HEIDELBERG reported a mixed set of Q1 FY26/27 figures. While Q1 sales missed consensus and our estimates due to poor order-to-revenue conversion in equipment, order intake came in ahead of expectations. Operational weakness was driven primarily by lower fixed-cost absorption in the Print & Packaging Equipment division rather than structural pricing pressures. Crucially, underlying demand appears stronger than the headline order drop suggests once accounting for regional distortions. Management confirmed its FY guidance for stable revenues and improved adjusted EBITDA margins, shifting the operational narrative toward a heavily back-end loaded H2 recovery. Given structural growth initiatives in recurring lifecycle revenue and long-term optionality in technology verticals, we reiterate our BUY rating with slightly adjusted PT of EUR 2.35 (previously EUR 2.50) on the back of tweaked FCF assumptions. The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

Following the expiry of Frasers Group’s EUR 38.00 takeover offer, the UK retailer now holds 47.89% of HUGO BOSS. With the offer over, investor attention should shift back to HUGO BOSS’ fundamentals and the execution of “CLAIM 5 TOUCHDOWN”. The operating backdrop remains difficult, with weak consumer sentiment, subdued demand and softer tourism-related spending in the Middle East. Q2 showed encouraging margin progress, but the channel reset is not complete. With our fair value at EUR 38.00, we see limited upside without further evidence that BOSS can rebuild margins and return to sustainable growth. The full update can be downloaded under https://research-hub.de/companies/hugo-boss-ag

Ernst Russ is expected to report solid Q2 2026 results, with sales rising 2.8% yoy to EUR 40.0m as higher average charter rates (USD 19,750 vs. USD 17,412) support top-line growth. However, EBIT is projected to decline 24.8% yoy to EUR 11.5m, driven by a demanding comparison base as last year’s Q2 was inflated by c. EUR 5m in nonrecurring disposal gains (MV Andante). On a like-for-like basis, we therefore expect a solid 10-11% yoy EBIT growth. Net income after minorities is expected at EUR 9.0m (EPS: EUR 0.27). In our view, Q2 provides a clean read-through on underlying fleet profitability prior to the EF Emira disposal gain in Q3. We reiterate our BUY rating with a PT of EUR 13.70. The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

Q3 supports our view that Hoenle’s earnings recovery is gaining traction despite only moderate top-line growth, as a more favorable business mix, lower material costs and ongoing efficiency measures are translating into stronger margins and cash generation. Adhesives and Disinfection remain the key earnings drivers, while Curing continues to weigh on performance amid weak equipment demand and structural pressures. Nevertheless, increasing order activity, broader distribution and product innovation provide initial building blocks for stabilization and a potentially slight recovery from FY27. Importantly, the group’s earnings base is already improving without a Curing recovery, leaving further progress in the segment as incremental upside. With guidance confirmed and the current valuation, in our view, not adequately reflecting the improving earnings profile and medium-term potential, we reiterate our BUY rating and EUR 17.00 price target. The full update can be downloaded under https://research-hub.de/companies/hoenle-ag

Nagarro reported a mixed Q2 2026, with revenues broadly flat yoy at EUR 252.4m and constant-currency growth slowing to 2.0%, while adjusted EBITDA rose strongly to EUR 37.8m, implying a 15.0% margin. Vertical trends remained mixed, with strength in Automotive, Financial Services and Management Consulting offset by continued weakness in Technology and Energy. Management continues to describe demand as muted, but expects selected regional headwinds to ease and sees further scope for margin improvement through utilization and cost measures. FY26 guidance remains unchanged. Meanwhile, Persistent’s EUR 81.00 per share takeover offer continues to progress, keeping valuation anchored. The full update can be downloaded under https://research-hub.de/companies/nagarro-se

HelloFresh's Q2 2026 results came in broadly in line with consensus on revenue and AEBITDA, though contribution margin fell short on frontloaded product investment. Underlying trends remain unresolved: tenured-customer metrics continue to improve, but Group order volumes declined 14% yoy, roughly double the pace of revenue (cc), as new-customer conversion remains negative. Management reiterated full-year AEBITDA guidance but now expects revenue growth towards the bottom of its range, with backto-school seen as the next read on demand. We see no evidence yet of the conversion inflection management has flagged as the condition for renewed growth, and push out our recovery scenario, accordingly, lowering our DCF-based PT to EUR 3.30 (old: EUR 4.10). We maintain HOLD. The full update can be downloaded under https://research-hub.de/companies/hellofresh-se

Mayr-Melnhof’s (MM) planned asset-deal acquisition of R.D.M. Group’s Arnsberg cartonboard mill (~230k tons capacity) provides an incremental sales potential of EUR 160m - 180m (mwb est. at full utilization, currently probably much lower) for its MM Board & Paper division. Apollo-backed R.D.M. is selling the underperforming asset amid a restructuring, which should enable MM to acquire it at a distressed price (mwb est.: EUR 40m - 60m or ~0.3x EV/sales). Leveraging its German industrial footprint and turnaround expertise, MM expects to capture procurement, logistics, and overhead synergies. This should help to restore profitability to mid-single-digit margins, potentially adding EUR 10m - 15m in mediumterm annual EBITDA. Closing of the transaction is expected in Q4 26. Until then, we leave our estimates unchanged and reiterate BUY with a EUR 96.00 target price. The full update can be downloaded under https://research-hub.de/companies/mayr-melnhof-karton-ag

NORMA’s second share buyback completes the planned c. EUR 260m capital return following the Water Management disposal. The EUR 208m offer at EUR 22.35 per share is in line with our expectations, with shareholders able to tender from August 17 to September 15, 2026. We see the price as a confident signal on NORMA’s underlying value and a fair exit opportunity at the current stage for investors seeking liquidity. Despite the cash outflow, we still expect NORMA to end FY26 in net cash with sufficient flexibility for investments and acquisitions. Operationally, the Industry Applications (IA) unit remains the key upside driver, while Mobility & New Energy (MNE) remains under pressure from the weak automotive market. We reiterate our BUY rating and EUR 23.00 PT for now, while further operational progress could justify a higher valuation over time. The full update can be downloaded under https://research-hub.de/companies/norma-group-se

BENO Holding has acquired a prime light-industrial property in Roth (Nuremberg region) for a total project volume of EUR c. 3.4m, including c. EUR 2m for the existing building (~3,700 sqm), EUR 1.1m for a tenant-backed extension, as well as PV assets/grid technology. De-risked by a 10-year lease with SYSPLAST GmbH before closing, the initial asset was bought at ~9x rent incl. transaction costs (implied yield ~11.1%), with revaluation potential to 12.5x by year-end (mwb est.). Financed with a typical LTV of 70%, the highly cash-generative deal confirms BENO's asset management expertise. We reiterate our BUY rating and slightly increase our PT to EUR 14.00 from EUR 13.50 previously. The full update can be downloaded under https://research-hub.de/companies/beno-holding-ag

Stratec's Q2 showed a clear recovery, with revenues up 2.4% at constant currency and adjusted EBIT more than doubling, lifting the margin to 11.9%. Analyzer Systems remained the key growth driver, while Service Parts and Consumables continued to lag. Management confirmed FY26 guidance for mid to high single digit revenue growth at constant currency and an adjusted EBIT margin around 10.0%. However, delivery now depends heavily on a very strong year end, while customer order forecasts remain volatile. We modestly raise our 2026E EBIT estimate and price target to EUR 21.00, but retain our HOLD rating. The full update can be downloaded under https://research-hub.de/companies/stratec-se