Shares of Zalando came under pressure following renewed concerns around the expansion of social commerce platforms, particularly TikTok Shop, into European fashion e-commerce. Historically, social commerce has struggled to translate strong discovery and engagement into scalable fashion economics, with persistent challenges around fulfillment and unit economics. Zalando’s strategy reflects these learnings, combining integrated discovery capabilities through About You with a scalable platform and infrastructure model. ZEOS (Zalando E-commerce Operating System) underpins this positioning by enabling multi-channel monetization beyond the frontend. We reiterate our BUY rating and EUR 39.00 price target. The full update can be downloaded under https://research-hub.de/companies/zalando-se

Siltronic’s preliminary Q4 strength overstates the underlying momentum, as the rebound was largely driven by delivery shifts from Q3 and early 2026, limiting visibility into 1H26 demand. While FY25 targets were met, earnings quality continues to deteriorate, with higher volumes more than offset by adverse price/mix, FX headwinds, higher depreciation from the FabNext ramp and the small-diameter line shutdown, pushing EBIT into negative territory. Inventory digestion in power and memory remains the key constraint while net cash outflow narrowed on lower capex and timing effects rather than operational improvement. Leverage remains elevated, implying slower balance-sheet repair and higher interest expense. We reiterate HOLD and lower our price target to EUR 51.00 (from EUR 53.50), as valuation does not offer sufficient compensation for the prevailing headwinds and timing risk. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

HMS Bergbau AG has announced the start of production (SOP) at its coal mine in Botswana, marking the transition of the Maatla project from development into the operational phase. The open-pit mine is ramping up production of high-energy export coal. Phase 1 targets an annual run-rate of approximately 1.2 million tons, with a planned expansion to up to 3.6 million tons per annum in Phase 2. HMS holds an exclusive marketing agreement for 100% of production. In 2026, Botswana operations are expected to contribute a low double-digit million euro amount to revenue. With SOP achieved at Maatla and marine fuels adding a new growth vector, HMS Bergbau continues its transition from a pure commodity trader towards a more integrated energy and commodity platform. We maintain our EUR 70.00 PT and BUY rating. The full update can be downloaded under https://research-hub.de/companies/hms-bergbau-ag

Sartorius’ FY25 prelims showed revenues and underlying EBITDA broadly in line with expectations. Group sales increased 4.7% yoy to EUR 3.54bn, with growth across all regions. However, the widening gap between underlying and reported EBITDA implies reported margins of around 27.3% (mwb est.), about 1.6pp below our expectations, highlighting that the market recovery is not yet firmly established. Bioprocess Solutions remained the main earnings driver, supported by consumables, while Lab Products & Services faced softer demand and margin pressure. FY26 guidance suggests moderate growth and limited margin upside. We confirm our view, that valuation of >60x PER in FY26E remains demanding, supporting our SELL rating. We lower our assumptions and derive a DCF-based price target of EUR 172.00 (before EUR 175.00). The full update can be downloaded under https://research-hub.de/companies/sartorius-ag

MHP Hotel is taking over operations of the former Andaz Vienna with immediate effect under a new Hyatt franchise agreement. The 303-room hotel will be rebranded as Hyatt Regency Vienna in April 2026 and refocused on premium business and MICE demand, supported by 2,000 sqm of event space. This marks MHP’s first partnership with Hyatt and further diversifies its franchisor mix beyond Marriott after the recent Conrad opening with Hilton. The hotel becomes MHP’s fourth asset in Vienna, creating a Belvedere district cluster of nearly 1,000 rooms with operational synergies and a strong position in the high-margin MICE segment. We expect the property to achieve RevPAR of around EUR 155 and generate approximately EUR 26m in annual revenue. We adjust estimates to reflect the Hyatt Regency addition and also higher renovation and ramp-up costs for recent portfolio additions. We come to an unchanged PT of EUR 3.30 and confirm our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

