Multitude AG received confirmation of its B+ Long-Term Issuer Default Rating from Fitch Ratings, while the standalone credit profile was upgraded to bb- and the rating of Multitude Bank was raised to BB-. The decision represents a qualitative improvement and confirms the operational progress achieved over recent quarters. Fitch particularly acknowledged higher profitability, more stable earnings, and improvements in capitalization and risk management. The improved rating is especially relevant for refinancing, as lower funding costs could become achievable over the medium term. Overall, Multitude’s risk profile continues to improve, supporting greater earnings sustainability. The price target of EUR 14.40 and the BUY rating remain unchanged. The full update can be downloaded under https://research-hub.de/companies/multitude-ag

Singulus has received a follow-up order for its TIMARIS MicroLED deposition system (mwb est. ~EUR 4–6m), reinforcing momentum in its semiconductor activities and marking a shift from pilot use toward early industrial scaling. The repeat nature of the order highlights successful system validation and underlines the attractiveness of the modular TIMARIS platform, enabling incremental capacity expansion. While not transformational in size, the order supports the view that MicroLED commercialization is gradually taking shape and that Singulus’ process know-how is aligned with concrete industry roadmaps rather than long-dated R&D. Despite an unchanged high-risk profile, increasing follow-up and expansion orders point to improving execution signals, which could meaningfully support confidence in the company’s outlook and balance-sheet development. We reiterate our Speculative BUY rating and maintain our EUR 3.00 price target. The full update can be downloaded under https://research-hub.de/companies/singulus-technologies-ag

The U.S. Supreme Court’s decision to review the Durnell case marks an inflection point in Bayer’s long-running Roundup litigation, removing the largest procedural uncertainty around the company’s federal preemption strategy. While the individual case is financially immaterial, the Court’s review, aimed at resolving a split among appellate courts, has the potential to materially reshape the litigation endgame for the ~65,000 remaining claims. Backed by the Solicitor General and the EPA’s long-standing position on glyphosate labeling, Bayer now has a clearer, time-bound path toward legal resolution by mid-2026. Although the outcome remains binary, improved visibility meaningfully strengthens the probability-weighted risk profile, supporting a gradual easing of the litigation discount. We reiterate our BUY rating and EUR 54.00 price target, reflecting decent upside potential as the legal overhang is progressively addressed. The full update can be downloaded under https://research-hub.de/companies/bayer-ag

Daimler Truck (DTG) announced FY25 unit sales, closing the year on a mixed note, with seasonal strength helping Q4 deliveries. Mercedes-Benz Trucks benefited from catch-up effects in Europe, while Trucks North America faced ongoing headwinds due to cautious fleet investments amid tariff and geopolitical uncertainties. Trucks Asia remained stable, and Daimler Buses saw modest growth. Overall, the global truck market shows mixed signals, with temporary demand spikes in Europe driven by catch-up effects after several weak sales years, offset by broader macroeconomic weakness, US uncertainties, and trade tensions. Against this backdrop, we remain cautious and maintain our SELL rating with a price target of EUR 30.00. The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag

Revo Hospitality Group has filed for insolvency in self-administration following a largely self-inflicted liquidity crisis caused by an overly aggressive, debt-financed expansion, including the acquisition of more than 60 H-Hotels. While the restructuring process may allow Revo to survive, the insolvency is likely to damage its reputation with hotel chains and institutional investors, potentially opening the door for competitors. This situation creates clear opportunities for MHP Hotel, which could benefit from contract terminations or expiries and selectively acquire attractive upper-upscale and luxury assets from Revo’s portfolio. Overall, the development reinforces our positive long-term growth outlook for MHP, supporting the maintained EUR 3.30 price target and BUY rating. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

The share price momentum has been striking, with SUSS MicroTec stock more than doubling since November 2025, driven largely by industry newsflows around the memory bottleneck. While this narrative has not yet translated into meaningful near-term orders, recent signals from across the ecosystem, including TSMC’s pull-forward of advanced packaging and backend capacity investment, point to increasing urgency in capacity build-out. For SUSS, this suggests increasing pressure in customer decision-making around UV scanners and HBM-related bonding applications. Although order visibility remains limited, the combination of structural memory constraints and accelerating backend investment supports our view that today’s opportunities can convert into orders sooner rather than later. We reiterate our BUY rating with an unchanged price target of EUR 56.00. The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se

The ongoing reform debate around driving license examinations in Germany has increased attention on persistently high costs but offers limited near-term visibility. Political statements indicate that no short-term cost relief is imminent, contrasting with market expectations and contributing to hesitation among prospective students. While media reports point to sharp enrollment declines at individual local driving schools, 123fahrschule (123fs) experiences normal enrollment activity, indicating relative resilience versus smaller peers. Structural cost drivers such as high examination fees, limited examiner capacity, and rising operating costs remain in place. Reforms could deliver efficiency gains in the medium term but are unlikely to act as a near-term catalyst. We confirm our estimates, EUR 6.00 price target, and BUY rating. The full update can be downloaded under https://research-hub.de/companies/123fahrschule-se

The Payments Group Holding (PGH) has outlined its 2026 outlook, focusing on monetizing existing assets while selectively expanding into new growth areas, primarily Artificial Intelligence and healthcare. The main value drivers remain the 35% stake in AuctionTech and potential receivables from the dispute with SGT Capital, which management expects to resolve in 2026, potentially supporting liquidity, cash flow and NAV. Strategically, PGH is building optionality through its 25% stake in AI-focused company builder Softmax AI, with Cognicare AI showing strong traction and targeting break-even in 2026. Additional AI projects and a potential radiopharmaceutical investment add further upside. Financing is supported by a EUR 2.28m 10% convertible bond, limiting refinancing risk. We reiterate our Speculative BUY with an unchanged EUR 1.24 price target. The full update can be downloaded under https://research-hub.de/companies/the-payments-group-holding

Geratherm Medical is expanding its Lifestyle & Healthcare portfolio by acquiring a 27.5% stake in Munich-based startup oooxygen Health GmbH. The partnership will start in January 2026 and is focused on international distribution of the COOODEX-Serum for muscle and joint pain. The move supports Geratherm’s strategic shift from low-margin clinical thermometers toward high-growth, consumer-oriented health products. This follows its MedTech investment holding strategy and the blueprint set by its October 2024 minority investment in BIOThermare, as Geratherm assembles a portfolio of scalable, modern brands leveraging its global sales network. Given oooxygen Health’s early-stage status, the short-term financial impact is expected to be immaterial, leading to unchanged estimates, a reaffirmed EUR 6.00 DCF-based price target, and a continued BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/geratherm-medical-ag

Preliminary FY25 results from Drägerwerk (Dräger) came in well above expectations at the operating level and triggered meaningful estimate upgrades. While sales of around EUR 3,482m were slightly below our forecast, EBIT of at least EUR 226m clearly exceeded our EUR 189m estimate, driven by a strong Q4, a robust Medical division and an improved product mix. This performance is particularly notable given EBIT headwinds of roughly EUR -40m from FX and tariffs. Management’s FY26 guidance implies stronger margin momentum than previously assumed, prompting upward revisions to our forecasts. We raise our price target from EUR 76.00 to EUR 95.00 and upgrade the stock from HOLD to BUY. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa