Stabilus reported a weak start into FY26, with Q1 26 revenue declining to EUR 291.1m (-10.7% yoy), driven by automotive weakness and adverse FX effects. Management confirmed FY26 guidance, supported by ongoing transformation and efficiency measures. Regional performance was mixed, with stable EMEA revenues and improved margins, while the Americas and APAC remained under pressure, particularly due to China automotive demand. Reported EBIT declined to EUR 21.1m, while EPS fell 45% yoy. A key positive was strong cash generation, with adjusted FCF rising to EUR 23.9m. As the valuation remains depressed, we maintain our BUY rating with an unchanged price target of EUR 25.00. The full update can be downloaded under https://research-hub.de/companies/stabilus-se

Given this background, mwb research is hosting an online roundtable discussion with Alexander Reinicke (Managing Director Corporate Finance & Accounting), Jens Dienstbach (Managing Director Corporate Treasury), and Alexander Koffka (Head of Investor Relations) from ABO Energy GmbH & Co. KGaA on February 5, 2026, at 6:00 p.m. CET. 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 be held online in German. Participation is free of charge; access data will be provided after registration at https://research-hub.de/events/registration/2026-02-05-18-00/AB9-GR.

The Platform Group (TPG) reported its strongest year to date with FY25 prelims broadly in line with guidance and our estimates. GMV rose 44% yoy to EUR 1.3bn and revenue grew 38.8% to EUR 728m, confirming the scalability of the platform model and progress toward Vision 2030. Adjusted EBITDA reached EUR 55m (7.6% margin), while reported EPS of EUR 2.26 essentially matches our estimate of EUR 2.27. In addition, net debt leverage (net debt to adjusted EBITDA) improved to 2.2x. Management guides for further growth and margin improvement in FY26. We see the shares as attractively valued and reiterate our EUR 19.50 price target and BUY rating. The full update can be downloaded under https://research-hub.de/companies/the-platform-group-se-co-kgaa

Friedrich Vorwerk (FVG) announced prelims FY25 above guidance and expectations, driven by an exceptionally strong Q4. Revenue and EBITDA both outperformed, highlighting robust execution and project delivery, supported by favorable conditions and joint ventures. Despite these impressive results, order intake softened, with a book-to-bill ratio of just 0.76x, signaling more moderate momentum going forward. Following these prelims, we raise our est. in line with the reported FY25 prelim and the coming few years, particularly at the EBITDA level, while still expecting margins to normalize after strong 23.2% around 22%, which remains strong compared with historical levels. Ongoing capacity expansion and a 15% increase in headcount should support execution and growth. We maintain our SELL rating but raise our PT to EUR 65.00 (from EUR 60.00), reflecting the strong results amid elevated valuation. The full update can be downloaded under https://research-hub.de/companies/friedrich-vorwerk-group-se

BASF’s 2025 prelims underline a familiar late-cycle picture: earnings remain under pressure, but cash generation is improving meaningfully. While EBITDA before special items missed expectations marginally, the key positive was a clear free cash flow beat, driven by materially lower capex and tighter capital discipline. Operational weakness continues to be concentrated in upstream businesses, with pricing and FX headwinds likely to persist into 2026 amid subdued global chemical demand and ongoing overcapacity. However, with balance-sheet resilience strengthening, an accelerated share buyback providing downside support, and restructuring measures being implemented faster than initially planned, we like the risk-reward. We reiterate our BUY rating and maintain our unchanged EUR 52.00 price target, as we see the current weakness as cyclical rather than structural. We believe BASF is well positioned to benefit once upstream conditions normalize, which we see as more likely from 2027 onwards. The full update can be downloaded under https://research-hub.de/companies/basf-se

AUTO1 Group is expected to report solid Q4 2025 results following strong execution over the first nine months of the year. Consensus expects around 216k units, revenues of approximately EUR 2.1bn and adjusted EBITDA of c. EUR 45m. Our estimates at mwb assume volumes of c. 205k units and adjusted EBITDA of EUR 41-42m, broadly in line at the earnings level. Market conditions remained supportive, with used-car prices showing only moderate seasonal softening. With 9M adjusted EBITDA of EUR 152m, the company appears well positioned to deliver within, and potentially towards the upper end of, its updated FY25 guidance. PT and rating maintained (EUR 33.00, BUY). The full update can be downloaded under https://research-hub.de/companies/auto1-group-se

Escalating risk in the Middle East ahead of the weekend could boost sentiment in the defense sector, with RENK being particularly sensitive due to its exposure to Israel-related platforms and aftermarket activity. At the same time, concerns around the CSG IPO are largely misplaced. RENK has no direct exposure and should not be viewed as a CSG proxy, which limits the potential downside from IPO-related spillover effects. Following our downgrade to SELL last week, RENK corrected by around 12% and has moved back into HOLD territory. With an EV/EBITDA of 18.7 for 2026E, the stock is still not cheap, but is no longer overvalued versus our DCF-based price target of EUR 53.00. The full update can be downloaded under https://research-hub.de/companies/renk-group-ag

Carl Zeiss Meditec (CZM) reported a significantly weaker-than-expected start into FY26, prompting a profit warning and a review of full-year guidance. Q1 25/26 revenues declined 4.8% yoy to EUR 467m, while EBITA dropped 77% yoy to EUR 8m, implying a margin of only 1.7%. China remains the key structural concern, with tender-related IOL losses and rising local competition expected to drive further price pressure. In the Americas, postponed clinic investments add cyclical headwinds. With visibility materially reduced ahead of a May update, we cut our estimates and our price target to EUR 31.00 from EUR 48.00 and downgrade the rating from BUY to HOLD. The full update can be downloaded under https://research-hub.de/companies/carl-zeiss-meditec-ag

Nemetschek’s shares have declined around 20% YTD and 45% since August despite the absence of negative company-specific developments, reflecting weak sentiment toward software and SaaS stocks rather than deteriorating fundamentals. Investor concerns around growth visibility and AI-related disruption have weighed on valuations across the sector. However, Nemetschek’s differentiated positioning in the architecture, engineering and construction (AEC) software market, supported by high switching costs and deeply embedded BIM workflows, underpins resilient demand and strong revenue visibility. The ongoing SaaS transition continues to enhance revenue quality, with recurring revenues reaching 92% in Q3 25. Against this backdrop, we confirm our price target of EUR 125 and reiterate our BUY rating, viewing current valuation levels as an attractive long-term entry point. The full update can be downloaded under https://research-hub.de/companies/nemetschek-se

Momentum is building around the MEKO platform at TKMS as persistent F126 (NVL/Rheinmetall) delays make TKMS the only credible alternative, with a potential Q1 2026 pre-contract enabling early steel cutting and materially improving delivery visibility toward 2029. We reflect this structurally stronger outlook in our model by lifting terminal growth to 3.5% from 2%, acknowledging TKMS’s uniquely long planning horizon and sustained revenue visibility well into the late 2030s. Canada and India add upside optionality through potential large-scale submarine programs with local workshare (~ EUR 17bn in total). Yesterday’s remarks by Donald Trump underline the renewed strategic importance of “battleships”, reinforcing the long-term investment case. PT up to EUR 125.00 (prev. EUR 102.00). Rating up to BUY (prev. HOLD). The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa