Company Name: Cantourage Group SE ISIN: DE000A3DSV01   Reason for the research: Update Recommendation: BUY Target price: EUR 10 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Valuation remains de-coupled from operationsConsolidated FY24 figures finally out - no surprises, sentiment overhang li [ … ]

Preliminary FY25 results from Dermapharm Holding (DMP) show a 1.3% revenue decline to EUR 1,165m, slightly below expectations but within guidance, as the company continued withdrawing low-margin parallel import products. Q4 revenue grew 1.6% yoy, signaling that the portfolio streamlining is nearing completion. Profitability exceeded expectations: adjusted EBITDA rose 2.9% to EUR 325m with a 27.9% margin, and Q4 EBITDA increased 16.7% yoy to EUR 87m. Branded pharmaceuticals remained solid, while Other healthcare products and Parallel import business saw mixed trends. With earnings visibility improving, we reaffirm our EUR 45.00 price target and BUY rating. The full update can be downloaded under https://research-hub.de/companies/dermapharm-holding-se

Company Name: Rock Tech Lithium Inc. ISIN: CA77273P2017   Reason for the research: Strategic Partnership with Siemens Recommendation: Buy from: 09.03.2026 Target price: CAD2.40 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on Rock Tec [ … ]

Planethic has secured SAFE financing from a FoodTech investor to fund a new Mililk production facility in Chicago, covering the full initial investment, operational launch, and start-up losses without diluting the parent company. The plant, scheduled to start operations in summer 2026, marks a key step in Mililk’s North American expansion. The SAFE structure reduces financial risk and protects Planethic’s balance sheet while transferring part of the subsidiary’s future upside to the investor. We confirm our EUR 12.50 price target and maintain a Speculative Buy rating. Note that successful scaling of the US plant alone could generate enough value to justify Planethic’s current enterprise value. The full update can be downloaded under https://research-hub.de/companies/planethic-group-ag

We believe structural margin expansion remains at the heart of the SUSS investment case. Following its strategic refocus on core semi equipment and larger customers to improve margins, the next phase is driven primarily by internally controlled levers rather than cyclical tailwinds alone. Premium photomask cleaning and growing exposure to advanced packaging, alongside a rising service share, should enhance product mix and support structurally higher margins. At the same time, modularization and tighter cost discipline are embedding efficiency into the platform and enabling operating leverage as scale increases. While 2026 may prove transitional, the broader industry push to relieve AI-driven backend bottlenecks reinforces the strategic relevance of SUSS’ portfolio and the potential for further upside. We reiterate our BUY rating with a slightly higher price target of EUR 58.00 (old: EUR 56.00). The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se

Company Name: GFT Technologies SE ISIN: DE0005800601   Reason for the research: Update Recommendation: Buy from: 06.03.2026 Target price: 33 Last rating change: Analyst: Sebastian Droste AI-centric strategy gains traction On March 5, 2026, GFT released its full-year preliminary results 2025 and provided guidance for 2026. Revenue [ … ]

Duerr’s detailed FY 25 results were in line with its prelims. Revenues of EUR 4.17bn were down 2.9% yoy and slightly below its guidance range, due to macro softness. However, order intake rebounded strongly in Q4 to EUR 1.25bn (+20% yoy) after a weak Q2 and Q3, driving a solid EUR 3.73bn year-end backlog. Adj. EBIT was up 19% yoy and the margin improved 100bps yoy to 5.6%, exceeding targets. The group reported net income of EUR 203.3m, well ahead of its EUR 120m-170m guidance. This was aided by a sizeable gain from the divestment of its environmental technology unit, which along with advance payments from customers, boosted FCF and enabled meaningful deleveraging. For FY26, management guides for broadly stable sales (-2% yoy at the mid-point), modest order growth (+3% yoy), and an adj. EBIT margin of c.5.0%-6.5%. Following the completion of its portfolio restructuring exercise, Duerr now operates a leaner and more efficient organisation. Renewed focus on the core business and cost savings measures should underpin its growth trajectory. We confirm our positive stance on Duerr and reiterate our BUY rating with an unchanged PT of EUR 35.00. The full update can be downloaded under https://research-hub.de/companies/duerr-ag

Cicor delivered FY25 results broadly in line with expectations, with revenue growth of 28% driven primarily by acquisitions, while organic growth remained slightly negative amid a still weak EMS market. The company continued to gain market share and executed an exceptionally active yet disciplined M&A strategy, adding CHF 221m of revenue for a net cash outflow of only CHF 50m. While margins were temporarily diluted by the integration of recently acquired businesses, management expects profitability to gradually improve as integration progresses and organic growth returns in 2026. Mid-term targets remain unchanged for now but could be potentially upgraded later this year. Following our model update, we set a PT of CHF 180.00 (old: CHF 185.00) and reiterate BUY. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd

LANXESS’ planned exit from the Envalior JV has been delayed after Advent declined to acquire the company’s 40.9% stake in 2026, pushing the deleveraging catalyst further out. However, the contractual framework remains intact, with additional tender windows in 2027 and a structural backstop from 2028 that ensures eventual monetization. While near-term operating conditions remain challenging amid Chinese overcapacity, weak construction and automotive demand, and elevated European energy costs, the balance sheet remains secure with ample liquidity and no covenant pressure. Looking ahead, we see potential for sentiment and earnings to gradually improve from mid-2026 as infrastructure stimulus and anti-dumping measures begin to stabilize pricing. Following the recent sharp share-price correction, we believe much of the uncertainty is already reflected in the valuation, leaving LANXESS an attractive cyclical recovery play with meaningful deleveraging upside. We therefore reiterate our BUY rating with a revised price target of EUR 23.00 (old: EUR 27.00). The full update can be downloaded under https://research-hub.de/companies/lanxess-ag

Ernst Russ’ FY25 preliminary results confirm strong profitability and cash generation, broadly in line with guidance and forecasts. Revenue reached about EUR 158m and EBIT around EUR 96m, implying a resilient 61% EBIT margin, supported partly by gains from vessel disposals. Year-end liquidity of roughly EUR 114m underscores a solid balance sheet and capacity for further fleet investment. Operational performance remained strong, with 97.7% fleet utilisation and higher average daily charter rates. A EUR 449m charter backlog and 26-month average contract duration provide earnings visibility into FY26–27. Strategic fleet expansion and diversification, combined with long-term charters, strengthen stability, while geopolitical shipping disruptions could support rates. Overall, the company remains well positioned, and the BUY rating with a EUR 12.50 price target is maintained. The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag