Recent reports suggest Elmos is evaluating strategic options, including a potential sale, likely shaped by founder ownership (~22%) and longer-term succession planning. While Elmos is an attractive acquisition target given its fabless model and leading niche positions in automotive analog and mixed-signal, visibility on a potential transaction remains limited. At the same time, recent industry consolidation (e.g. Infineon’s acquisition of ams OSRAM assets) highlights continued appetite for such assets, leading us to view Infineon as the most credible buyer. However, regulatory constraints and a narrow buyer universe suggest execution risk, limiting upside. At this early stage, we see a transaction as a low-to-medium probability event with limited takeover premium currently reflected in the share price. We maintain HOLD rating and EUR 135.00 price target (~20x 2026E P/E) as the risk-reward profile remains balanced. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se

Krones reported detailed FY25 results, in line with its solid prelims and with revenues and the EBITDA margin coming within guidance range. Full-year revenues were up 7.0% yoy to EUR 5.66bn, despite c.2ppt drag from FX headwinds. Order intake grew 1.9% yoy to EUR 5.56bn (a b-t-b ratio of 0.98x), taking the order backlog to a comfortable EUR 4.19bn by year-end. In terms of profitability, EBITDA grew 12.2% to EUR 602m, aided by production efficiency gains and cost optimisation efforts, driving a 50bps yoy improvement in the margin to 10.6%. All segments reported higher revenues and a better yoy EBITDA margin. Looking ahead, management expects revenue growth to moderate to 3-5% yoy in c.c. in FY26 and the EBITDA margin to hover c.10.7-11.1%. The anticipated deceleration reflects a more challenging operating environment amid macroeconomic and geopolitical risks, as well as normalising demand. We largely maintain our estimates, however, following the recent share price correction (around -20% over the past month), we upgrade the rating to BUY (from HOLD), retaining the PT at EUR 150.00. The full update can be downloaded under https://research-hub.de/companies/krones-ag

Delivery Hero has agreed to sell its Taiwan business to Grab for USD 600m (~EUR 550m), marking progress in its ongoing strategic review. The transaction comes at a lower valuation than the previously agreed sale to Uber two years ago, which was ultimately blocked by regulators. Proceeds are intended to support debt reduction and strengthen the company’s balance sheet, while the broader “Everyday App” strategy remains in execution. Pending formal FY26 guidance, we leave our estimates unchanged and maintain our PT of EUR 28.00 and BUY rating. The full update can be downloaded under https://research-hub.de/companies/delivery-hero-se

Singulus has announced an existential partnership combined with a five-year refinancing that removes the EUR 12m bond overhang and extends its funding horizon, materially de-risking the balance sheet. The collaboration, likely with a non-Asian solar partner, validates the company’s technology, improves revenue visibility, while also diversifying exposure away from China and CNBM. Taken together, the deal strengthens both the growth and risk profile, underpinning a clear re-rating case. We therefore raise our estimates and price target to EUR 4.50 (from 3.00) and reiterate our speculative BUY rating, with further details expected alongside FY25 results on March 27. To participate in the company’s earnings call, please register under: https://research-hub.de/events/registration/2026-03-27-09-00/SNG-GR The full update can be downloaded under https://research-hub.de/companies/singulus-technologies-ag

Lanxess delivered a weak FY25, reflecting a challenging operating backdrop marked by subdued demand, persistent pricing pressure, and structurally high European costs, which weighed on volumes, margins, and overall profitability despite ongoing efficiency measures. Momentum remained soft into Q4 and management expects the operating environment to remain subdued at least until H2 26. Management guides for adj. EBITDA of EUR 450m-550m (-2% yoy at the mid-point), missing consensus. To counter margin pressure, the company is further intensifying cost-cutting initiatives, now targeting total structural cost savings of c.EUR 150m by end-FY 28. The ongoing geopolitical tension in the middle east, deferment of Lanxess’ stake sale in the Envalior JV to Advent and resultant ratings downgrade by Moody’s to Ba1 from Baa3 have driven significant share price correction. The current low valuations offer an attractive opportunity to gain exposure to the company’s somewhat delayed but impending recovery story. We reiterate our BUY rating with a revised price target of EUR 17.00 (old: EUR 23.00). The full update can be downloaded under https://research-hub.de/companies/lanxess-ag

