Bayer delivered a mixed but broadly stable set of results, with solid operational momentum in Crop Science and Pharmaceuticals offset by profitability pressure and continued litigation-related headwinds. Strong growth from key launch products such as Nubeqa and Kerendia helped counter patent expiry pressure in Pharma, while Crop Science remained resilient despite a softer crop protection environment. The company continues to execute on its operational turnaround through organizational simplification and cost savings, while simultaneously advancing a multi-pronged strategy to contain glyphosate litigation. Looking ahead, 2026 is expected to be a transition year as substantial litigation payouts weigh on cash flow and temporarily increase leverage, although underlying operating performance should remain stable. Importantly, progress on settlements and the pending Supreme Court review provide improving visibility on the legal overhang, supporting the investment case beyond 2026. We therefore maintain our BUY rating with a slightly revised price target of EUR 52.00. The full update can be downloaded under https://research-hub.de/companies/bayer-ag

Traton’s Q4 2025 was soft, reflecting broad market weakness and margin pressures from operating deleverage, tariffs, and FX headwinds. Results slightly beat consensus, but the global truck market continues to face macro and geopolitical challenges. Management issued soft guidance for FY26, signaling another challenging year, with limited growth momentum as fragile European gains from catch-up effects are offset by weakness in the US and Brazil. Given ongoing challenges, the stock trading only ~15% below its all-time high, and no meaningful operational improvement currently in sight, we prefer to wait for a clearer sign of market recovery, as share price and performance are unlikely to diverge forever. A potential stake sale by parent Volkswagen could add further pressure on the share. We therefore reiterate our SELL rating with an unchanged price target of EUR 23.00. The full update can be downloaded under https://research-hub.de/companies/traton-se

Since military operations began on 28 February, the Iran war has caused crude oil prices to surge. The WTI forward curve indicates a temporary war premium, showing higher prices mainly for contracts expiring within the next six months. Deutsche Rohstoff should benefit from this environment as it has only hedged around 30% of its production for FY26, partly through put options, which will allow it to participate in the oil price rally. We have therefore increased our estimates for the FY26 and believe that the company may accelerate its planned drilling program. In addition, tungsten prices have surged due to rising defense demand linked to the conflict. Consequently, Deutsche Rohstoff’s stake in Almonty Industries (ALI1:GR), which will soon begin production at the Sangdong mine, has also increased in value considerably. Having upgraded our model, we arrive at a new price target of EUR 97.00 (previously EUR 88.00) and are confirming our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

FY25 closed largely as expected. Q4 revenue slightly beat consensus while adj. EBIT met expectations, with margins remaining strong at 20.4%. The order backlog rose to a record EUR 6.7bn, supporting strong visibility. Lower Q4 order intake mainly reflects timing shifts into 2026 rather than weaker demand. While defense remains the structural growth driver, we view market expectations for order intake rising towards more than EUR 3.4bn in 2030 as ambitious given platform mix risks, tender cyclicality and the gradual shift toward wheeled land systems where RENK has less exposure. With FY25 results and FY26 guidance broadly in line, the focus now shifts to tender momentum, export approvals and platform mix. Following the recent share price strength after the Iran escalation, we downgrade the stock to SELL (from HOLD) with an unchanged price target of EUR 53.00. The full update can be downloaded under https://research-hub.de/companies/renk-group-ag

Symrise delivered a resilient FY25 performance, with modest organic growth but stronger-than-expected margins driven by efficiency gains and favourable mix. The ONE SYM transformation continues to support profitability and cash generation, while strategic portfolio actions are gradually repositioning the business toward higher-value segments. Although the FY26 outlook reflects a cautious demand environment and fading pricing tailwinds, management expects growth to be primarily volume-driven and improve through the year. We maintain our BUY rating on the stock, supported by Symrise’s resilient business model, structural margin improvements and disciplined capital allocation. However, we cut our price target to 95.00 EUR from 100.00, to reflect the softer near-term outlook. The full update can be downloaded under https://research-hub.de/companies/symrise-ag

