s Q2 2025 results due on Aug 28 are set to show sharp topline pressure but improving margins. We expect revenues of c. EUR 55m (-19% yoy), reflecting the strategic withdrawal from the company’s international markets, continued weak German demand and heavy online discounting, while gross profit should prove more resilient at c. EUR 30m (-9% yoy). Gross margin is seen rising c. 5pp to 53.7%, with EBIT losses narrowing to c. EUR -6m (Q2 24: -7.2m), highlighting early benefits from the SpexFocus program. Despite ongoing revenue headwinds, management is likely to maintain FY25 guidance (sales -10% to -20% yoy; EBIT margin unchanged). With a solid liquidity position (YE24 cash EUR 72m), Mister Spex is well-placed to execute its turnaround. We reiterate our BUY rating, PT unchanged at EUR 4.00 as we see light at the end of the “restructuring tunnel”. The full update can be downloaded under https://research-hub.de/companies/mister-spex-se

Die LS telcom AG hat ihre Prognose für Geschäftsjahr 2025 deutlich gesenkt. Statt bislang erwarteter Umsätze in Höhe von EUR 41–46 Mio. und eines EBITs von EUR 0,8–1,9 Mio., rechnet der Vorstand nun mit EUR 35,5–38,5 Mio. Umsatz und einem EBIT zwischen EUR –0,95 und EUR 1,1 Mio. Grund sind Verzögerungen bei zwei Großprojekten, die voraussichtlich erst in kommenden Geschäftsjahr 2026 starten. Nach einem stabilen H1 mit EBIT-Verbesserung auf EUR –0,6 Mio. entfällt damit die erhoffte Dynamik und weiteren Erholung in H2. Positiv wirkt die fortgesetzte Kostenreduktion, die den Ergebniseffekt abmildert. Wir passen unsere Schätzungen an und senken das Kursziel auf EUR 6,00 (alt: EUR 6,80) gesenkt, das Rating Kaufen bleibt angesichts des mittelfristigen Erholungspotenzials bestehen. Die vollständige Analyse ist abrufbar unter https://research-hub.de/companies/ls-telcom-ag

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

Company Name: Swissnet AG (formerly Beaconsmind AG) ISIN: CH0451123589   Reason for the research: Update Recommendation: BUY from: 19.08.2025 Target price: €19.00 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research has published a research update on swissnet AG ( [ … ]