Formycon delivered a positive Q1 with revenues of EUR 13.1m, nearly tripling year-on-year, driven by FYB206 and FYB202 milestones. The FYB206 Dahlia PK study readout is the quarter's strategic highlight, placing Formycon firmly among the leading pembrolizumab biosimilar developers. FYB203 launched in Europe post-quarter, while FYB202 US dynamics remain subdued amid a competitive formulary environment. Full-year guidance of EUR 60-70m and a first positive EBITDA appears achievable, with FYB206 milestone timing and FYB202's commercial trajectory the key variables. BUY, EUR 38.00. We are inviting you to our virtual roundtable with Formycon’s Management Board on 8 June 2026. Please register here: https://research-hub.de/events/registration/2026-06-08-10-00/FYB-GR. The full update can be downloaded under https://research-hub.de/companies/formycon-ag

The Payments Group Holding (PGH) is pursuing yet another strategic reset by pivoting back to its venture capital roots. Rebranded as “German Tech Holding” the company will now continue to focus heavily on early-stage AI and BioTech investments. In doing so PGH has increased its stakes in promising startups and AI company builder Softmax AI and Cognicare AI. While these operational targets remain ambitious and lack detailed financial disclosure, the overarching investment case is supported by a claimed NAV of over EUR 1.50 per share. This valuation is driven by legacy assets like AuctionTech and EUR 6.2m in outstanding SGT Capital receivables, representing a massive discount to current share prices. In our view, PGH offers high speculative upside, which is why we reiterate our Spec. BUY with an unchanged EUR 1.24 PT, based on the last reported NAV per share. The full update can be downloaded under https://research-hub.de/companies/the-payments-group-holding

Ernst Russ’s Q1 ‘26 report demonstrates a successful operational transition toward a diversified tonnage platform with high cash flow visibility. Despite lower headline earnings due to the lack of prior-year vessel sale gains, underlying metrics were strong with 99.8% utilization and a soaring charter backlog of EUR 620.9m. Strategic expansions into multipurpose vessels (MPP) and tankers significantly de-risk the asset base against container cyclicality. Furthermore, the c. 3% share placement by anchor investors Döhle to institutional buyers lifts the free float to 28.0%, structurally boosting stock liquidity. Backed by a flawless balance sheet and a recently upgraded FY26 guidance, we therefore reiterate our BUY rating and PT of EUR 13.70. The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

The Platform Group (TPG) reported a strong start to FY26, with Q1 26 GMV up 23% yoy to EUR 438m and revenue up 51% to EUR 243m, supported by partner, customer and order growth. Adjusted EBITDA rose 37% to EUR 21.8m, already covering 27–31% of FY26 guidance, while cost ratios improved. However, gross margin declined 40bps and net income softened, partly due to a positive Q1 25 one-time effect. FY26 guidance was confirmed, while AEP progress is now expected in June. TPG’s shift toward selective M&A and lower leverage should improve earnings quality. With no changes to our estimates, we reiterate BUY and confirm our EUR 19.50 price target. The full update can be downloaded under https://research-hub.de/companies/the-platform-group-se-co-kgaa

After an almost 60% share price decline since December 2025, TIN INN is now an attractive opportunity. Its scalable low-cost digital hotel model promises resilience in a weak consumer and business environment. Confidence has also been boosted by the recent framework agreement to develop up to 20 new hotel locations, improving visibility. We slightly adjust estimates to reflect challenging markets in Germany, leading to a new price target of EUR 11.50 (old: EUR 12.25) and upgrade to BUY (from HOLD). The full update can be downloaded under https://research-hub.de/companies/tin-inn-holding-ag

secunet’s shares have reached our EUR 205 target price following a strong run since our BUY upgrade at EUR 170. The company remains a high-quality cybersecurity asset with a strong public-sector franchise, solid backlog visibility and a net cash balance sheet. Q1 was operationally sound, with revenues ahead of consensus and strong order intake supporting FY26 guidance, although profitability was seasonally soft. Structural demand remains intact, supported by rising German IT-security spending and persistent cyber threats. However, with the positive outlook now largely reflected in the share price, risk/reward looks balanced. Maintaining our PT, we downgrade to HOLD. The full update can be downloaded under https://research-hub.de/companies/secunet-security-networks-ag

H2APEX delivered a solid start to FY26, with Q1 results confirming a clear growth inflection and revenues up strongly year on year, fully in line with expectations. Growth was driven by the ramp-up of the WAL (Wasserstoff aus Lubmin) project via a new PMC contract and initial contributions from own hydrogen production, supporting the shift toward more recurring revenues. EBITDA remained negative and below expectations due to elevated ramp-up costs, which we view as typical in an early-stage scaling phase. Order backlog increased further, supporting continued momentum. WAL is emerging as a key value driver, with progress alongside Copenhagen Infrastructure Partners and integration into Germany’s hydrogen core network via GASCADE improving long-term visibility. Management confirmed FY26 guidance and sees improving market conditions supported by regulation and infrastructure build-out. We reiterate Spec. BUY with a slightly lower PT of EUR 2.80 (old: EUR 3.00). The full update can be downloaded under https://research-hub.de/companies/h2apex-group-sca

ZEAL shares have corrected by c.12% over the past week, partly reflecting the recent ex-dividend adjustment and likely broader sector concerns around prediction-market platforms, rather than a clear company-specific trigger. We see ZEAL as structurally differentiated through its regulated lottery focus, while the jackpot backdrop has improved materially, with both EUROjackpot and Lotto 6aus49 now at peak levels simultaneously. This should support customer engagement, reactivations, billings and new customer acquisition, while further jackpot rollovers would help de-risk FY26 guidance. With our estimates and investment thesis unchanged, we view the pullback as an attractive entry opportunity and reiterate our BUY rating with an unchanged EUR 72.00 price target. The full update can be downloaded under https://research-hub.de/companies/zeal-network-se

Delivery Hero’s investment case has shifted materially to an active M&A situation. Prosus is reducing its stake due to EU requirements, while activist investor Aspex has built a sizeable position and increased pressure on management. CEO Niklas Östberg will step down by March 2027. Most importantly, Uber has emerged as the largest shareholder and made an indicative EUR 33.00 per share proposal, while DoorDash is reportedly also exploring options. With potential asset sales adding optionality, the M&A angle now dominates. We raise our price target to EUR 33.00, view this as a floor, but downgrade to HOLD as upside above that level is speculative. The full update can be downloaded under https://research-hub.de/companies/delivery-hero-se

Infineon’s fundamentals are clearly improving, with AI strength broadening into industrial recovery and early automotive stabilization, while order intake continues to move in the right direction. However, the stock has already captured this better backdrop: the broader chips trade has become crowded, valuations have rerated sharply, and further upside now depends on continued positive revisions and sustained multiple expansion. With the shares materially above our revised EUR 60.00 price target, we see an unfavorable risk-reward profile and hence downgrade the stock from HOLD to SELL. The full update can be downloaded under https://research-hub.de/companies/infineon-technologies-ag