CECONOMY delivered a solid start to FY 2025/26 against a high prior-year base. Adjusted sales in Q1 grew 3.4% (LFL +3.0%) to EUR 7.6bn, supported by strong online momentum (+6.9%) and double-digit growth in Services & Solutions (+13.7%). Gross margin improved by 40bps to 17.3%, driven mainly by mix effects from accessories, services and marketplace. Adjusted EBIT rose 11% to EUR 311m (4.1% margin), with early positive signals from Poland’s restructuring. Free cash flow was seasonally strong at EUR 1.52bn. Guidance was confirmed. With JD.com holding a controlling stake pending final approvals, EUR 4.60 per share remains the valuation anchor. The full update can be downloaded under https://research-hub.de/companies/ceconomy-ag

Gerresheimer (GXI) has postponed the publication of its 2025 financial statements and launched further investigations into revenue recognition and inventory accounting, intensifying concerns around financial reporting. Expanded corrections for 2024 and substantial non-cash impairments of EUR 220–240m represent a significant balance sheet shock, and EPS 2025 is likely to turn sharply negative. The planned sale of Centor, a high margin US business, may support short-term deleveraging but is strategically dilutive. Although the 2026 outlook points to operational resilience, forecasting visibility remains low. In addition, governance issues and accounting uncertainty dominate the investment case. We lower our estimates and apply a higher risk discount in our DCF model, leading to a new PT of EUR 19.10 (from EUR 27.60). We reiterate our HOLD rating given the absence of near-term catalysts. The full update can be downloaded under https://research-hub.de/companies/gerresheimer-ag

Recent AI-related concerns have triggered a broad sell-off across software equities, also affecting Chapters Group. We view the share price decline as a sentiment-driven move without evidence of weakening portfolio fundamentals. Chapters’ assets are predominantly mission-critical systems of record, deeply embedded in regulated workflows with high switching costs, which supports their resilience in an AI-driven environment. Following the sharp compression in software multiples, we place less emphasis on relative valuation and focus on intrinsic, cash flow-based approaches, notably a DCF and SOTP analysis. In our view, the sell-off appears disproportionate to the quality and durability of the portfolio. We therefore reiterate our BUY rating and EUR 48.00 PT and see the recent sell-off as an attractive entry opportunity. The full update can be downloaded under https://research-hub.de/companies/chapters-group-ag

Q1 FY26 was largely in line with expectations, reflecting a normalization in project execution after a busy prior year. Sales were lower, particularly in Green Hydrogen (gH2), where revenue recognition from major projects was high last year, while Chlor-Alkali (CA) activity slowed in new construction but service remained stable. Order intake softened, with continued delays in gH2 projects and a temporary dip in CA service, yet a landmark Middle East order in CA provides near-term support. Management confirmed FY26 guidance, underpinned by a strong CA order pipeline and actively pursued gH2 projects worth several billion euros, with particularly strong opportunities in Europe and India. Cash remains robust, and the company is well financially positioned and set for a rebound. We increase our estimates from FY28, reflecting the strong near-term gH2 project outlook in Europe. We maintain our BUY rating and raise our PT to EUR 15.00 from EUR 10.00. The full update can be downloaded under https://research-hub.de/companies/thyssenkrupp-nucera-ag-co-kgaa

TKMS delivered a solid Q1 with stable revenues, resilient margins and a guidance update. The pre market share price decline of around 2% appears surprising given the lack of negative fundamental news and, in our view, offers an attractive entry point. While quarterly figures were largely in line, the key takeaway is the upgrade to FY 25/26 revenue growth range by 300bp and the reaffirmed margin expansion trajectory above 6%, with >7% mid-term intact. The reported backlog stands at EUR 18.7bn and would approach roughly EUR 25bn (mwb est.) including the recently signed Norway 212CD order and the highly likely MEKO A-200 contract, materially enhancing long-term revenue visibility. In our view, execution on the existing backlog is sufficient to drive the equity story, with additional tender wins (India & Canada) representing incremental upside rather than a prerequisite for performance. PT EUR 125.00. BUY. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

