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

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

Rheinmetall shares have lost ~40% from their 2025 peak, triggered by CEO commentary on the long-term role of land-based systems and a structural shift towards cheaper drones, neither of which is new and both already embedded in our unchanged model in which we assume a full cycle with a 200bps EBIT margin contraction, a 12% revenue decline, and a 24% FCF decline from peak. Valuation has reset to historical median territory, with FY27E EV/EBITDA at ~12x and P/E at 24x versus a peak of 70x. With cycle risks now better priced and the CEO purchasing more than EUR 1m of stock last week, we upgrade to BUY with an unchanged price target of EUR 1,450. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Viromed has achieved a key regulatory milestone, securing MDR Class IIa certification for ViroCAP med, enabling it to market the device for wound treatment across Europe. This shifts the focus from regulatory hurdles to revenue generation, highlighted by strong interest at the European Wound Congress 2026. FY25 revenue of EUR 5.1m fell short of guidance (EUR 8–10m), partly due to delays common in medical technology, though net income of EUR 0.6m exceeded expectations. FY26 forecasts have been revised down from EUR 80m revenue with double-digit EBIT to a “significant increase” in both revenue and net income. Despite low visibility on exact growth due to regulatory dependencies and production scaling, the MDR IIa certification reduces risk, supporting a BUY rating with an unchanged price target of EUR 10.00. The full update can be downloaded under https://research-hub.de/companies/viromed-medical-ag

Stabilus is selling Fabreeka and Tech Products to VMC Group for USD 92m, sharpening its focus on core Motion Control and automation while using proceeds mainly to reduce debt. Strategically, the disposal makes sense given limited synergies, but the assets are highly profitable, with FY2025 revenue of about USD 32m and adjusted EBIT of USD 8.9m, implying a 28% margin. From FY2027, the sale will remove around EUR 7.5–8.0m of EBIT, making it margin dilutive. Despite lowering estimates and the price target to EUR 21.90 from 24.00, we reiterate BUY rating due to the depressed valuation. The full update can be downloaded under https://research-hub.de/companies/stabilus-se