Formycon’s full-board roundtable ahead of the AGM made the FYB4Growth strategy more tangible, framing it as a response to the challenges of 2025. The strategy focuses on global diversification, smarter portfolio selection, operational excellence and lean development, including targeted cost and timeline reductions. We view this as a credible framework, but execution remains key. FYB201 must rebuild US momentum, FYB202 contributions remain uneven, FYB203 is still early in its launch phase, and FYB206 is entering the submission phase with further milestone potential. We maintain our BUY rating and EUR 38.00 price target. A recording of the presentation and the Q&A is available at: https://research-hub.de/videos. The full update can be downloaded under https://research-hub.de/companies/formycon-ag

Germany and France have pulled the plug on the manned fighter jet at the centre of FCAS. For Airbus, the direct earnings impact should be negligible. FCAS had not moved beyond demonstrator work, service entry was a 2040+ story, and revenues in our forecast window were immaterial. The EUR 100bn headline figure refers to lifetime program cost across several nations over decades, not near-term Airbus revenue. Strategically, the collapse removes a long running industrial overhang while leaving combat cloud, drone and network elements potentially alive. A read across is MGCS (RHM:GR & KNDS), where Franco German defense cooperation could also face renewed scrutiny. For Airbus, however, the investment case remains driven by commercial aircraft deliveries, engine supply constraints and the 2026 guidance risk. Unchanged PT of EUR 180.00. HOLD The full update can be downloaded under https://research-hub.de/companies/airbus-se

POB AG (former PerformanceONE; renamed in March) has resolved to issue a 5-year convertible bond of up to EUR 1.25m to strengthen liquidity and support refinancing. The bond carries a 10% coupon, implying EUR 125k annual interest expense at full placement. Net proceeds of c. EUR 1.15m would mainly fund refinancing, credit line repayment and working capital, while only c. EUR 400k is allocated to Digital Health, AI and Digital Services projects. Full conversion would create c. 0.5m new shares, implying potential dilution of ~24%. Taking a back-of-the-envelope SotP-calculation into account, we confirm our EUR 4.70 price target, with a BUY-rating. The full update can be downloaded under https://research-hub.de/companies/pob-ag

Nordex shares have fallen back from their May peak of around EUR 50 after a strong rally of roughly 70% since the start of the year, as expectations for an extended and uninterrupted wind cycle have been reassessed. The subsequent 20% correction reflects a more critical market view, with uninterrupted peak-cycle assumptions increasingly seen as too optimistic given the sector’s inherent cyclicality. While the earlier rally was supported by strong order intake, improving profitability, and margin expansion, recent data suggests that momentum is weakening. Nevertheless, following the share price decline, we see a more balanced risk-reward profile, with the key question being whether the cycle has already peaked or still has further to run. We upgrade from SELL to HOLD, with an unchanged price target of EUR 40.00. The full update can be downloaded under https://research-hub.de/companies/nordex-se

Following the strong share price performance, Singulus has reached our EUR 6.00 price target, leaving the risk/reward more balanced despite continued positive sentiment around the solar partnership, refinancing and Q1’26 rebound. While the recovery story remains intact, Q1 should not yet be extrapolated into a sustainable run-rate given Singulus’ project-driven business model and the volatility this creates. With fair value reached, a further re-rating now hinges on sustained execution and additional follow-up orders. We therefore move to the sidelines and downgrade Singulus to HOLD from Spec. BUY with an unchanged EUR 6.00 price target. The full update can be downloaded under https://research-hub.de/companies/singulus-technologies-ag

Shares of Friedrich Vorwerk (FVG) have fallen by around 56% since their peak in October last year, broadly confirming our previously cautious stance. After a period of exceptional operational performance, investor expectations had become overly optimistic, pricing in near-perfect conditions. The correction has reset these expectations and restored a more reasonable outlook. Over the past year, FVG benefited from peak operating conditions driven by strong contract wins, high growth, and elevated margins. However, these conditions appear increasingly unsustainable, with risks including geopolitical tensions, a slower rollout of Germany’s infrastructure program, already reflected in fewer large-scale contract awards, greater political focus on cost-efficient energy infrastructure expansion, and a slower hydrogen ramp-up. In our view, the sharp share price decline has now brought the risk-reward profile back into balance. We upgrade from SELL to HOLD, with an unchanged EUR 60.00 PT. The full update can be downloaded under https://research-hub.de/companies/friedrich-vorwerk-group-se

Pharma capex risk is becoming more visible for Sartorius, supporting our SELL view. Recent reports that Eli Lilly may halve the second phase of its Alzey investment and Boehringer Ingelheim may cancel EUR 900m of German projects point to weakening investment visibility across Europe. Meanwhile, large pharma groups continue to commit capital to the US, driven by industrial policy, tariff exemptions and “America First” supply-chain priorities. For Sartorius, a regional capex shift could pressure equipment-heavy LPS and parts of BPS. While recurring revenues (75% mwb est)should stabilize growth, they may not offset delayed investment cycles. SELL, EUR 190.00 PT. The full update can be downloaded under https://research-hub.de/companies/sartorius-ag

Viscom’s new major inline CT order in battery cell inspection strengthens the FY27 recovery case and provides a tangible sign that activity is returning in one of the group’s most important non-SMT opportunity areas. Although we leave our FY27 estimates unchanged, the order increases confidence in our recovery assumptions, particularly after last year’s underperformance in battery inspection. With further upside dependent on additional project wins and timely execution, we continue to see attractive risk/reward as recovering volumes meet a leaner cost base and drive operating leverage. We reiterate BUY with a EUR 8.00 price target, implying c. 9.5x 2027E EV/EBITDA. The full update can be downloaded under https://research-hub.de/companies/viscom-se

Redcare Pharmacy gets a small but useful tailwind in Germany. The planned increase in pharmacy fixed fees improves the economics of every Rx pack processed, and therefore supports the company’s central prescription growth story. This does not solve the bigger debate around the pace of online Rx adoption, but it makes the business slightly more attractive as volumes build. The final net benefit remains open, as the statutory pharmacy discount could absorb part of the uplift and will only be decided later. Separately, the upcoming SDAX move is a technical headwind, but fundamentally secondary. BUY, PT EUR 95.00. The full update can be downloaded under https://research-hub.de/companies/redcare-pharmacy-nv

Nemetschek (NEM) remains caught between two opposing narratives. AI-driven disruption of traditional software and the resilience of deeply embedded AEC workflows. With the transition to recurring revenues largely complete, ARR quality is now the key debate rather than ARR growth alone. At 95% recurring revenue and EUR 1.19bn ARR in Q1 26, visibility is high, but not risk-free. Customers could still reduce seats, downgrade modules or resist pricing at renewal. However, NEM’s BIM and AEC products are mission-critical, raising switching costs. After a -53% 52-week underperformance, we see valuation risk as overdone. BUY, PT EUR 95. The full update can be downloaded under https://research-hub.de/companies/nemetschek-se