With FY25 results due on 25 March, we expect Q4 to deliver a sequential catch-up as delayed projects convert, driving a sharp rebound in revenues to ~EUR 26m (+50% qoq) and EBIT to ~EUR 3.6m (vs -EUR 1.8m in Q3), and likely placing FY25 results toward the lower end of guidance. While execution into year-end remains the key near-term focus, attention is increasingly shifting to the FY26 outlook, where we expect conservative but constructive guidance on improving underlying trends, notably continued growth in Asia and gradually stabilizing European demand. We expect revenue guidance in the EUR 90–100m range (c.15% yoy growth at the midpoint) and an EBIT margin of 3–6%. Despite lowering our outer-year estimates, valuation remains undemanding at ~4.8x EV/EBITDA on FY26, underpinning our BUY rating and EUR 6.00 price target. The full update can be downloaded under https://research-hub.de/companies/viscom-se

MHP Hotel AG reported record Q4 KPIs despite a headline occupancy dip to 78% caused by the initial ramp-up of the newly opened Conrad Hamburg. Excluding the Conrad, occupancy rose to a record 82%, highlighting strong underlying portfolio performance. Average daily rates hit a record EUR 249 (+10% yoy) on premium pricing resilience and a favorable mix (notably Koenigshof), driving revenue per available room to a record EUR 195, and even EUR 203 excluding the Conrad. Q4 revenue increased by a strong 16% yoy. The company confirmed FY25 guidance (EUR 180m revenue, EUR 15m EBITDA) and issued initial FY26 guidance of ~EUR 225m revenue and at least EUR 10m EBITDA. Factoring in renovation costs at Le Méridien Hamburg and Stuttgart, we trim our FY26 EBITDA estimates by ~EUR 1m but confirm our BUY rating and EUR 3.30 PT. A valuation of 3.6x EV/EBITDA implies a ~50% discount to peers and provides a solid risk buffer. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

Airbus heads into its FY25E (publication: 19 February) results with solid operational delivery but limited upside. We expect FY25 revenues of EUR 74.1bn, EBIT of EUR 6.5bn and EPS of EUR 6.72, with EPS inflated by the financial result due to the 10.6% stake in Dassault Aviation, creating a negative base effect into FY26. The key focus will be 2026 delivery guidance. After years of overly ambitious targets, we expect a more cautious tone and model 870 deliveries versus prior market hopes of around 900. At the same time, competitive risks are rising: COMAC is gaining traction as a credible challenger from 2030 onwards, a risk still underpriced given Airbus’ strong APAC exposure. On the defense side, FCAS optimism continues to fade amid governance disputes and weakening political backing, putting the defense-driven rally increasingly at risk. With solid operations but valuation stretched, we reiterate SELL. Price target EUR 175.00. The full update can be downloaded under https://research-hub.de/companies/airbus-se

TUI reported broadly in-line Q1 FY26 results, a seasonally weak quarter, with stable revenue of EUR 4.9bn and underlying EBIT rising EUR 26m yoy to EUR 77m. This was supported by record cruise performance and improving losses in Markets + Airline, partly offset by hurricane-related hotel closures and FX effects. Holiday Experiences grew modestly, led by Cruises and TUI Musement, while Markets + Airline declined slightly due to currency headwinds and a deliberate reduction in own-risk capacity. Management reaffirmed full-year guidance for 2-4% revenue growth and 7-10% EBIT growth, despite a mixed trading outlook marked by competitive booking trends in Markets + Airline and cautious demand in Hotels & Resorts, contrasted with strong absorption of expanded cruise capacity. The balance sheet continued to strengthen, with net debt reduced to EUR 3.6bn, enabling the resumption of a EUR 0.10 dividend and the introduction of a 10–20% payout policy from FY26. We reiterate our BUY rating with an unchanged EUR 16.00 price target. The full update can be downloaded under https://research-hub.de/companies/tui-ag

Scout24’s share price has fallen to a new 52-week low following a sentiment-driven sell-off in platform and software stocks amid renewed AI concerns. Importantly, this de-rating has not been triggered by a deterioration in fundamentals. Scout24 continues to benefit from a resilient marketplace ecosystem, strong pricing power and highly visible cash generation. On a 9M basis, the company has generated around EUR 200m in free cash flow with conversion of roughly 70% of ordinary operating EBITDA. Disciplined capital allocation, including substantial share buybacks, further enhances free cash flow per share. At current levels, the valuation appears disconnected from the company’s long-term cash flow compounding potential, offering an attractive opportunity for quality-oriented investors. We reiterate our BUY rating and PT EUR 129.00. The full update can be downloaded under https://research-hub.de/companies/scout24-se