ATOSS Software reported strong preliminary FY2025 and Q4 results, confirming improved momentum in the second half of the year. Q4 revenues grew 12% year on year, driven by continued strength in cloud and subscription revenues (+28% YoY), while EBIT exceeded expectations with a margin of around 40%. FY2025 revenues increased 11% with a 36% EBIT margin, supported by improving revenue quality and a rising recurring share. The FY2026 outlook benefits from strong visibility, with ARR backlog covering a substantial portion of revenues and incremental growth driven mainly by new business. AI increasingly represents a differentiation opportunity rather than a disruption. On current share price levels, we upgrade our rating from HOLD to BUY and raise our price target to EUR 130.00 (EUR 125.00) on higher margin assumptions. The full update can be downloaded under https://research-hub.de/companies/atoss-software-se

Kion’s Q4 pre-close call indicated a stable yoy order intake and a slightly higher order book entering FY26, with group revenue expected to be marginally higher but adjusted EBIT declining mainly due to higher long-term incentive expenses following the share price appreciation. In ITS, the backlog-driven tailwind has faded, leading to mid-single-digit revenue decline, a book-to-bill just below 1, and a notable margin drop, but still reaching the midpoint of narrowed FY25 guidance. In SCS, recovery continues unevenly, with slightly higher order intake, accelerating revenue growth, and strong year-on-year EBIT improvement, though margins are expected to remain flat sequentially and FY25 EBIT slightly below guidance midpoint. For the group, Kion reaffirmed its FY27 target of a 10% adjusted EBIT margin, (c. 1pp) ahead of our estimates. Given limited visibility on sustained demand improvement, we maintain our SELL rating with an unchanged DCF-based price target of EUR 48.50. The full update can be downloaded under https://research-hub.de/companies/kion-group-ag

secunet reported solid preliminary FY25 results, supported by an exceptionally strong Q4 driven by public-sector procurement and robust defence-related deliveries. Q4 revenues and EBIT exceeded both our estimates and consensus, supported by higher-than-anticipated backlog conversion. For FY25, revenues increased by 13% yoy, while EBIT rose by 22% yoy with moderate margin improvement. Order intake reached a record level in Q4, lifting the backlog and enhancing visibility for 2026. For FY26, management guides for revenues of EUR 460-500m and EBIT of EUR 53-58m. We update our estimates, raise our target price to EUR 205 and reiterate our HOLD recommendation. The full update can be downloaded under https://research-hub.de/companies/secunet-security-networks-ag

Nemetschek reported FY25 preliminary results broadly in line with both our and market expectations, confirming achievement of its raised revenue guidance and profitability target. Revenue increased by 19.7% yoy to EUR 1,191.2m, slightly below our forecast of EUR 1,202m, while EBITDA reached EUR 371.1m, corresponding to an EBITDA margin of 31.2%, only marginally below our expectation of 31.4%. Full-year performance reflects strong underlying demand and high revenue visibility, supported by the AEC software market and a growing share of recurring revenues. Q4 25 showed continued growth but came in modestly below our assumptions, with limited incremental operating leverage. We incorporate the prelims into our model and leave all broadly estimates unchanged, confirming our EUR 125 price target and BUY rating. The full update can be downloaded under https://research-hub.de/companies/nemetschek-se

Wacker’s FY25 preliminary results confirm that the chemical downturn is proving deeper and more prolonged than previously anticipated, with weakening momentum across most end-markets and no clear inflection in sight. Earnings deteriorated sharply, culminating in a significant net loss driven by both operational weakness and sizeable special effects, while cash generation was supported mainly by working-capital measures rather than an operational uptick. With demand visibility limited into 2026, recovery risks skewed to the downside and earnings normalization likely pushed further out, the current share price no longer offers sufficient compensation for near-term uncertainty. We therefore downgrade Wacker Chemie from BUY to HOLD and lower our price target to EUR 75.00 (old: EUR 80.00), pending clearer signs of volume normalization and improving earnings momentum. The full update can be downloaded under https://research-hub.de/companies/wacker-chemie-ag

