Deutsche Rohstoff is accelerating its 2026 Wyoming drilling program by adding a second rig, now expecting at least 11 net wells (vs. 8.5 previously) and potentially over 20 if oil prices stay high. Considering a hedging ratio as low as 20% if production is maximized, the company can greatly benefit from higher spot and short-dated future oil prices. These will likely remain elevated through Q4 26 as a permanent risk premium, infrastructure repair delays, and the urgent restocking of global reserves create a price floor. Updating the production program and WTI prices leads to significant upgrades in our estimates. As a result, we raise the price target to EUR 121.00 (from EUR 100.00) and reaffirm our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

Bechtle reported detailed Q4 and FY25 results that were in line with its preliminary release and achieved its set targets. Full-year business volumes increased 8.1% yoy to EUR 8.6bn, following accelerated growth of 17% yoy in Q4. However, revenues were up at a slower 1.6% yoy to EUR 6.4bn, reflecting a higher share of software business and related IFRS 15 impact. Nevertheless, profitability received a significant boost in Q4, where EBT surged 20.8% yoy to EUR 121.6m. Consequently, the company’s EBT reached EUR 324.2m in FY, with the margin at 5.1% (-40bps yoy). Amid heighted geopolitical and macro uncertainties, coupled with ongoing shortage of memory components, management issued a cautious guidance for FY26, expecting business volume to grow 5%-10% yoy, while revenues and EBT are expected to grow modestly by c.0%-5% yoy. The near-term demand environment remains volatile, and public and SME procurement spends highly measured. That said, long-term structural drivers including cloud migration, cybersecurity, Windows 10 replacement, and AI investments remain intact. We confirm our BUY rating, at a slightly lower price target of EUR 41.00 (old: EUR 44.00) as we see the recent price decline as exaggerated. The full update can be downloaded under https://research-hub.de/companies/bechtle-ag

FUCHS SE's FY 25 results were broadly in line with consensus expectations and met the company’s guidance. Revenues increased 1% yoy to EUR 3.56bn on 2% yoy organic growth, reflecting the soft demand environment and unfavorable currencies. EBIT stayed flat yoy at EUR 435m, and the margin narrowed 10bps yoy to 12.2% despite a better gross margin, due to persistent inflationary pressure. In Q4, revenues were stable yoy, while the EBIT margin improved 1ppt yoy to 12.6% on slightly easing input costs. Looking ahead, for FY 26, management guides for a modest 4% yoy increase in revenues to EUR 3.7bn and 3% yoy growth in EBIT to EUR 450m as the overall market conditions remain challenging. While we acknowledge Fuchs’s focus on cost discipline, the road to material sales and profit recovery looks distant. FUCHS’s valuations look attractive following the c.32% drop share price over the past month amid growing geopolitical tensions. We broadly maintain our estimates and reiterate our BUY rating on the stock at an unchanged price target of EUR 45.00. The full update can be downloaded under https://research-hub.de/companies/fuchs-se

Recent reports suggest Elmos is evaluating strategic options, including a potential sale, likely shaped by founder ownership (~22%) and longer-term succession planning. While Elmos is an attractive acquisition target given its fabless model and leading niche positions in automotive analog and mixed-signal, visibility on a potential transaction remains limited. At the same time, recent industry consolidation (e.g. Infineon’s acquisition of ams OSRAM assets) highlights continued appetite for such assets, leading us to view Infineon as the most credible buyer. However, regulatory constraints and a narrow buyer universe suggest execution risk, limiting upside. At this early stage, we see a transaction as a low-to-medium probability event with limited takeover premium currently reflected in the share price. We maintain HOLD rating and EUR 135.00 price target (~20x 2026E P/E) as the risk-reward profile remains balanced. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se

Krones reported detailed FY25 results, in line with its solid prelims and with revenues and the EBITDA margin coming within guidance range. Full-year revenues were up 7.0% yoy to EUR 5.66bn, despite c.2ppt drag from FX headwinds. Order intake grew 1.9% yoy to EUR 5.56bn (a b-t-b ratio of 0.98x), taking the order backlog to a comfortable EUR 4.19bn by year-end. In terms of profitability, EBITDA grew 12.2% to EUR 602m, aided by production efficiency gains and cost optimisation efforts, driving a 50bps yoy improvement in the margin to 10.6%. All segments reported higher revenues and a better yoy EBITDA margin. Looking ahead, management expects revenue growth to moderate to 3-5% yoy in c.c. in FY26 and the EBITDA margin to hover c.10.7-11.1%. The anticipated deceleration reflects a more challenging operating environment amid macroeconomic and geopolitical risks, as well as normalising demand. We largely maintain our estimates, however, following the recent share price correction (around -20% over the past month), we upgrade the rating to BUY (from HOLD), retaining the PT at EUR 150.00. The full update can be downloaded under https://research-hub.de/companies/krones-ag

