Company Name: The Platform Group SE & Co. KGaA ISIN: DE000A40ZW88   Reason for the research: Update Recommendation: Buy from: 01.06.2026 Target price: 19,00 Euro Target price on sight of: 12 months Last rating change: - Analyst: Alexander Rihane First Berlin Equity Research hat ein Research Update zu The Platform Group SE &a [ … ]

Cicor has secured a new A&D contract from a leading European prime contractor, adding another proof point for order momentum after a weak organic Q1. The program starts with almost EUR 10m in booked Q2 orders and is expected to generate more than EUR 50m, or CHF 45m, in total revenues by 2029. Importantly, the award will be executed at the former Éolane sites, supporting the integration case and Cicor’s positioning in French defence electronics. The news strengthens medium-term visibility, supports the expected return to organic growth in H2 and underpins our constructive view. We reiterate BUY with a CHF 180 price target. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd

Company Name: The Platform Group SE & Co. KGaA ISIN: DE000A40ZW88   Reason for the research: Update Recommendation: BUY Target price: EUR 17 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Strong Q1 figures, closing of AEP acquisition expected soon TPG published Q1 figures marked by strong  [ … ]

Airbus has materially improved its delivery cadence since our mid-May update, with our proprietary data pointing to ~87 deliveries in May. This would be the strongest month of 2026 and could lead to the strongest Q2 in history. It also reduces, though does not eliminate, the guidance cut risk we had flagged following weak mid-May data. However, P&W engine supply and China CAAC approval delays are unresolved (link), and our medium-term model embeds meaningful demand pressure from the mid-2030s as we expect COMAC to emerge as a credible narrowbody competitor. The backlog provides support, but it does not provide immunity. We raise our FY2026 delivery estimate to 860 (from 840) and our price target to EUR 180.00 (from EUR 170.00). We remain HOLD. The full update can be downloaded under https://research-hub.de/companies/airbus-se

Circus reported preliminary FY25 headline figures. Revenue grew sixfold yoy to EUR 1.5m, hitting its single-digit million guidance. Its unadjusted EBITDA loss of EUR -18.5m came in narrower than expected. Backed by solid operational execution in early FY26, including a 550-system backlog, the production scaling agreement with Celestica, and the strategic all-stock acquisition of Alberts, attention now turns to a catalyst-rich H2. Upcoming milestones like the delivery of military CA-M configurations and a strong Q4 manufacturing ramp-up are expected to validate the company's steep growth path. This should shift capital market focus toward high-margin recurring software revenues and support our BUY rating with a PT of EUR 46.00. The full update can be downloaded under https://research-hub.de/companies/circus-se

We see Viscom’s semiconductor-related activities becoming more relevant to the investment case, with OEM X-ray tubes and microelectronics adding potential upside beyond the core SMT recovery into FY27. OEM X-ray tubes are supported by new customers and demand from semiconductor, aerospace and automotive applications, particularly in Asia, while microelectronics offers early-stage optionality in areas such as microbumps, photonics and power semiconductors. Although larger orders are not yet secured and timing remains uncertain, the risk/reward is improving. Renewed project activity across Viscom’s end-markets and operating leverage from a leaner cost base and higher expected volumes strengthen the medium-term earnings outlook. We raise our price target to EUR 8.00 from EUR 6.00 and maintain our BUY rating The full update can be downloaded under https://research-hub.de/companies/viscom-se

CTS Eventim delivered a strong Q1 26 performance that substantially beat market consensus across key metrics, driven primarily by an extraordinary 38% yoy revenue surge in its Live Entertainment segment. The adjusted EBITDA margin dipped slightly to 19.4% due to the higher revenue mix from Live Entertainment. Meanwhile, Ticketing revenue grew a moderate 2.5% yoy (~6.0% underlying), maintaining a robust 41% margin. Backed by confirmed FY26 guidance and a strong competitive moat against US peer Live Nation's European expansion plans, we reiterate our BUY rating with a slightly adjusted price target of EUR 96.50 (down from EUR 100.00) to account for the margin-diluting segment mix. The full update can be downloaded under https://research-hub.de/companies/cts-eventim-ag-co-kgaa

HMS Bergbau has issued its FY26 guidance, targeting revenues of EUR 2.0bn and underlying EBITDA of EUR 35m, up 56% versus the adjusted FY25 base. The revenue figure materially exceeds our prior estimate, driven by a stronger-than-expected marine fuels performance. A new eight-year exclusive chrome ore offtake agreement with Mantengu Ltd. adds a further long-term growth layer, with HMS replacing an RWE subsidiary as marketing partner for the producing Langpan mine. With both mining projects ramping and the chrome deal contributing from 2026, we raise our 2027E underlying EBITDA to EUR 47m, lift our PT to EUR 80.00 (from EUR 70.00) and maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/hms-bergbau-ag

Company Name: Northwest Biotherapeutics Inc. ISIN: US66737P6007   Reason for the research: Update Recommendation: BUY from: 28.05.2026 Target price: USD 1.00 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research has published a research update on Northwest Biotherapeuti [ … ]

Verbio has raised its FY26 EBITDA guidance to EUR 160m-180m from EUR 100m-140m, driven by strong ethanol market conditions and an expected partial reversal of inventory write-downs linked to GHG quota certificates. The upgrade is fully in line with our expectations, as we had already anticipated a significant earnings improvement supported by the currently highly favorable market environment. Geopolitical tensions and energy market dynamics continue to support biofuel economics, while RED III provides additional structural regulatory tailwinds. We had even expected a slightly stronger outlook and therefore remain modestly above the new guidance range in our EBITDA estimates. The setup increasingly resembles the strong conditions seen in 2022 after the Ukraine-driven energy crisis, although we view it as cyclical rather than structural. We leave our est. unchanged, reiterate our BUY rating with a EUR 55.00 PT. The full update can be downloaded under https://research-hub.de/companies/verbio-se