Nemetschek (NEM) released final FY25 results, confirming its strong preliminary release, which were broadly in line with mwb and market expectations. Revenue increased by 22.6% yoy in constant currencies [c.c.] to EUR 1.2bn, led largely by 46.6% yoy c.c. growth in the Build segment on the acquisition of GoCanvas and subscription transition at Bluebeam. The group EBITDA reached EUR 371m, corresponding to an EBITDA margin of 31.2% (+1ppt yoy). For FY26, management is optimistic of achieving 14%-15% yoy c.c. revenue growth and a higher EBITDA margin of 32%-33%. In our view, the current excessive market pessimism regarding AI versus SaaS business model is unwarranted. NEM is the best-in-class software solutions provider across architecture, engineering, and construction (AEC) industries where demand remains robust as companies continue to seek digitization of the entire construction value chain. The current share price weakness offers an attractive investment opportunity. We only fine-tune our short-term estimates and the long-term CAPEX assumptions but reiterate our BUY rating at a new price target of EUR 109.00 (before EUR 125.00). The full update can be downloaded under https://research-hub.de/companies/nemetschek-se

Knorr-Bremse published its FY25 results, fully confirming the preliminary figures and rounding off the year with a solid operational performance marked by stable revenue, improving margins driven by cost discipline and BOOST, and record cash generation. Order intake and backlog continued to strengthen, supporting good visibility into FY26. The company also confirmed its FY26 guidance, signaling a steady outlook despite the current environment. Segment trends were unchanged, with Rail Vehicle Systems remaining the key growth and margin driver on the back of strong global demand, while Commercial Vehicle Systems continued to face pressure from weak truck markets, albeit with stable margins supported by cost control. Despite the solid performance, macro uncertainty and limited visibility on infrastructure-driven demand continue to weigh on the outlook. We therefore maintain our SELL rating with a PT of EUR 86.00. On April 14, the company will provide first-hand insights at our German Select online conference. Register here: https://research-hub.de/conference/german-select-vii The full update can be downloaded under https://research-hub.de/companies/knorr-bremse-ag

Elmos’ 2025 Annual Report is a confirmation print, with FY25 results and 2026 guidance fully in line and no new major catalysts. The company continues to outperform through challenging environments, with a clear path to renewed growth and structurally improving cash profile, supporting higher capital returns. We roll our model one year forward and reiterate our HOLD rating with a price target of EUR 135.00, implying ~20x P/E 2026E, which we view as a fairly balanced risk-reward profile following the recent share price run, leaving limited room for execution missteps. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se

HelloFresh’s FY25 already pre-released results delivered a mixed set of signals. While group revenues declined on weaker order volumes, particularly in Meal Kits, the company achieved solid margin expansion driven by ongoing efficiency measures. Notably, Meal Kits margins returned to pandemic-era levels (~13% adj. EBITDA margin), underlining the success of cost initiatives. Q4 continued this trend, with declining but stabilizing revenues and further margin improvement. Looking ahead, management guides for another year of top-line pressure, alongside continued investments and restructuring impacts, and weather disruptions in Q1. Our estimate revision reflects the weak 2026 guidance, as well as a flatter growth trajectory, both for top- and bottom-line beyond 2026. As a result, we revise our price target to EUR 4.10 (old. EUR 7.00) and downgrade the stock to HOLD. The full update can be downloaded under https://research-hub.de/companies/hellofresh-se

123fahrschule (123fs) announced a capital increase of up to EUR 1.0m (c.7% dilution) to prepare for upcoming regulatory changes in driver education. While the placement price has pressured the share price to a 12-month low, it offers an attractive entry point. Proposed reforms - such as digital learning, simulator use, and increased digitalization - could remove structural bottlenecks, lower costs for students and improve efficiency in driving schools. As 123fs is already positioned with a technology-driven model, it stands to benefit disproportionately, supporting scalability and growth. The capital raise is expected to bridge the transition period until reforms take effect. We reiterate our BUY rating with a EUR 5.50 price target, pending final dilution. The full update can be downloaded under https://research-hub.de/companies/123fahrschule-se

Company Name: Semperit AG Holding ISIN: AT0000785555   Reason for the research: Update Recommendation: BUY Target price: EUR 21 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr FY25 out: Op. tide is turning, B&C offer too low; PT UP The tide is turning at Semperit: two strong quarters confir [ … ]

Blue Cap’s analyst conference confirmed solid FY25 progress, with revenue of EUR 129.1m and adj. EBITDA of EUR 7.2m (5.5% margin +60bp yoy). A new segment structure highlights Industrials as the earnings driver, showing 4% revenue growth and 5% EBITDA increase, while Business Services saw declining revenues but strong EBITDA recovery, reflecting successful cost measures. Portfolio performance was mixed: H+E and Planatol performed well, HY-Line improved profitability despite weaker sales, and Transline stabilized under pressure. Inheco remained steady with a strong 2026 start. The balance sheet strengthened to a net cash position, though Iran-related supply risks add uncertainty. FY26 guidance appears cautious in our view, leaving upside potential. Overall, improved transparency, operational progress, and a discounted valuation support a continued positive outlook, which is why we reiterate to BUY, PT EUR 29.00. The full update can be downloaded under https://research-hub.de/companies/blue-cap-ag

HEIDELBERG has formalized its JV with Ondas Autonomous Systems, marking a strategic move into defense and security. The 51%/49% partnership (Ondas majority) will be equity-accounted, with first orders expected shortly after closing and revenue contribution from H2 2026. While the near-term financial impact is limited and may include initial dilution, the JV targets EBIT break-even after around one year. The addressable market is significant, driven by demand to protect ~2,000 critical infrastructure sites in Germany. Combining Ondas’ proven drone technology with HEIDELBERG’s industrial capabilities, the JV aims to scale across Europe. Despite execution and competitive risks, the initiative adds mid-term growth optionality and potential for valuation re-rating, supporting the reiterated BUY rating and EUR 2.60 target. The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

Under modified terms of Planethic’s bond established in late 2024, the company to our understanding was obligated to pay EUR 1.25m, representing 7.5% interest and a 5% principal repayment, on February 24, 2026. As far as we know, this payment remains outstanding. Our understanding is that after a seven-day grace period, bondholders maintain the right to demand immediate redemption under §7a of the bond terms. We are not aware if any bondholders have demanded redemption or plan to do so. If a substantial part of bondholders would demand redemption, it could overextend Planethic’s ability to repay. Taking into account these uncertainties, we put our price target and rating under review. The full update can be downloaded under https://research-hub.de/companies/planethic-group-ag

tk nucera has lowered its FY26 guidance, mainly due to temporary setbacks in the Green Hydrogen (gH2) segment, including higher than expected optimization costs and the termination of a U.S. pilot project. These factors, combined with accounting-related effects, weigh on short-term revenue and profitability, while the Chlor-Alkali (CA) segment continues to perform solidly, partially offsetting gH2 weakness. The revision is largely technical and project-related, leaving the mid- to long-term outlook intact. With a new major order from Spain, we expect order intake in gH2 to further pick up soon, supporting revenue growth in the coming years, with service revenues from completed gH2 projects gradually stabilizing margins. Geopolitical tensions, including the Iran conflict and the closure of the Strait of Hormuz, have highlighted the importance of energy independence, potentially accelerating hydrogen adoption even beyond climate goals. The guidance cut has minimal impact on valuation; the value lies in the hydrogen market ramp-up. Therefore, we maintain BUY and PT of EUR 15.00. The full update can be downloaded under https://research-hub.de/companies/thyssenkrupp-nucera-ag-co-kgaa