The Iran escalation does not materially change RENK’s near term earnings profile in our view. Regional defense budgets are meaningful in absolute terms but small relative to Europe and the US, and RENK’s direct exposure is concentrated in Israel at low single digit revenue contribution (4% of revenues based on mwb research est.). At the same time, the current conflict is dominated by drones and missiles rather than heavy tracked platforms, which limits immediate operational upside. Only a sustained shift toward large scale ground operations with tracked vehicles would meaningfully change our assumptions. Until then, the investment case remains driven by European NATO land programs rather than the Middle East. HOLD, PT 53.00. The full update can be downloaded under https://research-hub.de/companies/renk-group-ag

The Middle East escalation is as of now a sentiment tailwind for TKMS, but the fundamental upside remains in the long-term. Regional budgets are well below EU/US equipment spending and current demand is centered on drones, missiles and air defense, not naval newbuilds. Still, longer dated upside is building as complex conventional submarines are a scarce supply market with limited global prime capacity and no credible local submarine prime across MENA, while recent industrial cooperation suggests TKMS can meet localisation demands without giving up system control. Israel is the clearest linkage after the new Elbit-TKMS MoD components facility, supporting deeper offsets and lifecycle work and keeping upside for additional Dakar class boats in the 2030s (subject to approvals). Saudi Arabia is the main upside lever but remains early stage. We maintain BUY and our EUR 125.00 price target; political and export licensing remains the key risk factor. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

TUI shares have fallen steeply on Iran-war concerns, but the near-term impact looks contained. TUI has cancelled early-March sailings for Mein Schiff 4 (Abu Dhabi) and Mein Schiff 5 (Doha) due to missile activity and airspace closures, and there are some airport logistics issues in Dubai/Doha. However, core summer volumes are mainly Western Med and Turkey, which are unaffected for now. If disruption stays in March and normalizes in April, the financial hit should be small, we estimate about EUR 50m lost revenue and EUR 25m less EBIT. The bigger risk is a longer, wider conflict that scares travelers away from Turkey (~20% of summer volume) or Egypt (~5%), though some demand may shift to perceived safer Western Med destinations like Spain. For now, we see FY26 guidance (2–4% revenue growth; 7–10% EBIT growth) as intact and reiterate our BUY rating with EUR 16.00 PT. The full update can be downloaded under https://research-hub.de/companies/tui-ag

The Middle East escalation is unlikely to translate into a material earnings driver for Rheinmetall in the mid-term. While regional defense budgets are sizeable, they remain structurally oriented toward US-supplied air and missile defense systems, with Israel largely sourcing domestically. Rheinmetall’s current revenue exposure to the region is limited and its core strength in heavy land systems is not directly aligned with the dominant system types in the conflict, which is primarily driven by drones and missiles (as of now). Potential upside could stem from their short-range air defense (Skyranger) for infrastructure protection. However, we do not expect this to become a meaningful short-term catalyst without operational validation from the Ukraine and export clarity. At this stage, the escalation may provide temporary sentiment support, but we see no reason to adjust our estimates. The structural investment case remains anchored in European rearmament and capacity ramp ups. PT unchanged at EUR 2,000. BUY. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Ernst Russ AG is acquiring two modern F500 multipurpose vessels, MV “Ronnie” and MV “Charlie” (12,500 dwt), with expected delivery in Q1 2026 and seven-year time charters to dship Carriers, securing visible cash flows and reducing spot exposure. The 2021/22-built, crane-equipped ships enhance fleet quality, diversification and earnings transparency through near-full ownership. Each priced at an estimated USD 25–30m (mwb est.) and funded via cash and moderate debt, the deal redeploys liquidity into income-generating assets while preserving balance sheet strength. We expect immediate EBITDA and free cash flow accretion with lower volatility. Strategically, the transaction advances Ernst Russ’ shift toward a diversified, directly controlled platform. We reiterate BUY and raise our PT to EUR 12.50 (from EUR 12.00). The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

Puma completed its strategic reset in 2025, closing the year with revenues of EUR 7.3bn (-8% constant currency), a 45.0% gross margin and a reported EBIT loss of EUR -357m. Results reflect deliberate wholesale clean-up, and inventory take-backs. Management guides for a low- to mid-single-digit revenue decline in 2026 and EBIT between EUR -50m and EUR -150m, framing the year as transitional. We expect stabilization in 2026, with revenues troughing and margins gradually rebuilding, followed by a clearer recovery in 2027 as operating leverage returns. With working capital normalizing and visibility improving, downside risk has moderated. We raise our PT to EUR 23.00 (old: EUR 21.00) and reiterate HOLD. The full update can be downloaded under https://research-hub.de/companies/puma-se

Scout24 delivered strong Q4 2025 results, with revenues up 13% year-on-year and ordinary operating EBITDA rising 17%, highlighting continued operating leverage. For FY 2025, revenues increased 15% to EUR 649.6m and ooEBITDA grew 16.5% to EUR 405.7m, resulting in a 62.5% margin, ahead of expectations. Growth was driven by customer additions and ARPU expansion across both Professional and Private segments, while disciplined cost control supported profitability despite ongoing investments. For 2026, management guides for 16-18% revenue growth, including Spain, with temporary margin dilution from acquisitions. AI risks appear limited, reinforcing Scout24’s structurally strong marketplace model. We reiterate our BUY rating and PT of EUR 129.00. The full update can be downloaded under https://research-hub.de/companies/scout24-se

Aixtron closed FY25 broadly in line with our expectations, supported by a seasonally strong Q4 that demonstrated solid operational execution despite a soft end-market backdrop. Cash generation improved materially, driven by working capital normalization and lower capex, resulting in a significantly strengthened net cash position. Looking ahead, 2026 is set to soften further. Strong AI-driven optoelectronics momentum and moderate GaN growth are expected to only partly offset another very weak year for SiC. While the strengthened balance sheet and robust free cash flow provide clear downside support, upside remains contingent on the timing and magnitude of AI-related GaN tool orders in late 2026 and early 2027, as well as on a more meaningful SiC recovery now increasingly framed as a 2027–2028 event. Encouragingly, accelerating optoelectronics demand may mark the start of a multi-year cycle, partly offsetting prolonged SiC weakness. Following the recent share price increase, we believe the valuation already discounts parts of the early-cycle recovery narrative. We therefore view the current risk/reward as balanced and reiterate our HOLD rating with an increased price target of EUR 24.00 (old: EUR 21.00). The full update can be downloaded under https://research-hub.de/companies/aixtron-se

KION delivered a soft Q4 margin, confirming that the path toward a 10% adj. EBIT margin by 2027 remains challenging. While revenues were broadly stable and cash flow strong, profitability declined, with margins at a five-quarter low and EPS down sharply. The market reaction reflects doubts about operating leverage and fixed cost absorption, particularly in ITS. FY25 was mixed versus our estimates, and FY26 guidance signals improvement but leaves little room for error. Adjusted for temporary cash outflows, underlying FCF is more stable than headline figures suggest, yet margin expansion must now materialize operationally, not just via targets. Until we see firmer evidence of sustainable demand momentum and structurally higher margins, we remain cautious. We reiterate SELL with a price target of EUR 48.50. The full update can be downloaded under https://research-hub.de/companies/kion-group-ag

Sartorius’ FY25 results and updated consensus prompt a reassessment of its growth outlook. While the company operates in structurally attractive biopharma and lab markets, sector tailwinds are increasingly offset by FX headwinds, a sharply weaker China, rising U.S. localization pressure, and limited M&A capacity due to elevated leverage. FY26E fundamentals remain solid, with improving margins and operating leverage, though higher financial expenses constrain EPS. Even adopting optimistic assumptions in line with consensus through 2030, our DCF indicates ~25% overvaluation. Market expectations assume blue-sky growth and margin levels achievable only during the pandemic surge, leaving limited room for execution missteps. Our updated price target of EUR 183.00 (before EUR 172.00) supports a continued SELL rating. The full update can be downloaded under https://research-hub.de/companies/sartorius-ag