Company Name: init innovation in traffic systems SE ISIN: DE0005759807   Reason for the research: update Recommendation: Buy from: 24.03.2026 Target price: 68.00 Last rating change: Analyst: Ralf Marinoni init SE: A real hidden championIn the 2025 fiscal year, init achieved an EBIT increase of 32.5% to EUR 32.5m. The company has  [ … ]

Drägerwerk (Dräger) reported strong FY25 results, with EBIT up 20% yoy and margins improving despite significant FX and tariff headwinds. Order intake rose 7.7% yoy, signaling robust demand and improved visibility, supported by higher-margin services and consumables. Underlying profitability appears stronger than reported, with Q4 highlighting operating leverage. We incorporate final figures, raise our estimates, particularly long term, and increase our price target from EUR 97.00 to EUR 108.00 and upgraded from HOLD to BUY. Dräger will present at our German Select Conference on April 14: register here: https://research-hub.de/events/registration/2026-04-14-14-00/DRW3-GR The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

INDUS confirmed its solid FY25 performance, with revenue reaching EUR 1.73bn and an adjusted EBITA margin of 8.5%, at the upper end of guidance. A key highlight was the exceptionally strong free cash flow of EUR 124m, significantly exceeding the EUR 90m target. This financial strength supports a dividend increase to EUR 1.30 per share. Supported by a record order backlog of EUR 706m and strategic bolt-on acquisitions, management issued a confident FY26 outlook, forecasting revenues between EUR 1.80-1.95bn. Given the robust operational setup and attractive 4.6% dividend yield, we reiterate our BUY rating with a PT of EUR 35.00. The full update can be downloaded under https://research-hub.de/companies/indus-holding-ag

Airbus had a soft start in 2026, with our estimates pointing to just 95 deliveries by mid-March, equal to only 11.1% of the FY26 target of 870 aircraft (versus 11.9% at the same stage last year against the original 820 target, later cut to 790). Rumours of just 6.2% are wrong. While the group could still catch up through its seasonally strong Q4, the combination of ongoing engine bottlenecks and Middle East supply chain exposure increases execution risk and raises the probability of another target adjustment. At the same time, we continue to see hidden value in Airbus’ 37.5% stake in MBDA, which we estimate could be worth c. EUR 7bn to Airbus (~5% of EV), yet remains below EBIT and therefore underappreciated in the equity story. This upside is balanced by higher near-term operational risk, which is why we keep our cautious stance and reiterate HOLD with a PT of EUR 173.00. The full update can be downloaded under https://research-hub.de/companies/airbus-se

Company Name: MAX Automation SE ISIN: DE000A2DA588   Reason for the research: Update Recommendation: BUY Target price: EUR 7 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Q4 & FY 25: Beating expectations in a difficult year Max Automation published its annual report for FY25. Despite seve [ … ]

Effective 23 March 2026, Pyramid AG has implemented a 4:1 capital reduction, consolidating its share count from approximately 23.1m to 5.8m. This reverse split, involving a change in ISIN from DE000A40ZWM7 to DE000A41YDL0, is a purely technical adjustment aimed at increasing the share price to improve institutional fungibility and move away from penny stock volatility. Alongside the segment change to Munich’s m:access, the measure concludes a broader corporate cleanup following the divestment of its Asian operations. This structural refinement supports a more focused equity story as the group pivots toward its high-margin European core. We maintain our BUY rating with a post-split adjusted PT of EUR 5.40 (equivalent to the pre-split PT of EUR 1.35). The full update can be downloaded under https://research-hub.de/companies/pyramid-ag

Deutsche Rohstoff is accelerating its 2026 Wyoming drilling program by adding a second rig, now expecting at least 11 net wells (vs. 8.5 previously) and potentially over 20 if oil prices stay high. Considering a hedging ratio as low as 20% if production is maximized, the company can greatly benefit from higher spot and short-dated future oil prices. These will likely remain elevated through Q4 26 as a permanent risk premium, infrastructure repair delays, and the urgent restocking of global reserves create a price floor. Updating the production program and WTI prices leads to significant upgrades in our estimates. As a result, we raise the price target to EUR 121.00 (from EUR 100.00) and reaffirm our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

Company Name: Marinomed Biotech AG ISIN: ATMARINOMED6   Reason for the research: Capital increase and 2025 prelims Recommendation: Buy from: 23.03.2026 Target price: €50 Target price on sight of: 12 months Last rating change: - Analyst: Alexander Rihane First Berlin Equity Research has published a research update on Marinom [ … ]

Bechtle reported detailed Q4 and FY25 results that were in line with its preliminary release and achieved its set targets. Full-year business volumes increased 8.1% yoy to EUR 8.6bn, following accelerated growth of 17% yoy in Q4. However, revenues were up at a slower 1.6% yoy to EUR 6.4bn, reflecting a higher share of software business and related IFRS 15 impact. Nevertheless, profitability received a significant boost in Q4, where EBT surged 20.8% yoy to EUR 121.6m. Consequently, the company’s EBT reached EUR 324.2m in FY, with the margin at 5.1% (-40bps yoy). Amid heighted geopolitical and macro uncertainties, coupled with ongoing shortage of memory components, management issued a cautious guidance for FY26, expecting business volume to grow 5%-10% yoy, while revenues and EBT are expected to grow modestly by c.0%-5% yoy. The near-term demand environment remains volatile, and public and SME procurement spends highly measured. That said, long-term structural drivers including cloud migration, cybersecurity, Windows 10 replacement, and AI investments remain intact. We confirm our BUY rating, at a slightly lower price target of EUR 41.00 (old: EUR 44.00) as we see the recent price decline as exaggerated. The full update can be downloaded under https://research-hub.de/companies/bechtle-ag

FUCHS SE's FY 25 results were broadly in line with consensus expectations and met the company’s guidance. Revenues increased 1% yoy to EUR 3.56bn on 2% yoy organic growth, reflecting the soft demand environment and unfavorable currencies. EBIT stayed flat yoy at EUR 435m, and the margin narrowed 10bps yoy to 12.2% despite a better gross margin, due to persistent inflationary pressure. In Q4, revenues were stable yoy, while the EBIT margin improved 1ppt yoy to 12.6% on slightly easing input costs. Looking ahead, for FY 26, management guides for a modest 4% yoy increase in revenues to EUR 3.7bn and 3% yoy growth in EBIT to EUR 450m as the overall market conditions remain challenging. While we acknowledge Fuchs’s focus on cost discipline, the road to material sales and profit recovery looks distant. FUCHS’s valuations look attractive following the c.32% drop share price over the past month amid growing geopolitical tensions. We broadly maintain our estimates and reiterate our BUY rating on the stock at an unchanged price target of EUR 45.00. The full update can be downloaded under https://research-hub.de/companies/fuchs-se