NORMA reported FY25 results in line with preliminary figures, confirming a weak but expected performance in a challenging environment. Deconsolidated group revenue declined 6.8% yoy to EUR 821.7m, while adj. EBIT fell to EUR 6.3m, reflecting lower volumes and a high fixed cost base, partly offset by cost measures. Segment performance was mixed, with Mobility & New Energy remaining the main drag, while Industry Applications showed relative resilience, though supported by reallocation effects. Regionally, all key markets declined, with continued weakness in automotive-related demand and FX headwinds. For FY26, NORMA guides for a modest recovery with 0–2% revenue growth and an adj. EBIT margin of 2–4%, indicating a transition year focused on restructuring, efficiency gains, and footprint optimization. Cash flow is expected at EUR 10–20m. Overall, results were in line with expectations and the investment case remains intact, supported by ongoing buybacks, the Water Management disposal, and balance sheet improvement. We see attractive risk/reward with limited downside and recovery upside potential. BUY rating and PT EUR 20.00. The full update can be downloaded under https://research-hub.de/companies/norma-group-se

Pyramid AG’s planned EUR 8m capital increase at EUR 1.38 per share, structured as a 1:1 rights issue, is expected to cause significant dilution and heavily impact its short-term valuation. Following a largely cosmetic reverse stock split, the measure highlights ongoing balance sheet weakness, with net debt around EUR 12m as of 30.06.25. While management announces the raise as growth financing, the steep discount and scale could suggest funds might primarily be used to stabilize the balance sheet and support going-concern status rather than expansion. In our view, the move signals limited financing alternatives and structural capital deficits. Although it improves liquidity, investor concerns over dilution and debt persist, likely keeping the share price under pressure until take-up of the rights issue by investors becomes clear. We therefore place the shares “Under Review” (previously BUY) until the magnitude of the full dilution is visible. The full update can be downloaded under https://research-hub.de/companies/pyramid-ag

Q4’25 marked a turning point, with a strong rebound in orders that carried constructively into Q1’26. While the topline came in slightly ahead of expectations, profitability remained under pressure. Looking ahead, FY26 is set for a temporary step back, with Q1 marking the trough in sales and profitability, implying a back-end loaded recovery. Supported by industry tailwinds (HBM, CoWoS), we expect sustained order momentum and scope for guidance to narrow as visibility improves. While meaningful margin expansion is likely delayed until 2027, the company retains a compelling mid-term growth story, underpinned by capacity ramp-up, product innovation, and structural demand drivers. We view the current phase as a cyclical and operational reset, with execution over the next 12–18 months as the key catalyst. We reiterate our BUY rating with a slightly higher price target of EUR 61.00. SUSS will present at our German Select Conference on 14 April 2026, with Vice President IR & Communication Sven Köpsel providing additional insights: Please register here The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se

RENK’s 19% selloff has brought valuation back to more reasonable levels, with the shares now looking broadly fair in our view. The mid-term story remains intact and is supported by RENK’s comparatively defensive aftermarket mix (>50% in the long-term mwb est.), even if uncertainty on demand and platform exposure beyond 2030 remains. We upgrade from SELL to HOLD with an unchanged EUR 53.00 price target. Key catalysts are the July 2026 NATO Summit and our online conference with RENK on April 14, where investors can join virtually (online registration). The full update can be downloaded under https://research-hub.de/companies/renk-group-ag

After another challenging year for Südzucker (SZU), we expect no meaningful operational recovery in Q4 26 (FY ended February 28). The sugar year, which ended in December, continued to reflect structural oversupply in Europe following a strong harvest, keeping sugar prices under pressure. We forecast revenues of around EUR 2.2bn, down 2.3% yoy, and EBITDA of EUR 163m, with margins improving to 7.5% mainly due to cost savings rather than pricing. However, EBIT will be heavily impacted by extraordinary impairments in the Sugar segment. Despite the weak near-term backdrop, we see increasing signs of a turning cycle, with early improvements in sugar prices already visible. Rising bioethanol prices, reduced European beet acreage, and potential El Niño climate event related supply disruptions all point toward tighter global sugar markets and higher prices. Against this improving outlook, we raise our mid-term estimates, expect FY27 at the upper end of guidance, and upgrade SZU to BUY (from HOLD) with a new PT of EUR 15.00 (old: EUR 9.00). The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag

secunet's final FY25 results confirm January's prelims, with revenues of EUR 458.8m (+13% yoy) and EBIT of EUR 51.6m (+22% yoy). Both segments grew strongly, order intake hit a record EUR 531.9m, and the backlog of EUR 278.9m provides solid FY26 visibility. Guidance is unchanged. The dividend policy shifts to a flexible 30-50% payout of consolidated net income, preserving capital for M&A. Today's share price weakness reflects sector noise rather than fundamentals in our view. With EUR 87m net cash, a comfortable balance sheet, and our fair value of EUR 205.00 implying meaningful upside, we upgrade to BUY. The full update can be downloaded under https://research-hub.de/companies/secunet-security-networks-ag

Singulus has taken a first step from strategic partnership to execution, announcing an initial solar order (mwb est.: ~EUR 10–15m) alongside a EUR 3.6m partner-backed convertible bond, linking commercial progress with additional funding. This supports our initial view that the partnership will be accretive from 2026 onwards, with potential for follow-on business as the relationship deepens. The convertible strengthens liquidity and aligns the partner strategically, but introduces up to ~20% dilution, which may weigh on the shares in the near term. Overall, we see the news as incrementally positive, improving visibility and supporting the re-rating case, although execution and FY26 guidance remain the key factors for near-term share price performance. We maintain our speculative BUY rating with unchanged price target of EUR 4.20. The full update can be downloaded under https://research-hub.de/companies/singulus-technologies-ag

123fahrschule (123fs) has completed a capital increase of 400k shares at EUR 2.55, raising c. EUR 1.0m and implying ~7.2% dilution. The proceeds are intended to bridge liquidity ahead of a potential regulatory inflection in 2026. The planned reform of driver education, effective from 2027, could transform the industry through digitalization, competency-based training, and simulator usage. As a technology-driven platform, 123fs appears well positioned to benefit from improved scalability. However, financial visibility remains limited, and further funding cannot be excluded. To reflect dilution, we lower our PT to EUR 5.20 (before EUR 5,50) and reiterate BUY, viewing the stock as an event-driven opportunity, offering significant upside in a successful reform scenario. The full update can be downloaded under https://research-hub.de/companies/123fahrschule-se

ProSiebenSat.1 Media’s (PSM) reported detailed FY25 results, largely in line with its preliminary release. Revenues for the full year declined 6% yoy to EUR 3.68bn, and adj. EBITDA slumped 28% yoy to EUR 403m amid significant weakness in the high-margin TV advertising (ad) business and deconsolidation of Verivox. The company ended the year with operating cash flow of EUR 228m, down 20% yoy, and although net debt declined yoy, the leverage ratio lingered on the higher side at 3.3x. The economic and geopolitical environment is still fragile, and with no recovery expected in the near term, advertising budgets of companies remain constrained. Against this backdrop, PSM anticipates slight organic revenue growth in FY26 (FY 25: -2% yoy), however, EBITDA is expected to see a significant rebound after the weak FY25. Overall earnings visibility remains limited. We tweak our estimates and lower our price target to EUR 4.40 (before EUR 5.10). Remains a HOLD. The full update can be downloaded under https://research-hub.de/companies/prosiebensat-1-media-se

Scout24's annual report fully confirms preliminary 2025 figures, with revenue up 14.7% to EUR 649.6m and ordinary operating (oo) EBITDA growing 16.5% to EUR 405.7m at a 62.5% margin. Free cash flow conversion remains strong at 62% of ooEBITDA. The 2026 organic margin guidance of up to 64% already exceeds CMD 2024 targets, with Spain-related one-offs expected to unwind fully by 2027. AI risks remain limited, with LLM traffic below 1% and proprietary data securely ring-fenced. We reiterate our BUY rating and EUR 129.00 price target. The full update can be downloaded under https://research-hub.de/companies/scout24-se