BENO has published its audited FY25 results, broadly confirming the strong preliminary figures released in March. Revenue increased to EUR 9.2m from EUR 8.7m, while net profit rose to EUR 4.6m from EUR 4.0m. More importantly, the audited figures confirm a clear improvement in recurring operating performance: FFO increased to EUR 2.25m from EUR -0.07m in FY24, while operating cash flow improved to EUR 3.6m from EUR -0.5m. Equity rose to EUR 34.9m, equivalent to EUR 10.04 per share, with the company reporting NAV of EUR 11.42 per share. Ultimately, the equity story remains intact as a highly cash-generative, defensively positioned light-industrial play trading at a deep valuation discount. Following this operational validation, we upgrade our estimates by 6-12% and increase our PT to EUR 13.50 (prev. EUR 12.50). We therefore reiterate our BUY rating with a decent >70% upside potential. The full update can be downloaded under https://research-hub.de/companies/beno-holding-ag

ZEAL’s acquisition of SevenCanyon offers an attractive, low-risk entry into the GBP 1.3bn (~ EUR 1.5bn) UK prize draw market at roughly 4x historical EBITDA. The deal adds a scaled, cash-generative platform, reduces reliance on German jackpot cycles and should contribute high-single-digit EURm EBITDA in its first full year, while modest leverage preserves balance-sheet flexibility. As such, we view the transaction as strategically compelling and financially disciplined. Ahead of a strong Q2, and at 11.8x EV/EBITDA 2026E and 10.0x 2027E, we reiterate our BUY rating with an unchanged EUR 72.00 PT. The full update can be downloaded under https://research-hub.de/companies/zeal-network-se

Nordex reported a strong Q2 26 order intake of 3.05 GW excluding services, up 32.2% yoy, supported by renewed demand from the US. ASP remained robust at EUR 0.97m per MW, broadly flat yoy, highlighting continued pricing discipline. However, the headline growth was largely driven by North America: excluding US orders, Q2 order intake would have declined by around 3% yoy in Europe (mwb est.), reflecting some normalization in European growth. For H1 26, order intake reached 4.9 GW, up 9.6% yoy, while ASP improved by 3.3% yoy to EUR 0.95m per MW. Without US orders, H1 order intake would have fallen by around 4% yoy in Europe (mwb est.), underlining the increasing importance of North America as a new growth driver. However, with much of the improved cycle visibility already priced in, Nordex’s 2026E P/E of 21.5x limits further upside potential. We maintain our HOLD rating with a EUR 44.00 price target. The full update can be downloaded under https://research-hub.de/companies/nordex-se

Südzucker’s Q1 FY27 results mark an important step in the group’s earnings recovery. Despite softer sales, profitability improved significantly, showing that the turnaround is gaining traction. A leaner cost base, efficiency measures and better momentum across several divisions were the key drivers. CropEnergies and Starch stood out, Specialities remained resilient, and Sugar showed early signs of stabilisation. Looking ahead, internal improvements could meet a more supportive market environment, driven by higher bioethanol prices, lower European beet acreage, tighter EU sugar import quotas and weather-related supply disruptions, which could support world market prices. This mix could become a meaningful driver, while Q1 provides further evidence of a structurally improving earnings base. We confirm our BUY rating with a EUR 15.00 PT The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag

NATO summit hopes lifted HENSOLDT ~26% to EUR 81.00 but delivered no contract and nothing that moves our estimates. HENSOLDT is strong in sensors, yet not the default winner across land and naval platforms. Saab swept the radar suite on the TKMS A200 and took Diehl's IRIS T SLS Mk 4. Land based systems remain central to the equity story, but German approvals are still thin and we turn more cautious on the coming tenders. Recurring revenue stays modest and the recent FCF guidance lift is a timing effect, not structural. Post rally the shares trade above our unchanged DCF value of EUR 62.00 on ~18x EV/EBITDA 2026E. The market is paying full price for flawless execution in a cycle we cannot see through beyond 2035. With ~23% downside, back to SELL The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

Recent defense procurement decisions suggest that the debate is no longer about the size of NATO spending, but increasingly about its composition. The NATO summit in Ankara and Germany's delayed Arminius programme all point to stronger demand for air defence, drones, surveillance and naval capabilities, while visibility for traditional land platforms has weakened. Although RENK's expanding naval exposure provides an important offset, we believe consensus still underestimates the risk that future procurement volumes for tanks and infantry fighting vehicles fall short of current expectations. PT EUR 50.00 unchanged until Berlin's intentions are clearer. The NATO summit was not a catalyst. We downgrade to HOLD from BUY after the stock reached our price target. The full update can be downloaded under https://research-hub.de/companies/renk-group-ag

Fielmann’s preliminary H1 2026 results show a mixed picture, with total sales up 2% to EUR 1.25bn and a resilient adjusted EBITDA margin of 24% (EBITDA of EUR 296m). While a sharp Q2 acceleration in international markets (+6%) is encouraging, the core German market remains soft due to poor consumer sentiment. Management confirmed its FY 2026 guidance (sales of EUR 2.55b-2.60bn, adjusted EBITDA of EUR 590m-610m) but now anticipates results at the lower end. Our estimates, which sit slightly below guidance, already reflect this cautious tone, leaving our numbers unchanged. Still, in our view, Fielmann faces substantial execution pressure for an H2 recovery driven by aggressive store rollouts. We retain our BUY rating with an unchanged PT of EUR 68.00. The full update can be downloaded under https://research-hub.de/companies/fielmann-group-ag

Daimler Truck reported Q2 26 unit sales of 86,707 vehicles, up 8% yoy, supported by Mercedes-Benz Trucks and Trucks North America, while Daimler Buses remained under pressure. At first glance, this looks encouraging, but the improvement comes against a low prior-year base and does not yet point to a sustainable recovery. H1 26 tells a more cautious story, with reported group unit sales down 1% yoy to 155,556 units, suggesting that Q2 was mainly supported by catch-up effects. Ahead of the full Q2 results on August 7, we expect revenue of EUR 12.6bn, broadly flat yoy, and adj. EBIT of EUR 897m, down 20% yoy, implying a 7.1% margin. The cyclical pressure, geopolitical uncertainty, tariff overhang, and rising Chinese EV truck competition continue to weigh on the outlook. We believe the market remains to underestimate cyclical and structural risks, with clear parallels to the pressure Chinese competition has already created for the European car industry. We therefore reiterate our SELL rating and EUR 30.00 PT. The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag

The NATO summit confirmed that traditional land systems, while still important, are no longer where the incremental rearmament money flows, with spending intent concentrating on layered air defense, deep-strike, drones and surveillance. Tanks contribute ~20% of the 2030 EBIT guidance, and the Street continues to capitalise an oversized Arminius contract on the back of CEO commentary framing the program at ~EUR 40bn total / ~EUR 22bn to RHM on ~3,000 systems, figures we and multiple sources view as too high. The near-one-year delay in the German decision, alongside Estonia's suspension of a EUR 500m tank buy in favour of drones and air defense confirms our view. We therefore base Arminius on ~1,800 vehicles, cut post-2030 assumptions, and raise our minority interest assumption to reflect growth increasingly running through 51%-held JVs. As of now the Street largely ignored this topic. We downgrade Rheinmetall to HOLD (from BUY) and cut our price target to EUR 1,150 (from EUR 1,400). The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Hugo Boss is set to report Q2 on 4 August 2026 against a fragile macro backdrop and cautious industry read-across. Consensus expects another weak sales quarter, but the key issue is less the top line than the quality of the reset: gross margin resilience, inventory discipline and free cash flow. Middle East disruption and softer tourist flows remain relevant risks, while broader apparel peers continue to prioritize marketplace health over volume. The stock also remains under the shadow of Frasers Group's ongoing EUR 38.00 tender offer, pitched at the statutory minimum price. With 2026 still a transition year under CLAIM 5 TOUCHDOWN, we leave estimates unchanged and maintain our HOLD rating and EUR 36.50 price target. The full update can be downloaded under https://research-hub.de/companies/hugo-boss-ag