Dermapharm Holding (DMP) reported detailed financial results for FY25, confirming its preliminary print. Revenues declined 1.3% yoy to EUR 1.17bn as good organic growth in Branded Pharmaceutical was more than offset by the planned phase-out of low-margin products in the Parallel Import business. Adj. EBITDA increased 2.9% yoy to EUR 325m, corresponding to a 1.2ppt yoy improvement in the margin to 27.9%. Revenues grew 1.7% yoy in Q4; however, strong adj. EBITDA growth (+17.8% yoy) and a 4.1ppt yoy margin improvement to 30.0% were particularly impressive and suggest that portfolio transformation is likely nearing completion. For FY26, management guides for revenues of EUR 1.182bn-1.218bn (+3% yoy at the mid-point) and adj. EBITDA of EUR 331m-341m (c.+3% yoy with a margin of c.28% at the mid-point). While volume-driven momentum is likely to remain limited in the near term, structural measures are enhancing visibility of the earnings trajectory. We update our estimates and reiterate our BUY rating on DMP at a slightly higher PT of EUR 48.00 (before EUR 45.00). The full update can be downloaded under https://research-hub.de/companies/dermapharm-holding-se

The FY25 annual report confirms that the anticipated profitability inflection has yet to materialize, as improving order intake and in-line revenues were overshadowed by weak earnings driven by adverse mix, write-downs, and FX losses. As a result, EBIT remained negative but improved yoy, cash flow came under pressure as working capital absorbed liquidity. Demand remains clearly bifurcated, with structural softness in automotive, battery inspection, and parts of microelectronics offset only partly by strength in SMT, Asia-driven projects, and device inspection. FY26 guidance points to stabilization and further margin expansion. Following the recent share price correction, valuation is increasingly undemanding on mid-cycle assumptions. We have upgraded to BUY from HOLD with an unchanged price target of EUR 5.00. The full update can be downloaded under https://research-hub.de/companies/viscom-se

Company Name: LAIQON AG ISIN: DE000A12UP29   Reason for the research: Update Recommendation: BUY Target price: EUR 9.1 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller Prelims soft, strategic progress intact, chg. LAIQON’s preliminary FY25 release came in below eNuW on H2 sales and EBITDA (see p [ … ]

Friedrich Vorwerk (FVG) announced its FY25 results, fully in line with preliminary figures. Profitability increased strongly, driven by efficient project execution, favorable pricing, and operating leverage, while the balance sheet strengthened further and the dividend proposal came broadly in line with expectations. Order intake was softer throughout the year, resulting in a declining order book, although backlog visibility remains solid. This reflects a more cautious investment environment, mainly due to delays in the German infrastructure program and slower hydrogen development. Looking ahead, management guides continued growth in FY26 at broadly stable margins, with some near-term headwinds in Q1 due to weather conditions. We slightly adjust our estimates in light of the softer-than-expected guidance. At the same time, risks are gradually increasing amid macro uncertainty and a renewed energy crisis, similar to the 2022/23 environment. Against this backdrop, we remain cautious and reiterate our SELL rating with a reduced PT of EUR 60.00 (old: EUR 65.00). The full update can be downloaded under https://research-hub.de/companies/friedrich-vorwerk-group-se

Company Name: PNE AG ISIN: DE000A0JBPG2   Reason for the research: Update Recommendation: Buy from: 31.03.2026 Target price: 12,00 Euro Target price on sight of: 12 Monate Last rating change: 02.02.2023: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein Research U [ … ]

Leifheit reported FY25 results fully in line with preliminary figures in a still challenging market environment. Revenue declined yoy, mainly driven by softer demand in Germany and key European markets. EBIT was lower yoy, while adjusted EBIT excluding one-off effects was only slightly below the prior year, highlighting resilient underlying profitability supported by efficiency gains and a more favorable product mix. Free cash flow decreased yoy but remained clearly positive, underlining solid cash generation despite a weaker earnings base. For FY26, management reiterated guidance for slight revenue growth and broadly stable EBIT yoy, indicating a stabilization phase rather than a strong cyclical recovery. Free cash flow is expected to remain steady yoy. Strategic focus is shifting toward execution of the company’s strategy, including brand relaunch, stronger marketing, and the FOCUS performance program aimed at improving efficiency and competitiveness. We maintain our BUY rating and PT of EUR 20.00. The full update can be downloaded under https://research-hub.de/companies/leifheit-ag

cyan AG reported FY25 prelims in line with expectations, with revenue at the top end of guidance (EUR 9.2m) and EBITDA of EUR 0.75-0.85m, confirming a clear turnaround despite ongoing investments. Operationally, growth remains driven by the telco business, while Guard 360 has entered the market with first partners secured. For 2026, management guides further revenue growth (EUR 10.2-11.5m) and continued positive EBITDA, while maintaining investments in product development and sales. Visibility on topline development remains supported by continued customer growth and rollout activity. We leave our estimates unchanged and confirm our BUY rating with a EUR 4.00 price target. The full update can be downloaded under https://research-hub.de/companies/cyan-ag

The Platform Group (TPG) continues to expand its Optics & Hearing segment through further acquisitions, targeting a structurally higher-margin vertical with EBITDA margins of 20-25%. While this strategy could improve the group’s margin profile, it also increases operational complexity and capital intensity, as the company builds a physical retail footprint. The upcoming FY25 results will be a key validation event, with investors focusing on earnings quality, cash conversion, and working capital dynamics rather than growth alone. For the time being, we maintain our estimates, confirm our EUR 19.50 price target, and reiterate our BUY rating. The full update can be downloaded under https://research-hub.de/companies/the-platform-group-se-co-kgaa

NORMA reported FY25 results in line with preliminary figures, confirming a weak but expected performance in a challenging environment. Deconsolidated group revenue declined 6.8% yoy to EUR 821.7m, while adj. EBIT fell to EUR 6.3m, reflecting lower volumes and a high fixed cost base, partly offset by cost measures. Segment performance was mixed, with Mobility & New Energy remaining the main drag, while Industry Applications showed relative resilience, though supported by reallocation effects. Regionally, all key markets declined, with continued weakness in automotive-related demand and FX headwinds. For FY26, NORMA guides for a modest recovery with 0–2% revenue growth and an adj. EBIT margin of 2–4%, indicating a transition year focused on restructuring, efficiency gains, and footprint optimization. Cash flow is expected at EUR 10–20m. Overall, results were in line with expectations and the investment case remains intact, supported by ongoing buybacks, the Water Management disposal, and balance sheet improvement. We see attractive risk/reward with limited downside and recovery upside potential. BUY rating and PT EUR 20.00. The full update can be downloaded under https://research-hub.de/companies/norma-group-se

Pyramid AG’s planned EUR 8m capital increase at EUR 1.38 per share, structured as a 1:1 rights issue, is expected to cause significant dilution and heavily impact its short-term valuation. Following a largely cosmetic reverse stock split, the measure highlights ongoing balance sheet weakness, with net debt around EUR 12m as of 30.06.25. While management announces the raise as growth financing, the steep discount and scale could suggest funds might primarily be used to stabilize the balance sheet and support going-concern status rather than expansion. In our view, the move signals limited financing alternatives and structural capital deficits. Although it improves liquidity, investor concerns over dilution and debt persist, likely keeping the share price under pressure until take-up of the rights issue by investors becomes clear. We therefore place the shares “Under Review” (previously BUY) until the magnitude of the full dilution is visible. The full update can be downloaded under https://research-hub.de/companies/pyramid-ag