Brenntag’s FY25 prelims confirmed a weak finish to the year, with Q4 operating EBITA falling sharply yoy and full-year operating EBITA coming in below the lower end of guidance as muted industrial activity and persistent pricing pressure weighed on volumes. While the group’s gross profit held up relatively well, highlighting the resilience of its distribution model, earnings per share suffered due to non-cash impairments and other special items totaling EUR 248m in Q4. Cash generation remained a clear positive, with solid free cash flow and disciplined working capital management supporting shareholder returns despite weaker profitability. Looking ahead, management guides to a subdued FY26 environment with limited visibility, leading us to lower our price target to EUR 60.00 (from EUR 70.00), while we reiterate our BUY rating, implying ~8x 2026E EV/ adj. EBITDA. The full update can be downloaded under https://research-hub.de/companies/brenntag-se

Viromed has signed a letter of intent to acquire relyon plasma GmbH, a subsidiary of TDK Electronics and a worldwide leading player in the field of atmospheric cold plasma technology. relyon is the current OEM manufacturer of ViroCAP and PulmoPlas. The deal is expected to close in Q2 26 with an estimated purchase price in the low-to-mid double-digit million-euro range. The acquisition would bring relyon’s atmospheric plasma technology, patent portfolio, R&D capabilities, and manufacturing capacity in-house, transforming Viromed into a vertically integrated technology platform. The transaction would strengthen Viromed’s technological sovereignty, enhance innovation and quality control for its core products, and position the company for broader applications of cold plasma technology. At the same time, it would make the company more attractive to potential licensing partners and to major MedTech players looking to acquire a cold plasma platform. We will update our model and price target once the transaction has closed, and the purchase price and financing structure are confirmed. BUY, PT EUR 10.00. The full update can be downloaded under https://research-hub.de/companies/viromed-medical-ag

Beiersdorf reported FY25 organic sales growth of 2.4% yoy and adjusted EBIT of EUR 1.38bn, both in line with consensus, with a 14.0% margin (+10bps yoy). Organic growth accelerated to 3.9% yoy in Q4 (vs 1.7% in Q3), driven by NIVEA launches and repositioning in China; Healthcare and Derma also performed well. Management issued cautious 2026 guidance amid weak consumer sentiment: organic sales flat to slightly up and an adjusted EBIT margin slightly below 2025. Expectations are similar for Consumer and tesa. Beiersdorf is focusing on innovation and marketing to revive NIVEA (56% of 2025 sales). Visible progress should support investor confidence. We reiterate BUY, but lower the PT to EUR 125.00 (from EUR 136.00) due to macro uncertainty delaying recovery. The full update can be downloaded under https://research-hub.de/companies/beiersdorf-ag

The Middle East escalation marginally increases operational risk for Airbus via its regional supply chain exposure, particularly through UAE-based partners such as Strata, but it does not alter the broader equity story. Commercial exposure to the region is meaningful, yet earnings remain primarily driven by production execution and ramp-up discipline. While airport linked infrastructure concentration raises the risk of temporary logistics disruptions, we see this as manageable under a short and contained conflict scenario. Defense provides only limited immediate upside, with the main adjacency coming indirectly via MBDA. We make a small risk adjustment to our estimates and lower our price target to EUR 173.00 (from 175.00), but upgrade our rating to HOLD after the recent >20% share price correction. Medium-term valuation will hinge more on competitive pressure from COMAC than on near term geopolitical volatility. The full update can be downloaded under https://research-hub.de/companies/airbus-se

We see AIXTRON potentially entering the early stages of a structural multi-year AI-driven optoelectronics upcycle, as hyperscaler data center buildouts accelerate demand for optical interconnects. Management expects demand for datacom laser to more than double yoy in 2026, supported by the G10-AsP platform’s positioning in indium phosphide epitaxy. Cross-read signals point to aggressive InP capacity expansion, tight laser supply and multi-year visibility, while Nvidia’s USD 4bn strategic investments in optical suppliers underscore the importance of securing photonics capacity for AI scaling. We adjust our model and raise our price target to EUR 30.00 but maintain our HOLD rating on valuation and uncertainty regarding both the magnitude and timing of AI GaN orders, as well as the trajectory of a meaningful SiC recovery. The full update can be downloaded under https://research-hub.de/companies/aixtron-se