Ennoconn has crossed the 30% voting-rights threshold in Kontron, triggering a mandatory offer at EUR 23.50 per share. We see the offer as a regulatory consequence of Ennoconn strengthening its anchor-shareholder role, not as a fair-value benchmark. The fundamental upside case remains intact, driven by Defense, Transportation/Rail and the emerging Cybersecurity software opportunity. We reiterate BUY and our EUR 34.00 PT. Kontron CFO Clemens Billek will present at our virtual Industrial Technology Conference on 22 June 2026, followed by Q&A. Please register here: https://research-hub.de/conference/industrial-technology The full update can be downloaded under https://research-hub.de/companies/kontron-ag

EDAG has announced a EUR 75m financing package consisting of a EUR 50m capital increase and a EUR 25m mandatory convertible loan provided by its major shareholder ATON Austria Holding GmbH. The transaction includes 12.5m new shares at EUR 4.00 and a further 6.25m shares via conversion, lifting ATON’s stake from 74.66% to around 85.52%. We view the capital injection positively as it strengthens the balance sheet, reduces leverage concerns, and increases financial flexibility to support both the core automotive engineering business and the expansion in the defense segment. However, it comes at the cost of significant dilution, with the share count rising by around 75% and estimated economic dilution of about 40% for minority shareholders. The higher ownership concentration also raises potential takeover considerations. We lower our PT to EUR 4.00 from EUR 6.50 while maintaining BUY given remaining upside potential. The full update can be downloaded under https://research-hub.de/companies/edag-engineering-group-ag

Recent news on Nvidia’s co-packaged optics / 800V DC roadmap and China-linked InP export delays suggests that the near-term ramp-up may be capped: demand could remain focused on existing optical architectures for longer, while constrained InP substrate availability may reduce the need for additional tool capacity. Despite our constructive medium-term view on AI photonics, co-packaged optics and 800V DC opportunities, we believe the recent share-price rally has run ahead of visible fundamentals, underpinning our SELL rating and EUR 40.00 price target. The full update can be downloaded under https://research-hub.de/companies/aixtron-se

HMS Bergbau plans to issue a new five-year bond of up to EUR 50m at an 8.0% coupon, following last year’s EUR 75m bond at 10.0%. Proceeds are intended to support further growth in commodity trading and were not reflected in HMS’ FY26 guidance issued in May. Assuming full placement and 6x annual capital turnover, the bond could support c. EUR 300m of additional trading volume and c. EUR 6m EBITDA annually. We view the transaction positively, as growth is strongly working-capital driven. Estimates remain unchanged for now. PT EUR 80.00, BUY. The full update can be downloaded under https://research-hub.de/companies/hms-bergbau-ag

GEA’s valuation gap versus industrial peers has now fully closed, with the stock trading in line with its three-year median across FY27E EV/EBITDA of 8x, EV/EBIT of 10x and P/E of 16x. The recent insider buying adds a strong signal, with seven board members purchasing >EUR 1.3m of shares since mid-May 2026, the broadest and most concentrated management buying at GEA in at least three years. Operationally, the case is unchanged & FY26 guidance was confirmed, consensus expectations remain achievable, and Middle East exposure is immaterial, with the region accounting for only around 3% of order intake and no local production footprint. With valuation back at fair levels, guidance intact, geopolitical risk close to zero and management buying aggressively, we see limited downside and a credible path to our unchanged EUR 68.00 price target. BUY. Interested investors can participate in our online conference with GEA (link). The full update can be downloaded under https://research-hub.de/companies/gea-group-ag

HEIDELBERG’s final FY25/26 release confirmed preliminary numbers, including stable sales of EUR 2.29bn but a weak Q4 and an adjusted EBITDA margin of 6.6%. The primary focus is now on strategic transformation. Management highlighted its positioning as a system integrator in packaging, detailed concrete cost-out measures, and emphasized high-tech dual-use ambitions in defense via ONBERG. While defense remains an unquantified option value for now, guidance for FY26/27 points to a noticeable margin improvement on stable sales, supported by efficiency gains. Despite slightly below our expectations, we view this self-help story positively as the company diversifies beyond traditional printing. We reiterate our BUY rating and PT of EUR 2.60. HEIDELBERG will present on mwb research’s Industrial Technology conference on June 22. To participate, register here: https://research-hub.de/events/registration/2026-06-22-11-00/HDD-GR. The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

Formycon’s full-board roundtable ahead of the AGM made the FYB4Growth strategy more tangible, framing it as a response to the challenges of 2025. The strategy focuses on global diversification, smarter portfolio selection, operational excellence and lean development, including targeted cost and timeline reductions. We view this as a credible framework, but execution remains key. FYB201 must rebuild US momentum, FYB202 contributions remain uneven, FYB203 is still early in its launch phase, and FYB206 is entering the submission phase with further milestone potential. We maintain our BUY rating and EUR 38.00 price target. A recording of the presentation and the Q&A is available at: https://research-hub.de/videos. The full update can be downloaded under https://research-hub.de/companies/formycon-ag

Germany and France have pulled the plug on the manned fighter jet at the centre of FCAS. For Airbus, the direct earnings impact should be negligible. FCAS had not moved beyond demonstrator work, service entry was a 2040+ story, and revenues in our forecast window were immaterial. The EUR 100bn headline figure refers to lifetime program cost across several nations over decades, not near-term Airbus revenue. Strategically, the collapse removes a long running industrial overhang while leaving combat cloud, drone and network elements potentially alive. A read across is MGCS (RHM:GR & KNDS), where Franco German defense cooperation could also face renewed scrutiny. For Airbus, however, the investment case remains driven by commercial aircraft deliveries, engine supply constraints and the 2026 guidance risk. Unchanged PT of EUR 180.00. HOLD The full update can be downloaded under https://research-hub.de/companies/airbus-se

POB AG (former PerformanceONE; renamed in March) has resolved to issue a 5-year convertible bond of up to EUR 1.25m to strengthen liquidity and support refinancing. The bond carries a 10% coupon, implying EUR 125k annual interest expense at full placement. Net proceeds of c. EUR 1.15m would mainly fund refinancing, credit line repayment and working capital, while only c. EUR 400k is allocated to Digital Health, AI and Digital Services projects. Full conversion would create c. 0.5m new shares, implying potential dilution of ~24%. Taking a back-of-the-envelope SotP-calculation into account, we confirm our EUR 4.70 price target, with a BUY-rating. The full update can be downloaded under https://research-hub.de/companies/pob-ag

Nordex shares have fallen back from their May peak of around EUR 50 after a strong rally of roughly 70% since the start of the year, as expectations for an extended and uninterrupted wind cycle have been reassessed. The subsequent 20% correction reflects a more critical market view, with uninterrupted peak-cycle assumptions increasingly seen as too optimistic given the sector’s inherent cyclicality. While the earlier rally was supported by strong order intake, improving profitability, and margin expansion, recent data suggests that momentum is weakening. Nevertheless, following the share price decline, we see a more balanced risk-reward profile, with the key question being whether the cycle has already peaked or still has further to run. We upgrade from SELL to HOLD, with an unchanged price target of EUR 40.00. The full update can be downloaded under https://research-hub.de/companies/nordex-se