Elmos delivered FY25 preliminary figures broadly in line with our expectations, outperforming peers in a challenging automotive environment. More importantly, 2026 guidance surprised positively, pointing to a return to double-digit growth, strengthening operating leverage and a step-change in free cash flow. At its virtual Capital Markets Day, management added more granularity around the operational levers behind the 2030 targets, underpinned by structural content growth, over 75% secured design-win coverage and incremental contributions from newer product families. After years of subdued cash generation driven by strategic investments, structural FCF generation is now improving and is more embedded in the model. We have adjusted our estimates and raise our price target from EUR 113.00 to EUR 135.00 (20x 2026E P/E). While we remain fundamentally bullish on Elmos, the sharp share price appreciation leaves limited room for execution missteps. We therefore reiterate our HOLD rating. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se

AUTO1 delivered strong FY25 preliminary results, exceeding its own guidance on units, gross profit and adjusted EBITDA. Full-year volumes reached 842k units, with adjusted EBITDA of EUR 197.5m (+81% yoy), underscoring continued operating leverage. Q4 also came in solid, with units ahead of expectations and profitability at the upper end of estimates, supported by robust Retail growth and stable Merchant performance. For 2026, management guides for further unit expansion and another step-up in EBITDA. With 3.1% market share and a 2.4% adj. EBITDA margin versus mid-term targets of 10% share and 5-9% margin, the structural growth and profitability runway remains intact. PT and rating maintained (EUR 33.00, BUY). The full update can be downloaded under https://research-hub.de/companies/auto1-group-se

Fresenius Medical Care (FME) reported better-than-expected results in Q4 2025, with revenues of EUR 5.07bn (flat yoy, +7% yoy in cc) coming 1% ahead of consensus and adjusted (adj.) EBIT of EUR 705m (+53% yoy in cc) surpassing by 11%. The margin improved 4.3ppt yoy to 13.9%, supported by favourable TDAPA reimbursement regulations and cost savings. For the full-year, revenues grew 5% yoy in cc to EUR 19.6bn and adj. EBIT was up 27% yoy in cc to EUR 2.2bn (margin: 11.3%, +2ppt yoy). For FY 2026, management guides for broadly flat revenues yoy, and adj. EBIT to grow between positive and negative mid-single digit %, implying an EBIT margin of 10.5%-12.0%. The outlook implies steady to only a gradual operational recovery in 2026. The company is progressing well on its FME+ efficiency programme and portfolio optimisation initiatives. However, the uncertainty around US dialysis volumes and persistent FX headwinds remain key monitorable. With attractively cheap valuations and support by ongoing share buy-backs, we confirm our unchanged price target of EUR 47.00. Rating remains BUY. The full update can be downloaded under https://research-hub.de/companies/fresenius-medical-care-ag

U.S. tariff relief provides incremental support for Draegerwerk, but the benefit will likely be gradual. While certain tariffs have been removed, temporary measures remain in place for around 150 days, limiting the positive impact in 2026. A broader margin tailwind is therefore expected from 2027 onward. Management guides for 1-5% yoy sales growth and a 5.0-7.5% EBIT margin in FY26, in line with our expectations. Following a strong FY25, the stock has rallied above EUR 90.00 (+31% ytd), largely pricing in improved earnings quality. We raise our price target to EUR 97.00 but downgrade to HOLD, as valuation now appears broadly fair. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

Company Name: Antimony Resources Corp. ISIN: CA0369271014   Reason for the research: Management Interview Last rating change: Analyst: Cosmin Filker You can download the research here: 20260225_Antimony_Interview_engl Contact for questions: GBC AGHalderstraße 2786150 Augsburg0821 / 241133 0research@gbc-ag.de++++++++++++++++ [ … ]