NORMA has successfully closed the sale of its Water Management (WM) unit, marking a key strategic milestone. The transaction unlocks significant value for shareholders, with a portion of proceeds used to reduce debt and strengthen the core industrial business, leaving the company almost debt-free with strong financial flexibility. Management also plans to return up to EUR 260m to shareholders, representing over 50% of the current market cap, highlighting disciplined capital allocation and shareholder alignment. Guidance for the continuing operations remains unchanged, with the transformation into “NewNORMA” progressing as planned, focusing on industrial core segments, cost efficiency, and profitability. The remaining business units offer attractive upside potential, supported by a streamlined, synergy-rich portfolio and a balance sheet with ample M&A optionality. Overall, the transaction has worked out as we expected, and we confirm our PT of EUR 20.00 and BUY rating. The full update can be downloaded under https://research-hub.de/companies/norma-group-se

Preliminary FY25 results show revenues of EUR 3.68bn in line with guidance and our estimates, but adjusted EBITDA of EUR 405m missed the narrowed guidance range of EUR 420–450m. The weak German TV advertising market, down ~4% yoy, weighed heavily on the seasonally strong Q4 25, with quarterly revenues down ~8% yoy and adjusted EBITDA declining ~20%. Multiple guidance cuts during 2025 highlight the high operating leverage of the linear TV business and macro sensitivity. With earnings visibility still limited, we cut estimates, lower our price target to EUR 5.10, and downgrade to HOLD. The full update can be downloaded under https://research-hub.de/companies/prosiebensat-1-media-se

Deutsche Rohstoff’s 2026 reserve report, prepared by independent auditors in line with SEC standards, shows a step change in asset quality and scale. Producing reserves increased by 18% yoy and proved and probable reserves by a record 46% to 79m BOE, driven mainly by strong development results in Wyoming. Despite significantly lower forward oil prices, the net present value (NPV) of producing reserves still increased by 3%. Total proved and probable reserves reach an NPV of USD 542m at a conservative USD 60/bbl and USD 1.1bn at USD 80/bbl, even excluding parts of the undeveloped acreage and the recently acquired Ohio assets. Together with the sharply higher value of Deutsche Rohstoff’s Almonty stake, now roughly equivalent to the group’s market capitalization, the reserve report underpins the valuation upside. We upgrade our price target to EUR 69.00 (old: EUR 62.00) and confirm our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

Fresenius Medical Care’s latest consensus update brings FY26 into sharper focus as a transition year. Market expectations point to a gradual operational recovery, but with limited visibility, particularly on treatment volumes. FY25E consensus implies revenues of c. EUR 19.6bn and EBIT of EUR 1.8bn, broadly in line with our revenue view but with slightly higher profitability. For FY26E, we expect modest revenue and EBIT growth, driven by efficiency gains from cost-saving measures. However, uncertainty around U.S. dialysis volumes, ongoing flu-related disruptions, and persistent FX headwinds limit confidence. With valuations on multi-year lows and support by share buybacks, we confirm our unchanged price target of EUR 47.00. BUY. The full update can be downloaded under https://research-hub.de/companies/fresenius-medical-care-ag

Mister Spex confirmed its FY 2025 guidance, reporting a preliminary net revenue decline of 18% yoy to approximately EUR 178m (mwb est. EUR 184m). This falls within the guided -10% to -20% range and reflects a deliberate shift toward profitability over volume. The EBIT margin landed in the lower half of the -5% to -15% range (mwb est. -11.5%) as the SpexFocus program concluded. Implied Q4 revenue therefore stood at EUR 33m, mirroring the 18% annual decline. Despite top-line pressure, LFL growth in Germany reached 8%. High-margin prescription glasses now represent 53% of German sales, supported by the "Switch" subscription model. Cash remained stable at EUR 56m. We therefore reiterate our BUY rating with unchanged PT of EUR 4.00. The full update can be downloaded under https://research-hub.de/companies/mister-spex-se