Singulus has taken a first step from strategic partnership to execution, announcing an initial solar order (mwb est.: ~EUR 10–15m) alongside a EUR 3.6m partner-backed convertible bond, linking commercial progress with additional funding. This supports our initial view that the partnership will be accretive from 2026 onwards, with potential for follow-on business as the relationship deepens. The convertible strengthens liquidity and aligns the partner strategically, but introduces up to ~20% dilution, which may weigh on the shares in the near term. Overall, we see the news as incrementally positive, improving visibility and supporting the re-rating case, although execution and FY26 guidance remain the key factors for near-term share price performance. We maintain our speculative BUY rating with unchanged price target of EUR 4.20. The full update can be downloaded under https://research-hub.de/companies/singulus-technologies-ag

123fahrschule (123fs) has completed a capital increase of 400k shares at EUR 2.55, raising c. EUR 1.0m and implying ~7.2% dilution. The proceeds are intended to bridge liquidity ahead of a potential regulatory inflection in 2026. The planned reform of driver education, effective from 2027, could transform the industry through digitalization, competency-based training, and simulator usage. As a technology-driven platform, 123fs appears well positioned to benefit from improved scalability. However, financial visibility remains limited, and further funding cannot be excluded. To reflect dilution, we lower our PT to EUR 5.20 (before EUR 5,50) and reiterate BUY, viewing the stock as an event-driven opportunity, offering significant upside in a successful reform scenario. The full update can be downloaded under https://research-hub.de/companies/123fahrschule-se

ProSiebenSat.1 Media’s (PSM) reported detailed FY25 results, largely in line with its preliminary release. Revenues for the full year declined 6% yoy to EUR 3.68bn, and adj. EBITDA slumped 28% yoy to EUR 403m amid significant weakness in the high-margin TV advertising (ad) business and deconsolidation of Verivox. The company ended the year with operating cash flow of EUR 228m, down 20% yoy, and although net debt declined yoy, the leverage ratio lingered on the higher side at 3.3x. The economic and geopolitical environment is still fragile, and with no recovery expected in the near term, advertising budgets of companies remain constrained. Against this backdrop, PSM anticipates slight organic revenue growth in FY26 (FY 25: -2% yoy), however, EBITDA is expected to see a significant rebound after the weak FY25. Overall earnings visibility remains limited. We tweak our estimates and lower our price target to EUR 4.40 (before EUR 5.10). Remains a HOLD. The full update can be downloaded under https://research-hub.de/companies/prosiebensat-1-media-se

Scout24's annual report fully confirms preliminary 2025 figures, with revenue up 14.7% to EUR 649.6m and ordinary operating (oo) EBITDA growing 16.5% to EUR 405.7m at a 62.5% margin. Free cash flow conversion remains strong at 62% of ooEBITDA. The 2026 organic margin guidance of up to 64% already exceeds CMD 2024 targets, with Spain-related one-offs expected to unwind fully by 2027. AI risks remain limited, with LLM traffic below 1% and proprietary data securely ring-fenced. We reiterate our BUY rating and EUR 129.00 price target. The full update can be downloaded under https://research-hub.de/companies/scout24-se

CTS Eventim (CTS) reported strong set of results in Q4 2025. Revenues grew 19% yoy, beating consensus by a wide 12%. Adj. EBITDA increased 12.2% yoy, coming in 5% ahead, although the margin was slightly softer, -1.7ppt yoy, due to one-offs. Both the Live Entertainment and Ticketing business benefitted from high demand for live experiences and sporting events, while international expansion also helped. Following a strong Q4, FY 25 revenues breached the EUR 3bn mark (+9.6% yoy) for the first time, and adj. EBITDA grew 7.7%. Management expects positive momentum to continue and guides for an increase in total revenues and adjusted EBITDA in FY 26. CTS’s market position, its successful international expansion, scalable digital technology platform, and high business quality places it at a favourable spot. We broadly maintain our estimates and reiterate our BUY rating on the stock at an unchanged price target of EUR 100.00. The full update can be downloaded under https://research-hub.de/companies/cts-eventim-ag-co-kgaa

Company Name: HORNBACH Holding AG & Co. KGaA ISIN: DE0006083405   Reason for the research: update Recommendation: Buy from: 27.03.2026 Target price: 110.00 Last rating change: Analyst: Ralf Marinoni HORNBACH has delivered According to prel. figures, HORNBACH was able to increase sales despite a challenging market environment  [ … ]

Kontron's FY25 results were shaped by a sharp Q4 miss, driven almost entirely by GreenTec/Wallbox underperformance, FY revenues came in at EUR 1.61bn (-5% yoy). Underlying profitability held up well with adj. EBITDA of EUR 221m (+15% yoy, margin +2.3ppt). FY26 will be a transition year, burdened by EUR 25m of GreenTec restructuring charges, but the structural story remains intact: record backlog of EUR 2.5bn, Defense and Transportation growing >20%, and Software + Solutions as the structural margin driver going forward. Management outlined mid-term targets of EUR 2.6bn revenues and EUR 420m EBITDA by 2030, underpinned by Defense, Transportation/Rail and Cybersecurity tailwinds. We lower estimates to reflect the new outlook and come to a revised PT of EUR 34.00 (old: EUR 36.00), maintaining BUY. The full update can be downloaded under https://research-hub.de/companies/kontron-ag

With Q1 results due on 30 April, we preview weak start in line with expectations, with revenues well below quarterly run-rate and a likely net loss, highlighting a more back-end loaded 2026, with execution in H1 critical to deliver on full-year guidance. While optoelectronics momentum remains supportive, structural factors may dilute the translation of downstream demand into tool orders. That said, the broader recovery is uneven, with continued weakness in SiC and limited visibility on AI GaN. With valuation already discounting a relatively smooth recovery into 27-28 and limited room for missteps, we see risk-reward gradually turning less favorable. Thus, we downgrade our rating from HOLD to SELL with unchanged price target of EUR 30.00. The full update can be downloaded under https://research-hub.de/companies/aixtron-se

CANCOM confirmed FY25 results and issued FY26 guidance, showing early signs of stabilization but limited visibility. Q4 25 EBITDA rose 46.6% yoy, though supported by one-offs. FY25 revenue declined slightly, and profitability weakened. Segment performance remains uneven, with Germany under pressure and International driving growth. The new guidance implies margin improvement but carries uncertainty. However, the solid cash position offers a stable EUR 1.00 dividend, reflect shareholder focus. Given macro risks, low visibility, rising costs for hardware and execution uncertainty, we maintain the HOLD rating and a EUR 25.00 price target. The full update can be downloaded under https://research-hub.de/companies/cancom-se

Koenig & Bauer (SKB) delivered a successful FY25 turnaround, with revenue rising 2.2% to EUR 1.3bn and operational EBIT more than doubling to EUR 36.6m, driven by reduced restructuring costs and improved efficiency. Free cash flow turned positive, while both core segments improved, particularly Special & New Technologies. For FY26, management guides for flat revenue and stable earnings, reflecting caution amid macroeconomic uncertainty, geopolitical risks, and delayed customer investments. Despite this, a strong order backlog and solid early-year intake support mid-term visibility. The new “IMPACT” strategy targets growth through technology expansion, AI integration, and higher service revenues. Overall, SKB enters a consolidation phase with improved fundamentals and a constructive long-term outlook. BUY, PT EUR 18.00. The full update can be downloaded under https://research-hub.de/companies/koenig-bauer-ag