Company Name: Multitude AG ISIN: CH1398992755   Reason for the research: Update Recommendation: BUY Target price: EUR 11 Target price on sight of: 12 months Last rating change: Analyst: Julius Neittamo Strong profitability expected, set to overachieve guidanceMultitude will report its Q4’25 preliminary results tomorrow. Her [ … ]

Gerresheimer (GXI) announced that its audited FY25 financial statements will be delayed until June 2026 due to ongoing investigations by a second external auditor into transactions from FY24 and FY25. As we had expected, the review could take several months, prolonging uncertainty around the company’s accounting. The delay will likely lead to exclusion from the SDAX and may trigger technical selling pressure from index investors. GXI has also begun discussions with lenders regarding reporting deadlines under its financing agreements, raising the risk of potential covenant issues. With visibility limited and governance concerns elevated, we reiterate our SELL rating and EUR 12.50 price target. The full update can be downloaded under https://research-hub.de/companies/gerresheimer-ag

GEA reported final FY 25 results that were in line with its preliminary release. Sales of EUR 5.5bn in the fiscal were up 3.7% yoy organically and were in line with consensus at the time of pre-release. Adj. EBITDA increased 8.4% yoy to EUR 907m, and the margin widened 1.1ppt yoy to 16.5%, registering a modest beat vs consensus, supported by an improved gross margin. Order intake was better-than-expected at EUR 5.9bn (+9.1% yoy organic) on strong Q4 momentum (+18% yoy organic, book-to-bill 1.2x). Given a comfortable order backlog of EUR 3.3bn, management is optimistic for FY 26 and targets to achieve org. sales growth of 5.0%-7.0% yoy and an adj. EBITDA margin of 16.6%-17.2%. It also anticipates further improvements in its operating margin, based on ongoing efficiency and restructuring measures, which we believe should help the company to steer towards its >5% organic sales CAGR and a 17%-19% EBITDA margin target by 2030. We slightly tweak our estimates and confirm our BUY rating and unchanged EUR 68.00 price target. The full update can be downloaded under https://research-hub.de/companies/gea-group-ag

A 30% share price correction YTD creates an attractive entry point for KION and prompts us to upgrade the stock to BUY from SELL. The recent sell off has brought valuation multiples back into their historical range, providing a more balanced starting point for investors. While operational execution and proof of margin expansion remain critical, the risk reward profile has improved materially following the correction, supporting our rating upgrade. We also reassess the company’s risk profile, as the expected lower leverage and more balanced maturity structure should lead to lower capital costs. With a new price target of EUR 55.00 (old: EUR 48.50), we recommend to BUY. The full update can be downloaded under https://research-hub.de/companies/kion-group-ag

Company Name: Cantourage Group SE ISIN: DE000A3DSV01   Reason for the research: Update Recommendation: BUY Target price: EUR 10 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Valuation remains de-coupled from operationsConsolidated FY24 figures finally out - no surprises, sentiment overhang li [ … ]

Preliminary FY25 results from Dermapharm Holding (DMP) show a 1.3% revenue decline to EUR 1,165m, slightly below expectations but within guidance, as the company continued withdrawing low-margin parallel import products. Q4 revenue grew 1.6% yoy, signaling that the portfolio streamlining is nearing completion. Profitability exceeded expectations: adjusted EBITDA rose 2.9% to EUR 325m with a 27.9% margin, and Q4 EBITDA increased 16.7% yoy to EUR 87m. Branded pharmaceuticals remained solid, while Other healthcare products and Parallel import business saw mixed trends. With earnings visibility improving, we reaffirm our EUR 45.00 price target and BUY rating. The full update can be downloaded under https://research-hub.de/companies/dermapharm-holding-se

Company Name: Rock Tech Lithium Inc. ISIN: CA77273P2017   Reason for the research: Strategic Partnership with Siemens Recommendation: Buy from: 09.03.2026 Target price: CAD2.40 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on Rock Tec [ … ]

Planethic has secured SAFE financing from a FoodTech investor to fund a new Mililk production facility in Chicago, covering the full initial investment, operational launch, and start-up losses without diluting the parent company. The plant, scheduled to start operations in summer 2026, marks a key step in Mililk’s North American expansion. The SAFE structure reduces financial risk and protects Planethic’s balance sheet while transferring part of the subsidiary’s future upside to the investor. We confirm our EUR 12.50 price target and maintain a Speculative Buy rating. Note that successful scaling of the US plant alone could generate enough value to justify Planethic’s current enterprise value. The full update can be downloaded under https://research-hub.de/companies/planethic-group-ag

We believe structural margin expansion remains at the heart of the SUSS investment case. Following its strategic refocus on core semi equipment and larger customers to improve margins, the next phase is driven primarily by internally controlled levers rather than cyclical tailwinds alone. Premium photomask cleaning and growing exposure to advanced packaging, alongside a rising service share, should enhance product mix and support structurally higher margins. At the same time, modularization and tighter cost discipline are embedding efficiency into the platform and enabling operating leverage as scale increases. While 2026 may prove transitional, the broader industry push to relieve AI-driven backend bottlenecks reinforces the strategic relevance of SUSS’ portfolio and the potential for further upside. We reiterate our BUY rating with a slightly higher price target of EUR 58.00 (old: EUR 56.00). The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se

Company Name: GFT Technologies SE ISIN: DE0005800601   Reason for the research: Update Recommendation: Buy from: 06.03.2026 Target price: 33 Last rating change: Analyst: Sebastian Droste AI-centric strategy gains traction On March 5, 2026, GFT released its full-year preliminary results 2025 and provided guidance for 2026. Revenue [ … ]