Duerr’s detailed FY 25 results were in line with its prelims. Revenues of EUR 4.17bn were down 2.9% yoy and slightly below its guidance range, due to macro softness. However, order intake rebounded strongly in Q4 to EUR 1.25bn (+20% yoy) after a weak Q2 and Q3, driving a solid EUR 3.73bn year-end backlog. Adj. EBIT was up 19% yoy and the margin improved 100bps yoy to 5.6%, exceeding targets. The group reported net income of EUR 203.3m, well ahead of its EUR 120m-170m guidance. This was aided by a sizeable gain from the divestment of its environmental technology unit, which along with advance payments from customers, boosted FCF and enabled meaningful deleveraging. For FY26, management guides for broadly stable sales (-2% yoy at the mid-point), modest order growth (+3% yoy), and an adj. EBIT margin of c.5.0%-6.5%. Following the completion of its portfolio restructuring exercise, Duerr now operates a leaner and more efficient organisation. Renewed focus on the core business and cost savings measures should underpin its growth trajectory. We confirm our positive stance on Duerr and reiterate our BUY rating with an unchanged PT of EUR 35.00. The full update can be downloaded under https://research-hub.de/companies/duerr-ag

Cicor delivered FY25 results broadly in line with expectations, with revenue growth of 28% driven primarily by acquisitions, while organic growth remained slightly negative amid a still weak EMS market. The company continued to gain market share and executed an exceptionally active yet disciplined M&A strategy, adding CHF 221m of revenue for a net cash outflow of only CHF 50m. While margins were temporarily diluted by the integration of recently acquired businesses, management expects profitability to gradually improve as integration progresses and organic growth returns in 2026. Mid-term targets remain unchanged for now but could be potentially upgraded later this year. Following our model update, we set a PT of CHF 180.00 (old: CHF 185.00) and reiterate BUY. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd

LANXESS’ planned exit from the Envalior JV has been delayed after Advent declined to acquire the company’s 40.9% stake in 2026, pushing the deleveraging catalyst further out. However, the contractual framework remains intact, with additional tender windows in 2027 and a structural backstop from 2028 that ensures eventual monetization. While near-term operating conditions remain challenging amid Chinese overcapacity, weak construction and automotive demand, and elevated European energy costs, the balance sheet remains secure with ample liquidity and no covenant pressure. Looking ahead, we see potential for sentiment and earnings to gradually improve from mid-2026 as infrastructure stimulus and anti-dumping measures begin to stabilize pricing. Following the recent sharp share-price correction, we believe much of the uncertainty is already reflected in the valuation, leaving LANXESS an attractive cyclical recovery play with meaningful deleveraging upside. We therefore reiterate our BUY rating with a revised price target of EUR 23.00 (old: EUR 27.00). The full update can be downloaded under https://research-hub.de/companies/lanxess-ag

Ernst Russ’ FY25 preliminary results confirm strong profitability and cash generation, broadly in line with guidance and forecasts. Revenue reached about EUR 158m and EBIT around EUR 96m, implying a resilient 61% EBIT margin, supported partly by gains from vessel disposals. Year-end liquidity of roughly EUR 114m underscores a solid balance sheet and capacity for further fleet investment. Operational performance remained strong, with 97.7% fleet utilisation and higher average daily charter rates. A EUR 449m charter backlog and 26-month average contract duration provide earnings visibility into FY26–27. Strategic fleet expansion and diversification, combined with long-term charters, strengthen stability, while geopolitical shipping disruptions could support rates. Overall, the company remains well positioned, and the BUY rating with a EUR 12.50 price target is maintained. The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

Company Name: Global Fashion Group S.A. ISIN: LU2010095458   Reason for the research: Update Recommendation: BUY Target price: EUR 1 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Turnaround ongoing: first positive adj. EBITDA in history GFG released its FY25 annual report, delivering results  [ … ]

Redcare’s FY25 results confirmed preliminary figures and marked a reset in the investment narrative. While Rx remains the structural growth driver, FY26 guidance of 13-15% revenue growth implies a clear moderation versus FY25. Management expects Germany Rx sales above EUR 670m and non-Rx growth of 8-10%, reflecting a structurally more competitive OTC/BPC environment, while the behavioral adoption of e-prescriptions appears slower than previously anticipated. The company also introduced a more gradual profitability path, targeting ~5% EBITDA margins in the mid-term and >8% only longer term. Reflecting the flatter earnings trajectory and lower long-term returns, we lower our DCF-based target price to EUR 95.00 (from EUR 120.00). We maintain our BUY rating, however, restoring investor confidence is likely to take time. The full update can be downloaded under https://research-hub.de/companies/redcare-pharmacy-nv

Formycon reported preliminary FY2025 results with revenue of around EUR 45m, below prior guidance, reflecting weaker-than-expected commercial traction of the ustekinumab biosimilar Otulfi (FYB202). EBITDA of roughly EUR -12m was supported by milestone income and development reimbursements. The key issue remains the limited US uptake of FYB202, as Fresenius Kabi has limited success to secure listings in preferred formularies with major pharmacy benefit managers. This has led us to reduce our revenue assumptions for the coming years. In addition, Formycon indicated a potential non-cash impairment on FYB202 in the FY2025 financial statements. Following these adjustments, we lower our price target to EUR 40.00 from EUR 48.00. Our rating remains BUY. The full update can be downloaded under https://research-hub.de/companies/formycon-ag

Bayer delivered a mixed but broadly stable set of results, with solid operational momentum in Crop Science and Pharmaceuticals offset by profitability pressure and continued litigation-related headwinds. Strong growth from key launch products such as Nubeqa and Kerendia helped counter patent expiry pressure in Pharma, while Crop Science remained resilient despite a softer crop protection environment. The company continues to execute on its operational turnaround through organizational simplification and cost savings, while simultaneously advancing a multi-pronged strategy to contain glyphosate litigation. Looking ahead, 2026 is expected to be a transition year as substantial litigation payouts weigh on cash flow and temporarily increase leverage, although underlying operating performance should remain stable. Importantly, progress on settlements and the pending Supreme Court review provide improving visibility on the legal overhang, supporting the investment case beyond 2026. We therefore maintain our BUY rating with a slightly revised price target of EUR 52.00. The full update can be downloaded under https://research-hub.de/companies/bayer-ag

Traton’s Q4 2025 was soft, reflecting broad market weakness and margin pressures from operating deleverage, tariffs, and FX headwinds. Results slightly beat consensus, but the global truck market continues to face macro and geopolitical challenges. Management issued soft guidance for FY26, signaling another challenging year, with limited growth momentum as fragile European gains from catch-up effects are offset by weakness in the US and Brazil. Given ongoing challenges, the stock trading only ~15% below its all-time high, and no meaningful operational improvement currently in sight, we prefer to wait for a clearer sign of market recovery, as share price and performance are unlikely to diverge forever. A potential stake sale by parent Volkswagen could add further pressure on the share. We therefore reiterate our SELL rating with an unchanged price target of EUR 23.00. The full update can be downloaded under https://research-hub.de/companies/traton-se

Since military operations began on 28 February, the Iran war has caused crude oil prices to surge. The WTI forward curve indicates a temporary war premium, showing higher prices mainly for contracts expiring within the next six months. Deutsche Rohstoff should benefit from this environment as it has only hedged around 30% of its production for FY26, partly through put options, which will allow it to participate in the oil price rally. We have therefore increased our estimates for the FY26 and believe that the company may accelerate its planned drilling program. In addition, tungsten prices have surged due to rising defense demand linked to the conflict. Consequently, Deutsche Rohstoff’s stake in Almonty Industries (ALI1:GR), which will soon begin production at the Sangdong mine, has also increased in value considerably. Having upgraded our model, we arrive at a new price target of EUR 97.00 (previously EUR 88.00) and are confirming our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag