BENO reported preliminary FY25 results clearly above our expectations, with revenue of EUR 9.4m (vs. EUR 8.9m mwb est.) supported by stable rental income of EUR 7.3m (+1.4% yoy) driven by portfolio optimization and index-linked leases. Net profit is expected at EUR 4.7-5.1m, significantly exceeding our EUR 2.6m estimate (EPS EUR 1.39–1.51 vs. EUR 0.77 est.), likely supported by valuation effects and deferred taxes. The company guides for FFO of EUR 2.5-3.0m, reflecting improving operational performance. In addition, BENO fully repaid its EUR 10m corporate bond in Feb. ‘26, highlighting continued deleveraging. Overall, the results suggest stronger earnings power than previously modeled, and we see potential for upward revisions once audited figures are published. For the time being, we maintain our BUY rating with unchanged PT of EUR 12.50. The full update can be downloaded under https://research-hub.de/companies/beno-holding-ag

Brenntag FY25 results came in line with prelims, with weak Q4 results amid soft demand, seasonal factors and one-off cost items. Despite declining volumes, margins proved resilient in FY25 with stable GP/tonne highlighting the strength of the distribution model. Management is implementing structural initiatives under the new CEO, including organizational simplification, cost optimization and productivity improvements, while maintaining strong cash generation and balance sheet flexibility for M&A. Although the industry backdrop remains soft heading into 2026 with continued demand weakness and Chinese pricing pressure, Brenntag’s resilient business model and self-help initiatives underpin our BUY rating with an unchanged PT of EUR 60.00, implying ~8.2x 2026E EV/adj. EBITDA. The full update can be downloaded under https://research-hub.de/companies/brenntag-se

Company Name: Knaus Tabbert ISIN: DE000A2YN504   Reason for the research: Vorläufige Ergebnisse 2025 Recommendation: Kaufen from: 12.03.2026 Target price: €24 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Knaus Tabbert AG (ISIN: D [ … ]

Siltronic’s FY25 results confirm earlier prelims and highlight a still challenging operating environment, with stabilization in wafer shipments offset by FX, mix effects, pricing pressure outside LTAs and ongoing inventory corrections. Looking ahead, management’s 2026 outlook suggests the recovery remains delayed. Sales are guided to decline mid-single digit yoy, while margins are expected to deteriorate further. Industry wafer area demand growth is expected to slow from 8% in 2025 to 6% in 2026, while inventory normalization in power and other legacy segments persist and remain a key headwind. We see limited near-term upside given the expected prolonged earnings recovery and lack of positive catalysts. Until we see tangible evidence of inventory normalization and a clear path back to earnings inflection, we reiterate our SELL rating with an unchanged price target of EUR 41.00. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

Wacker Chemie’s reported final Q4 25 results that were in line with its preliminary release, confirming that the chemical downturn is now running deeper across end-markets. The overall operating performance was impacted by weak volumes, adverse FX, and low-capacity utilization levels, with the polysilicon segment further being significantly impacted by sluggish solar volumes. Earnings deteriorated sharply in FY 25, owing to 29% yoy drop in adj. EBITDA and significant one-offs. Demand visibility remains limited into 2026, and Wacker guides for low single-digit % yoy growth in sales; however, EBITDA is expected to grow to EUR 550m-700m, up 46% yoy, underpinned by cost saving measures and on a low base. Moreover, guidance does not account for any restructuring costs or account for any potential impact from the ongoing Middle East tensions. Recovery risks appear skewed to the downside as customer order patterns remain very cautious, thus earnings normalization is likely to be delayed. We maintain our HOLD rating with an unchanged price target of EUR 75.00. The full update can be downloaded under https://research-hub.de/companies/wacker-chemie-ag

Multitude AG reported preliminary FY25 results, with net profit of EUR 26.6m (+31.7% yoy), exceeding guidance and slightly above our estimate, while revenues of EUR 256.9m were broadly stable. Lower interest income from divested non-core activities was offset by a strong increase in fee and commission income, reflecting a shift toward less capital-intensive revenue streams. The loan portfolio grew 23% yoy to EUR 939m, supported by improving credit quality as impairments declined. Deposits rose 29% to EUR 1.03bn, strengthening the funding base. The company also refinanced the perpetual bond, avoiding a costly interest step-up and improving balance-sheet flexibility. Management reaffirmed FY26 profit guidance of EUR 30m and we confirm our BUY rating and EUR 14.40 price target. The full update can be downloaded under https://research-hub.de/companies/multitude-ag

Company Name: Deutsche Beteiligungs AG ISIN: DE000A1TNUT7   Reason for the research: Update Recommendation: BUY Target price: EUR 39 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Solid FY25 results, all eyes on deal flow; chg. est. DBAG released solid FY25 figures, meeting the midpoint of its [ … ]

Rheinmetall’s Q4 results are difficult to benchmark due to the lack of a consistent market consensus following the recent guidance revision and the ongoing portfolio changes not reflected in all models. While FY reported sales from continuing operations came in slightly below Vara consensus, operating margins were clearly stronger than expected, indicating continued profitability momentum in the core defense business. Order intake and the backlog remain robust, supporting long-term growth visibility. However, the FY2026 sales guidance of EUR 14.0 - 14.5bn appears somewhat below parts of market expectations, reflecting timing effects and differences in how M&A contributions are modeled. We adjust our estimates through lower near-term topline and higher minority interests, which reduces reported net income, but do not change the structural growth trajectory. We reiterate our HOLD rating with a price target of EUR 1,700. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Deutsche Rohstoff reported strong preliminary FY25 results. Revenue reached EUR 195m, above the forecast range of EUR 170–190m and slightly ahead of estimates, despite a 17% yoy decline due to lower oil prices and a weaker US dollar. EBITDA came in at EUR 132.0m, at the top of guidance and above expectations, even with around EUR 10m in one-off costs. In Q4, revenue fell 30% yoy to EUR 45.0m due to lower oil prices and lower production, while EBITDA was EUR 30.3m and margins improved as the oil share in production rose. Operating free cash flow for FY25 was about EUR 25m, reducing net debt to EUR 150m and leverage to 1.1x. With EUR 65m in cash, a low hedging ratio, and a 46% increase in reserves, the company remains flexible in adjusting drilling activity opportunistically as the price environment evolves. Updating the valuation of the Almonty stake yields a new price target of EUR 100.00 (up from EUR 97.00). BUY. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

Hugo Boss delivered a solid Q4 beat, with sales up 7% c.c. and exceeding consensus by 6%, while EBIT surpassed expectations by 8% on a stronger margin. Performance was partly supported by a timing shift from Q1 2026 and higher wholesale sell-in as inventories normalized, while gross margin remained under pressure from clearance activity, FX and mix effects. For FY25, the group met guidance with EBIT up 8% and margin improving to 9.2%. Management reiterated that 2026 will be a transition year under the Claim 5 Touchdown strategy, implying lower sales and EBIT of EUR 300–350m. We maintain a cautious stance and reiterate HOLD (PT EUR 38.00), despite the announced EUR 200m buyback. The full update can be downloaded under https://research-hub.de/companies/hugo-boss-ag