According to a Handelsblatt report, Lufthansa is evaluating how to secure additional long-haul hub capacity in Germany to support a ~20% fleet expansion by 2030, with two main options under review: expanding Terminal 2 in Munich Airport, which is likely insufficient on its own, or relocating Lufthansa and Star Alliance into a refurbished Terminal 2 at Frankfurt Airport from 2030 and potentially merging it with Terminal 1 into a 70–75m passenger mega-terminal. Lufthansa is reportedly pushing to replicate the “Munich model” in Frankfurt by forming a joint venture with Fraport, taking a significant minority stake to gain operational influence and access to non-aviation revenues, while sharing the EUR 1bn+ renovation capex. While this would secure Lufthansa’s long-term commitment to Frankfurt and reduce Fraport’s financial risk, it is contentious due to Fraport’s reluctance to dilute control, the loss of high-margin non-aviation revenues, and potential regulatory challenges from competing airlines. Valuation implications remain uncertain. Confirm SELL, DCF-based PT EUR 62.00. The full update can be downloaded under https://research-hub.de/companies/fraport-ag

Suedzucker (SZU) delivered a solid Q3 FY26 performance despite lower revenues, with profitability improving significantly thanks to better cost control and normalized inventory effects. Segment results were mixed: Sugar remained under pressure but returned to positive EBITDA, Specialties and Starch saw moderate growth, CropEnergies posted a strong profit rebound, and Fruit maintained stable profitability. Looking ahead, management confirmed FY26 guidance, while the FY27 outlook remains cautious. Revenues are expected to edge lower, with EBITDA modestly higher, driven by CropEnergies and Specialties, while no meaningful recovery is expected in sugar. Sugar price pressure from overcapacities is likely to continue at least until FY28. We adjust our estimates and raise our price target slightly to EUR 9.00 (from EUR 8.50), upgrading our rating to HOLD. The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag

In May 2025, Planethic Group AG entered a strategic partnership with Jindilli Beverages to launch its Mililk 3D-printed “flat milk” under the milkadamia brand across North America, leveraging Jindilli’s extensive retail footprint and foodservice relationships. The partnership has now been formalized through binding minimum order commitments of 10m liters in the first full year and 50m liters in the second year of a planned US Midwest production facility, enabling Planethic to secure financing for a factory expected to be operational within three to four months. We expect a staged capacity growth from 30m to 60m liters and capex of EUR 5m each in 2026 and 2027. Unrelated, an extraordinary general meeting on 12 January approved new Conditional Capital 2026/I allowing up to EUR 50m in convertible or warrant-linked instruments, and former CEO Jan Bredack was elected to the supervisory board. Based on the firm Jindilli commitments we revise our US sales assumptions, leading to a new price target of EUR 12.50 (old: EUR 15.00), still implying upside of c. 80%. Spec. BUY. The full update can be downloaded under https://research-hub.de/companies/planethic-group-ag

United Internet AG (UTDI) has delivered robust performance since our upgrade in Nov 2025, with the share price appreciating ~25% to reach our previous price target of EUR 28.00. This rally was fueled by the successful 1&1 mobile customer migration and the EUR 1.3bn (internal) sale of Versatel. However, current valuation now reflects these milestones, with the share trading at around EUR 30.00. In our view, elevated pricing limits M&A appeal as synergies would likely be exhausted by a takeover premium. Combined with regulatory uncertainty surrounding the Jan 12, 2026, BNetzA spectrum deadline and high capex of EUR 750m, we see limited further upside. We downgrade UTDI to HOLD and slightly increase our PT to EUR 30.00 (prev. EUR 28.00) as we slightly adjust margins upwards as of FY26E. The full update can be downloaded under https://research-hub.de/companies/united-internet-ag

After a ~20% rally since our last update, TKMS now trades close to our DCF based fair value, with the move largely driven by geopolitical headlines and renewed India speculation rather than new fundamentals. The potential ~EUR 7bn Indian submarine order is well known and was already flagged as securely positioned in our Initiation, with expectations fully embedded in our model. While the project structure supports political acceptance, near term margin visibility remains limited. Elevated geopolitical tensions increase sector sensitivity but are unlikely to translate into faster order intake given long procurement cycles and already full order books. With guidance unchanged and the core thesis intact, we downgrade from BUY to HOLD, keep PT at EUR 102, and see further upside dependent on incremental wins such as Canada or clarity on GNYK. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

