Company Name: tonies SE ISIN: LU2333563281   Reason for the research: Update Recommendation: BUY Target price: EUR 14.5 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Q1 confirms to group's growth trajectory tonies delivered a strong Q1 2026, with group revenue of € 126m, +35% yoy in [ … ]

CANCOM delivered a solid Q1 26 profitability beat despite slightly weaker revenues. EBITDA increased 28.1% yoy to EUR 27.0m, supported by a higher gross margin, better software and services mix, and ongoing cost discipline. Germany was the clear positive surprise, with strong revenue growth and a sharp margin recovery, while International showed weaker volumes but stable profitability. Management confirmed FY26 guidance for revenue of EUR 1.75-1.85bn, EBITDA of EUR 110-130m, and EBITA of EUR 55-75m. Operating cash flow of EUR -60.0m remains a key concern. We raise our price target to EUR 27.00 from EUR 25.00, purely reflecting the lower number of shares outstanding after the completed share buyback and capital reduction, while leaving our estimates unchanged. The full update can be downloaded under https://research-hub.de/companies/cancom-se

MS Industrie’s Q1 26 results confirm the expected recovery trend, with revenue growth returning and profitability improving yoy despite ongoing US ramp-up costs. EBIT turned positive again, highlighting early operational progress. The order backlog was broadly stable, providing short-term visibility. Management reaffirmed its 2026 guidance, still pointing to higher revenue and improving profitability, supported by gradually better demand in European truck markets, diversification and declining US ramp-up costs. We slightly lower our 2026 profitability expectations due to a slower earnings ramp, while keeping the mid-term outlook unchanged. Structural drivers remain intact and should support further earnings momentum even without a strong global truck cycle upswing. We reiterate our BUY rating with an unchanged PT of EUR 2.20. On 20 May, CEO Dr. Andreas Aufschnaiter will provide further insights during the earnings call. Register here: https://research-hub.de/events/registration/2026-05-20-14-00/MSAG-GR The full update can be downloaded under https://research-hub.de/companies/ms-industrie-ag

Südzucker (SZU) announced that it expects a strong start to FY27, with Q1 (1 Mar–31 May 2026) EBITDA set to increase significantly yoy, reinforcing the view that an operational recovery is underway. This supports our bullish investment case, underpinned by a stronger cost base and a supportive biofuels backdrop, while a more sustained turnaround still depends on a meaningful recovery in sugar prices. Global sugar markets are showing increasingly signs of tightening, supported by higher bioethanol prices, lower European sugar beet acreage, and potential weather-related supply disruptions. We see limited downside from a potential German sugar tax, while EU import restrictions provide additional support to domestic producers. We reiterate our BUY rating and EUR 15.00 PT, implying 28% upside, while noting that further upside will depend on the strength and durability of the rebound in the sugar market. The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag

Siemens Energy delivered Q2 results fully in line with the preliminary figures, confirming continued strong operational momentum and solid demand across key energy infrastructure markets. Execution remained robust, supporting earnings quality and cash generation, while segment trends were broadly mixed but overall stable. The company also highlighted an improved outlook and attractive shareholder returns, including a higher dividend and a significant buyback program. However, much of this strength appears reflected in the strong share price rerating, leaving limited incremental upside as expectations have moved ahead of fundamentals. While the structural demand backdrop remains supportive, we see a less attractive risk/reward at current levels and maintain our SELL rating with a PT of EUR 100.00. The full update can be downloaded under https://research-hub.de/companies/siemens-energy-ag

Against this backdrop, mwb research is hosting an online roundtable with Dr. Andreas Aufschnaiter (Board of Directors) on May 20, 2026, at 2:00 p.m. CEST. Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-05-20-14-00/MSAG-GR.

Against this backdrop, mwb research is hosting an online roundtable with Dr. Franz Richter (CEO) and Robert Stark (CFO) on May 19, 2026, at 2:00 p.m. CEST. Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-05-19-14-00/HNL-GR

AUTO1 delivered a strong Q1, with group units up 22% yoy, revenue up 25% and gross profit reaching a new record of EUR 289m. EBITDA conversion was muted yoy, with adjusted EBITDA up only 3% and margins down to 2.5%, reflecting higher personnel, marketing and logistics costs. However, sequential momentum improved meaningfully after Q4 capacity investments, supported by higher volumes and lower opex per unit. Merchant growth was volume-led, while Autohero remained the key growth driver with units up 48% yoy. We lower FY26 margin assumptions slightly but confirm our EUR 33.00 PT. BUY. The full update can be downloaded under https://research-hub.de/companies/auto1-group-se

CECONOMY delivered a solid Q2/H1 2025/26, confirming continued operating momentum despite subdued demand in DACH. Q2 sales rose 4.9% on a currency- and portfolio-adjusted basis, with LFL growth of 4.8%, while adjusted EBIT improved by EUR 10m to EUR 27m. In H1, sales increased 4.0% adjusted to EUR 13.1bn, with adjusted EBIT up 14.2% to EUR 347m and margin up 30bp. Growth businesses continued to support gross margin, while online share rose to 28.5%. FY guidance was confirmed. The JD.com transaction remains on track, though closing is now expected in H2 calendar 2026. EUR 4.60 per share remains the valuation anchor. The full update can be downloaded under https://research-hub.de/companies/ceconomy-ag

ProSiebenSat.1 Media’s (PSM) Q1 26 results confirmed a challenging revenue environment but a clearly improved earnings trajectory. Group revenue fell 9% yoy to EUR 775m (3% organically) reflecting weak TV advertising, portfolio changes and subdued consumer demand. EBITDA improved by EUR 50m to EUR 44m, supported by cost discipline and lower one-offs. Entertainment remained pressured, while digital and smart advertising, Joyn and distribution showed resilience. Commerce & Dating declined on Verivox divestment and Dating & Video weakness, but grew organically on flaconi. We slightly lower FY26 revenue assumptions and our price target to EUR 4.30, but upgrade from HOLD to BUY after recent share price weakness. The full update can be downloaded under https://research-hub.de/companies/prosiebensat-1-media-se