Mayr-Melnhof has announced a non-cash EUR 65–75m impairment in FY25 for its Board & Paper division, reflecting cautious long-term cash flow assumptions in a structurally challenged market. Importantly, the FY25 outlook signals operational resilience, with adjusted EBITDA and adjusted operating profit expected at roughly the same level as in FY24. Earnings quality is expected to improve gradually, supported by the successful ramp-up of the “Fit-for-Future” program, which targets more than EUR 150m in sustainable profit improvements by 2027. Despite ongoing sector pressure, MM’s strong asset quality, solid balance sheet and valuation below book value provide a robust foundation for upside, supporting our BUY rating. We adjust estimates mainly to reflect the impairment charge and confirm our price target of EUR 110.00. The full update can be downloaded under https://research-hub.de/companies/mayr-melnhof-karton-ag

Siemens Healthineers (SHL) delivered a solid Q1 FY26, confirming guidance despite ongoing weakness in China. Revenue rose 3.8% yoy to EUR 5.4bn, driven by strong performances in Imaging (+5.7% yoy) and Precision Therapy (+5.9% yoy), both showing stable or improving margins. However, Diagnostics declined 3.1% yoy due to China’s sourcing policies, with adj. EBIT margin falling to 2.1%. Adjusted EPS decreased 3% to EUR 0.49, although underlying growth excluding FX and tariffs reached ~17% yoy. SHL reiterated its FY26 outlook, supported by strength in core segments and strategic initiatives underpin the targets. However, we only anticipate revenues at the lower end of guidance range, due to continued weakness in China and persistent FX/tariff burdens. With only smaller fine-tuning changes to our estimates, we reduce our price target to EUR 53.00 (before EUR 56.00). Remains a BUY. The full update can be downloaded under https://research-hub.de/companies/siemens-healthineers-ag

RENK held its Q4 pre-close call yesterday which mostly confirmed our estimates. Year-end execution was strong, supported by resilient defense OEM demand, with VMS once again the key growth driver and adj. EBIT expected to land close to our expectations. However, FCF could disappoint optically due to the timing shift of advanced payments into Q1 2026. The low cash conversion under our estimates understates underlying performance and largely reverses in FY26E. Absent this timing effect, Q4 FCF would have materially exceeded consensus. FY25 guidance of EUR 210–235m adj. EBIT remains achievable despite multiple headwinds, underlining strong cost discipline. The FY26 outlook remains intact (unlike Rheinmetall’s outlook), supported by a robust German pipeline and high order visibility in VMS, while platform mix and export restrictions remain the key swing factors for revenues and margins. HOLD, PT 53.00. The full update can be downloaded under https://research-hub.de/companies/renk-group-ag

Company Name: Verve Group SE ISIN: SE0018538068   Reason for the research: Anleiheplazierung Recommendation: Kaufen from: 05.02.2026 Target price: €4,50 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)  [ … ]

123fahrschule revised its FY25 earnings guidance, now expecting EBITDA of around EUR -1.3m, marking a clear guidance miss after the target had already been lowered in September. The deviation is driven by adjustment items and one-off effects, while adjusted EBITDA of around EUR 0.85m is broadly in line with our estimate of EUR 0.9m. One-off personnel costs and impairments on receivables weigh on reported results but are backward-looking. Management provided an FY26 EBITDA outlook of EUR 1.5 to 2.5m, supporting the operating leverage case. We lower our price target to EUR 5.50 (before EUR 6.00) but maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/123fahrschule-se

