Company Name: Verve Group SE ISIN: SE0018538068   Reason for the research: Sechsmonatsbericht Recommendation: Kaufen from: 18.08.2025 Target price: €4,80 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Verve Group SE (ISIN: SE0018538068) [ … ]

Company Name: Borussia Dortmund GmbH & Co KGaA ISIN: DE0005493092   Reason for the research: Update Recommendation: BUY from: 18.08.2025 Target price: EUR 5.20 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald FY24/25p EBITDA declined by 22.9% yoy to € 116m (eNuW: € 121m; eCons: & [ … ]

Two weeks ago, Fraport’s Q2 results showed solid operational momentum, with adjusted revenue and EBITDA up 8% yoy, and free cash flow turning positive due to lower capital expenditure. This marks the start of a favorable capital expenditure cycle. Coupled with speculation about an early dividend, this has driven the share price back to pre-Covid levels. However, high leverage looks set to keep dividends below the pre-Covid level of EUR 2.00 per share, resulting in modest yields of less than 2% in the medium term. Furthermore, structural challenges persist: passenger growth at Frankfurt remains weak (around 90% of pre-Covid levels reached in FY25); higher aviation fees and regulatory burdens are weighing on hub competitiveness; and utilization risks are looming once T2 is modernized in three to four years. With shares now trading at an EV/EBITDA premium to peers, we have downgraded the rating to SELL with an unchanged price target of EUR 62.00. The full update can be downloaded under https://research-hub.de/companies/fraport-ag

Rational remains a clear structural winner in professional cooking systems, supported by sustainability-driven adoption, strong North America momentum, and strategic expansion into China. With ~75% of kitchens still using traditional appliances, the long runway for growth is intact, while reinvestment in R&D and sales capacity underpins durable, high-quality earnings. Despite tariff and FX headwinds, we see the company’s moat and pricing power justifying a premium valuation. At 34x 2026E PE versus a 10-year average of 50x, we reiterate our BUY with a refined price target of EUR 800.00 (from EUR 835.00), underpinned by visible, high-quality earnings growth. The full update can be downloaded under https://research-hub.de/companies/rational-ag

CHAPTERS Group has placed the first tranche of its EUR 32m bearer bond, providing additional flexibility to fund its growth strategy. Building on insights from the recent Capital Markets Day, we revisit the story, highlighting the company’s sharpened profile and clarified growth ambitions. CHAPTERS acquires vertical market software businesses with strong positions, recurring cash flows, and durable moats, focusing on proven opportunities. Operating across Public, Enterprise, and newly established Fintech segments, the company leverages the Manuscript Method to foster organic growth within a decentralized model. With ~20% EPS CAGR post-2027, disciplined leverage, and new AI/Cybersecurity initiatives, CHAPTERS offers long-term compounding shareholder value. We confirm our PT of EUR 49.00 and maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/chapters-group-ag

HelloFresh’s Q2 2025 saw weaker revenue but stronger profitability. Sales fell 13% yoy to EUR 1.70bn (-10% at constant currencies) amid US Ready-to-Eat operational challenges and lower Meal Kits volumes, but adjusted EBITDA rose 8% to EUR 158.5m, supported by savings from its EUR 300m efficiency program. Operating cash flow in H1 surged 87% to EUR 274m. FY25 guidance was cut mainly due to FX headwinds, with margin assumptions unchanged. The “ReFresh” upgrade, featuring expanded menus, larger portions, premium ingredients, and improved packaging, aims to boost customer satisfaction and support growth from 2026. We trim estimates and lower our PT to EUR 10.00 (old: EUR 11.00), maintaining BUY. The full update can be downloaded under https://research-hub.de/companies/hellofresh-se

The bioenergy market remains in a sideways phase, though multiple signs point to a long-term rebound. Policies like the EU RED III, the US IRA through OBBBA, and local initiatives in Asia support renewable fuels such as ethanol and biomethane. Rising blending mandates in India and Japan, as well as increased biofuels use in heavy-duty transport in China and India, signal growing long-term demand. Verbio’s preliminary FY25 EBITDA was weaker than expected due to inventory write-downs from lower-than-expected greenhouse gas certificate prices, but adjusted EBITDA was only slightly below our estimates. Net debt remained better than expected, supporting balance sheet stability. Operational progress is slower than anticipated, yet a rebound is expected as operations scale and market conditions point to recovery in the long-term. We therefore maintain our BUY rating but lower our price target to EUR 13.00 (from EUR 15.00) based on our DCF model with updated estimates. The full update can be downloaded under https://research-hub.de/companies/verbio-se

Company Name: DEMIRE AG ISIN: DE000A0XFSF0   Reason for the research: Update Recommendation: BUY from: 15.08.2025 Target price: EUR 1.20 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Strong letting performance. In Q2, DEMIRE was able to achieve a letting performance of 15k sqm, which led to [ … ]

Company Name: MLP SE ISIN: DE0006569908   Reason for the research: Update Recommendation: BUY from: 15.08.2025 Target price: EUR 13.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch As already announced per ad-hoc on 31st July, Q2 EBIT came in at € 4.9m with a 2.1% margin (-2.9 pp yoy) in  [ … ]

Company Name: LION E-Mobility AG ISIN: CH0560888270   Reason for the research: Update Recommendation: BUY from: 15.08.2025 Target price: EUR 2.90 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Thanks to good visibility through the order book which should allow a continuation of the momentum [ … ]