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

GEA reported mixed preliminary FY25 results, with order intake beating expectations at EUR 5.9bn (+9% organic), supported by strong Q4 momentum (+18% organic, book-to-bill 1.2x). Q4 sales were broadly in line at EUR 1.56bn (+7% organic), while EBITDA before restructuring moderately beat estimates at EUR 261m, lifting the margin to 16.7% and resulting in a full-year margin of 16.5%, above company guidance of 16.2%-16.4%. However, the preliminary EPS range of EUR 2.60-2.70 missed both mwb estimates and consensus, for reasons not yet fully clear. Looking ahead, management remains confident for FY26, guiding for >5% organic sales growth and further margin expansion, keeping the company on track toward its 2030 targets. We confirm our BUY rating and unchanged EUR 68 price target. The full update can be downloaded under https://research-hub.de/companies/gea-group-ag

Company Name: OHB SE ISIN: DE0005936124   Reason for the research: Update Recommendation: BUY Target price: EUR 260 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller Opportunity: Starlink-like project for the Bundeswehr, chg. OHB’s CMD last week already signalled a turning point, highlighting mil [ … ]

Stabilus reported a weak start into FY26, with Q1 26 revenue declining to EUR 291.1m (-10.7% yoy), driven by automotive weakness and adverse FX effects. Management confirmed FY26 guidance, supported by ongoing transformation and efficiency measures. Regional performance was mixed, with stable EMEA revenues and improved margins, while the Americas and APAC remained under pressure, particularly due to China automotive demand. Reported EBIT declined to EUR 21.1m, while EPS fell 45% yoy. A key positive was strong cash generation, with adjusted FCF rising to EUR 23.9m. As the valuation remains depressed, we maintain our BUY rating with an unchanged price target of EUR 25.00. The full update can be downloaded under https://research-hub.de/companies/stabilus-se

Given this background, mwb research is hosting an online roundtable discussion with Alexander Reinicke (Managing Director Corporate Finance & Accounting), Jens Dienstbach (Managing Director Corporate Treasury), and Alexander Koffka (Head of Investor Relations) from ABO Energy GmbH & Co. KGaA on February 5, 2026, at 6:00 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 be held online in German. Participation is free of charge; access data will be provided after registration at https://research-hub.de/events/registration/2026-02-05-18-00/AB9-GR.

The Platform Group (TPG) reported its strongest year to date with FY25 prelims broadly in line with guidance and our estimates. GMV rose 44% yoy to EUR 1.3bn and revenue grew 38.8% to EUR 728m, confirming the scalability of the platform model and progress toward Vision 2030. Adjusted EBITDA reached EUR 55m (7.6% margin), while reported EPS of EUR 2.26 essentially matches our estimate of EUR 2.27. In addition, net debt leverage (net debt to adjusted EBITDA) improved to 2.2x. Management guides for further growth and margin improvement in FY26. We see the shares as attractively valued and reiterate our EUR 19.50 price target and BUY rating. The full update can be downloaded under https://research-hub.de/companies/the-platform-group-se-co-kgaa

Friedrich Vorwerk (FVG) announced prelims FY25 above guidance and expectations, driven by an exceptionally strong Q4. Revenue and EBITDA both outperformed, highlighting robust execution and project delivery, supported by favorable conditions and joint ventures. Despite these impressive results, order intake softened, with a book-to-bill ratio of just 0.76x, signaling more moderate momentum going forward. Following these prelims, we raise our est. in line with the reported FY25 prelim and the coming few years, particularly at the EBITDA level, while still expecting margins to normalize after strong 23.2% around 22%, which remains strong compared with historical levels. Ongoing capacity expansion and a 15% increase in headcount should support execution and growth. We maintain our SELL rating but raise our PT to EUR 65.00 (from EUR 60.00), reflecting the strong results amid elevated valuation. The full update can be downloaded under https://research-hub.de/companies/friedrich-vorwerk-group-se

BASF’s 2025 prelims underline a familiar late-cycle picture: earnings remain under pressure, but cash generation is improving meaningfully. While EBITDA before special items missed expectations marginally, the key positive was a clear free cash flow beat, driven by materially lower capex and tighter capital discipline. Operational weakness continues to be concentrated in upstream businesses, with pricing and FX headwinds likely to persist into 2026 amid subdued global chemical demand and ongoing overcapacity. However, with balance-sheet resilience strengthening, an accelerated share buyback providing downside support, and restructuring measures being implemented faster than initially planned, we like the risk-reward. We reiterate our BUY rating and maintain our unchanged EUR 52.00 price target, as we see the current weakness as cyclical rather than structural. We believe BASF is well positioned to benefit once upstream conditions normalize, which we see as more likely from 2027 onwards. The full update can be downloaded under https://research-hub.de/companies/basf-se