At a well-attended mwb Research roundtable, cyan AG’s CEO/CTO Markus Cserna provided an operational update, broadly confirming our existing investment case. Management reiterated rollout-driven growth in the telco business and reaffirmed the structural lag between subscriber additions and revenue recognition. Europe remains the operational focus, while Africa, Asia (ex China) and a planned US market entry via a tier-2 operator in early 2026 provide longer-term optionality. Importantly, management elaborated on the SMB solution Guard 360, which is expected to become financially material from 2027 onwards, with 2026 focused on partner onboarding and pipeline build-up. FY25 guidance and sustained EBITDA profitability were reaffirmed. We maintain BUY and a EUR 4.00 price target. Final FY25 figures are expected in March, accompanied by a FY26 outlook. View the recording of the presentation here: https://research-hub.de/events/video/2026-01-29-14-00/CYR-GR The full update can be downloaded under https://research-hub.de/companies/cyan-ag

tonies delivered strong FY25 preliminary headline numbers, with revenues reaching EUR 630m (+36% cc yoy), clearly ahead of guidance (“at least 25%”) and expectations, driven by the successful launch of Toniebox 2, rapid expansion in new markets (ANZ), and major licensing deals such as Ms. Rachel. Adjusted EBITDA margin of ~8.5% hit the top end of guidance, as cost pressures from tariffs, FX and the TB2 launch were offset by manufacturing shifts and price increases. In Q4, growth was led by North America (+42% cc yoy) and Rest of World (+60% cc yoy), while the “mature” DACH region surprised positively with 17% yoy growth thanks to TB2. Overall, the strong performance underpins an upbeat FY26 outlook supported by TB2 and new global partnerships (e.g. Pokémon, Hasbro), leading to upgraded estimates and a higher price target of EUR 14.00 (old: EUR 13.20). We reiterate to BUY. The full update can be downloaded under https://research-hub.de/companies/tonies-se

Rational’s strong year-end delivery reinforces the positive momentum heading into 2026. Q4 sales and margins came ahead of our estimates, highlighting operating leverage as volumes normalize and suggesting that the ongoing salesforce expansion is translating into higher-quality, sustainable growth. The group firmly back within its historical growth range despite FX, tariffs and uneven regional demand, with disciplined cost control and procurement benefits offsetting elevated R&D spend. From a qualitative perspective, momentum is driven by robust execution in Europe (ex-Germany) and North America, continued outperformance of iVario as the key structural growth engine, and resilient iCombi demand supporting the installed base and aftermarket opportunity, while Asia remains the sole weak spot. The strong finish therefore reduces near-term growth concerns and underpins our BUY rating and slightly upgraded PT of EUR 820.00 (prev. EUR 800), which implies a premium but, in our view, defensible 35x 2026E P/E given Rational’s earnings quality and long-term growth profile. The full update can be downloaded under https://research-hub.de/companies/rational-ag

WashTec reported strong preliminary FY25 results, delivering record revenue and continued profitable growth. Revenue reached EUR 499m, up 5% yoy and in line with guidance and mwb estimates, while EBIT increased 8% to EUR 49m, implying a margin of around 9.8%. Profit growth again outpaced revenue, reflecting operating leverage, pricing discipline, and cost control. Q4 performance was slightly softer yoy due to a strong prior-year comparison, but underlying demand and profitability remained solid. Free cash flow rose to EUR 42m, supporting shareholder returns and yet again a healthy dividend for FY25 (mwb est. EUR at least 2.40). Management’s outlook remains positive, supported by an elevated order backlog, underpinning good visibility into FY26. We therefore reiterate our BUY rating with unchanged PT of EUR 55.00. The full update can be downloaded under https://research-hub.de/companies/washtec-ag

Heidelberg reported Q3/9M FY25/26 results with profitability clearly outperforming expectations despite a difficult macro environment and FX headwinds. Q3 sales reached EUR 617m, slightly above estimates, while EBITDA of EUR 50m and net profit of EUR 17m exceeded forecasts by 13% and ~40%, respectively. Incoming orders of EUR 517m however slightly missed expectations, reflecting normalized demand and customer hesitation in North America. Over nine months, sales rose 6.1% to EUR 1.6bn (9.0% FX-adjusted), while orders declined 11% due to the lack of the drupa effect. Management reaffirmed full-year guidance, though EBITDA margins are likely at the lower end of targets. With slightly adjusted estimates, we reiterate to BUY with new PT of EUR 2.60 (prev. EUR 2.80) as we account for adverse FX effects. Strategically, expansion into advanced technology segments supports long-term resilience. The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag