R. STAHL reported stable Q1 2026 revenue of EUR 73.4m yoy, with a mixed quality of the top line: Asia/Pacific grew strongly on a larger project order, while Germany, Central region and the Americas declined. Order intake fell 21.9% yoy to EUR 77.2m and backlog decreased to EUR 94.3m, confirming limited visibility into FY26 and continued weak demand. However, profitability improved markedly, with EBITDA before special items rising to EUR 6.7m and the margin almost doubled to 9.2% compared to last years 5.0%, supported by lower material expenses and cost reductions. Guidance was confirmed. With unchanged estimates, we confirm our BUY and EUR 17.00 price target. A recall of R. STAHL’s Q1 earnings call is available here: research-hub.de/videos The full update can be downloaded under https://research-hub.de/companies/r-stahl-ag

Mister Spex’s Q1 2026 results highlight a successful, albeit painful, transition from a volume-led online player to a margin-focused omnichannel retailer. Despite a 9% yoy revenue decline to EUR 40.7m, gross margins improved to 58.8% and adjusted EBITDA nearly doubled to EUR 1.3m. The offline segment remains a bright spot, growing 11% yoy. However, negative reported EBITDA and cash flow pressures from the "Switch" subscription model remain hurdles to full recovery. Overall, the results show a company prioritizing "quality over quantity," which we believe will eventually lead to sustainable profitability. We remain positive on the restructuring progress. Consequently, we maintain our BUY rating with unchanged PT of EUR 3.40. The full update can be downloaded under https://research-hub.de/companies/mister-spex-se

HelloFresh’s Q1 results were modestly ahead of consensus. Revenue declined 7.7% yoy in constant currency to EUR 1.68bn, while AEBITDA came in at EUR 23.6m, including a c. EUR 25m negative impact from severe winter storms. Free cash flow remained positive at EUR 49m. Underlying trends remain mixed. Meal Kits continue to narrow declines and AOV is improving, but order volumes remain weak and RTE is still loss-making. Management confirmed FY26 guidance, yet current trading comments point to a soft Q2 and a more demanding H2 recovery path. We therefore keep our EUR 4.10 PT and stay on the sidelines with a HOLD rating, as execution risk remains elevated and upside looks limited. The full update can be downloaded under https://research-hub.de/companies/hellofresh-se

HAMBORNER REIT reported a solid start to 2026 with FFO at EUR 11.7m and a noteworthy 2.6% like-for-like rent increase. While disposal effects led to a minor nominal revenue decline, the NAV per share increased to EUR 9.27. The balance sheet remains a fortress with an LTV of 43.1% and a stable average interest rate of 2.15%. With the FY26 guidance confirmed and a low vacancy rate of 3.5%, the company proves its resilience. Trading at a ~50% discount to NAV, the stock offers compelling value, with management’s repositioning expected to offset near-term earnings headwinds, supporting our continued BUY rating and PT of EUR 10.50. The full update can be downloaded under https://research-hub.de/companies/hamborner-reit-ag

Q1 print was weak but broadly in line with our expectations and likely marks the trough for the year. The key highlight was the sharp surge in order intake, which reached a new record high of EUR 149.3m (+70% yoy, +27% qoq), well ahead of our expectations and supported by broad-based strength across both segments. With order intake remaining strong after quarter-end and the order backlog increasing to EUR 330.1m (+24% vs Dec-25), visibility into the coming quarters has improved materially. We believe the current demand cycle can sustain through 2026 and 2027, laying the foundation for strong double-digit growth in the coming years. Against this backdrop, we raise our price target to EUR 90.00, up from EUR 70.00, but downgrade the stock from BUY to HOLD after the recent share price rally, as risk-reward now looks more balanced. The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se

Blue Cap’s 100% acquisition of Janoschka AG (c. EUR 90m annual revenues / c. 13% EBITDA margin) is a transformative milestone that nearly doubles the Group's scale. The deal led to a massive 2026 guidance hike (revenue to EUR 170-190m; adj. EBITDA margin to 7.5%-8.5%), assuming consolidation from mid-year 2026. With an implied transaction multiple of c. 3-4x EV/EBITDA (mwb est.), the deal is clearly value creative, especially taking into account subsequent synergies and productivity gains that will directly benefit Blue Caps bottom-line in the mid-term. We therefore reiterate our BUY rating and upgrade our PT to EUR 33.00 (from EUR 29.00) as the company is putting its money to work. The full update can be downloaded under https://research-hub.de/companies/blue-cap-ag

EDAG started 2026 with an expected soft Q1, reflecting continued weakness in the automotive market and ongoing OEM cost pressure. Despite the topline decline, profitability improved, supported by restructuring, efficiency gains and workforce reductions, while cash flow remained positive. Sequential improvements in order intake point to early stabilization and initial traction from diversification, particularly in defense. Core engineering segments benefited from cost actions, while plant engineering remained under pressure due to weak investment demand. Management confirmed its full-year guidance, expecting stable revenue and gradual margin improvement. While H1 is likely to stay challenging, profitability trends should continue to recover step by step. We expect H2 2026 to mark the turning point as diversification efforts gain more weight. We therefore maintain our BUY rating with a PT of EUR 6.50. The full update can be downloaded under https://research-hub.de/companies/edag-engineering-group-ag

Rheinmetall reported a soft Q1 with revenue of EUR 1,938m and an operating result of EUR 224m, missing consensus by 15% and 14% respectively, while the margin at 11.6% was the only clean positive. The 4% stock rally remains surprising. Rheinmetall has confirmed its FY26 revenue growth guidance of 40-45%, of which 28-31% are organic. With ~97% backlog coverage, the guidance looks achievable, and Q1 weakness is largely timing-driven. We now include NVL for the first time, adding ~EUR 1.3bn in FY26 revenue and moving our model to the guidance, raising sales but diluting margins and increasing our minorities estimate to 17% from 15%. PT EUR 1,450 and HOLD unchanged. Compelling backlog but limited upside. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

The published draft legislation marks a key regulatory milestone for 123fahrschule (123fs), increasing visibility on the planned driving school reform targeted for January 2027. Core elements, including digital theory education, removal of classroom requirements, broader simulator usage and competency-based training, align closely with 123fs’ existing platform and business model. The reform would support asset-light expansion without mandatory classrooms, extend the company’s addressable market beyond local branch networks and improve simulator economics. 123fs subsidiary FahrerWerk could also benefit from digital and hybrid instructor training formats. Final implementation and scaling remain key success factors, but the draft clearly supports 123fs investment case. We confirm BUY with an unchanged PT of EUR 5.20. The full update can be downloaded under https://research-hub.de/companies/123fahrschule-se

Infineon’s Q2 was broadly in line, but the message was more constructive than the headline numbers: AI power remains the key earnings driver and is still supply-constrained, while the recovery is broadening into industrial and early-cycle automotive replenishment. This is partly offset by ongoing high-voltage drivetrain and CSS weakness. Backlog growth, improving order trends and the FY26 guidance upgrade reduce downside risk to estimates in 2026 and 2027. We raise short-term and outer-year estimates, resulting in a new PT of EUR 58.00 on a stronger AI mix and better core market trends, but after the sharp share price rally, risk-reward looks balanced. Thus, we remain on the sidelines with a HOLD rating until a more attractive entry opportunity emerges. The full update can be downloaded under https://research-hub.de/companies/infineon-technologies-ag