Rheinmetall’s shares are down nearly 18% from recent highs, offering a buying opportunity given their history of strong rebounds (>130% since the last ceasefire talks). Ukraine currently accounts for ~10% of revenues, which is expected to drop below 5% (mwb. est.) as EU NATO rearmament drives future growth, supported by the 3.5% defence spending target. Rebuilding Ukraine’s defence industrial base will take several decades, regardless of any ceasefire. A guidance hike is anticipated by year-end as Germany resumes major orders, with revenue expected to peak in the mid-2030s before stabilising at high-margin maintenance levels. With unmatched R&D capabilities and strong NATO demand, we reiterate our BUY rating and EUR 2,280 price target. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Finexity, a portfolio company of coinIX and specialist for the tokenization of real assets, is planning a capital increase and a direct listing in the m:access segment of the Munich Stock Exchange. The capital increase is intended to finance the development of an electronic trading and settlement platform based on the blockchain as well as the acquisition of a regulated securities institution. The capital measure implies a pre-money valuation of around EUR 79m. coinIX has invested a total of c. EUR 295k in Finexity since 2020. We currently value the stake at EUR 830k, which is roughly equivalent to a 1% stake in Finexity. A successful listing would underline the higher valuation and could also enable a profitable exit and thus support the coinIX business model. We confirm our Buy recommendation for coinIX with a price target of EUR 3.30. The full update can be downloaded under https://research-hub.de/companies/coinix-gmbh-co-kgaa

Scout24 delivered solid Q2 2025 results, in line with prelims, with revenue up 15% yoy to EUR 160.6m (1% above consensus) and ordinary operating EBITDA up 17% yoy to EUR 101.7m (2% beat). Growth was broad-based, driven by higher subscriptions, customer additions, and ARPU gains in both Professional and Private segments. Margins improved despite dilution from acquisitions. Following a strong H1, management upgraded FY 2025 guidance to 14–15% revenue growth and up to 70bps margin expansion. Market stabilisation, innovative products (Living+, Buyer+), and data-focused acquisitions reinforce leadership, with potential DAX inclusion as a further upside catalyst. We raise our price target at EUR 129.00 (old: EUR 127.00) and maintain our HOLD rating on the stock. The full update can be downloaded under https://research-hub.de/companies/scout24-se

Duerr reported final Q2 2025 results in line with the pre-release, which had missed consensus. Order intake of EUR 807m (-33% yoy) was significantly weak, due to increasing economic uncertainty, prompting a guidance cut for its FY 2025 order intake. Revenues came in at EUR 1.0bn (-8% yoy), broadly in line, and adj. EBIT (before one-offs) declined 12% yoy to EUR 41.8m (margin: -20bps yoy to 4.2%). Reported numbers were dragged by a goodwill impairment of EUR 120m related to Production Automation, resulting in an EBIT loss of EUR 89m and net loss of EUR 111m. Despite weak performance in Q2, guidance for revenue (now at the lower end), the EBIT margin before special items, and earnings after taxes has been confirmed. To enhance its earnings quality, management is accelerating its restructuring efforts. Order backlog remains solid at EUR 4.1bn at end-Q2, while cost discipline and restructuring momentum should support mid-term case. We fine tune our estimates. We maintain our BUY rating and EUR 31.00 target. The full update can be downloaded under https://research-hub.de/companies/duerr-ag

Westwing’s Q2 2025 results highlight a structurally stronger business model. Despite a 6% yoy revenue decline from the ongoing premium assortment shift, adjusted EBITDA margin rose by +260 bps yoy to 6.3%, with EBIT turning positive at EUR 2.1m. Gross margin improved to 52.6% on a higher Westwing Collection share and completed restructuring. Management confirmed FY25 guidance and sees high single- to double-digit growth in 2026, driven by geographic and offline expansion. Strong H1 profitability and cash generation lead us to lift our estimates and target price to EUR 15.00 (prev. EUR 11.00), reiterating our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/westwing-group-se

