TKMS delivered a solid Q1 with stable revenues, resilient margins and a guidance update. The pre market share price decline of around 2% appears surprising given the lack of negative fundamental news and, in our view, offers an attractive entry point. While quarterly figures were largely in line, the key takeaway is the upgrade to FY 25/26 revenue growth range by 300bp and the reaffirmed margin expansion trajectory above 6%, with >7% mid-term intact. The reported backlog stands at EUR 18.7bn and would approach roughly EUR 25bn (mwb est.) including the recently signed Norway 212CD order and the highly likely MEKO A-200 contract, materially enhancing long-term revenue visibility. In our view, execution on the existing backlog is sufficient to drive the equity story, with additional tender wins (India & Canada) representing incremental upside rather than a prerequisite for performance. PT EUR 125.00. BUY. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

With FY25 results due on 25 March, we expect Q4 to deliver a sequential catch-up as delayed projects convert, driving a sharp rebound in revenues to ~EUR 26m (+50% qoq) and EBIT to ~EUR 3.6m (vs -EUR 1.8m in Q3), and likely placing FY25 results toward the lower end of guidance. While execution into year-end remains the key near-term focus, attention is increasingly shifting to the FY26 outlook, where we expect conservative but constructive guidance on improving underlying trends, notably continued growth in Asia and gradually stabilizing European demand. We expect revenue guidance in the EUR 90–100m range (c.15% yoy growth at the midpoint) and an EBIT margin of 3–6%. Despite lowering our outer-year estimates, valuation remains undemanding at ~4.8x EV/EBITDA on FY26, underpinning our BUY rating and EUR 6.00 price target. The full update can be downloaded under https://research-hub.de/companies/viscom-se

MHP Hotel AG reported record Q4 KPIs despite a headline occupancy dip to 78% caused by the initial ramp-up of the newly opened Conrad Hamburg. Excluding the Conrad, occupancy rose to a record 82%, highlighting strong underlying portfolio performance. Average daily rates hit a record EUR 249 (+10% yoy) on premium pricing resilience and a favorable mix (notably Koenigshof), driving revenue per available room to a record EUR 195, and even EUR 203 excluding the Conrad. Q4 revenue increased by a strong 16% yoy. The company confirmed FY25 guidance (EUR 180m revenue, EUR 15m EBITDA) and issued initial FY26 guidance of ~EUR 225m revenue and at least EUR 10m EBITDA. Factoring in renovation costs at Le Méridien Hamburg and Stuttgart, we trim our FY26 EBITDA estimates by ~EUR 1m but confirm our BUY rating and EUR 3.30 PT. A valuation of 3.6x EV/EBITDA implies a ~50% discount to peers and provides a solid risk buffer. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

Company Name: Westwing Group SE ISIN: DE000A2N4H07   Reason for the research: Update Recommendation: BUY Target price: EUR 23.5 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr UK market entry around the corner Last year, Westwing’s European expansion gained significant momentum as the com [ … ]

Airbus heads into its FY25E (publication: 19 February) results with solid operational delivery but limited upside. We expect FY25 revenues of EUR 74.1bn, EBIT of EUR 6.5bn and EPS of EUR 6.72, with EPS inflated by the financial result due to the 10.6% stake in Dassault Aviation, creating a negative base effect into FY26. The key focus will be 2026 delivery guidance. After years of overly ambitious targets, we expect a more cautious tone and model 870 deliveries versus prior market hopes of around 900. At the same time, competitive risks are rising: COMAC is gaining traction as a credible challenger from 2030 onwards, a risk still underpriced given Airbus’ strong APAC exposure. On the defense side, FCAS optimism continues to fade amid governance disputes and weakening political backing, putting the defense-driven rally increasingly at risk. With solid operations but valuation stretched, we reiterate SELL. Price target EUR 175.00. The full update can be downloaded under https://research-hub.de/companies/airbus-se

