Bayer’s Q2 was broadly on track but uneven, with Crop Science carrying the quarter through stronger mix and structural cost savings, while Pharma remained in transition and Consumer Health margins stayed under pressure. Cash flow was still weak due to litigation payments, although materially better than in Q1, and the Apollo transaction improves the year-end leverage outlook without changing the underlying cashgeneration picture. Overall, the results support the operating case rather than materially upgrade it, while the Supreme Court ruling and a clearer path to lower legal outflows keep the re-rating thesis intact. We reiterate our BUY rating and EUR 65.00 price target. The full update can be downloaded under https://research-hub.de/companies/bayer-ag

Fresenius Medical Care’s (FME) delivered solid reported Q2 26 results, with revenue and EBIT growth supported by Care Delivery, reimbursement benefits, payer mix and FME25+ savings. However, earnings quality remained mixed, as attributable net income declined, and US same-market treatment growth stayed negative. Value-Based Care improved, while Care Enablement benefited from pricing and the 5008X rollout but continued to face pressure from China and cost inflation. We have reduced our longerterm estimates to reflect weaker volume trends, lower operating leverage and fading temporary benefits. With much of the turnaround already priced in, we reduce our target from EUR 47.00 to EUR 44.00 and downgrade to HOLD. The full update can be downloaded under https://research-hub.de/companies/fresenius-medical-care-ag

Company Name: UmweltBank AG ISIN: DE0005570808   Reason for the research: Researchstudy Update Recommendation: BUY Target price: EUR 8.00 Target price on sight of: 31.12.2027 Last rating change: Analyst: Cosmin Filker, Marcel Goldmann You can download the research here: 20260804_UmweltBank_Update_engl Contact for questions: GB [ … ]

Lufthansa delivered a weak but better than feared Q2. Revenue came in on consensus and slightly ahead of our estimate, while adjusted EBIT of EUR 383m fell short of consensus but comfortably beat our number, with a sharply higher fuel bill and strike costs accounting for the entire earnings decline. Management narrowed FY26 adjusted EBIT guidance, cut net capex and left the cash guide unchanged, with both the EBIT midpoint and the FCF guide above consensus. After a negative H1, the range puts the entire year on H2, where yields, the turnaround and the additional cost measures have to land together. We read Q2 as a cost shock masking resilient demand rather than a deterioration in the business and expect the fuel headwind to reverse once the Iran conflict eases. We see today’s share price drop of -10% as an overreaction, as Lufthansa remains structurally undervalued while the market keeps pricing in a never-ending crisis. BUY, PT unchanged at EUR 21.00. The full update can be downloaded under https://research-hub.de/companies/deutsche-lufthansa-ag

HAMBORNER REIT's Q2/H1 2026 results demonstrate resilient operational cash flows alongside headline pressures. H1 rental income fell 1.3% yoy to EUR 45.06m, but rose 1.7% like-for-like. H1 FFO reached EUR 23.80m (-4.4% yoy), covering ~59.5% of full-year guidance midpoint. Non-cash property impairments of EUR 19.2m led to a Q2 IFRS loss of EUR 16.48m and reduced portfolio value to EUR 1.32bn. While EPRA LTV rose to 45.2% and debt maturities present refinancing headwinds, active capital rotation into food-anchored retail is de-risking the business. Trading at a 49% NAV discount, we believe the stock is significantly undervalued. We reiterate our BUY rating with a PT of EUR 10.50. The full update can be downloaded under https://research-hub.de/companies/hamborner-reit-ag

Underlying Q2 performance was broadly in line with our expectations, confirming continued operating momentum and solid cash generation. Nevertheless, reported results were distorted by non-operating IFRS 2 charges, which might weigh on nearterm sentiment despite the unchanged underlying picture. Following the recent shareprice pullback, we now see sufficient upside to our unchanged EUR 170.00 price target and upgrade the shares from HOLD to BUY, with the stock trading at 20.7x 2026E and 17.8x 2027E underlying P/E. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se

Verbio’s preliminary FY26 results came in ahead of guidance, with EBITDA reaching EUR 192m versus EUR 14m in the prior year, above the EUR 160–180m guidance range and slightly ahead of our EUR 187m estimate. Net debt improved significantly from EUR 164m to EUR 92m, outperforming management guidance, consensus and slightly our forecast, likely supported by lower inventories. The figures imply Q4 EBITDA of around EUR 86m, substantially ahead of the EUR 52m consensus estimate and reflecting the highly supportive biofuels pricing environment. While current profitability is cyclical and unlikely to remain at peak levels indefinitely, near-term earnings and cash flow momentum remain strong. Over the medium to long term, RED III, rising demand for advanced biofuels, the US ramp-up and the stronger balance sheet support the investment case. We reiterate our BUY rating with a EUR 55.00 price target. The full update can be downloaded under https://research-hub.de/companies/verbio-se

WashTec delivered strong top-line growth in Q2 26, with revenue up 10.4% yoy to EUR 136.5m, propelled by equipment sales (+18.7% yoy) and a solid turnaround in North America (EBIT EUR 0.8m). However, earnings quality remains mixed as European EBIT growth (+3.1% yoy) lagged revenue due to delayed efficiency projects and elevated IT costs. Consequently, Q2 EBIT margin remained flat at 10.2%. While full-year guidance was reconfirmed, the required margin expansion is now heavily back-ended into H2. We view these execution issues as operational rather than structural and reiterate our BUY recommendation with unchanged PT of EUR 55.00. The full update can be downloaded under https://research-hub.de/companies/washtec-ag

Stabilus reported Q3 26 revenue of EUR 299.5m, broadly in line with our estimate, while adjusted EBIT of EUR 32.2m exceeded our forecast by around 6%. However, underlying reported EBIT of c. EUR 22m remained below expectations. Industrial growth and improved margins in the Americas partly offset continued automotive and APAC weakness. The EUR 44.4m disposal gain (divestment Fabreeka and Tech Products) carried only EUR 1.0m of tax, resulting in a EUR 43.4m after-tax contribution. We therefore raise FY26 earnings estimates and increase our price target to EUR 17.80 from EUR 17.00. Following recent share price weakness, we upgrade Stabilus from HOLD to BUY. The full update can be downloaded under https://research-hub.de/companies/stabilus-se

Amadeus Fire confirmed its preliminary figures in its full Q2/H1 26 report following last week's guidance downgrade. H1 group revenue dropped 8.0% yoy to EUR 171.7m, while operating EBITA fell 45.8% yoy to EUR 3.5m, reflecting sharp declines in high-margin permanent placement within Personnel Services (revenue -17.6% yoy). Conversely, the Training segment performed strongly (revenue +5.9% yoy, EBITA EUR 2.3m). While fullyear targets (revenue EUR 350-365m; operating EBITA EUR 17-23m) require a steep H2 profit bridge driven by a favorable working-day calendar and cost-containment measures, we believe conservative macro assumptions limit further downside risk. Consequently, we reiterate our BUY rating with unchanged PT of EUR 65.00. The full update can be downloaded under https://research-hub.de/companies/amadeus-fire-ag