Carl Zeiss Meditec (CZM) reported in-line revenues and c. 3% miss in adj. EBITA in Q3 FY25. The topline grew a mere 1.9% yoy to EUR 550m during the quarter (FX adj. +3.5% yoy), in particular, due to negative FX and the introduction of US trade tariff in April. Order intake slowed to 8% yoy in Q3 to EUR 605m. Despite a soft Q3, management reiterated its FY25 guidance for moderate revenue growth and stable or slightly higher EBITA and EBITA margin. However, it expects US trade tariffs to have a negative impact on profits (CZM intends to counter it through price hikes) and adverse FX to be an additional risk (not included in guidance). Trading on a low since 2017, current valuations are compelling for those looking to gain exposure to a global leader in ophthalmic diagnostic and surgical systems. The better-than-expected offtake of its new launches (e.g., KINEVO and VISUMAX) could be a key growth catalyst. After adjusting our long-term forecasts, we reiterate our BUY rating on CZM at a lower PT of EUR 57.00 (old: EUR 65.00). The full update can be downloaded under https://research-hub.de/companies/carl-zeiss-meditec-ag

United Internet AG delivered mixed Q2 2025 results: revenues rose 4.3% y/y to EUR 1.61bn, in line with expectations, on strong customer growth, but EPS of EUR 0.28 missed consensus on higher network expansion and acquisition costs. Business Applications drove topline (+19% y/y), offsetting softer Consumer Access. H1 EBITDA grew 2% to EUR 675.6m, though operating EPS slipped. Management reaffirmed FY25 targets, signalling confidence despite capex-heavy 5G/fibre rollout and reliance on national roaming. While long-term margin expansion from network independence remains compelling, execution risks and near-term cost pressure limit upside. With shares trading close to our EUR 26.00 target, we maintain HOLD, viewing current valuation as fair given balanced growth prospects and headwinds. The full update can be downloaded under https://research-hub.de/companies/united-internet-ag

Leifheit’s Q2/H1 2025 results were in line with preliminary figures, with Q2 revenue down 13.6% yoy to EUR 59.7m, driven by soft non-food demand, the bankruptcy of retail partner Blokker, and product range adjustments. H1 revenue declined 8.6% yoy to EUR 123.4m; Germany held up relatively well (-5.6%), while CEE markets were more affected. EBIT fell to EUR 2.0m (reported), impacted by EUR 1.8m in one-off consolidation costs; adjusted EBIT reached EUR 3.8m. Despite volume and FX headwinds, the adjusted gross margin improved by 90bps to 45.3%, reflecting higher production efficiency and a more profitable mix. Transformation efforts aim to boost margins by FY26. FY guidance was confirmed. Backed by a solid balance sheet, EUR 22.5m liquidity, and >8% dividend yield, we reiterate our BUY rating with a PT of EUR 23.00. Join our roundtable next week on Aug. 13 for CEO and CFO insights. Register here: https://research-hub.de/events/registration/2025-08-13-14-00/LEI-GR. The full update can be downloaded under https://research-hub.de/companies/leifheit-ag

Kontron reported solid Q2 results, lifted by a EUR 48m one-off gain from the JUMPtec deal. While headline EBITDA rose to EUR 146.0m (H1), underlying profitability remained flat. Management raised EBITDA guidance to at least EUR 270m, but lowered revenue expectations following the COM business deconsolidation. Near-term momentum appears muted, particularly in GreenTec, yet the order pipeline remains strong (book-to-bill 1.26x, backlog EUR 2.3bn). We revise our estimates slightly downward, but continue to see substantial upside from current levels. Our new price target of EUR 36.00 (old: EUR 37.00) implies >40% upside. BUY reiterated. The full update can be downloaded under https://research-hub.de/companies/kontron-ag

Siemens Energy (SE) reported upbeat results in Q3 FY 2025. Revenues grew 11% yoy to EUR 9.75bn (+14% yoy on comparable basis [comp.]), in line with consensus. Profit before special items (ex-SI) came in at EUR 497m (vs EUR 49m in Q3 FY 24), 4% ahead, while order intake surged 65% yoy to an all-time high of EUR 16.6bn, registering a notable 18% beat. All segments reported strong order intake. The book-to-bill ratio was impressive at 1.70x in Q3 and took the order backlog to a record high of EUR 136bn by end-Q3. Except Gamesa, profit performance was solid across divisions. SE confirmed its FY 25 guidance - 13%-15% comp. revenue growth and profit ex-SI margins of 4%-6%, with net income up to EUR 1bn and FCF before tax of c. EUR 4bn. However, now it is optimistic of reaching the upper-end of the guidance ranges. The lifting of the FY 25 dividend restriction following the Bund guarantee exit was also positive news. We increase our estimates to reflect resilient momentum. We raise our price target to EUR 65.00 (old: EUR 52.00), however, reiterate our SELL rating, due to the stocks’ demanding valuation. The full update can be downloaded under https://research-hub.de/companies/siemens-energy-ag