Delivery Hero has agreed to sell its Taiwan business to Grab for USD 600m (~EUR 550m), marking progress in its ongoing strategic review. The transaction comes at a lower valuation than the previously agreed sale to Uber two years ago, which was ultimately blocked by regulators. Proceeds are intended to support debt reduction and strengthen the company’s balance sheet, while the broader “Everyday App” strategy remains in execution. Pending formal FY26 guidance, we leave our estimates unchanged and maintain our PT of EUR 28.00 and BUY rating. The full update can be downloaded under https://research-hub.de/companies/delivery-hero-se

Singulus has announced an existential partnership combined with a five-year refinancing that removes the EUR 12m bond overhang and extends its funding horizon, materially de-risking the balance sheet. The collaboration, likely with a non-Asian solar partner, validates the company’s technology, improves revenue visibility, while also diversifying exposure away from China and CNBM. Taken together, the deal strengthens both the growth and risk profile, underpinning a clear re-rating case. We therefore raise our estimates and price target to EUR 4.50 (from 3.00) and reiterate our speculative BUY rating, with further details expected alongside FY25 results on March 27. To participate in the company’s earnings call, please register under: https://research-hub.de/events/registration/2026-03-27-09-00/SNG-GR The full update can be downloaded under https://research-hub.de/companies/singulus-technologies-ag

Lanxess delivered a weak FY25, reflecting a challenging operating backdrop marked by subdued demand, persistent pricing pressure, and structurally high European costs, which weighed on volumes, margins, and overall profitability despite ongoing efficiency measures. Momentum remained soft into Q4 and management expects the operating environment to remain subdued at least until H2 26. Management guides for adj. EBITDA of EUR 450m-550m (-2% yoy at the mid-point), missing consensus. To counter margin pressure, the company is further intensifying cost-cutting initiatives, now targeting total structural cost savings of c.EUR 150m by end-FY 28. The ongoing geopolitical tension in the middle east, deferment of Lanxess’ stake sale in the Envalior JV to Advent and resultant ratings downgrade by Moody’s to Ba1 from Baa3 have driven significant share price correction. The current low valuations offer an attractive opportunity to gain exposure to the company’s somewhat delayed but impending recovery story. We reiterate our BUY rating with a revised price target of EUR 17.00 (old: EUR 23.00). The full update can be downloaded under https://research-hub.de/companies/lanxess-ag

FY2025 results confirmed prelims and highlight a cyclical trough. Revenue declined to EUR 455m (-19% yoy), with EBITDA at EUR 71m (15.6% margin), reflecting lower activity following customer CAPEX discipline and FX headwinds. PT was hit hardest, while EE remained resilient. Looking ahead, 2026 is expected to be a transition year, with H1 weakness followed by H2 improvement driven by order conversion. Spot oil above USD 100/bbl reflects geopolitical risk, while forward prices (~USD 70-80) imply continued capital discipline. We roll our model forward, introduce 2028 estimates and emphasize margin recovery from 2027 onwards, raising our PT from 37.00 to EUR 39.00. The full update can be downloaded under https://research-hub.de/companies/sbo-ag

UI delivered decent set of FY25 results, with revenues of EUR 6.10bn (+1.9% yoy) and adj. EBITDA of EUR 1.28bn (+2.4% yoy), both slightly trailing consensus. Segmental results were mixed, with Business Access and Consumer Applications posting better-than-expected adj. EBITDA, while Consumer Access and Business Applications falling short. Adj. EBIT fell 1.9% yoy to EUR 585m as costs related to 1&1 mobile-network and fibre rollout continued to weigh on profitability. For FY26, management expects a 2.4% yoy increase in comparable sales to c. EUR 6.25bn and expects adj. EBITDA to reach c.EUR 1.45bn, implying 13% yoy growth - in line with current consensus expectations. FY25 results underscores UI’s resilient operational delivery. Meanwhile, in the long term, 1&1’s proprietary network expansion should provide a good margin upside. So far, there is no official confirmation yet on the rumored talks of Telefónica potentially acquiring 1&1. We broadly maintain our long-term estimates but upgrade to BUY (from HOLD) with unchanged PT of EUR 30.00 given moderate upside potential. The full update can be downloaded under https://research-hub.de/companies/united-internet-ag