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   You can download the research here: do-co-ag-2026-06-04-previewreview-en-ccb58 For additional information visit our web [ … ]

Nemetschek (NEM) remains caught between two opposing narratives. AI-driven disruption of traditional software and the resilience of deeply embedded AEC workflows. With the transition to recurring revenues largely complete, ARR quality is now the key debate rather than ARR growth alone. At 95% recurring revenue and EUR 1.19bn ARR in Q1 26, visibility is high, but not risk-free. Customers could still reduce seats, downgrade modules or resist pricing at renewal. However, NEM’s BIM and AEC products are mission-critical, raising switching costs. After a -53% 52-week underperformance, we see valuation risk as overdone. BUY, PT EUR 95. The full update can be downloaded under https://research-hub.de/companies/nemetschek-se

Company Name: Daldrup & Söhne AG ISIN: DE0007830572   Reason for the research: update Recommendation: Buy from: 03.06.2026 Target price: 28.80 Last rating change: Analyst: Ralf Marinoni Further growth aheadDaldrup reported final FY 2025 results that confirmed preliminary figures. Much more important: the order backlog qu [ … ]

We initiate coverage of Deutsche Lufthansa AG with a BUY recommendation and a PT of 21.00 offering an upside-potential of 152.4%. Lufthansa is Europe's largest airline group and global #1 in MRO, yet trades at more than 50% below liquidation value. The owned fleet alone covers ~90% of EV, while Lufthansa Technik, worth ~40% of EV on standalone MRO multiples leaves the airline franchise, cargo and ITA upside valued at zero. Fleet renewal toward 58% next-gen aircraft by 2030 mechanically adds ~3ppt to margins without any management execution and ITA synergies drive our estimates significantly above consensus which does not even model the lower end of the guidance corridor. After macro shocks every year since 2019, the market is extrapolating disruption as the base case. We model normalization and see compelling upside even below management's own targets. The owned fleet provides a natural valuation floor. BUY. The full update can be downloaded under https://research-hub.de/companies/deutsche-lufthansa-ag

Staige One AG's 2025 results highlight an operationally progressive but financially high-risk transition year. Revenue stagnated at EUR 2m, though cost cuts trimmed EBITDA losses to EUR -2.5m. The company's future investment thesis depends on its pivot from amateur sports streaming toward "Staige for Industries," utilizing its proprietary edge-AI and camera technology for logistics, security, and public-sector projects. While a EUR 20m pipeline and support from anchor shareholders like adesso SE stabilize the near-term profile, management's ambitious 2026 guidance—targeting EUR 4.1m in revenue and near-break-even EBITDA—demands swift commercial execution. Given the balanced mix of technical validation and high execution risks, we reiterate our Speculative BUY rating with an unchanged PT of EUR 2.50. The full update can be downloaded under https://research-hub.de/companies/staige-one-ag

Against this backdrop, mwb research is hosting an online roundtable on June 8, 2026, at 10:00 a.m. CEST with Dr. Stefan Glombitza (CEO), Enno Spillner (CFO), Nicola Mikulcik (CBO), and Dr. Andreas Seidl (CSO). 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/2026-06-08-10-00/FYB-GR.

CHAPTERS’ FY25 report shows a platform still in build-out mode. The group expanded its financing structure, built Financial Technologies into a major segment, reinvested heavily into M&A and strengthened its operating capabilities, especially in Public. Adjusted revenues rose to c. EUR 195m and adjusted EBITDA to EUR 49m, but adjusted EPS fell to EUR -0.03, reflecting transformation costs, integration costs, higher platform expenses and share-based compensation. Management frames 2025 as a muscle-building year: the goal is to create a stronger foundation by 2027, with reinvested capital and improved execution becoming shareholder-accretive over time. In the near-term, a number of swing factors provide a credible basis for a stronger operating performance in 2026. Following our model-revision and roll-over, we revise our PT to EUR 50.00 (old: EUR 48.00), BUY. The full update can be downloaded under https://research-hub.de/companies/chapters-group-ag

LM PAY provides exposure to a structurally growing embedded-finance niche in Eastern European consumer finance, focused on point-of-sale funding for healthcare, dental, beauty and insurance services. Its business model helps patients through immediate treatment financing and supports providers with upfront payment, creating utility on both sides. Growth should be supported by rising private healthcare spending, broader installment-payment adoption and product expansion beyond MediPay into Secure Pay, Medipay Mobile by VISA and InsurTech. Therefore, we believe, a re-rating could follow sustained earnings quality and therefore confirm our view. BUY, PT EUR 63.00. LM PAY will host an earnings call on July 7 at 14:00, offering investors a timely opportunity to gain direct corporate access. (register on https://research-hub.de/events) The full update can be downloaded under https://research-hub.de/companies/lm-pay-sa

Bayer’s latest U.S. legal headlines add fresh noise to an already litigation-heavy equity story, with the Roundup settlement challenge raising uncertainty around the key de-risking milestone and the GMO corn seed lawsuit broadening Crop Science-related legal risk. While this may keep the shares volatile in the near term, we see the impact as sentiment-driven rather than estimate-changing. Importantly, operational momentum remains intact, with improving Crop Science execution and Pharma launch assets offsetting legacy erosion. With valuation already embedding a significant litigation discount and giving limited credit to improving earnings quality and legal milestones still ahead, we reiterate our BUY rating and EUR 52.00 price target. The full update can be downloaded under https://research-hub.de/companies/bayer-ag

HENSOLDT raised its FY26 adjusted FCF guidance to ~50% cash conversion on ad-justed EBITDA (from ~40%), driven entirely by higher customer advance payments accelerated by Germany's procurement ramp. All other guidance elements were confirmed. We raise our FY26 FCF estimate, but caution against over-reading. Advance payments received today reverse as order momentum fades, with consensus book-to-bill declining from 1.8x in FY26E to 1.3x by FY28E. Yesterday's sell-off likely already priced this read-through for what is, mechanically, a timing effect. The broader thesis is unchanged. HENSOLDT executes well at the peak of a defense procurement cycle, but cycle risk is not priced, and Software-Defined Defence (~8% of revenue by 2030) does not justify a tech premium on a hardware story. We confirm our SELL rating and EUR 62.00 price target. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag