Company Name: DO & CO AG ISIN: AT0000818802   Reason for the research: Update Recommendation: BUY from: 15.08.2025 Target price: EUR 266.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Q1 marked a new EBIT record as it expanded by 44% yoy to € 53m (8.6% margin, up 2pp yoy and 0.1pp q [ … ]

Company Name: Semperit AG Holding ISIN: AT0000785555   Reason for the research: Update Recommendation: BUY from: 15.08.2025 Target price: EUR 18.20 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Free cash flow in H1 amounted to € 13.9m, down from € 23.6m in the prior year, as lowe [ … ]

LANXESS’s Q2 was weak, hit by softer volumes, price pressure, FX headwinds, and energy costs, prompting a guidance reset, but the long-term investment case remains intact. Consumer Protection margins held firm on mix gains, one-offs, and cost control despite sales declines due to agro, while Advanced Intermediates and Specialty Additives suffered from Chinese competition, raw-material pass-throughs, and subdued construction and auto demand. Management sees near-term softness continuing in Q3, yet a stronger balance sheet post-divestment, partial US tariff exemptions, lean inventories, and EUR 50m in cost savings from 2027 set the stage for margin recovery when demand rebounds, likely in 2026 as German government stimulus trickles in and trade tensions ease. We remain cautious short term but view current weakness as an opportunity to accumulate and maintain our BUY rating with a lower PT of EUR 30.00 (previously: 32.00). The full update can be downloaded under https://research-hub.de/companies/lanxess-ag

Friedrich Vorwerk Group (FVG) reported Q2 25 results in line with preliminary figures, with revenue up significantly yoy and an improving EBITDA margin. Net cash increased yoy but declined compared with the beginning of the year, reflecting the execution of ongoing projects. Management confirmed in the earnings call that the company remains on track to achieve its FY25 guidance and long-term IPO targets. All segments performed well in H1, with Electricity leading in revenue, while Natural Gas, Adjacent Opportunities, and Clean Hydrogen showed strong yoy margin improvements. Despite supportive market conditions, risks persist from capacity constraints and unpredictable weather. The high valuation leaves limited room for operational setbacks. Considering these factors, we maintain a cautious view and uphold our SELL rating with an unchanged PT of EUR 52.00. The full update can be downloaded under https://research-hub.de/companies/friedrich-vorwerk-group-se

Company Name: Deutsche Effecten- und Wechsel- Beteiligungsgesellschaft AG ISIN: DE0008041005   Reason for the research: Update Recommendation: BUY from: 14.08.2025 Target price: €1.50 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera irst Berlin Equity Research has published a research upd [ … ]

Company Name: init innovation in traffic systems SE ISIN: DE0005759807   Reason for the research: Update Recommendation: Buy from: 14.08.2025 Target price: 60.00 Last rating change: Analyst: Ralf Marinoni Solid H1-25 development init’s development in the first half of FY 2025 was characterized by a strong sales increase; in [ … ]

Viscom delivered a resilient Q2 despite a tough market backdrop, with strong order growth in Asia and new wins in battery offsetting weakness in Europe and the Americas. While revenues and EBIT were slightly below our forecasts due to regional mix and FX headwinds, full-year guidance remains intact and well within reach. Momentum is building in high-potential verticals and like security, aerospace & defense, and new business applications, alongside opportunities from reshoring. We expect demand to stay flat to slightly improve in H2, with stronger momentum likely toward year-end. With a leaner cost base and strong leverage to a likely 2026 market upswing, we reiterate our BUY rating and EUR 6.50 target. A recording of the earnings call is available here: https://research-hub.de/events/video/2025-08-14-10-00/VC6-GR. The full update can be downloaded under https://research-hub.de/companies/viscom-se

Nagarro’s H1 2025 was operationally solid: revenue grew at a low-single-digit pace, gross margin improved meaningfully, and Q2 showed better organic momentum. Reported profitability, however, was weighed by a sizable, non-operational FX revaluation on inter-company balances and hedges, masking the improved project economics. Verticals were mixed in Q2, with strength in Automotive and Consulting offset by softer Horizontal Tech and Media. Management now expects full-year revenue near the lower end of its range and trims the adjusted EBITDA margin band to reflect FX. We rebalance our model for FX and a higher FY25 tax rate, and lower our PT to EUR 90; BUY retained. The full update can be downloaded under https://research-hub.de/companies/nagarro-se

Company Name: Grand City Properties SA ISIN: LU0775917882   Reason for the research: Sechsmonatsbericht Recommendation: Kaufen from: 14.08.2025 Target price: €15 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Grand City Properties S.A.  [ … ]

Company Name: Nynomic AG ISIN: DE000A0MSN11   Reason for the research: Update Recommendation: BUY from: 14.08.2025 Target price: EUR 24.50 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr FY25 forecast adjusted. Management reduced it FY25 guidance from € 105-110m revenue and €8.5-10 [ … ]