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

Amadeus Fire’s Q1 26 results showed a 9% yoy revenue decline to EUR 89.4m and a 30% drop in operating EBITA to EUR 3.0m, yet highlighted a crucial sequential improvement over Q4 25. While Personnel Services remains under pressure from a weak German labour market, the Training segment is proving resilient and strategically vital due to its AI-led digital transformation. Management confirmed its FY26 sales and EBITA guidance, banking on a stronger H2. Despite current macro headwinds and elevated leverage, we believe the structural shortage of skilled workers and the company's "AI First" strategy offer significant upside. We therefore reiterate our BUY rating with unchanged PT of EUR 70.00. The full update can be downloaded under https://research-hub.de/companies/amadeus-fire-ag

MHP Hotel AG released audited FY25 figures, confirming a strong year with revenue up 11% and EBITDA rising 35%, reflecting solid operational performance. Growth was driven by new assets like Koenigshof Munich and the newly opened Conrad Hamburg, while portfolio metrics such as average room rate and RevPAR both increased 6%. Cash flow was impacted by EUR 8m in pandemic liability reductions and higher capex for the Conrad renovation, though the balance sheet remains robust. The company is expanding its MOOONS brand with a new Frankfurt project planned for 2029, targeting scalable growth and improved margins. Looking ahead, MHP confirmed a positive FY26 outlook, supported by strong Q1 momentum and the Hyatt Regency Vienna acquisition, guiding for EUR 225m revenue and > EUR 10m EBITDA. We adjust our estimates to the lower end of the margin guidance, reflecting global geopolitical uncertainties and rising costs for energy and personnel. We confirm our BUY rating and reduce our price target to EUR 3.00 (old EUR 3.30). The earnings call recording can be viewed here: https://research-hub.de/events/video/2026-05-06-10-00/CDZ0-GR. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

Zalando reported Q1 2026 results, broadly in line with expectations at the operating level. GMV rose 21.7% yoy to EUR 4.3bn, revenue increased 23.8% to EUR 3.0bn and adjusted EBIT improved 38.7% to EUR 64.8m. Reported net income was burdened by already-flagged restructuring costs, while FCF was weak due to seasonal working-capital effects. Reported top-line growth benefited from ABOUT YOU consolidation, with pro-forma growth more moderate. B2B was the highlight, while B2C margins were diluted by ABOUT YOU. With guidance confirmed, synergies progressing and current trading stable, we confirm our BUY rating and EUR 39.00 price target; key watchpoints are cash conversion, ABOUT YOU margin progression and macro/geopolitical risks. The full update can be downloaded under https://research-hub.de/companies/zalando-se

ZEAL delivered a soft Q1 in a weak jackpot environment, with revenue broadly in line with our estimate. Profitability was softer due to elevated marketing, personnel and direct operating costs, but we view this as a function of the company’s expansion phase and therefore temporary. With FY26 guidance reiterated, the year remains back-end loaded and dependent on a more supportive jackpot backdrop. At the same time, ZEAL continues to expand its portfolio, now launching a premium car raffle to reduce dependency on the jackpot environment and enhance mix. As investment intensity normalizes, we see scope for margins to expand to higher steady-state levels. We reiterate our BUY rating with unchanged PT of EUR 72.00, implying a ~31x 2027E P/E. The full update can be downloaded under https://research-hub.de/companies/zeal-network-se

Company Name: FINEXITY AG ISIN: DE000A40ET88   Reason for the research: Initiation Recommendation: BUY Target price: EUR 64 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Building the exchange for private markets; INITIATE with BUY FINEXITY is one of Europe's leading infrastructure provid [ … ]