Intershop reported FY25 revenues of EUR 33.3m (-14% yoy), reflecting a 30% decline in legacy revenues, while cloud revenues remained stable at EUR 20.5m. Prolonged sales cycles and customer caution delayed cloud decisions, amplifying the revenue impact of legacy run-off. EBIT fell to EUR -2.8m due to a resource-intensive legacy project and restructuring costs. Cloud order entry rose 9% yoy, supported by strong Q4 momentum, but Net New ARR declined, largely impacted by elevated churn and muted expansion. For FY26, management expects stable cloud performance and balanced EBIT. On the revenue side, management expects a lower percentage decline compared to FY25, reflecting the continued structural run-off in the legacy business. We maintain BUY, lowering PT to EUR 1.80 after shifting our growth assumptions to reflect a later inflection point. A recording of the earnings call can be found here: https://research-hub.de/events/video/2026-02-18-13-30/ISHA-GR The full update can be downloaded under https://research-hub.de/companies/intershop-communications-ag

Hoenle AG specializes in industrial UV technology with ~50 years of process expertise. After a period of strategic overextension that diluted focus and eroded earnings power, the group has undergone a multi-year restructuring, including portfolio simplification, balance-sheet repair and leadership change, effectively resetting the business. The company refocused on higher-value applications and repositioned itself as an integrated solution provider rather than a component supplier. We view management’s 2030 targets of EUR 175m in revenues (15% CAGR from 2026E) and EBITDA margins of 20–25% as ambitious but directionally credible. While execution risk remains, we see an asymmetric risk-reward profile with limited downside and attractive upside even under conservative assumptions. We initiate coverage with BUY rating and PT of EUR 20.00, reflecting confidence in the strategic repositioning and clean-up.

Hoenle AG specializes in industrial UV technology with ~50 years of process expertise. After a period of strategic overextension that diluted focus and eroded earnings power, the group has undergone a multi-year restructuring, including portfolio simplification, balance-sheet repair and leadership change, effectively resetting the business. The company refocused on higher-value applications and repositioned itself as an integrated solution provider rather than a component supplier. We view management’s 2030 targets of EUR 175m in revenues (15% CAGR from 2026E) and EBITDA margins of 20–25% as ambitious but directionally credible. While execution risk remains, we see an asymmetric risk-reward profile with limited downside and attractive upside even under conservative assumptions. We initiate coverage with BUY rating and PT of EUR 20.00, reflecting confidence in the strategic repositioning and clean-up. The full update can be downloaded under https://research-hub.de/companies/hoenle-ag

Company Name: Scandinavian Astor Group AB ISIN: SE0019175274   Reason for the research: Update Recommendation: BUY Target price: SEK 51 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller Strong Q4 execution, scaling to continue, chg. Astor closed FY’25 with a very strong Q4, confirming that the gr [ … ]

Krones AG delivered solid FY2025 results, with revenue rising 7.0% yoy to EUR 5.66bn, in line with guidance, though momentum is normalizing. In 2025, growth was offset by EUR 99m in negative FX effects. Order intake reached EUR 5.56bn, implying a 0.98x book-to-bill and signaling peak demand has passed. EBITDA increased 12.2% to EUR 602m, lifting margins to 10.6% on efficiency gains, while ROCE rose to 19.1%. Going forward margin upside appears limited amid cost pressures and competition. Management guides for 3–5% organic growth in 2026, reflecting macroeconomic and geopolitical risks. We downgrade to HOLD with a EUR 150.00 PT (previously EUR 160.00) but note that the company is sitting at a strong net cash position of EUR 550m as per end 2025. The full update can be downloaded under https://research-hub.de/companies/krones-ag

Airbus delivered a mixed set of numbers. Q4 was operationally solid, but growth flatters to deceive due to prior year space charges. Full year revenues were broadly in line, yet reported EBIT missed and the quality of earnings remains uneven. Our cautious stance proved correct. We were exactly in line with the 2026 delivery guidance at 870 aircraft, while the market was positioned for closer to 900. The guidance confirms that supply chain constraints, particularly engine availability from Pratt & Whitney, continue to cap the ramp-up and limit margin expansion. Consensus expectations, especially on EBIT, still look too ambitious. Execution risk remains elevated, upside is limited without a clean ramp up, and valuation does not compensate for these risks. We reiterate to SELL, price target EUR 175.00. The full update can be downloaded under https://research-hub.de/companies/airbus-se

Bayer has taken a further step toward containing the Monsanto overhang by proposing a nationwide Roundup class settlement alongside the pending Supreme Court review in Durnell, creating a dual-track path combining structured financial resolution with potential legal closure. The 21-year capped program of up to USD 7.25bn, subject to court approval, materially clarifies the liability envelope, while a favorable federal preemption ruling could further limit residual and opt-out exposure, including adverse verdicts on appeal. The EUR 4bn provision increase hurts but improves transparency around total exposure. Management guides to approximately EUR 5bn of litigation-related cash outflows in 2026, likely marking a peak year, followed by roughly EUR 1bn annually, replacing verdict volatility with a defined payment schedule. We view this shift from open-ended exposure to structured containment as a meaningful improvement in the risk profile, yet the equity continues to discount prolonged legal drag. As visibility improves, we see scope for gradual multiple normalization and reiterate our BUY rating with an unchanged EUR 54.00 price target. The full update can be downloaded under https://research-hub.de/companies/bayer-ag

Südzucker (SZU) announced it will suspend the FY26 dividend, following EUR 0.20 per share in FY25, alongside extraordinary non-cash impairments on fixed assets, mainly in the Sugar segment. While these write-downs will weigh on reported EBIT, they leave operating performance and cash generation unaffected, making the impact largely valuation neutral. The sugar market remains challenging, with global oversupply and strong harvests pressuring prices and margins. Cost-saving initiatives, inventory and balance sheet clean-ups, and the dividend suspension position SZU to navigate the downcycle. Looking ahead, acreage reductions and rising bioethanol demand under initiatives such as RED III could support both sugar prices and profitability in the CropEnergies segment. We reiterate our HOLD rating with a PT of EUR 9.00, awaiting clearer signs of a cyclical recovery. The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag

Duerr released preliminary FY25 figures showing a clear beat versus its own profitability guidance. Net income rose to ~EUR 200m, well above the EUR 120–170m range, supported by solid operations and a larger-than-expected book gain from the environmental technology divestment (closed late Oct 2025). Accordingly, EBIT margin before special effects reached 5.6%, slightly exceeding the 4.5–5.5% target corridor, underscoring cost discipline and effective portfolio management. Top-line performance was modestly softer, with sales of ~EUR 4.17bn just below the EUR 4.2–4.6bn range, while order intake remained resilient at ~EUR 3.9bn within guidance. Cash generation was strong, with FCF expected at the upper end of EUR 100–200m and net financial debt at the low end of -75m to -175m, supporting a healthy balance sheet. BUY, with slightly upwards adjusted PT of EUR 35.00 (prev. EUR 31.00). The full update can be downloaded under https://research-hub.de/companies/duerr-ag

Amadeus Fire reported preliminary FY25 revenue of EUR 364m, down 17% yoy but within the EUR 355-385m guidance. Operating EBITA fell sharply to EUR 14m (FY24: EUR 55.5m), landing slightly below the EUR 15-25m target range, which however was heavily burdened by EUR 6m in total restructuring costs. Implied Q4 revenue hence reached c. EUR 87m, while reported quarterly result near break-even. Both Personnel Services and Training segments suffered from Germany’s economic stagnation and cautious hiring. While the restructuring is now complete and adjusted EBITA stood at EUR 20m, a meaningful recovery is unlikely before 2027. We expect continued pressure in H1 2026 but remain positive on the long-term digital pivot. BUY, PT EUR 80.00. The full update can be downloaded under https://research-hub.de/companies/amadeus-fire-ag