FY2025 results confirmed prelims and highlight a cyclical trough. Revenue declined to EUR 455m (-19% yoy), with EBITDA at EUR 71m (15.6% margin), reflecting lower activity following customer CAPEX discipline and FX headwinds. PT was hit hardest, while EE remained resilient. Looking ahead, 2026 is expected to be a transition year, with H1 weakness followed by H2 improvement driven by order conversion. Spot oil above USD 100/bbl reflects geopolitical risk, while forward prices (~USD 70-80) imply continued capital discipline. We roll our model forward, introduce 2028 estimates and emphasize margin recovery from 2027 onwards, raising our PT from 37.00 to EUR 39.00. The full update can be downloaded under https://research-hub.de/companies/sbo-ag

UI delivered decent set of FY25 results, with revenues of EUR 6.10bn (+1.9% yoy) and adj. EBITDA of EUR 1.28bn (+2.4% yoy), both slightly trailing consensus. Segmental results were mixed, with Business Access and Consumer Applications posting better-than-expected adj. EBITDA, while Consumer Access and Business Applications falling short. Adj. EBIT fell 1.9% yoy to EUR 585m as costs related to 1&1 mobile-network and fibre rollout continued to weigh on profitability. For FY26, management expects a 2.4% yoy increase in comparable sales to c. EUR 6.25bn and expects adj. EBITDA to reach c.EUR 1.45bn, implying 13% yoy growth - in line with current consensus expectations. FY25 results underscores UI’s resilient operational delivery. Meanwhile, in the long term, 1&1’s proprietary network expansion should provide a good margin upside. So far, there is no official confirmation yet on the rumored talks of Telefónica potentially acquiring 1&1. We broadly maintain our long-term estimates but upgrade to BUY (from HOLD) with unchanged PT of EUR 30.00 given moderate upside potential. The full update can be downloaded under https://research-hub.de/companies/united-internet-ag

Vossloh reported a strong finish to the year, with Q4 delivering robust revenue growth and a sharp increase in adj. EBIT. This momentum carried into the full-year results, supported by sustained demand across its core rail infrastructure markets and contributions from the Sateba acquisition. While revenues were broadly in line with expectations, profitability came in slightly ahead. Order intake was particularly encouraging, showing solid growth in the quarter and pushing the order backlog above the EUR 1bn mark by year-end for the first time, highlighting continued demand visibility. Looking ahead, management guides for another year of meaningful growth in both revenues and EBIT, driven in part by the full-year consolidation of Sateba. Overall, the results and outlook underline the resilience of the rail infrastructure sector despite ongoing macro and geopolitical uncertainties. We slightly adjust our est. but maintain our BUY rating, with a revised PT of EUR 100.00 (previously EUR 105.00). The full update can be downloaded under https://research-hub.de/companies/vossloh-ag

Rational’s FY25 annual report confirms preliminary results and adds useful granularity, confirming that growth is not only intact but high quality, driven by volumes, a stable order book and a resilient, high-margin aftermarket base. While cash flow softened on investment and working capital effects, the balance sheet remains exceptionally strong. Strategically, the recent launch of iCombi One in China, continued salesforce expansion and early-stage innovation (iHexagon, digital ecosystem) broadens the growth algorithm and introduces potential new S-curves, without compromising margins. With 2026 guidance in line and supported by structural tailwinds, low penetration and a large addressable market, we see a long runway for compounding growth and reiterate our BUY rating with unchanged EUR 820.00 PT, implying a premium ~34x 2026E P/E. The full update can be downloaded under https://research-hub.de/companies/rational-ag

We see the recent selloff in MTU as an attractive entry opportunity rather than a sign of weaker fundamentals. The shares trade 21% below the February ATH, even though the company continues to execute very well, with FY25 adj. EBIT margin already at 15.5%, in line with management’s 2030 target. Despite this, MTU is valued at only 8.5x 2027 EV/EBITDA and 14.8x 2027 P/E, around half (!) peer median levels, while still offering c.8% top line CAGR and a c.12ppt spread between 2030 ROCE and WACC. This discount is far too wide given the company’s operational progress and strong long-term visibility. Consensus also still looks too conservative, especially on margins, which should support further upside as MTU continues to deliver. On our numbers, average peer multiples would imply a value of more than EUR 600/share, while our DCF based price target remains EUR 505.00. We reiterate our BUY rating. The full update can be downloaded under https://research-hub.de/companies/mtu-aero-engines-ag