MHP Hotel AG reaffirmed its ambitious growth strategy in an online investor roundtable, highlighting its focus on premium and luxury hotels, segments that are outperforming the broader European market. The company has achieved record KPIs in Q4 2025 and benefits from a footprint concentrated in high-growth cities such as Vienna, Munich, Berlin, and Hamburg. MHP also sees attractive expansion opportunities, including selective acquisitions (e.g., assets emerging from Revo’s insolvency), potential entry beyond the DACH region, and further rollout of its MOOONS boutique brand, while maintaining disciplined capital allocation. Management confirmed 2025 and 2026 guidance. A temporary decline in 2026 EBITDA is due to one-offs and base effects; adjusting for these implies a recurring EBITDA margin of ~6% and an attractive 2026 EV/EBITDA of 3.3x, supporting our BUY rating and EUR 3.30 PT. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

Nordex delivered a strong Q4 FY25, clearly exceeding expectations. While Q4 is typically seasonally strong due to year-end project completions, this performance reflects the company’s structurally improved earnings profile. Better pricing, disciplined project execution, a favorable regional and product mix, and stronger scale effects drove substantial margin expansion and highlighted growing operating leverage. For FY25, Nordex achieved solid revenue growth, improved margins, and very strong free cash flow, supported by favorable working capital dynamics and high customer prepayments. The record order backlog provides excellent revenue visibility, with European markets strong and North America gaining momentum. Looking ahead, management raised mid-term profitability targets and plans capital returns, likely a dividend from FY26. We raise estimates, keep BUY, and lift PT to EUR 40.00 from 36.00. The full update can be downloaded under https://research-hub.de/companies/nordex-se

TAKKT faced a challenging demand environment in Q4 2025, with organic sales down 6.7% yoy across segments and the adjusted EBITDA margin falling 2.5ppt to 2.1%. For FY25, organic sales declined 6.6% (within guidance of -4% to -8%), while the adjusted EBITDA margin reached 3.8% (vs. 4%–6% guidance) and free cash flow totaled EUR 10m. The company booked a EUR 125m goodwill impairment on its US units due to tariff headwinds and weak sales, reducing future impairment risk. TAKKT suspended its 2025 dividend (mwb est. EUR 0.20), and management expects a weak start to 2026 but anticipates positive H2 growth and improved profitability, supported by TAKKT Forward. We reiterate BUY, with downward revised PT of EUR 5.50 (prev. EUR 7.00), as we believe in TAKKT’s strong cash-generation and strong market position. In our view, this offers an attractive entry point ahead of an expected mid-term cyclical recovery. The full update can be downloaded under https://research-hub.de/companies/takkt-ag

According to the FT, Rheinmetall is set to join two start-ups in supplying drones to the German armed forces, with an initial contract volume of EUR 269m, subject to Bundestag approval and milestones. The financial impact is limited and does not warrant changes to estimates or price target. The award underscores Berlin’s clear diversification strategy and the rising role of defense tech start-ups such as Stark and Helsing, whose contracts carry significant step-up potential. Procurement growth is becoming more contested, not structurally concentrated on incumbents. Furthermore, the contract reinforces the structural shift in land warfare toward drones, ISR and air defense, lessons drawn from Ukraine and reiterated at the Munich Security Conference. For Rheinmetall, Skyranger validation in Ukraine is the key factor for the medium-term land systems narrative. PT unchanged at EUR 2,000. BUY. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Hoenle reported a mixed Q1, with revenue broadly flat at EUR 21.5m but significantly weaker profitability as EBITDA halved to EUR 0.5m due surging operating expenses (FX, marketing, IT). While Curing suffered from continued investment reluctance in mechanical engineering and Adhesives saw margin pressure despite flat sales, Disinfection delivered strong double-digit growth and a sharp improvement in earnings, underlining its structural growth profile and increasing importance within the Group. Management reiterated its FY 2025/26 guidance, implying a clear improvement over the upcoming quarters, which we will monitor closely. Overall, we continue to see an attractive risk/reward profile at these levels as business mix improves, particularly following the multi-year restructuring and strategic repositioning. Thus, we reiterate BUY rating and PT of EUR 20.00. Follow the earnings call today at 14:00 CET by registering here: https://research-hub.de/events/registration/2026-02-24-14-00/HNL-GR The full update can be downloaded under https://research-hub.de/companies/hoenle-ag