Against this backdrop, mwb research is hosting an online roundtable with Andreas Theisen (Head of IR & Sustainability) on April 14, 2026, at 10:00 a.m. CEST. Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-04-14-10-00/JEN-GR.

Redcare Pharmacy (RDC) reported a solid start to 2026, with Q1 group revenue up 18% yoy to EUR 848m, ahead of its FY26 guidance of 13-15% growth. Non-Rx grew 10% to EUR 533m, in line with the guided 8-10% range, while Rx increased 35% to EUR 315m, driven by strong momentum in Germany. German non-Rx growth improved compared to Q4 following a period of lower marketing spend. The company confirmed its FY26 outlook. Overall, the business is tracking as expected within the reset framework. We confirm our BUY rating and EUR 95.00 price target, with further detail on profitability expected in May. The full update can be downloaded under https://research-hub.de/companies/redcare-pharmacy-nv

We downgrade LANXESS to HOLD from BUY ahead of Q1, as we expect the company to remain firmly in the trough, with no near-term improvement in volumes or utilization amid weak end-markets, persistent pricing pressure and structurally high European energy costs. Recent price increases appear largely defensive, reflecting cost pass-through rather than pricing power. At the same time, the Middle East energy shock adds further pressure to an already fragile backdrop, reinforcing Europe’s cost disadvantage and delaying the recovery timeline toward the end of H2 2026. With the shares now trading around our fair value of EUR 17.00, we see limited near-term upside, as further re-rating would require greater visibility on volumes and earnings inflection. The full update can be downloaded under https://research-hub.de/companies/lanxess-ag

Company Name: EPH Group AG ISIN: AT0000A34DM3   Reason for the research: Update Recommendation: BUY Target price: EUR 102 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald EPH secures another premium alpine resort project Last week, EPH announced the signing of an agreement to acquire a high-quali [ … ]

Deutsche Rohstoff AG is accelerating its U.S. drilling activity through 1876 Resources in response to stronger oil prices, expanding its 2026 program by adding a third rig. A previously low hedge ratio allows it to lock in higher futures prices. At the same time, the company has partially monetized its stake in Almonty Industries, selling 9m shares for a c. EUR 100m gain, strengthening its balance sheet and funding the expanded drilling program while retaining exposure to the long-term upside of the Sangdong Mine. Reflecting these developments, Deutsche Rohstoff has significantly upgraded its FY26 guidance. Upgrading our estimates, we arrive at a new price target of EUR 129.00 (previously EUR 121.00). Any share price weakness of Deutsche Rohstoff following the overnight oil price slump represents a compelling entry point for investors. BUY. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

With Q1 due on 7 May, we expect a soft start amid zero jackpot peaks, with stable LOTTO 6aus49 and weaker Eurojackpot dynamics. We expect modest yoy revenue growth driven by mix, albeit below the full-year run-rate. EBITDA margin should come in slightly above full-year guidance, as we assume marketing and investment spend to scale more meaningfully through the year. We reiterate our BUY rating and EUR 72.00 price target, implying a premium 31x 2027E P/E, as we view the current spending intensity as economically rational, while the associated margin drag should prove temporary. The full update can be downloaded under https://research-hub.de/companies/zeal-network-se

Company Name: Delticom AG ISIN: DE0005146807   Reason for the research: Update Recommendation: Buy from: 07.04.2026 Target price: 3.90 Last rating change: Analyst: Daniel Kukalj, CEFA, CIIA Tough market, tougher discipline Delticom's FY2025 results tell a story of deliberate transformation rather than stagnation. Revenue of EUR 4 [ … ]

Hugo Boss reports Q1 2026 results on 5 May. Consensus expects revenues of EUR 887m (−11% yoy) and EBIT of EUR 30m (vs. EUR 61m in Q1 2025), reflecting a weak start to a transition year under the CLAIM 5 TOUCHDOWN strategy. The softness is well flagged and driven by a delivery shift, FX headwinds and a tough comparable. However, the macro backdrop has deteriorated materially since management confirmed FY26 guidance on 10 March, with the Iran war driving an energy price shock that poses tangible downside risk to consumer spending. We moderately reduce our estimates and lower our price target from EUR 38.00 to EUR 36.50. HOLD. The full update can be downloaded under https://research-hub.de/companies/hugo-boss-ag

FCR Immobilien AG’s preliminary FY25 results confirm its successful transition to a stable, FFO-driven business model, highlighted by FFO of EUR 7.4m and strong Q4 performance. Relatively stable l-f-l rental income of EUR 30.5m and improved occupancy of 94.6% demonstrate resilience and increased reliance on recurring revenues rather than one-off gains. Although EBT declined yoy to EUR 6.9m c, this reflects a healthier earnings structure following prior exceptional gains. NAV rose to EUR 164.8m (+13% yoy), supported by disciplined asset management and favorable revaluations, while reduced financing costs signal effective debt management. With shares trading at a 30% discount to NAV, the company offers attractive value, improved stability, and limited downside risk, supporting our BUY rating and unchanged PT of EUR 22.00. The full update can be downloaded under https://research-hub.de/companies/fcr-immobilien-ag

The longer than expected Iran conflict adds another layer of near-term volatility to the aviation sector through higher fuel prices, airspace closures and weaker flight hour activity, but we do not view this as a change in MTU’s structural investment case. We make a modest adjustment to our estimates to reflect softer near-term OEM and aftermarket assumptions, also incorporating our lower Airbus delivery forecast. However, delayed aircraft deliveries and deferred maintenance should primarily shift earnings rather than destroy them, while the installed base continues to support longer-term aftermarket visibility. With backlog support still strong and the current valuation discount still too wide in our view, we maintain our BUY rating and EUR 505.00 price target. The full update can be downloaded under https://research-hub.de/companies/mtu-aero-engines-ag