Ernst Russ’ FY25 results confirm exceptional profitability and cash generation, with revenue of EUR 158.1m and EBIT of EUR 96.4m (61% margin), driven by high utilization and strong charter rates, alongside gains from vessel disposals. Net income rose significantly to EUR 73.5m. The company maintains a strong balance sheet with net cash, a 79% equity ratio, and EUR 114m liquidity, supporting flexibility and shareholder returns. A 61% increase in backlog to EUR 449m and longer contract durations enhance earnings visibility and stability. While FY26 guidance reflects normalization, Ernst Russ remains profitable, with its shift toward contract-backed, diversified operations underpinning long-term value and supporting a positive investment outlook. We therefore reiterate to BUY, PT unchanged at EUR 12.50. The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

Leifheit’s FY26 guidance came in below expectations at the EBIT level, with only modest revenue growth and EBIT broadly in line with FY25. The company is entering its new strategic phase in a challenging environment marked by continued consumer caution. To expand its market share in Europe, the company is increasing investments in marketing and innovation, which are expected to weigh on near-term EBIT margins, partly offset by ongoing production efficiency gains. Free cash flow is projected to remain broadly stable, albeit below our expectations. The FY25 dividend proposal offers an attractive yield of over 8%, supported by a solid liquidity position. In light of the soft outlook, we lower our estimates for FY26 and beyond and reduce our PT to EUR 20.00 (from EUR 23.00) but reiterate our BUY rating. We continue to see the stock as an attractive long-term dividend investment with further upside if the strategy succeeds. The full update can be downloaded under https://research-hub.de/companies/leifheit-ag

Company Name: Northwest Biotherapeutics Inc. ISIN: US66737P6007   Reason for the research: Initiation of coverage Recommendation: Buy from: 24.03.2026 Target price: USD 1.00 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research on 24/03/2026 initiated coverage on Northw [ … ]

Against this backdrop, mwb research is hosting an online earnings call on April 1, 2026, at 10:00 a.m. with Carsten Salewski (CSO/COO) and Dirk Schwingel (CFO). Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional retail 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/2026-04-01-10-00/VC6-GR.

Company Name: Aroundtown SA ISIN: LU1673108939   Reason for the research: Jahresbericht 2025 Recommendation: Kaufen from: 24.03.2026 Target price: €4,10 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Aroundtown SA (ISIN: LU1673108939) v [ … ]

While FY25 preliminary results revealed a sharp deterioration in Q4 with limited visibility on root causes, raising concerns around execution and order timing, the company has simultaneously secured a fully committed refinancing package linked to a strategic solar partnership with a leading non-Asian player. As part of this, the company will redeem its EUR 12m corporate bond early, with around EUR 27m deployed to refinance the bond alongside other liabilities, removing the key near-term funding overhang and significantly strengthening balance sheet stability, effectively shifting the narrative from survival toward recovery. Although uncertainty around underlying business momentum and the FY26 outlook may weigh on sentiment in the near term, we expect the new partnership to drive material revenue contributions from 2026 onwards and view the strategic validation and financial de-risking as more important for the equity case, supporting a continued Speculative BUY despite a modestly lower PT of EUR 4.20. The full update can be downloaded under https://research-hub.de/companies/singulus-technologies-ag

Company Name: Vossloh AG ISIN: DE0007667107   Reason for the research: Update Recommendation: BUY from: 24.03.2026 Target price: 86 Last rating change: Analyst: Daniel Kukalj, CIIA, CEFA Despite short-term volatility, the growth trajectory remains intact Vossloh delivered robust full-year 2025 results, with revenue advancing 11.0 [ … ]

Nagarro’s FY2025 prelims slightly missed expectations, with revenue of EUR 999.3m (+2.8% YoY) and reported EBITDA of EUR 118.7m, down 11.5% YoY), largely impacted by one-offs. Adj. EBITDA came in -6% YoY at EUR 138.2m, impacted by FX impacts on intra-group loans. Operationally, performance remained solid, with gross profit improving by 8.6% YoY. The FY2026 outlook points to stable underlying margins but weaker-than-expected revenue, reflecting macro uncertainty related to the Iran conflict. We downgraded our estimates, leading to a revised PT of EUR 87.00 (from EUR 92).We maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/nagarro-se

The current geopolitical tensions around Iran are acting as a supportive macro backdrop for Verbio rather than a headwind. With energy prices already elevated, further pressure on fossil fuel markets is likely to increase the political focus on energy security and, in turn, on biofuels, thereby reinforcing stronger policy support. Compared to the 2022 energy crisis following the Russian invasion of Ukraine, when policy responses were clearly intensified, a similar dynamic could gradually re-emerge, albeit to a lesser extent. Combined with already tightened regulatory frameworks in Europe and the US, this environment should support sustained demand for biofuel supply over the mid- to long term. Against this backdrop, we raise our estimates and increase our price target to EUR 44.00 from EUR 32.00, reiterate our BUY rating, as the second energy crisis within a few years could act as a new catalyst for stronger policy support. On April 14, the company will provide first-hand insights at our German Select online conference. Register here: https://research-hub.de/conference/german-select-vii The full update can be downloaded under https://research-hub.de/companies/verbio-se

Company Name: init innovation in traffic systems SE ISIN: DE0005759807   Reason for the research: update Recommendation: Buy from: 24.03.2026 Target price: 68.00 Last rating change: Analyst: Ralf Marinoni init SE: A real hidden championIn the 2025 fiscal year, init achieved an EBIT increase of 32.5% to EUR 32.5m. The company has  [ … ]