Fresenius Medical Care’s (FME) Q1 figures confirm a gradual recovery path and were broadly in line with expectations. Revenue declined 6% yoy to EUR 4.61bn, slightly ahead of estimates, while adjusted operating income of EUR 467m matched expectations. Care Delivery remained the key driver, supported by TDAPA reimbursement, favorable rate/payor mix, and FME25+ savings, although U.S. same-market treatment growth stayed weak at -0.4%. FME25+ delivered EUR 50m of additional sustainable savings, but also triggered EUR 166m of one-time costs, weighing on reported EBIT. Cash flow improved, leverage remained controlled, and the completed buyback should support EPS. We reiterate BUY with EUR 47.00 PT. The full update can be downloaded under https://research-hub.de/companies/fresenius-medical-care-ag

Company Name: Borussia Dortmund GmbH & Co KGaA ISIN: DE0005493092   Reason for the research: Update Recommendation: BUY Target price: EUR 5.0 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Weak Q3p amid early UCL exit Yesterday, BVB published preliminary Q3 figures, that clearly display the [ … ]

NORMA delivered a stronger-than-expected start to 2026, with Q1 results ahead of expectations. Profitability improved meaningfully versus last year and exceeded consensus, driven by faster-than-anticipated efficiency gains and solid execution of the “NewNORMA” program. Sales were slightly lower year-on-year but still above expectations. Segment trends were mixed, with resilient performance in Industry Applications and continued weakness in Mobility & New Energy due to soft automotive demand. Strategic progress was supported by the completion of the Water Management disposal, strengthening the balance sheet and enabling meaningful shareholder returns, alongside new contract wins and improved commercial momentum. Overall, the results reinforce the investment case, underpinned by earlier profitability gains, disciplined execution, and enhanced capital returns. We reiterate our BUY rating and raise our price target to EUR 23.00 from EUR 20.00. The full update can be downloaded under https://research-hub.de/companies/norma-group-se

secunet delivered a solid Q1 2026, with revenue ahead of consensus and strong momentum in the Public Sector, while profitability reflected the typical seasonal pattern and additional timing effects. Order intake was the key highlight, almost doubling to EUR 143.0m, up 90.7% yoy, while backlog rose 21.1% to EUR 337.7m, providing a strong basis for the rest of the year. Public Sector growth was driven by Defence & Space and Homeland Security, both benefiting from structurally robust security demand. With guidance confirmed and backlog visibility strengthened, we continue to see the upper end of FY26 guidance as achievable and reiterate BUY, PT EUR 205.00. The full update can be downloaded under https://research-hub.de/companies/secunet-security-networks-ag

Fraport delivered a solid Q1 with a recovery in passenger traffic despite strike- and weather-related disruptions, generating revenue of EUR 853m (+5.2% yoy) and group EBITDA of EUR 196m (+10.4%), slightly missing and exceeding consensus, respectively. Ground Handling stood out with strong revenue and EBITDA improvements, while Aviation and Retail & Real Estate showed modest growth, though retail revenue per passenger softened. Free Cash Flow improved as major capex programs wind down, though operating cash flow was minimal and net debt remains elevated at EUR 8.5bn. Management reaffirmed FY26 guidance with modest growth in passengers and EBITDA, a substantial decline in group result and plans to resume dividends of EUR 1.00 per share. Despite a solid Q1, challenges—including Terminal 3 integration, rising opex and wages, declining retail spend, geopolitical and fuel risks—underscore ongoing pressures, supporting our SELL rating with an unchanged EUR 62.00 price target. The full update can be downloaded under https://research-hub.de/companies/fraport-ag

WashTec achieved record Q1 revenue of EUR 111.3m (+2.3% yoy), fueled by strong North American equipment sales and a growing order backlog. However, EBIT fell 22.4% to EUR 3.8m due to delayed efficiency projects and expansion costs in the Czech Republic. Free cash flow also weakened to EUR 7.0m on working capital timing. Despite these margin pressures, management confirmed its FY26 guidance (mid-single-digit revenue growth; disproportionate EBIT growth; FCF of EUR 35-45m). In our view, the demand environment remains healthy, and the current profitability dip is largely operational/temporary. Execution on cost-saving measures in H2 will be key to meeting full-year targets. We therefore reiterate our BUY rating with unchanged PT of EUR 55.00. The full update can be downloaded under https://research-hub.de/companies/washtec-ag

Elmos delivered a strong Q1, confirming the return of underlying demand post-destocking, with profitability slightly ahead of expectations and cash generation the key highlight. The beat was driven by strong execution, cost optimization and operating leverage, more than offsetting material and supplier cost inflation, while low capex and a working capital release supported adj. FCF. Management’s upgraded FY26 guidance underlines improving visibility on growth, margins and cash conversion, and we lift our PT by 13% to EUR 170.00 to reflect higher earnings quality and medium-term margin upside. However, with much of the operational upside now reflected in the shares, further re-rating looks increasingly dependent on multiple expansion rather than incremental fundamental upgrades; we therefore reiterate HOLD on balanced risk-reward and fair valuation. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se

Enapter reported FY25 results broadly in line with prelim figures. Revenue increased slightly yoy to EUR 22.1m, while EBITDA declined to EUR -18.1m, mainly due to one-off effects including bad debt provisions and costs related to a stack recall. The order backlog decreased to EUR 36m from EUR 42m but continues to provide a solid base. Cash management improved, supported by better operating cash flow (still negative) and higher financing inflows from capital increases and convertible bonds, resulting in year-end cash of around EUR 10m, up EUR 5.4m yoy. FY26 is underpinned by EUR 29m of contracted deliveries and potential upside from a recovery in green hydrogen demand in Europe and China. We reiterate our Spec. BUY rating with a PT of EUR 3.00. The full update can be downloaded under https://research-hub.de/companies/enapter-ag

Following the earnings call, we revise our assumptions on Optoelectronics. A structural shift in AI data center architecture toward optical interconnects is triggering a multi-year capacity build and underpinning a sizeable ~EUR 0.5bn annual potential opportunity. This demand is reinforced by a structural capacity shortage, rising process complexity (particularly in PICs), and growing standardization on AIXTRON’s G10 platform, supporting both pricing power and market share. However, while visibility in optoelectronics has improved with orders extending into 2027, recovery in power remains uncertain and likely pushed into late 2026 or 2027. With valuation already discounting a smooth execution alongside a timely recovery in power, we see limited upside and little room for missteps or delays, resulting in an unfavorable risk/reward. We therefore reiterate our SELL rating with higher price target of EUR 40.00. The full update can be downloaded under https://research-hub.de/companies/aixtron-se

Nemetschek (NEM) delivered a strong Q1, confirming solid underlying momentum despite FX headwinds. Revenues grew 17% yoy (c.c.) to EUR 313m, while reported growth was limited to 10.7% due to USD weakness. EBITDA rose disproportionately by 29.6%, with margins reaching 31.4%, highlighting operating leverage. Growth was driven by subscription/SaaS (+35.4% yoy c.c.) and ARR (+21% yoy c.c.), confirming a largely completed transition to recurring revenues. The Build segment remained the key driver (+29.8% yoy c.c.), while other segments were more muted but still strong in top-line growth. Despite strong fundamentals, we lower estimates on FX and macro uncertainty and reduce our PT to EUR 95.00 from EUR 109.00, reiterating BUY. The full update can be downloaded under https://research-hub.de/companies/nemetschek-se