Knorr-Bremse published its FY25 results, fully confirming the preliminary figures and rounding off the year with a solid operational performance marked by stable revenue, improving margins driven by cost discipline and BOOST, and record cash generation. Order intake and backlog continued to strengthen, supporting good visibility into FY26. The company also confirmed its FY26 guidance, signaling a steady outlook despite the current environment. Segment trends were unchanged, with Rail Vehicle Systems remaining the key growth and margin driver on the back of strong global demand, while Commercial Vehicle Systems continued to face pressure from weak truck markets, albeit with stable margins supported by cost control. Despite the solid performance, macro uncertainty and limited visibility on infrastructure-driven demand continue to weigh on the outlook. We therefore maintain our SELL rating with a PT of EUR 86.00. On April 14, the company will provide first-hand insights at our German Select online conference. Register here: https://research-hub.de/conference/german-select-vii The full update can be downloaded under https://research-hub.de/companies/knorr-bremse-ag

Elmos’ 2025 Annual Report is a confirmation print, with FY25 results and 2026 guidance fully in line and no new major catalysts. The company continues to outperform through challenging environments, with a clear path to renewed growth and structurally improving cash profile, supporting higher capital returns. We roll our model one year forward and reiterate our HOLD rating with a price target of EUR 135.00, implying ~20x P/E 2026E, which we view as a fairly balanced risk-reward profile following the recent share price run, leaving limited room for execution missteps. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se

HelloFresh’s FY25 already pre-released results delivered a mixed set of signals. While group revenues declined on weaker order volumes, particularly in Meal Kits, the company achieved solid margin expansion driven by ongoing efficiency measures. Notably, Meal Kits margins returned to pandemic-era levels (~13% adj. EBITDA margin), underlining the success of cost initiatives. Q4 continued this trend, with declining but stabilizing revenues and further margin improvement. Looking ahead, management guides for another year of top-line pressure, alongside continued investments and restructuring impacts, and weather disruptions in Q1. Our estimate revision reflects the weak 2026 guidance, as well as a flatter growth trajectory, both for top- and bottom-line beyond 2026. As a result, we revise our price target to EUR 4.10 (old. EUR 7.00) and downgrade the stock to HOLD. The full update can be downloaded under https://research-hub.de/companies/hellofresh-se

123fahrschule (123fs) announced a capital increase of up to EUR 1.0m (c.7% dilution) to prepare for upcoming regulatory changes in driver education. While the placement price has pressured the share price to a 12-month low, it offers an attractive entry point. Proposed reforms - such as digital learning, simulator use, and increased digitalization - could remove structural bottlenecks, lower costs for students and improve efficiency in driving schools. As 123fs is already positioned with a technology-driven model, it stands to benefit disproportionately, supporting scalability and growth. The capital raise is expected to bridge the transition period until reforms take effect. We reiterate our BUY rating with a EUR 5.50 price target, pending final dilution. The full update can be downloaded under https://research-hub.de/companies/123fahrschule-se

Blue Cap’s analyst conference confirmed solid FY25 progress, with revenue of EUR 129.1m and adj. EBITDA of EUR 7.2m (5.5% margin +60bp yoy). A new segment structure highlights Industrials as the earnings driver, showing 4% revenue growth and 5% EBITDA increase, while Business Services saw declining revenues but strong EBITDA recovery, reflecting successful cost measures. Portfolio performance was mixed: H+E and Planatol performed well, HY-Line improved profitability despite weaker sales, and Transline stabilized under pressure. Inheco remained steady with a strong 2026 start. The balance sheet strengthened to a net cash position, though Iran-related supply risks add uncertainty. FY26 guidance appears cautious in our view, leaving upside potential. Overall, improved transparency, operational progress, and a discounted valuation support a continued positive outlook, which is why we reiterate to BUY, PT EUR 29.00. The full update can be downloaded under https://research-hub.de/companies/blue-cap-ag

HEIDELBERG has formalized its JV with Ondas Autonomous Systems, marking a strategic move into defense and security. The 51%/49% partnership (Ondas majority) will be equity-accounted, with first orders expected shortly after closing and revenue contribution from H2 2026. While the near-term financial impact is limited and may include initial dilution, the JV targets EBIT break-even after around one year. The addressable market is significant, driven by demand to protect ~2,000 critical infrastructure sites in Germany. Combining Ondas’ proven drone technology with HEIDELBERG’s industrial capabilities, the JV aims to scale across Europe. Despite execution and competitive risks, the initiative adds mid-term growth optionality and potential for valuation re-rating, supporting the reiterated BUY rating and EUR 2.60 target. The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

Under modified terms of Planethic’s bond established in late 2024, the company to our understanding was obligated to pay EUR 1.25m, representing 7.5% interest and a 5% principal repayment, on February 24, 2026. As far as we know, this payment remains outstanding. Our understanding is that after a seven-day grace period, bondholders maintain the right to demand immediate redemption under §7a of the bond terms. We are not aware if any bondholders have demanded redemption or plan to do so. If a substantial part of bondholders would demand redemption, it could overextend Planethic’s ability to repay. Taking into account these uncertainties, we put our price target and rating under review. The full update can be downloaded under https://research-hub.de/companies/planethic-group-ag

tk nucera has lowered its FY26 guidance, mainly due to temporary setbacks in the Green Hydrogen (gH2) segment, including higher than expected optimization costs and the termination of a U.S. pilot project. These factors, combined with accounting-related effects, weigh on short-term revenue and profitability, while the Chlor-Alkali (CA) segment continues to perform solidly, partially offsetting gH2 weakness. The revision is largely technical and project-related, leaving the mid- to long-term outlook intact. With a new major order from Spain, we expect order intake in gH2 to further pick up soon, supporting revenue growth in the coming years, with service revenues from completed gH2 projects gradually stabilizing margins. Geopolitical tensions, including the Iran conflict and the closure of the Strait of Hormuz, have highlighted the importance of energy independence, potentially accelerating hydrogen adoption even beyond climate goals. The guidance cut has minimal impact on valuation; the value lies in the hydrogen market ramp-up. Therefore, we maintain BUY and PT of EUR 15.00. The full update can be downloaded under https://research-hub.de/companies/thyssenkrupp-nucera-ag-co-kgaa

Sartorius’ CMD outlines a refined strategy focused on biopharma, emphasizing high-growth, high-margin areas like single-use technologies and cell analytics while improving supply chain efficiency and scale. Mid-term market growth of 7–9% is expected, led by Bioprocess at 8–10%. The company targets organic revenue growth of 8–11%, slightly above market, with strong visibility from 80% recurring revenues. Margins should improve modestly through mix and scale. However, the update offers limited new insights and aligns with prior assumptions. Given high valuation multiples and external risks, the risk-reward remains unattractive, supporting a SELL stance with a slightly higher price target of EUR 190.00 (before EUR 183.00), despite solid fundamentals and stable long-term growth prospects overall. The full update can be downloaded under https://research-hub.de/companies/sartorius-ag

Fraport’s FY25 results showed a modest revenue beat at EUR 4.4bn (+0.9% vs. expectations), driven by stronger airport fees in Frankfurt and robust passenger growth across key international assets. EBITDA reached a record EUR 1.44bn in line with forecasts and supported by improved margins in Q4. The company generated positive free cash flow for the first time in seven years, enabling a new two-phase dividend policy that prioritizes deleveraging (fixed EUR 1.00/share until leverage drops below 5.0x, then shifting to a 60-80% payout). Looking ahead, FY26 guidance indicates continued operational progress with EBITDA growing up to ~4% yoy in line with expected passenger growth of ~4% at midpoint. However, net profit will decline due to higher depreciation and interest expenses from Terminal 3. On the positive side, free cash flow and balance sheet ratios are set to improve. Overall, the outlook matches our expectations, leading to an unchanged EUR 62.00 price target and SELL recommendation. The full update can be downloaded under https://research-hub.de/companies/fraport-ag