Friedrich Vorwerk delivered a solid Q1 broadly in line with expectations, supported by strong execution and a significant margin expansion despite only modest revenue growth due to seasonal and weather-related effects. Profitability was the key highlight, driven by a favorable project mix, operating leverage and supportive cost dynamics, while the balance sheet remains robust. Order intake improved strongly yoy, although this should not be overinterpreted given elevated volatility from timing effects, while the backlog continues to provide solid near-term visibility at high levels. Looking ahead, the outlook is becoming more complex in our view, with risks from geopolitical and energy market volatility, German infrastructure delays and rising cost scrutiny, weak hydrogen momentum, and at some point, potential capacity constraints from skilled labour shortages. Against this backdrop, we see an unattractive risk-reward and reiterate our SELL rating with a EUR 60.00 PT. The full update can be downloaded under https://research-hub.de/companies/friedrich-vorwerk-group-se

KWS delivered a slightly better-than-expected Q3 FY26, showing resilience in a weak agricultural environment with lower Sugarbeet acreage and continued cost pressure on farmers. Revenue was slightly ahead of expectations, while profitability was the key positive surprise, with EBITDA and margins above forecasts supported by pricing, mix effects and timing of shipments. On a 9M basis, revenue growth was modest but profitability improved, partly supported by a one-off licensing gain, while underlying performance was broadly stable yoy. Core segments remained resilient, with Sugarbeet as the backbone, stable Corn and Cereals, and continued investment in Vegetables. Guidance for FY26 was fully confirmed. We remain positive on the long-term story, supported by innovation and the growing Vegetables opportunity, with KWS’ continued strong performance and stable high margins in a difficult market further reinforcing this view. As a result, we adjust our long-term margin assumptions to current levels. We therefore reiterate our BUY rating and raise our PT to EUR 95.00 from EUR 82.00. The full update can be downloaded under https://research-hub.de/companies/kws-saat-se-co-kgaa

Viscom’s Q1 was weak on revenue and earnings, with sales down sharply and EBIT negative due to timing effects, poor volume absorption, and an unfavorable mix. However, order intake and backlog accelerated, supporting the recovery case into the rest of FY26. Management reiterated FY26 guidance, and while execution risk remains high, improving Eurozone industrial indicators, a stabilizing automotive backdrop and incremental opportunities in higher-growth end-markets such as battery inspection and microelectronics support a more constructive view. We therefore raise our price target from EUR 5.00 to EUR 6.00 and maintain BUY, on depressed valuation and stabilizing to improving end-markets. The full update can be downloaded under https://research-hub.de/companies/viscom-se

Carl Zeiss Meditec (CZM) reported a weak Q2 25/26 despite a slight revenue beat. Sales of EUR 524m exceeded consensus of EUR 516m but declined 6.4% yoy, while EBIT of EUR 23.9m missed expectations by around 49%, reducing the EBIT margin to 4.6% from 12.7% last year. The key issue remains margin pressure, driven by FX, mix, IOL-related effects, weaker diagnostic equipment shipments, and special charges. However, the announced restructuring now dominates the investment case. While planned annual savings of EUR 200m could support margins, execution risk is high. We reduce our estimates and the price target to EUR 24.00 (before EUR 26.00). We view the stock as a show-me case and retain HOLD. The full update can be downloaded under https://research-hub.de/companies/carl-zeiss-meditec-ag

Company Name: q.beyond AG ISIN: DE000A41YDG0   Reason for the research: Update Recommendation: BUY Target price: EUR 5.9 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Q1 confirms MS headwinds; Chg. Yesterday, QBY reported Q1'26 results that came in below our already cautious estimate [ … ]

Deutsche Rohstoff has reported its Q1 results. Revenue fell by 26% yoy due to lower production and hedging losses. However, EBITDA surged by 192% to EUR 126.0m, largely driven by a capital gain of EUR 97m from the partial sale of its stake in Almonty Industries (ALI1:GR). Cash and marketable securities more than doubled to EUR 149m, providing the financial firepower to rapidly expand operations. The company is increasing its number of rigs from one to three and plans to drill 26 gross wells in FY26, setting the stage for production to exceed 20,000 BOEPD in the second half of the year. Full-year guidance remains intact, with an expected EBITDA of EUR 290-340m and capital expenditure of EUR 215-235m. Following an upward shift in the oil futures curve, we are raising our estimates and price target from EUR 135.00 to EUR 143.00. BUY. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

tk nucera reported a weak Q2 FY26, with revenue down sharply yoy to EUR 50m, mainly driven by the completion of large green hydrogen projects and higher-than-expected one-off effects. This reflects a temporary gap caused by a still slowly developing green hydrogen market and weak prior-year order intake. Earnings were also impacted by lower volumes and negative operating leverage. The Green Hydrogen (gH2) segment remained under pressure due to project timing effects and non-recurring costs, while the Chlor-Alkali (CA) business stayed stable and resilient. Order intake was the clear positive, surging by 279% yoy to EUR 316m, supported by a major hydrogen project in Spain, with backlog improving to EUR 732m. Guidance was confirmed, signaling improved operational stability ahead. We maintain BUY with a price target of EUR 15.00. The full update can be downloaded under https://research-hub.de/companies/thyssenkrupp-nucera-ag-co-kgaa

INDUS’s Q1 2026 results were strong with a massive operational beat and upgraded earnings guidance and an adj. EBITA which rose 70.7% to EUR 42.5m. However, strategic pre-financing of raw materials (driven by tungsten-carbide price effects in Materials Solutions) led to a working capital spike, causing FCF to plunge to EUR -74.1m and prompting a cut in FY FCF guidance to "at least break-even." Despite the liquidity pressure, record order backlogs and strong pricing power reinforce the operational trajectory. In our view, the fundamental story remains intact, provided the inventory build-up reverses as planned. BUY, with recently upgraded PT of EUR 40.00 following the prelim. announcement earlier this month. The full update can be downloaded under https://research-hub.de/companies/indus-holding-ag

Duerr delivered a resilient but slightly disappointing Q1 2026, missing consensus on order intake (EUR 957.4m / -11% yoy), revenue (EUR 940.2m / -6.7% yoy), and adjusted EBIT (EUR 39.1m / flat yoy). While the adjusted EBIT margin improved to 4.2% year-on-year, it lagged consensus and our expectations. Positives included a strong free cash flow of EUR 26.7m and a reduction in net debt to EUR 47m. However, with Industrial Automation under review and Q1 contributing only 17% of full-year expected EBIT, the recovery appears heavily back-end loaded. We believe a significant acceleration is required to meet confirmed FY 2026 guidance. We stay at BUY and unchanged PT of EUR 35.00, however slightly trim our margin forecasts going forward. The full update can be downloaded under https://research-hub.de/companies/duerr-ag

United Internet’s Q1 2026 results showcased solid revenue growth (+2.5% yoy) and impressive contract momentum, reaching 30.1m subscribers (+380k in the quarter). While EBITDA of EUR 331.9m missed consensus due to margin pressure at 1&1, bottom-line metrics (EBIT and EPS) surprised to the upside. IONOS continues to be the cleanest growth story within the group, and Mail & Media delivered strong margin improvements. Management’s confirmation of FY guidance implies a significant EBITDA ramp-up in the coming quarters. In our view, the fundamental story remains intact as the company navigates its 5G network transition. We reiterate our BUY rating and PT of EUR 30.00. The full update can be downloaded under https://research-hub.de/companies/united-internet-ag