Company Name: Zalando SE ISIN: DE000ZAL1111   Reason for the research: Recommendation: Buy from: 07.05.2026 Target price: 34.40 Last rating change: Analyst: Ralf Marinoni Tailwind from About You integration and AI Zalando delivered a solid set of figures for Q1-26 and confirmed its FY 2026 guidance. AI is not a threat to the bus [ … ]

Against this backdrop, mwb research is hosting an online roundtable with Carsten Salewski (CSO/CCO) and Dirk Schwingel (CFO) on May 12, 2026, at 10:00 a.m. CEST. Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-05-12-10-00/V6C-GR.

LANXESS’ Q1 confirmed a trough-like earnings backdrop, with weak demand, low utilization, FX headwinds, portfolio effects and Asian price pressure more than offsetting cost savings and lower functional costs. Segment trends remained broadly weak, particularly in Advanced Intermediates, while Consumer Protection and Specialty Additives also saw earnings pressure despite some March volume momentum and selective strength in water treatment, lubricants and flame retardants. Although Q2 should improve sequentially on price increases, temporary supply-chain shifts and back-end-loaded savings, visibility on a sustainable earnings inflection remains limited given ongoing dependence on cost pass-through, FX, construction demand and fragile end-markets. We reiterate HOLD with an unchanged EUR 17.00 price target. The full update can be downloaded under https://research-hub.de/companies/lanxess-ag

Knorr-Bremse delivered a strong start to FY26, with Q1 results slightly below expectations at the top line due to currency effects, but clearly ahead on profitability, driven by cost control, operating leverage and BOOST efficiencies. Revenue showed modest organic growth, while earnings expanded strongly with meaningful margin improvement and better-than-expected cost absorption. Free cash flow also increased significantly, supported by stronger conversion and disciplined working capital management. Rail remained the key stabiliser with stable revenue and further margin gains, while Truck delivered strong profitability improvement despite the ongoing weak truck cycle, reflecting effective cost discipline. Management confirmed its FY26 outlook, highlighting continued resilience and execution. Following the results, we raise our estimates and increase our price target to EUR 103.00 (from EUR 86.00) but upgrade only to HOLD from SELL due to elevated valuation. The full update can be downloaded under https://research-hub.de/companies/knorr-bremse-ag

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

Company Name: ZEAL Network SE ISIN: DE000ZEAL241   Reason for the research: Update Recommendation: BUY Target price: EUR 80 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller Q1 review: Growth despite weak jackpotsQ1 results were largely in line with expectations (see p.2) and show that ZEAL contin [ … ]

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