Company Name: NFON AG ISIN: DE000A0N4N52   Reason for the research: Update Recommendation: BUY Target price: EUR 8.7 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Solid Q4 caps of difficult FY25; Chg.Topic: Yesterday, NFON released a solid set of preliminary FY25 figures, slightly overshooting [ … ]

Company Name: Aiforia Technologies Oyj ISIN: FI4000507934   Reason for the research: Update Recommendation: BUY Target price: EUR 3.8 Target price on sight of: 12 months Last rating change: Analyst: Julius Neittamo H2'25 preview; accelerating clinical revenue growth expectedAiforia will report H2’25 results on March 6. Our  [ … ]

Photon Energy’s unaudited Q4 and FY25 results fell short of guidance, with revenues of EUR 90.1m about 10% below the EUR 100–110m target and EBITDA of EUR 5.1m versus the guided EUR 9m. The EBITDA miss was mainly due to a provision and a penalty linked to a Polish capacity market dispute, one-off impairments related to intangible assets, and a loss on an EPC project. Without these effects, EBITDA would have been ca. EUR 12.2m. The unadjusted equity ratio declined to 23.5%, though a EUR 6.4m PPE revaluation supported an adjusted equity ratio of 25.1%, just above the 25% Green Bond covenant threshold. Liquidity remains strained, highlighted by a missed Green Bond coupon payment. With further revaluation outcomes pending ahead of audited statements on 30 April, we maintain the rating and price target under review. The full update can be downloaded under https://research-hub.de/companies/photon-energy-nv

SKB closed FY25 with a confirmed operational turnaround, delivering revenue of EUR 1.3bn (+2.2% yoy) and operational EBIT of EUR 36.6m, with margins improving to 2.8% as restructuring charges declined. Reported EBIT swung to EUR 31.3m (FY24: EUR -35.1m), and Q4 marked the strongest quarter, driving positive FCF of EUR 7.3m. FY26 guidance (flat revenue of ~EUR 1.3bn; ~EUR 80m operational EBITDA) however has been below our prior expectations, reflecting tariff uncertainty and deferred capex. While we lower estimates accordingly, the near-record EUR 971m backlog and improved earnings quality support an attractive risk/reward profile. We set a new PT of EUR 18.00 (old EUR 21.00) and reiterate BUY. The full update can be downloaded under https://research-hub.de/companies/koenig-bauer-ag

HENSOLDT reported a mixed set of prelims. Q4 sales missed expectations. While order intake was strong it is largely concentrated in traditional land platforms that are not at the core of current battlefield dynamics in Ukraine. Cash flow benefited from advance payments and remains volatile. EBITDA was solid and reported FY EBIT came in 2% below consensus. The 2026 outlook implies limited upside and mid-term growth targets remain ambitious relative to our more conservative assumptions. Visibility beyond the current order wave is still constrained, and software defined defence remains too small to support a credible recurring growth profile. In our view, the market continues to discount a structural re rating, while current momentum appears largely cyclical. We lower our price target to EUR 57.00 from EUR 65.00 and reiterate SELL. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

Company Name: SFC Energy AG ISIN: DE0007568578   Reason for the research: Update Recommendation: Buy from: 26.02.2026 Target price: 22,00 Euro Target price on sight of: 12 Monate Last rating change: 16.02.2021: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein Res [ … ]

cyan AG upgraded its FY25 EBITDA guidance to EUR 0.75-0.85m, securing a clearly positive full-year result. The uplift is driven by non-recurring income from pass-through charges and project-related revenues, reducing short-term earnings risk but not altering the structural profitability profile. In parallel, cyan officially announced its partnership with CANCOM, adding distribution strength for Guard 360 via the CANCOM Cloud Marketplace. The cooperation enhances visibility and external validation of Guard 360 as a second growth pillar. We slightly adjust our estimates to reflect the guidance upgrade and confirm our EUR 4.00 price target and BUY rating. Material Guard 360 contributions remain expected from 2027, barring faster-than-anticipated traction with CANCOM. The full update can be downloaded under https://research-hub.de/companies/cyan-ag

Hamborner delivered solid FY25 preliminary results broadly in line with expectations, with FFO of EUR 48.6m (EUR 0.60 per share) exceeding guidance despite structural headwinds. The 5.7% yoy FFO decline was mitigated by strict cost control and one-off effects from property management transitions. Rental income fell 2.9% to EUR 90.3m due to strategic disposals, while a 4.6% portfolio revaluation reduced NAV per share to EUR 9.07. Operationally, strong letting activity kept vacancy low at 3.5% and WALT stable at 5.3 years. Although 2026 will reflect disposal and refinancing impacts, Hamborner’s strategic shift toward food-anchored retail strengthens resilience. A proposed EUR 0.39 dividend and a significant NAV discount underpin our reiterated BUY rating and EUR 10.50 target price. The full update can be downloaded under https://research-hub.de/companies/hamborner-reit-ag

HENSOLDT reported a mixed set of prelims. Q4 sales missed expectations. While order intake was strong is largely concentrated in traditional land platforms that are not at the core of current battlefield dynamics in Ukraine. Cash flow benefited from advance payments and remains volatile. EBITDA was solid, yet FY EBIT came in 32% below consensus (!), a clear negative surprise. The 2026 outlook implies limited upside and mid-term growth targets remain ambitious relative to our more conservative assumptions. Visibility beyond the current order wave is still surprisingly constrained, and software defined defence remains too small to support a credible recurring growth profile. In our view, the market continues to discount a structural re rating, while current momentum appears largely cyclical. We lower our price target to EUR 57.00 from EUR 65.00 and reiterate SELL. The -6% share price reaction is justified. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

Nordex stocks surged sharply yesterday following exceptionally strong quarterly results, briefly topping 20% intraday. The rally highlights the market’s confidence in the company’s operational execution and structurally improved earnings, yet it also pushes the share to a notably higher valuation. Operational performance remains robust, with strong cash generation, solid order intake, and confident guidance for the year 2026. Mid-term targets point to continued margin expansion and profitable growth, reflecting management’s optimism about operational efficiency and market demand. However, with the recent share price jump, much of the positive outlook is already priced in, leaving limited room for missteps. We remain fundamentally bullish, maintaining our price target of EUR 40.00, but we are revising our rating from BUY to HOLD, as much of the optimism following the share price jump is already reflected in current valuations. The full update can be downloaded under https://research-hub.de/companies/nordex-se