Sartorius’ CMD outlines a refined strategy focused on biopharma, emphasizing high-growth, high-margin areas like single-use technologies and cell analytics while improving supply chain efficiency and scale. Mid-term market growth of 7–9% is expected, led by Bioprocess at 8–10%. The company targets organic revenue growth of 8–11%, slightly above market, with strong visibility from 80% recurring revenues. Margins should improve modestly through mix and scale. However, the update offers limited new insights and aligns with prior assumptions. Given high valuation multiples and external risks, the risk-reward remains unattractive, supporting a SELL stance with a slightly higher price target of EUR 190.00 (before EUR 183.00), despite solid fundamentals and stable long-term growth prospects overall. The full update can be downloaded under https://research-hub.de/companies/sartorius-ag

Fraport’s FY25 results showed a modest revenue beat at EUR 4.4bn (+0.9% vs. expectations), driven by stronger airport fees in Frankfurt and robust passenger growth across key international assets. EBITDA reached a record EUR 1.44bn in line with forecasts and supported by improved margins in Q4. The company generated positive free cash flow for the first time in seven years, enabling a new two-phase dividend policy that prioritizes deleveraging (fixed EUR 1.00/share until leverage drops below 5.0x, then shifting to a 60-80% payout). Looking ahead, FY26 guidance indicates continued operational progress with EBITDA growing up to ~4% yoy in line with expected passenger growth of ~4% at midpoint. However, net profit will decline due to higher depreciation and interest expenses from Terminal 3. On the positive side, free cash flow and balance sheet ratios are set to improve. Overall, the outlook matches our expectations, leading to an unchanged EUR 62.00 price target and SELL recommendation. The full update can be downloaded under https://research-hub.de/companies/fraport-ag

Siltronic is showing early signs of a bottom in 300mm, with initial spot price stabilization, improving utilization and supportive customer behavior, suggesting demand is being deferred rather than lost; however, the recovery remains uneven, with persistent inventory overhang and pricing pressure in 200mm, while structural factors in memory and AI continue to limit wafer demand translation and weigh on end markets such as PCs and smartphones. Combined with ongoing FabNext dilution, this keeps earnings recovery path uncertain. While valuation appears undemanding, we see limited near-term catalysts and maintain our SELL rating and EUR 41.00 price target. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

Company Name: learnd SE ISIN: LU2358378979   Reason for the research: Initiation Recommendation: BUY Target price: EUR 4.8 Target price on sight of: 12 months Last rating change: Analyst: Sarah Hellemann Smart Buildings, Smarter Economics; INITIATE with BUYlearnd SE is a holding company focused on a buy-and-build strategy within  [ … ]

Blue Cap’s FY25 preliminary results were broadly in line with expectations, with revenue of EUR 129.1m slightly below estimates but profitability exceeding forecasts, achieving a 5.5% EBITDA margin. Despite weak demand, the company’s margin-focused strategy improved operational quality, with Industrials delivering strong margins and Business Services showing recovery through cost control. Portfolio exits significantly strengthened the balance sheet, resulting in a net cash position of EUR 52.1m and enhanced financial flexibility for future acquisitions. FY26 guidance appears conservative, leaving room for upside. Overall, Blue Cap demonstrates solid progress, improved resilience, and remains attractively valued with further growth potential. We therefore reiterate our BUY rating with unchanged PT of EUR 29.00. The full update can be downloaded under https://research-hub.de/companies/blue-cap-ag

Company Name: Desert Gold Ventures Inc. ISIN: CA25039N4084   Reason for the research: Research Report (Anno) Recommendation: Buy Target price: 0.93 CAD Target price on sight of: 31.12.2026 Last rating change: Analyst: Matthias Greiffenberger, Cosmin Filker Why the market should care now Historically, Desert Gold has been valued [ … ]

Mayr-Melnhof Karton AG delivered a resilient FY25 performance despite weaker-than-expected Q4 sales, which declined ~10% amid soft European demand and portfolio adjustments. Encouragingly, profitability held up well, with margins exceeding expectations in key divisions and supported by ongoing cost efficiencies from the Fit-for-Future program, which is gaining traction and has an increased improvement target. The company also strengthened its financial position, generating positive free cash flow, reducing leverage, and announcing a more shareholder-friendly dividend policy with a higher-than-expected EUR 2.00 payout. While the outlook for 2026 remains cautious due to macro and industry headwinds, MM’s solid execution, improving efficiency measures, and enhanced capital returns underpin the investment case. We slightly reduce our price target to EUR 105.00 (from EUR 110.00) and maintain a BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/mayr-melnhof-karton-ag

Pyramid’s preliminary FY25 results showed solid revenue growth of 9% to EUR 74.5m, slightly below guidance, but were overshadowed by a significant EBITDA miss at EUR 2.2m due to losses in the Asia business. Even adjusted EBITDA of EUR 2.7m indicates some softness in the core operations. The disposal of the faytech Asia units via MBO marks a key strategic step, reducing complexity, eliminating volatile low-margin exposure, and removing around EUR 3m in liabilities, while retaining European distribution rights. FY26 guidance (EUR 87-93m revenue, EUR 4.2-4.7m EBITDA) points to a strong recovery, supported by a streamlined structure and core market focus. Overall, despite a weak FY25, the outlook improves, underpinning a more focused and higher-quality equity story. We reiterate our BUY rating albeit with lower PT of EUR 1.35 (prev. EUR 1.50) as we cautiously model at the lower end of the guidance. The full update can be downloaded under https://research-hub.de/companies/pyramid-ag

Company Name: Power Metallic Mines Inc. ISIN: CA73929R1055   Reason for the research: Research Report (Inital Coverage) Recommendation: BUY Target price: 2.85 CAD Target price on sight of: 31.12.2026 Last rating change: Analyst: Matthias Greiffenberger, Cosmin Filker The Lion Zone has emerged as the central driver of the compan [ … ]

We initiate coverage of GEVORKYAN, a.s. with a BUY rating and a PT of EUR 13.70 offering an upside potential of 44.4%. The company is a European leader in powder metallurgy with over 50 years of expertise, operating a highly automated, vertically integrated facility in Vlkanová, Slovakia. It produces 3,000+ mostly single-sourced metal components for automotive, defense, and oil industries. Founder and CEO Artur Gevorkyan holds a 77% stake. The firm replaces CNC machining and casting with solutions delivering 30–70% cost savings and greater design flexibility, driving strong customer stickiness. Its moat is supported by EUR 80m in capex, proprietary know-how, automation, and rising energy self-sufficiency. Growth comes from organic expansion and margin-accretive M&A.