We initiate coverage of Blue Cap AG with a BUY recommendation and a PT of EUR 29.00 offering an upside potential of ~60%. The company offers a differentiated entry into Germany’s SME sector, focusing on B2B companies in succession, carve-out, or turnaround situations. Blue Cap has built a solid track record of value creation, highlighted by successful exits such as Neschen, nokra and most prominently con-pearl, which demonstrate both restructuring expertise and capital discipline. Its diversified portfolio spans niches with defensible positions and operational upside. While Blue Cap has significantly de-risked its balance sheet to a net cash position, the stock still trades at a deep discount to its ~EUR 30.00 NAV per share (2025E). Coupled with a projected 8% dividend yield, a robust deal pipeline and rising free float, Blue Cap is positioned for the next chapter of substantial M&A-fueled growth. The full update can be downloaded under https://research-hub.de/companies/blue-cap-ag

The management update call with TPG’s CEO Benner provided additional clarity on the planned acquisition of AEP GmbH, enabling a more refined assessment of the transaction economics. While final terms remain undisclosed, discussions highlighted AEP’s positioning as a regulated pharmaceutical wholesaler with structurally low margins. The potential buyer universe is limited, as strategic competitors are largely excluded due to antitrust constraints, reducing the likelihood of valuation premiums. Based on sector benchmarks, transaction multiples are expected to remain low, in the range of 3.0–4.5x EBITDA. This implies an assumed enterprise value of roughly EUR 60–90m (mwb est.), consistent with TPG’s disciplined M&A approach. Based on reasonable assumptions, we expect this to be an earnings-accretive transaction. Until final details on transaction terms and regulatory conditions become available, we leave our forecasts unchanged. We confirm our price target of EUR 19.50 and maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/the-platform-group-se-co-kgaa

Anta Sports Products has agreed to acquire a 29.06% stake in Puma SE from existing shareholder Artémis, becoming the company’s largest single shareholder upon completion. The transaction is structured as a strategic minority investment, with no takeover intended in the near term. Anta positions the entry as part of its global multi-brand strategy, highlighting its track record in brand building, retail execution and supply-chain management across both China and international markets. From Puma’s perspective, this may introduce longer-term strategic optionality. However, the company remains in the midst of a broad operational reset, with 2026 flagged as a transition year and earnings visibility limited. Against this backdrop, the transaction does not alter our near-term investment view. We reiterate our HOLD rating and EUR 21.00 PT. The full update can be downloaded under https://research-hub.de/companies/puma-se

With Q4 prelims due on 05 Feb, Rational enters year-end with resilient momentum, supported by healthy order intake, rising customer engagement and sustained demand for productivity-enhancing kitchen solutions. Data continues to point to stable customer activity, as operators prioritize efficiency, energy savings and labor substitution over discretionary capex timing. Looking ahead, 2026 is shaping up as an execution year: while US tariffs will represent a clearer but quantified headwind, management remains focused on protecting competitiveness through efficiency and operational levers rather than price-led volume risk. With iVario continuing to outgrow the group, penetration still in its early innings and manufacturing capacity structurally prepared for scale, Rational should be able to sustain growth beyond the current cycle. We reiterate our BUY rating and maintain our EUR 800.00 PT, supported by the company’s premium quality profile, strong cash generation and multi-year compounding potential. The full update can be downloaded under https://research-hub.de/companies/rational-ag

The Platform Group (TPG) announced the proposed acquisition of 100% of AEP GmbH, a German B2B pharmaceutical wholesale and platform operator, with closing expected in Q2 26 subject to regulatory approval. Based on an implied EBITDA contribution of EUR 20–25m, the purchase price is estimated at c. EUR 130–170m (mwb est.). The transaction would establish Pharma & Service Goods as a new core segment and materially increase scale, visibility and sector exposure. While regulatory complexity would rise, the acquisition represents a strategic step-change. Until closing took place (expected in Q2 26) and further details on valuation, financing structure and regulatory conditions become available, we leave our assumptions unchanged and confirm our price target of EUR 19.50. The BUY rating is maintained. The full update can be downloaded under https://research-hub.de/companies/the-platform-group-se-co-kgaa