123fahrschule revised its FY25 earnings guidance, now expecting EBITDA of around EUR -1.3m, marking a clear guidance miss after the target had already been lowered in September. The deviation is driven by adjustment items and one-off effects, while adjusted EBITDA of around EUR 0.85m is broadly in line with our estimate of EUR 0.9m. One-off personnel costs and impairments on receivables weigh on reported results but are backward-looking. Management provided an FY26 EBITDA outlook of EUR 1.5 to 2.5m, supporting the operating leverage case. We lower our price target to EUR 5.50 (before EUR 6.00) but maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/123fahrschule-se

At a well-attended mwb Research roundtable, cyan AG’s CEO/CTO Markus Cserna provided an operational update, broadly confirming our existing investment case. Management reiterated rollout-driven growth in the telco business and reaffirmed the structural lag between subscriber additions and revenue recognition. Europe remains the operational focus, while Africa, Asia (ex China) and a planned US market entry via a tier-2 operator in early 2026 provide longer-term optionality. Importantly, management elaborated on the SMB solution Guard 360, which is expected to become financially material from 2027 onwards, with 2026 focused on partner onboarding and pipeline build-up. FY25 guidance and sustained EBITDA profitability were reaffirmed. We maintain BUY and a EUR 4.00 price target. Final FY25 figures are expected in March, accompanied by a FY26 outlook. View the recording of the presentation here: https://research-hub.de/events/video/2026-01-29-14-00/CYR-GR The full update can be downloaded under https://research-hub.de/companies/cyan-ag

tonies delivered strong FY25 preliminary headline numbers, with revenues reaching EUR 630m (+36% cc yoy), clearly ahead of guidance (“at least 25%”) and expectations, driven by the successful launch of Toniebox 2, rapid expansion in new markets (ANZ), and major licensing deals such as Ms. Rachel. Adjusted EBITDA margin of ~8.5% hit the top end of guidance, as cost pressures from tariffs, FX and the TB2 launch were offset by manufacturing shifts and price increases. In Q4, growth was led by North America (+42% cc yoy) and Rest of World (+60% cc yoy), while the “mature” DACH region surprised positively with 17% yoy growth thanks to TB2. Overall, the strong performance underpins an upbeat FY26 outlook supported by TB2 and new global partnerships (e.g. Pokémon, Hasbro), leading to upgraded estimates and a higher price target of EUR 14.00 (old: EUR 13.20). We reiterate to BUY. The full update can be downloaded under https://research-hub.de/companies/tonies-se

Rational’s strong year-end delivery reinforces the positive momentum heading into 2026. Q4 sales and margins came ahead of our estimates, highlighting operating leverage as volumes normalize and suggesting that the ongoing salesforce expansion is translating into higher-quality, sustainable growth. The group firmly back within its historical growth range despite FX, tariffs and uneven regional demand, with disciplined cost control and procurement benefits offsetting elevated R&D spend. From a qualitative perspective, momentum is driven by robust execution in Europe (ex-Germany) and North America, continued outperformance of iVario as the key structural growth engine, and resilient iCombi demand supporting the installed base and aftermarket opportunity, while Asia remains the sole weak spot. The strong finish therefore reduces near-term growth concerns and underpins our BUY rating and slightly upgraded PT of EUR 820.00 (prev. EUR 800), which implies a premium but, in our view, defensible 35x 2026E P/E given Rational’s earnings quality and long-term growth profile. The full update can be downloaded under https://research-hub.de/companies/rational-ag

WashTec reported strong preliminary FY25 results, delivering record revenue and continued profitable growth. Revenue reached EUR 499m, up 5% yoy and in line with guidance and mwb estimates, while EBIT increased 8% to EUR 49m, implying a margin of around 9.8%. Profit growth again outpaced revenue, reflecting operating leverage, pricing discipline, and cost control. Q4 performance was slightly softer yoy due to a strong prior-year comparison, but underlying demand and profitability remained solid. Free cash flow rose to EUR 42m, supporting shareholder returns and yet again a healthy dividend for FY25 (mwb est. EUR at least 2.40). Management’s outlook remains positive, supported by an elevated order backlog, underpinning good visibility into FY26. We therefore reiterate our BUY rating with unchanged PT of EUR 55.00. The full update can be downloaded under https://research-hub.de/companies/washtec-ag

Heidelberg reported Q3/9M FY25/26 results with profitability clearly outperforming expectations despite a difficult macro environment and FX headwinds. Q3 sales reached EUR 617m, slightly above estimates, while EBITDA of EUR 50m and net profit of EUR 17m exceeded forecasts by 13% and ~40%, respectively. Incoming orders of EUR 517m however slightly missed expectations, reflecting normalized demand and customer hesitation in North America. Over nine months, sales rose 6.1% to EUR 1.6bn (9.0% FX-adjusted), while orders declined 11% due to the lack of the drupa effect. Management reaffirmed full-year guidance, though EBITDA margins are likely at the lower end of targets. With slightly adjusted estimates, we reiterate to BUY with new PT of EUR 2.60 (prev. EUR 2.80) as we account for adverse FX effects. Strategically, expansion into advanced technology segments supports long-term resilience. The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

Company Name: Eckert & Ziegler SE ISIN: DE0005659700   Reason for the research: Update Recommendation: BUY Target price: EUR 23 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller Picks and shovels play intact, chg.Novo Nordisk’s c.17% share price drop underscores how quickly sentiment can turn [ … ]

Company Name: Limes Schlosskliniken AG ISIN: DE000A0JDBC7   Reason for the research: Update Recommendation: BUY Target price: EUR 710 Target price on sight of: 12 months Last rating change: Analyst: DE000A0JDBC7 Superb H2 leads to clear guidance beat; Chg. Yesterday, LIMES delivered a strong set of preliminary FY25 figures, beati [ … ]

Rheinmetall held its FY25 investor recap yesterday. FY25 guidance was already cut in the prior update but was widely misread by the market as an upgrade. As we highlighted on 18 December, the adjustment was driven by mix and timing rather than demand. The focus now shifts to FY26 where initial management comments imply revenues below both consensus and our assumptions, pointing to another reset year. Lower visibility and delayed program phasing make FY26 the new pressure point in the equity story. Execution will be key. Cash generation appears strong but is inflated by advance customer payments. While this supports near term liquidity, rolling CCR is the more relevant metric and will normalize over time. Backlog and order intake remain very strong, but near-term valuation is driven by execution timing and political risk rather than backlog size. We reduce our topline assumptions and cut our price target to EUR 2,000 from EUR 2,200, while maintaining a BUY. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Against this backdrop, mwb research is hosting an online roundtable with Markus Dränert (CEO) and Petra Stappenbeck (CFO) on February 18, 2026, at 1:30 p.m. CET. Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will take place online in German. Participation is free of charge. Access details will be provided after registration at https://research-hub.de/events/registration/2026-02-18-13-30/ISHA-GRzur.