Stabilus’ announcement reinforces its transformation from a cyclical automotive supplier into a more regionalized motion control and automation platform. Investments in the US, China, Mexico, and Germany strengthen local production, distribution, and supply chain resilience. The US aftermarket expansion, including access to around 20,000 retail locations, could improve revenue quality through higher-value Powerise solutions. Suzhou provides tangible evidence of Destaco integration and supports the industrial automation strategy. While execution, and hence growth, margins, and leverage, remains a key risk, the announcement underlines work in progress, albeit still at an early stage. Therefore, our estimates and rating remain unchanged. BUY with an EUR 21.90 price target. The full update can be downloaded under https://research-hub.de/companies/stabilus-se

Blue Cap delivered a solid Q1 26 print, with adjusted EBITDA rising 6.3% yoy to EUR 1.7m and margins expanding 60 bps to 5.4%, despite a minor 4.3% revenue dip to EUR 31.0m. Robust growth in the Industrials segment (+9.2%) effectively counterbalanced persistent cyclical weakness in Business Services (-21.2%). Crucially, as at the end of Q1, the company maintained a pristine balance sheet with zero net leverage. Earlier this month, Blue Cap announced the transformative acquisition of Janoschka AG, which will significantly reshape the company in 2026. With the acquisition of Janoschka, management significantly raised its FY26 guidance. We believe successful integration will unlock massive value. We reiterate our BUY rating with unchanged PT of EUR 33.00. The full update can be downloaded under https://research-hub.de/companies/blue-cap-ag

Nagarro’s Q1 2026 results reflected resilient operational execution despite continued macro headwinds and cautious enterprise IT spending. Constant-currency revenue growth remained solid at 6.5%, while improved utilization and operational discipline supported higher gross margins and adjusted EBITDA profitability. Reported earnings benefited from non-operating tailwinds, including FX-related gains and share-based compensation effects. Vertical performance remained mixed, with strong momentum in consulting, financial services, and automotive-related transformation projects offset by weakness in technology and energy-related spending. Management confirmed FY26 guidance and highlighted increasing traction in AI transformation and advisory-led engagements, as enterprise AI discussions evolve from pilot projects toward larger-scale implementations. We leave our estimates unchanged and confirm our BUY rating and EUR 75.00 price target. The full update can be downloaded under https://research-hub.de/companies/nagarro-se

cyan AG’s FY25 results confirmed the operational turnaround, with revenues up c. 30% yoy to EUR 9.2m and EBITDA turning positive to EUR 0.8m. While earnings were supported by some non-recurring effects, the stand-alone cybersecurity business is now profitable at EBITDA level, cash flow improved, and the balance sheet remains solid. Operationally, telco momentum continued, with the end-customer base up 47%, driven by Orange rollouts and strong EMEA growth. For FY26, management guides further revenue growth but slightly lower but still positive EBITDA, reflecting normalized one-offs and a significant step-up in personnel costs to facilitate Guard 360 opportunities. We maintain our EUR 4.00 PT and confirm BUY. The full update can be downloaded under https://research-hub.de/companies/cyan-ag

Against this backdrop, mwb research is hosting an online roundtable with Tarmo Sild (Founder & CEO) on May 21, 2026, at 11:00 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/2026-05-21-11-00/IUTE-TL.

CANCOM delivered a solid Q1 26 profitability beat despite slightly weaker revenues. EBITDA increased 28.1% yoy to EUR 27.0m, supported by a higher gross margin, better software and services mix, and ongoing cost discipline. Germany was the clear positive surprise, with strong revenue growth and a sharp margin recovery, while International showed weaker volumes but stable profitability. Management confirmed FY26 guidance for revenue of EUR 1.75-1.85bn, EBITDA of EUR 110-130m, and EBITA of EUR 55-75m. Operating cash flow of EUR -60.0m remains a key concern. We raise our price target to EUR 27.00 from EUR 25.00, purely reflecting the lower number of shares outstanding after the completed share buyback and capital reduction, while leaving our estimates unchanged. The full update can be downloaded under https://research-hub.de/companies/cancom-se

MS Industrie’s Q1 26 results confirm the expected recovery trend, with revenue growth returning and profitability improving yoy despite ongoing US ramp-up costs. EBIT turned positive again, highlighting early operational progress. The order backlog was broadly stable, providing short-term visibility. Management reaffirmed its 2026 guidance, still pointing to higher revenue and improving profitability, supported by gradually better demand in European truck markets, diversification and declining US ramp-up costs. We slightly lower our 2026 profitability expectations due to a slower earnings ramp, while keeping the mid-term outlook unchanged. Structural drivers remain intact and should support further earnings momentum even without a strong global truck cycle upswing. We reiterate our BUY rating with an unchanged PT of EUR 2.20. On 20 May, CEO Dr. Andreas Aufschnaiter will provide further insights during the earnings call. Register here: https://research-hub.de/events/registration/2026-05-20-14-00/MSAG-GR The full update can be downloaded under https://research-hub.de/companies/ms-industrie-ag

Südzucker (SZU) announced that it expects a strong start to FY27, with Q1 (1 Mar–31 May 2026) EBITDA set to increase significantly yoy, reinforcing the view that an operational recovery is underway. This supports our bullish investment case, underpinned by a stronger cost base and a supportive biofuels backdrop, while a more sustained turnaround still depends on a meaningful recovery in sugar prices. Global sugar markets are showing increasingly signs of tightening, supported by higher bioethanol prices, lower European sugar beet acreage, and potential weather-related supply disruptions. We see limited downside from a potential German sugar tax, while EU import restrictions provide additional support to domestic producers. We reiterate our BUY rating and EUR 15.00 PT, implying 28% upside, while noting that further upside will depend on the strength and durability of the rebound in the sugar market. The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag

Siemens Energy delivered Q2 results fully in line with the preliminary figures, confirming continued strong operational momentum and solid demand across key energy infrastructure markets. Execution remained robust, supporting earnings quality and cash generation, while segment trends were broadly mixed but overall stable. The company also highlighted an improved outlook and attractive shareholder returns, including a higher dividend and a significant buyback program. However, much of this strength appears reflected in the strong share price rerating, leaving limited incremental upside as expectations have moved ahead of fundamentals. While the structural demand backdrop remains supportive, we see a less attractive risk/reward at current levels and maintain our SELL rating with a PT of EUR 100.00. The full update can be downloaded under https://research-hub.de/companies/siemens-energy-ag

Against this backdrop, mwb research is hosting an online roundtable with Dr. Andreas Aufschnaiter (Board of Directors) on May 20, 2026, at 2:00 p.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/2026-05-20-14-00/MSAG-GR.