TUI reported broadly in-line Q1 FY26 results, a seasonally weak quarter, with stable revenue of EUR 4.9bn and underlying EBIT rising EUR 26m yoy to EUR 77m. This was supported by record cruise performance and improving losses in Markets + Airline, partly offset by hurricane-related hotel closures and FX effects. Holiday Experiences grew modestly, led by Cruises and TUI Musement, while Markets + Airline declined slightly due to currency headwinds and a deliberate reduction in own-risk capacity. Management reaffirmed full-year guidance for 2-4% revenue growth and 7-10% EBIT growth, despite a mixed trading outlook marked by competitive booking trends in Markets + Airline and cautious demand in Hotels & Resorts, contrasted with strong absorption of expanded cruise capacity. The balance sheet continued to strengthen, with net debt reduced to EUR 3.6bn, enabling the resumption of a EUR 0.10 dividend and the introduction of a 10–20% payout policy from FY26. We reiterate our BUY rating with an unchanged EUR 16.00 price target. The full update can be downloaded under https://research-hub.de/companies/tui-ag

Scout24’s share price has fallen to a new 52-week low following a sentiment-driven sell-off in platform and software stocks amid renewed AI concerns. Importantly, this de-rating has not been triggered by a deterioration in fundamentals. Scout24 continues to benefit from a resilient marketplace ecosystem, strong pricing power and highly visible cash generation. On a 9M basis, the company has generated around EUR 200m in free cash flow with conversion of roughly 70% of ordinary operating EBITDA. Disciplined capital allocation, including substantial share buybacks, further enhances free cash flow per share. At current levels, the valuation appears disconnected from the company’s long-term cash flow compounding potential, offering an attractive opportunity for quality-oriented investors. We reiterate our BUY rating and PT EUR 129.00. The full update can be downloaded under https://research-hub.de/companies/scout24-se

TKMS is heading into Q1 earnings with solid operational momentum and limited downside risk. We expect sales of around EUR 545m, compared to EUR 569m last year, and adjusted EBIT of approximately EUR 24m, compared to EUR 31m. The apparent year-on-year decline is largely driven by the effects of the IFRS 15 accounting standard, rather than underlying execution. Project progress remains stable and consistent with last year, meaning that last year's figures are not fully comparable and overstate the perceived slowdown. Looking beyond Q1, we believe that an upgrade to the margin guidance is increasingly likely. Current mid-term EBIT guidance of >7% appears increasingly conservative in light of structurally tight yard capacity, improving pricing power and execution tracking ahead of legacy assumptions. Together with sizeable tender potential in surface vessels and submarines, this supports an attractive risk-reward profile and underpins our price target of EUR 125.00. BUY The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

Bechtle AG reported preliminary FY25 results broadly in line with expectations, confirming a good year-end performance despite a challenging market. Business volume rose 8% to EUR 8.6bn, while revenue increased 2% to EUR 6.4bn. FY25 EBT reached about EUR 324m, close to forecasts, with Q4 momentum driven by recovering municipal demand. However, FY-margins remained under pressure due to cautious investment behavior among SMEs and public-sector uncertainty. Management’s FY26 outlook is cautiously optimistic and highlights demand volatility, pricing risks, and potential supply bottlenecks. Given these uncertainties, the HOLD rating is maintained with a revised EUR 44.00 (before EUR 48.00) price target. The full update can be downloaded under https://research-hub.de/companies/bechtle-ag

Staige One AG (“Staige”) reported preliminary FY25 results with revenues of c. EUR 2.1m and EBITDA of around EUR -2.4m, reflecting a clear top-line shortfall versus expectations, while profitability remained broadly in line. Sequential improvement in H2 FY25 confirms operating leverage and disciplined cost management. Importantly, management disclosed an industrial and public-sector pipeline exceeding EUR 6m, including a growing share of scalable, license-based opportunities, with initial six-figure revenues already realized. FY26 guidance of c. EUR 4.0m revenues and EBITDA break-even implies a reset but appears achievable given pipeline visibility and run-rate momentum. Despite elevated execution risk, the improved qualitative profile supports continued upside optionality. We therefore reiterate our Spec. BUY but with lower PT of EUR 2.50 (prev. EUR 3.30). The full update can be downloaded under https://research-hub.de/companies/staige-one-ag