Amadeus Fire (AAD) faced a difficult FY25 due to German economic stagnation, with revenue and EBITA falling to EUR 363.6m (-16.8% yoy) and EUR 13.7m respectively. However, stabilization trends noted by peers like Michael Page and a strategic shift toward AI-based training platforms (Masterplan, eduBITES) suggest a recovery is underway. For FY26, the company guides for Group revenue up to EUR 394m and a significant profit recovery in the Training segment. Despite short-term uncertainty, the structural need for skilled labor remains a long-term tailwind. We believe AAD is well-positioned for an upturn. We therefore reiterate our BUY rating with unchanged PT of EUR 70.00. The full update can be downloaded under https://research-hub.de/companies/amadeus-fire-ag

At the mwb German Select Conference, Sophia Kursawe, Senior Manager IR, provided an update on the company’s recent developments and outlook. She highlighted the strong positioning in braking and safety-critical systems for rail and commercial vehicles. Rail remains the key profitability driver, supported by long-cycle demand, a strong aftermarket base, and the “BOOST” program driving margin expansion through cost control and portfolio optimisation. The Truck division shows early signs of stabilisation, although the cyclical environment remains weak. Looking ahead, Rail continues to benefit from structural megatrends such as digitalisation and sustainability, while Truck is expected to recover gradually but with uncertain timing. Strategic initiatives in M&A, signalling, and aftermarket services support medium-term growth, alongside longer-term digital opportunities. In our view, Rail strength is largely priced in, while Truck cyclicality remains a key risk, resulting in an unattractive risk-reward profile. We therefore maintain our SELL rating and PT of EUR 86.00. The Roundtable recording is available here: https://research-hub.de/videos. The full update can be downloaded under https://research-hub.de/companies/knorr-bremse-ag

R. STAHL reported FY25 results in line with prelims, confirming weak demand with revenue down 9.1% yoy and declining order intake (-6.4% yoy). Profitability remained supported by temporary effects, masking weaker underlying margins, while free cash flow turned slightly negative. FY26 guidance points to further declines in both revenue and EBITDA, reflecting continued subdued demand and limited backlog visibility. The NEXUS program targets structural improvement and growth to EUR ~500m sales by 2030, but meaningful contributions are expected only from FY27 onwards. Despite weak near-term fundamentals, the stock offers an attractive risk-reward profile, supporting a continued BUY recommendation with a slightly lower price target of EUR 17.00 (before EUR 18.50.). The full update can be downloaded under https://research-hub.de/companies/r-stahl-ag

Formycon reported updated FY2025 preliminary results with improved profitability, as EBITDA is now expected at around EUR -4m (vs. previously EUR -12m), mainly driven by accounting-related capitalization of development costs. Revenues remain unchanged at around EUR 45m. Importantly, there is no update on the company’s Stelara-biosimilar FYB202, where US uptake remains limited due to exclusion from key PBM formularies, and impairment assumptions are unchanged. While the EBITDA improvement is purely optical, underlying commercial challenges persist. We therefore leave our estimates unchanged and maintain our Buy rating with a price target of EUR 40.00, as we believe the current valuation does not fully reflect the portfolio’s long-term potential. The full update can be downloaded under https://research-hub.de/companies/formycon-ag

MHP Hotel AG reported strong Q1 KPIs, with results for the first time benefiting from the February acquisition and repositioning of the Hyatt Regency Vienna. Group occupancy dipped slightly to 65% due to the ramp-up of the newly opened Conrad Hamburg; however, excluding this property, occupancy reached a record high of 70% for Q1, highlighting robust underlying demand. Pricing remained resilient, with ADR rising by 1% yoy to reach a Q1 high of EUR 205, thereby driving RevPAR up by 4%. Revenues grew significantly by 25% yoy, supported by an exceptional 36% increase in food and beverage sales. The company reaffirmed its FY26 guidance of around EUR 225m in revenue and at least EUR 10m in EBITDA, noting both risks from geopolitical tensions and potential upside from shifting travel demand to Europe. EV/EBITDA multiples of 3.5x for 2026 and 2.1x for 2027 look highly attractive and represent a significant discount to peers. We confirm our estimates and maintain our BUY rating with a price target of EUR 3.30. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

AIXTRON has issued a EUR 450m zero-coupon convertible bond at a 30% premium, providing low-cost, flexible funding and effectively deferring equity issuance at higher valuation levels. While the structure appears financially attractive and opportunistic given the company’s strong net cash position, the broadly defined use of proceeds suggests limited visibility on near-term deployment. At the same time, hedging-related shorting from the concurrent share placement is likely to create near-term technical pressure, while the premium being set off a discounted reference price reduces its effective buffer and increases the likelihood of conversion over time, implying potential dilution of up to ~8%. Overall, we maintain our SELL rating at current prices on an unfavorable risk-reward profile. The full update can be downloaded under https://research-hub.de/companies/aixtron-se

Following TKMS’s participation at our mwb research German Select Conference, we came away with renewed confidence in the structural strengths of the business model. In our view, the market still fails to reflect that TKMS is fundamentally different from land-based defence peers, with long-cycle naval exposure, exceptional backlog visibility, and margin upside that remains insufficiently priced in. BUY, PT EUR 125.00. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

HEIDELBERG has lowered its FY25/26 adjusted EBITDA margin guidance to ~6.6% (previously ~8.0%) due to geopolitical tensions, FX headwinds, and a weaker product mix. Despite this, revenue remains stable at ~EUR 2.4bn. The company is strongly investing in its new defense and energy pillar (HDAT), which weighs on current margins but promises future growth. While near-term sentiment is dampened by the profit warning, the underlying efficiency gains and strategic repositioning support a recovery once macro conditions stabilize. We believe the long-term investment case remains intact, which is why we maintain our BUY rating and PT of EUR 2.60. The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

Company Name: Shelly Group SE ISIN: BG1100003166   Reason for the research: Update Recommendation: Buy from: 15.04.2026 Target price: 79.00 EUR Target price on sight of: 12 Monaten Last rating change: - Analyst: Bastian Brach Preliminary Q1 Results Surprise to the Upside Shelly reported a strong start to the year with preliminar [ … ]

We expect SUSS to report a weak Q1 marking the trough, with revenue around EUR 95m (-20% qoq) and EBIT around break-even, reflecting the lagged impact of weak 2025 order intake, low volumes, and continued ramp and R&D costs. However, underlying fundamentals are improving, with order intake expected above EUR 130m (+10% qoq), driven by strong AI-related demand (HBM/CoWoS) and follow-on orders. We expect this order momentum to sustain into Q2 onwards, creating scope to narrow the full-year guidance corridor upward. We therefore reiterate our BUY rating and raise our price target to EUR 70.00 (from EUR 61.00), reflecting growing confidence in the order recovery and medium-term growth trajectory. The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se