Daimler Truck reported a weak start to the year, with Q1 26 results reflecting continued cyclical pressure. Lower volumes weighed on revenue, while profitability declined sharply and free cash flow turned negative. Order intake increased strongly yoy, but this improvement is largely driven by a low base and catch-up effects in North America rather than a genuine demand recovery. Segment performance remained mixed, with North America under pressure, Europe relatively resilient, and buses more stable. Management confirmed full-year guidance, although the outlook does not yet fully reflect rising geopolitical risks and potential trade policy headwinds. Overall, we feel confirmed in our cautious view and see the order strength as temporary, with continued pressure expected from geopolitical dynamics. We reiterate our SELL rating with a price target of EUR 30.00, as we believe the market still underestimates not only cyclical but also structural risks from Chinese EV competition that are only beginning to unfold. The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag

Company Name: DO & CO AG ISIN: AT0000818802   Reason for the research: Update Recommendation: BUY Target price: EUR 250 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller Staying on course, chgEquity story unchanged. The prolonged Strait of Hormuz closure and related fuel-supply risk warrant a  [ … ]

RENK delivered a solid Q1 broadly in line with consensus and pre-close expectations. Order intake was strong at EUR 582m, keeping the EUR 2bn FY26 target well on track, while revenue was in line and adj. EBIT margin beat by 60bp. However, the quarter was split. VMS continues to benefit from the European defense ramp and delivered strong, while M&I margin was weak due to customer-related logistics delays and a supplier disruption that shifted >EUR 20m of Marine revenue into Q2/Q3. Guidance was confirmed and management now targets the upper half of the EUR 255-285m adj. EBIT range, broadly in line with consensus expectations. With valuation fair and M&I execution risk still visible, we leave our HOLD rating and EUR 53.00 PT unchanged. The full update can be downloaded under https://research-hub.de/companies/renk-group-ag

Redcare Pharmacy reported Q1 2026 results, broadly confirming the preliminary figures, with group revenue up 18.4% yoy to EUR 849.5m and adjusted EBITDA up 58% to EUR 14.4m, albeit slightly below consensus. Gross margin declined due to a soft and competitive non-Rx market, a higher Rx share and the Rx bonus, but lower selling and distribution expenses more than offset the pressure. DACH remained the key growth and earnings driver, while International profitability was affected by temporary effects. German non-Rx recovered from the Q4 trough and Rx momentum remained strong. Overall, Q1 supports FY26 guidance and marks a step in the right direction. We confirm our BUY rating and EUR 95.00 price target. The full update can be downloaded under https://research-hub.de/companies/redcare-pharmacy-nv

TeamViewer (TMV) reported Q1 2026 results broadly in line with expectations, with revenue of EUR 183.2m close to consensus and broadly stable at -0.4% cc yoy. Growth was held back by expected 1E churn, the SMB reset and FX headwinds. Enterprise ARR remained the key positive, rising 7.7% cc yoy, or 11% excluding the 1E effect, while SMB weakness is likely to persist into Q2. Adj. EBITDA of EUR 83.0m beat consensus, though partly due to marketing spend phasing. Guidance was confirmed. Q1 was reassuring, not thesis-changing. We reiterate BUY and EUR 9.60 price target. The full update can be downloaded under https://research-hub.de/companies/teamviewer-se

Rational delivered a strong start to FY26, with broad-based organic acceleration across core regions, continued outperformance from iVario and further evidence that the multi-year expansion of the global salesforce is translating into structurally stronger growth and visibility, particularly in North America. While gross margin came under pressure from FX and tariffs despite US pricing actions and higher volumes, underlying execution remained strong with disciplined cost control, resilient profitability and improved cash generation. Overall, the Q1 print strengthens our view that Rational is entering a structurally stronger growth phase supported by increasing sales productivity, recurring aftermarket exposure and long-term penetration potential, underpinning our BUY rating and slightly higher EUR 830.00 PT. Register for today’s earnings call at 15:00 CEST here: https://research-hub.de/events/registration/2026-05-06-15-00/RAA-GR. The full update can be downloaded under https://research-hub.de/companies/rational-ag

Koenig & Bauer’s Q1 26 was defined by a strong 21.4% jump in orders (EUR 297.6m) and a successful S&T turnaround, contrasted by a reported net loss of EUR -27.6m. The bottom line was hit by EUR 6.6m in one-off costs for the Albert-Frankenthal closure and seasonal FCF weakness (EUR -37.8m). However, with a EUR 1bn+ backlog and the "IMPACT" program gaining traction, the path to the FY26 operating EBITDA target of EUR 80m remains viable. We view the current earnings pressure as a temporary, yet partly seasonal side effect of essential structural realignment. We see a favorable risk-reward profile, particularly driven by the strong order momentum, which is why we reiterate our BUY rating with unchanged PT of EUR 18.00. The full update can be downloaded under https://research-hub.de/companies/koenig-bauer-ag

Q1 beat consensus across the board with revenues of EUR 496m (+26% YoY), 3.0x book-to-bill, record backlog of EUR 9.8bn and a confirmed guidance. Execution is clearly solid, especially in Optronics, where scale effects drove strong growth and margin expansion. However, valuation remains the core issue. At 45x 2026 P/E and 27.9x EV/EBIT, the stock prices in perfection and a much larger SDD contribution than projected by the company by 2030 (only 8%). We raise our PT to EUR 62.00 (from 57.00) but reiterate SELL due to meaningful exposure to politically driven and cyclical land systems procurement. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

Voltatron's Q1 2026 ad hoc confirms the successful restructuring case. Revenue from continuing operations surged to EUR 12.6m, driven by the first-time full consolidation of KOMITEC, and the core business turned pre-tax profitable for the first time. The headline EBITDA margin of 16.6% is flattered by a one-off accounting gain from the acquisition, but strip that out and the 8.1% adjusted margin is consistent with our full-year trajectory. The revenue run-rate annualises slightly ahead of our EUR 49.0m estimate. Final numbers including balance sheet and cash flow will be published on 13 May. Speculative BUY, EUR 5.00 price target unchanged. The full update can be downloaded under https://research-hub.de/companies/voltatron-ag

Hugo Boss reported Q1 2026, delivering a modest beat on both revenues alongside better-than-expected margins. Group sales came in at EUR 905m, ahead of consensus, while the gross margin improved to 62.5% (+110bps). However, with 2026 explicitly a reset year under CLAIM 5 TOUCHDOWN, top-line pressure was expected and EBIT fell 42% year-over-year to EUR 35m. Management confirmed full-year guidance, though the ongoing Middle East conflict adds meaningful uncertainty to the lower end of the EBIT range. Free cash flow was a genuine bright spot. We leave our estimates unchanged, reflecting the continued macro-overhang, and reiterate our HOLD recommendation with a price target of EUR 36.50. The full update can be downloaded under https://research-hub.de/companies/hugo-boss-ag