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

Following discussions with Siemens Energy (SE), we have extended our supercycle assumptions and now expect elevated activity through 2029, compared with our previous expectation of a peak in 2027. Growth and margins are now projected to normalize from 2030 onward, supported by continued strong order momentum. Nevertheless, the cycle remains exposed to risks. Rising supply, intensifying competition and potential price pressure could gradually weigh on growth and profitability. In the US, AI-driven electricity demand continues to support investment in generation and grid infrastructure, although macroeconomic risks such as a recession or higher gas prices could dampen demand. In Europe, slower electrification and high capital costs may constrain growth. Given SE’s demanding valuation, with a 2026E P/E of 43.9x, we view the risk-reward as unbalanced. We raise our price target to EUR 89.00 from EUR 86.00 but maintain our SELL rating. The full update can be downloaded under https://research-hub.de/companies/siemens-energy-ag

Delivery Hero’s FY25 trading update showed continued operational progress but came in slightly below market expectations. Q4 GMV (gross merchandise volume) and revenue missed consensus modestly, while regional trends showed accelerating momentum in MENA and stabilization in Asia. Full-year performance confirmed solid top-line growth outpacing GMV growth, EUR 900m+ adjusted EBITDA and over EUR 200m FCF (excl. extraordinary items). Integrated Verticals reached break-even and Quick Commerce surpassed EUR 7.5bn GMV. However, limited FY26 visibility due to lack of formal guidance, ongoing multi-year investment in Quick Commerce, strategic review uncertainty and rising geopolitical risks in MENA temper near-term confidence. We pushed our projected step in earnings growth beyond 2026 (management expects only moderate adj. EBITDA growth), resulting in lower FY26 earnings estimates. At the same time, we increased beta to reflect higher risk, resulting in higher WACC. Consequently, we cut our price target from EUR 43.00 to EUR 28.00. We maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/delivery-hero-se

Shares of United Internet (UI) and its subsidiary 1&1 AG rose sharply (+11% since Friday) following a report by El Español that Telefónica is discussing a potential acquisition of 1&1. The rumored valuation of EUR 4.5 - 5.0bn implies a multiple on 2024 EBITDA of c. 8x. While the speculation targets 1&1, UI holds ~80% and would be directly impacted. The rally reflects perceived valuation support and potential deleveraging. However, there is no confirmation, transaction structure, or regulatory clarity. Given 1&1’s central role in UI’s telecom exposure, ownership changes would materially alter the group profile. We view the move as event-driven and reiterate HOLD with an unchanged EUR 30.00 PT. The full update can be downloaded under https://research-hub.de/companies/united-internet-ag

EDAG is a leading independent engineering services provider with strong automotive roots and a growing presence in defense and industrial markets, where its automotive expertise is a key advantage. Its business spans the full vehicle lifecycle, driven by automotive OEM R&D programs as the main source of project orders. Dependence on European OEMs, covering almost all major players, is mitigated by strong client relationships and proven expertise, while long-term growth is supported by electrification, software integration, and automation. An expected renewed R&D spending cycle by European OEMs, combined with diversification, such as into the growing defense industry, overseas capacity shifts, and workforce restructuring, supports the mid-term outlook. Furthermore, trading at a historically wide discount, the stock offers significant upside once the negative automotive R&D cycle rebounds, as it always has. We initiate with a BUY rating and a PT of EUR 6.50, implying upside of 69%. The full update can be downloaded under https://research-hub.de/companies/edag-engineering-group-ag