Lockheed’s weak Q1 and 4% drop is not a demand warning, but an important mix signal for Rheinmetall. The sector tailwinds remain very strong, yet capital is increasingly moving toward missiles, air defence and high precision systems rather than classical land platforms. Rheinmetall is partly exposed to this shift, but its 2030 story still relies heavily on 155mm artillery and vehicles, where we see rising normalisation risk. We cut our long-term estimates and reduce our PT to EUR 1,450 (from 1,500). HOLD. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

We reiterate our SELL rating on Siltronic, as we view the recent rally above EUR 70.00 as sentiment-driven rather than fundamentally justified. Early signs of stabilization are emerging in leading-edge 300mm, supported by AI demand and modest improvement in utilization, support a price target increase to EUR 50.00 (from EUR 41.00). Nonetheless, the broader recovery remains constrained by elevated inventories, ongoing pricing pressure and weak legacy end markets. With profitability still burdened by high depreciation, subdued utilization and FX headwinds, we see no near-term earnings inflection and view the recent strength as an opportunity to de-risk rather than a signal of structural recovery. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

Pyramid AG successfully raised EUR 5.54m via a capital increase, though weak existing shareholder take-up (23%) confirms the measure was largely defensive. While the transaction materially reduces refinancing risks and improves the leverage profile—bringing FY26E net debt/EBITDA to an expected 1.1x—the resulting dilution is substantial. We believe the strengthened balance sheet provides a necessary foundation for future growth, even as the low placement price anchors the valuation lower. Reflecting the increased share count and the removal of execution risk, we reduce our PT to EUR 3.30 and resume coverage with a BUY rating (prev. “under review”). The full update can be downloaded under https://research-hub.de/companies/pyramid-ag

Mayr-Melnhof (MM) Head of IR Stephan Sweerts-Sporck presented at the mwb research Austrian Select conference (recording available here: https://research-hub.de/events/video/2026-04-23-11-30/MMK-AV). MM has completed a major transformation, shifting from recycled cartonboard to segments such as virgin-fiber board and pharmaceutical packaging. Following a EUR 1.2bn investment cycle and the divestment of non-core assets, MM now has a modernized, low-cost European asset base. Amid challenging market conditions with overcapacity and soft demand, the group is driving margin recovery through its Fit-for-Future efficiency program, targeting over EUR 250m in improvements by 2027. Operational stability, cost leadership, and a strengthened balance sheet underpin confidence, reflected in an increased EUR 2.00 dividend (3.8% yield 2026E). Trading at a 20 - 25% discount to peers, MM presents an attractive risk-reward profile. We recommend to BUY with a EUR 105.00 price target. The full update can be downloaded under https://research-hub.de/companies/mayr-melnhof-karton-ag

POB AG (former PerformanceONE; renamed in March) reported prelim FY25 results above expectations, with revenue rising 15.2% yoy to EUR 10.6m, exceeding both guidance and our estimates. Adjusted EBITDA turned positive at EUR 0.4m, significantly outperforming our EUR 0.1m forecast, indicating stronger underlying profitability. Reported EBITDA remained negative due to one-off restructuring and capital increase costs. Operational improvements in Digital Services and early traction in Digital Health and AI support the positive development. FY26 guidance appears conservative in light of the improved base. However, the equity story continues to hinge on potential exits enabled by the new holding structure. We confirm our price target of EUR 4.70 and the BUY rating. For more insights: On April 29, POB will present at a virtual roundtable in cooperation with mwb research: registration here: https://research-hub.de/events The full update can be downloaded under https://research-hub.de/companies/pob-ag

Planethic has provided an update on the status of the creditor vote regarding the amendment to the terms of its bond. The first meeting did not reach the required quorum of 50% and a second creditors' meeting is planned for mid-May 2026, where the quorum requirement will be reduced to 25%. Management expects sufficient participation and support based on discussions with relevant bondholders (which we believe to hold more than the required quorum). If the amendments are not approved, or if the quorum is not met again, the original bond terms will remain in place. This could potentially force Planethic into restructuring proceedings or insolvency. This would likely result in low recoveries for bondholders and total losses for shareholders. Therefore, we consider the approval of the proposed changes to be the most favorable outcome for bondholders and shareholders. We are retaining Planethic’s rating under review pending the outcome of the second vote. The full update can be downloaded under https://research-hub.de/companies/planethic-group-ag

Siemens Energy (SE) delivered solid Q2 FY26 preliminary results, with a clear beat in orders and cash flow. Revenue grew at a healthy pace but came in slightly below consensus, while margins before special items were in line with expectations and improved yoy, supported by strong execution, pricing discipline, and a favorable mix. FCF was particularly strong, underlining robust cash conversion. Demand continues to be the key driver, led by gas infrastructure and electrification, with additional support from grid-related activities. Order momentum remained strong yoy, reinforcing a highly visible backlog, while profitability recovery and cash generation continued to gain traction. The raised outlook further confirms sustained structural demand and strengthens the narrative of an ongoing energy infrastructure supercycle. While we remain constructive on SE’s operational momentum, we believe much of the supercycle optimism is already reflected in the share price, leaving a less compelling risk-reward. We raise our price target to EUR 100.00 (old EUR 89.00) but reiterate our SELL rating. The full update can be downloaded under https://research-hub.de/companies/siemens-energy-ag

Sartorius reported a solid but unspectacular Q1 2026, with sales of EUR 899m (+1.8% yoy; +7.5% cc), fully in line with consensus. Growth was driven by consumables, while equipment demand remained weak. Underlying EBITDA reached EUR 267m (+1.6% yoy), slightly below expectations, with margin at 29.7%. Bioprocess continued to perform strongly, while Lab returned to growth but with declining margins. Overall, the recovery remains uneven and lacks operating leverage. With results broadly in line and no upside surprise, there is no trigger for estimate revisions. Given the still demanding valuation with an 2026E EV/EBIT of 30x and P/E of 69x, we reiterate our SELL rating and EUR 190.00 price target. The full update can be downloaded under https://research-hub.de/companies/sartorius-ag

Intershop opened 2026 on a stable footing in terms of profitability. Despite a 13% revenue decline, EBIT turned slightly positive as cost discipline takes hold and the long-standing service project is resolved. Cloud order entry rose 8%, cloud revenue grew 3%, and liquidity improved significantly. Net New ARR remains under pressure from a major customer loss and persistently prolonged sales cycles impacting on new customer business. However, full year guidance was confirmed across all metrics. Strategically, the company is advancing its agentic B2B commerce platform with new copilots, a visual product finder, and a simplified AI pricing model. Progress is gradual but directionally sound. BUY, PT EUR 1.80. The full update can be downloaded under https://research-hub.de/companies/intershop-communications-ag

Deutsche Rohstoff has published FY25 audited results, confirming the early-March prelims which exceeded expectations at the time of publication. Deutsche Rohstoff significantly boosted liquidity and will share its success with shareholders in the form of a proposed dividend increase to EUR 2.25 per share (+13%) and a new share buyback program of up to EUR 7.5m. Looking ahead, the company reaffirmed its recently increased FY26 guidance and introduced an initial FY27 outlook supported by an accelerated drilling program. Its operational flexibility and strengthened cash position - including a EUR 100m gain from selling Almonty Industries shares - position it to capitalize on favorable oil prices. Reflecting upgraded FY27 estimates, we increase the price target to EUR 135.00 (old: EUR 129.00), implying roughly 50% upside. We confirm our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag