Beiersdorf has issued a material guidance downgrade for FY26, resetting Group organic sales to a low-single-digit decline (previously flat to slightly growing) and Group EBIT margin to at least 11.8% (previously slightly below 14.0%). The downgrade reflects persistent market weakness, COGS inflation, and deliberate investments into an 18- month NIVEA turnaround plan -including EUR 100m additional H2 media spend - aimed at restoring volume growth. While H1 2026 sales fell 3.5% to EUR 4,952m, H1 EBIT margins remained strong at 15.5%, signaling a sharp H2 margin dip to fund brand recovery. In our view, prioritizing brand health over short-term margin defense is strategically correct. We lower our estimates accordingly but reiterate our BUY recommendation with a reduced PT of EUR 95.00 (old EUR 100.00). The full update can be downloaded under https://research-hub.de/companies/beiersdorf-ag

We initiate coverage of PALFINGER AG with a BUY recommendation and a PT of 55.00 offering an upside-potential of 87.4%. As the global #1 in hydraulic loader cranes, PALFINGER offers an attractive combination of growth, margin recovery and a compelling valuation. The Group benefits from rising global infrastructure investment, limited customer concentration and leading positions across its core markets. Despite this strong recovery potential, the shares trade at just 6.0x 2026E EV/EBITDA and 11.7x P/E, at a substantial discount to closest peer Hiab. A potential peace settlement in Ukraine/Russia and the ME could provide an additional catalyst, given PALFINGER’s leading position in these regions and its established dealer network. At current levels, the margin recovery story is largely unpriced, and the key improvement levers carry limited execution risk. The full update can be downloaded under https://research-hub.de/companies/palfinger-ag

Nemetschek (NEM) delivered a solid Q2 26, with constant-currency revenue growth of 14.5% and strong momentum in Build, Subscription and SaaS. Revenue slightly exceeded consensus, while EBITDA missed expectations due mainly to a transactional FX revaluation effect concentrated in Design and acquisition-related costs. The underlying margin profile nevertheless appears intact, supported by a 31.0% adjusted EBITDA margin and continued growth in recurring revenues. FY26 guidance was reiterated, with HCSS adding c. 600 BP to growth but diluting margins by c. 150 BP. We make only minor estimate changes, lower our price target to EUR 89.00 (old EUR 91.00), and reiterate BUY rating. The full update can be downloaded under https://research-hub.de/companies/nemetschek-se

Viscom should deliver a clear sequential recovery in Q2, with the elevated backlog supporting a strong rebound in sales and a material reduction in operating losses, while order intake is boosted by the major battery-cell inspection contract. Regional momentum is expected uneven with Europe still subdued, but Asia and the Americas improving. We expect margin recovery to lag the topline improvement, reflecting an only gradual normalization of the revenue mix and still-moderate service revenue. The key debate is therefore shifting from demand to execution: whether backlog conversion can translate into sufficient profitability to keep FY26 guidance within reach. We believe the current valuation still underappreciates the company’s medium-term earnings potential. We reiterate BUY with a EUR 8.00 price target. The full update can be downloaded under https://research-hub.de/companies/viscom-se

Company Name: Villeroy & Boch AG ISIN: DE0007657231   Reason for the research: update Recommendation: Buy from: 31.07.2026 Target price: 30.50 Last rating change: Analyst: Ralf Marinoni FY 2026 guidance confirmedThe macroeconomic environment (cautious consumer spending, very low growth in Germany and Europe) remains challengi [ … ]

SBO will report Q2 2026 results on 20 August. Combining company-specific indicators with a top-down review of recent peer commentary, we expect another trough-like quarter, with sales broadly stable sequentially and the EBITDA margin remaining near 11-12%. Order intake should stay healthy and book-to-bill above 1x, but customer delays, Middle East disruptions and weak Precision Technology utilization continue to impede backlog conversion. We therefore reduce our 2026 estimates, forecasting sales of EUR 451m and EBITDA of EUR 69m. However, we retain a strong recovery profile for 2027, maintain BUY and lower our price target from EUR 40.00 to EUR 38.00. The full update can be downloaded under https://research-hub.de/companies/sbo-ag

R. STAHL reported a 7.3% yoy decline in Q2 26 revenue to EUR 72.2m, reflecting continued weakness in the Central region and the Americas, partly offset by projectdriven growth in Asia/Pacific. Order intake rose 2.4% yoy to EUR 68.6m and still points to limited demand momentum, but management expects demand to pick up in H2. Encouragingly, in Q2, EBITDA pre-exceptionals increased 13.7% to EUR 6.0m, with the margin improving 150bps to 8.3% as material and personnel costs declined. We finetune below-EBIT assumptions, mainly interest and taxes, but leave our EUR 17.00 price target and BUY rating unchanged. The confirmed FY26 guidance supports our unchanged view. A recall of R. STAHL’s Q2 earnings call is available here: researchhub.de/videos The full update can be downloaded under https://research-hub.de/companies/r-stahl-ag

FUCHS confirmed an exceptionally strong Q2, with broad-based demand, temporary customer stock-building and competitor supply constraints driving sharp sales and earnings growth while margins remained resilient despite escalating raw-material costs. Cash conversion was the clear weak spot as inventories and working capital rose materially, and this pressure is likely to persist into H2. Nevertheless, the revised EUR 460–480m EBIT guidance appears conservative given the strength of H1, potential retention of newly won volumes and further pricing benefits, supporting our BUY rating and EUR 49.00 price target. The full update can be downloaded under https://research-hub.de/companies/fuchs-se

Company Name: Bittium Oyj ISIN: FI0009007264   Reason for the research: Update Recommendation: BUY Target price: EUR 40 Target price on sight of: 12 months Last rating change: Analyst: Julius Neittamo Q2 preview: backlog supports growth, H2 has catalyst firepowerBittium will publish its H1'26 report on August 7. Publicly announce [ … ]

PUMA’s Q2 results were modestly ahead of our expectations, with sales of EUR 1.69bn, gross margin of 48.0% and reported EBIT of EUR -53.1m. However, the margin and EBIT upside was largely explained by tariff refunds, while adjusted EBIT deteriorated amid negative operating leverage. Demand remained weak across EMEA and the Americas, only partly offset by strength in Asia/Pacific, Running, Training and Speedcat. Inventory reduction and free cash flow were clear positives, although most strategic investments are still expected in H2. With guidance confirmed and recovery visibility improving only gradually, we maintain our EUR 25.00 price target and HOLD rating. The full update can be downloaded under https://research-hub.de/companies/puma-se