Symrise AG has announced a non-cash portfolio reset, with impairments related to the planned divestment of its terpenes business and the Swedencare investment weighing on headline earnings but leaving liquidity and core operations unaffected. The terpenes exit appears corrective rather than value-unlocking, yet strategically consistent with portfolio sharpening and should improve long-term earnings quality, while the Swedencare write-down is disappointing, it is market-driven valuation de-rating rather than operational weakness. Importantly, the simultaneous launch of a first-ever EUR 400m share buyback provides a strong confidence signal, implying a ~4% mechanical uplift to FY26e EPS at current trading levels and reinforcing capital discipline. We therefore reiterate our BUY recommendation on Symrise with an unchanged EUR 100.00 price target, underpinned by the group’s ability to compound earnings through disciplined reinvestment and attractive long-term earnings visibility. The full update can be downloaded under https://research-hub.de/companies/symrise-ag

Verbio is set to report its Q2 FY26 results on 12 February 2026. Following a positive Q1, revenue is expected to rise further, driven by higher production from the US ramp-up. EBITDA is projected to improve slightly compared with Q1, though it remains below last year’s levels. Market stabilization is progressing, supported by stronger GHG quota prices that underpin EU biomethane and keep biodiesel stable, while bioethanol shows slight seasonal easing. In the US, market prices remain solid and operations continue to ramp up. Looking ahead, biofuel prices are expected to rise in 2026, supported by RED III in the EU. We now believe the market has left its trough behind, recovery is expected to accelerate in H2 FY26 and gain full momentum in FY28, prompting us to increase estimates from FY27 onwards. We raise our PT to EUR 28.00 (from EUR 18.00) and upgrade our rating to BUY (from HOLD) The full update can be downloaded under https://research-hub.de/companies/verbio-se

Airbus SE confirmed FY deliveries of 793 aircraft, fully in line with expectations. More importantly, net orders of 889 missed our ~970 forecast and sit below the long-term trend despite several high-profile campaigns. With pre-pandemic order and delivery levels now reached, the post-Covid rebound is clearly fading, pointing to normalization rather than the acceleration still implied by market pricing. The 8,754 aircraft backlog supports long term volumes but not higher multiples, with the backlog to sales ratio at ~10x, well below pre Covid levels. Reflecting the opening of several new sites, we slightly raise our long run production ceiling to ~1,000 aircraft per year from 950 and expect ~870 deliveries in 2026, driving a modest price target increase. Competitive risk from COMAC remains largely ignored by the market. At ~30x P/E 2026E and ~15x EV/EBITA, valuation leaves no margin for error. SELL reiterated, PT EUR 175 (prev. EUR 167). The full update can be downloaded under https://research-hub.de/companies/airbus-se

Shares of Drägerwerk (Dräger) have risen by close to 10% since the start of 2026, bringing the stock close to our EUR 76.00 price target and prompting a rating change from BUY to HOLD. The move occurred without new fundamental catalysts, although attention is now turning to FY25 preliminary results expected in January. Management has reaffirmed the investment case, citing stable demand, solid operations and improving visibility into FY26. Seasonality remains key, with more than 50% of annual profits typically generated in Q4. While long-term margin targets remain intact, the current valuation suggests a balanced risk-reward profile. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

Nordex achieves another record-breaking quarter, with Q4 25 project orders reaching 3.6 GW, up 9% yoy and surpassing last year’s record, carrying momentum into FY25 and reinforcing its market position. All eyes are now on Q4 to see if this progress can continue hand in hand with a meaningful boost in profitability. We expect revenues of around EUR 2.4bn, up 9% yoy, and an EBITDA margin above 10%, reflecting a clear step-change from last year. A strong margin uplift in Q4 would not only validate the operational turnaround but could also fuel positive momentum for FY26, potentially opening the door to an upward revision of Nordex’s 8% EBITDA margin target. We maintain our estimates and reaffirm our BUY rating with a price target of EUR 36.00. The full update can be downloaded under https://research-hub.de/companies/nordex-se