CTS Eventim (CTS) reported strong set of results in Q4 2025. Revenues grew 19% yoy, beating consensus by a wide 12%. Adj. EBITDA increased 12.2% yoy, coming in 5% ahead, although the margin was slightly softer, -1.7ppt yoy, due to one-offs. Both the Live Entertainment and Ticketing business benefitted from high demand for live experiences and sporting events, while international expansion also helped. Following a strong Q4, FY 25 revenues breached the EUR 3bn mark (+9.6% yoy) for the first time, and adj. EBITDA grew 7.7%. Management expects positive momentum to continue and guides for an increase in total revenues and adjusted EBITDA in FY 26. CTS’s market position, its successful international expansion, scalable digital technology platform, and high business quality places it at a favourable spot. We broadly maintain our estimates and reiterate our BUY rating on the stock at an unchanged price target of EUR 100.00. The full update can be downloaded under https://research-hub.de/companies/cts-eventim-ag-co-kgaa

Kontron's FY25 results were shaped by a sharp Q4 miss, driven almost entirely by GreenTec/Wallbox underperformance, FY revenues came in at EUR 1.61bn (-5% yoy). Underlying profitability held up well with adj. EBITDA of EUR 221m (+15% yoy, margin +2.3ppt). FY26 will be a transition year, burdened by EUR 25m of GreenTec restructuring charges, but the structural story remains intact: record backlog of EUR 2.5bn, Defense and Transportation growing >20%, and Software + Solutions as the structural margin driver going forward. Management outlined mid-term targets of EUR 2.6bn revenues and EUR 420m EBITDA by 2030, underpinned by Defense, Transportation/Rail and Cybersecurity tailwinds. We lower estimates to reflect the new outlook and come to a revised PT of EUR 34.00 (old: EUR 36.00), maintaining BUY. The full update can be downloaded under https://research-hub.de/companies/kontron-ag

With Q1 results due on 30 April, we preview weak start in line with expectations, with revenues well below quarterly run-rate and a likely net loss, highlighting a more back-end loaded 2026, with execution in H1 critical to deliver on full-year guidance. While optoelectronics momentum remains supportive, structural factors may dilute the translation of downstream demand into tool orders. That said, the broader recovery is uneven, with continued weakness in SiC and limited visibility on AI GaN. With valuation already discounting a relatively smooth recovery into 27-28 and limited room for missteps, we see risk-reward gradually turning less favorable. Thus, we downgrade our rating from HOLD to SELL with unchanged price target of EUR 30.00. The full update can be downloaded under https://research-hub.de/companies/aixtron-se

CANCOM confirmed FY25 results and issued FY26 guidance, showing early signs of stabilization but limited visibility. Q4 25 EBITDA rose 46.6% yoy, though supported by one-offs. FY25 revenue declined slightly, and profitability weakened. Segment performance remains uneven, with Germany under pressure and International driving growth. The new guidance implies margin improvement but carries uncertainty. However, the solid cash position offers a stable EUR 1.00 dividend, reflect shareholder focus. Given macro risks, low visibility, rising costs for hardware and execution uncertainty, we maintain the HOLD rating and a EUR 25.00 price target. The full update can be downloaded under https://research-hub.de/companies/cancom-se

Koenig & Bauer (SKB) delivered a successful FY25 turnaround, with revenue rising 2.2% to EUR 1.3bn and operational EBIT more than doubling to EUR 36.6m, driven by reduced restructuring costs and improved efficiency. Free cash flow turned positive, while both core segments improved, particularly Special & New Technologies. For FY26, management guides for flat revenue and stable earnings, reflecting caution amid macroeconomic uncertainty, geopolitical risks, and delayed customer investments. Despite this, a strong order backlog and solid early-year intake support mid-term visibility. The new “IMPACT” strategy targets growth through technology expansion, AI integration, and higher service revenues. Overall, SKB enters a consolidation phase with improved fundamentals and a constructive long-term outlook. BUY, PT EUR 18.00. The full update can be downloaded under https://research-hub.de/companies/koenig-bauer-ag

The market treats Rheinmetall as the clear scarcity winner in ammunition, but that scarcity is no longer as secure as current valuation implies. The market has largely overlooked this shift, as the German cartel office’s approval of the Nammo/Diehl JV was overshadowed by the FY25 earnings release. In our estimates, nearly half of 2030 EBIT comes from Weapons & Ammunition, with around a quarter of group EBIT linked to 155mm artillery ammunition alone, precisely the area where Germany is now enabling a second supplier. While Rheinmetall should clearly retain the scale advantage through 2030, this increasingly becomes a terminal value issue for 2030+, as competition starts to enter the group’s most profitable earnings pool. Like for Rheinmetall’s peers, the debate should shift away from near-term growth, which remains well supported by backlog visibility, toward the durability of margins and cash flows beyond the current rearmament cycle. We lower our price target to EUR 1,500 (from 1,700) to reflect higher long-term competitive pressure. HOLD. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

TAKKT’s FY25 results showed no major surprises after their prelims, but a weak macroeconomic environment continues to weigh on performance. Early ‘26 trading remained below prior-year levels, reflecting a sluggish recovery and a weak Q4 25 exit. While some stabilization is visible in Industrial & Packaging Europe and Office Furniture & Displays, Foodservices (especially in the US) remains a key drag. Management’s wide ‘26 guidance range signals ongoing uncertainty, with restructuring efforts and strategic exits further limiting near-term growth and margins. Our estimates lean toward the lower end, with 5% yoy sales decline, modest profitability (incl. EUR ~12m one-off effects), and close to break-even free cash flow expected. Overall, ‘26 is seen as a transition year, with recovery and meaningful upside likely delayed until ‘27 despite continued efficiency initiatives. Nonetheless, we reiterate BUY with adjusted PT of EUR 4.50 (prev. EUR 5.50) as we see a positive risk/return profile. The full update can be downloaded under https://research-hub.de/companies/takkt-ag

WashTec delivered strong FY25 results with record revenue of EUR 498.6m (+4.6% yoy) and EBIT growth of 7.5% to EUR 48.9m, lifting margins to 9.8%. Performance was driven by operating leverage, pricing discipline, and efficiency gains, alongside robust free cash flow of ~EUR 42m supporting a higher dividend. While Q4 showed slight declines due to a high prior-year base, order intake remained strong, boosting backlog (+9% yoy). Growth was led by Service and Consumables, raising recurring revenue share to 45.1%, enhancing resilience and margins. With solid backlog visibility and continued cash generation, management expects further profitable growth in FY26 despite macro uncertainties. 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

Multitude has published its audited FY25 results, confirming the previously released preliminary figures and thereby a strong operational performance. Net profit came in at EUR 26.6m (+31.7% yoy), slightly above guidance, while revenues remained broadly stable at EUR 256.9m. Importantly, asset quality improved further, with impairments declining by 15.4% yoy despite continued loan book growth. In addition, the company announced a dividend of EUR 0.55 per share (+25% yoy / 10% dividend yield), clearly underlining its strong capital generation and shareholder focus. Management reiterated its FY26 net profit target of EUR 30m. Following only minor estimate adjustments and unchanged investment case, we reiterate our BUY rating with unchanged PT of EUR 14.40. The full update can be downloaded under https://research-hub.de/companies/multitude-ag

The recent selloff looks like an attractive entry point into one of the few European defense names with genuinely long duration visibility. Unlike many land systems peers, TKMS is exposed to naval programmes that extend well into the 2040s, supported by c. EUR 18.6bn of backlog and further upside from major submarine campaigns. As legacy contracts roll off, margins should also improve, making the current weakness look more like a buying opportunity than a deterioration in fundamentals. While the derating in land focused peers may be justified in our view, applying the same logic to TKMS’s very different business model looks misplaced. We reiterate BUY with a EUR 125.00 price target; political and export licensing risk remains the key risk. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa