Viromed has partnered with Saarland University and Hannover Medical School to conduct an ex-vivo lung study using a validated porcine lung model that closely mimics human physiology, aiming to accelerate the approval of PulmoPlas while avoiding ethical and regulatory hurdles of animal and human trials. The ex-vivo model bridges in-vitro and in-vivo research, enabling realistic testing of inhalative therapies in intact, functioning lungs. Saarland University is a global leader in this field, having developed a porcine lung system that remains physiologically active for up to 30 hours, forming the basis of a specialized spin-off serving the pharmaceutical industry. Viromed has acquired a 35% stake in this spin-off, securing strategic access to a unique research platform that both de-risks and accelerates PulmoPlas’ regulatory pathway while offering diversified revenue potential. On this basis, we confirm our BUY rating and price target of EUR 10.00. The full update can be downloaded under https://research-hub.de/companies/viromed-medical-ag

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

Company Name: Deutsche Beteiligungs AG ISIN: DE000A1TNUT7   Reason for the research: Update Recommendation: BUY Target price: EUR 39 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Looking into FY26: High deal activity expectedIncreased deal activity expected. As highlighted during the company& [ … ]

Company Name: Westwing Group SE ISIN: DE000A2N4H07   Reason for the research: Update Recommendation: BUY Target price: EUR 23.5 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Blowout Q4 prelims as value creation plan bears fruit; PT UP Westwing raised its FY25 guidance implying blowout Q4 figu [ … ]

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