Vossloh reported a strong finish to the year, with Q4 delivering robust revenue growth and a sharp increase in adj. EBIT. This momentum carried into the full-year results, supported by sustained demand across its core rail infrastructure markets and contributions from the Sateba acquisition. While revenues were broadly in line with expectations, profitability came in slightly ahead. Order intake was particularly encouraging, showing solid growth in the quarter and pushing the order backlog above the EUR 1bn mark by year-end for the first time, highlighting continued demand visibility. Looking ahead, management guides for another year of meaningful growth in both revenues and EBIT, driven in part by the full-year consolidation of Sateba. Overall, the results and outlook underline the resilience of the rail infrastructure sector despite ongoing macro and geopolitical uncertainties. We slightly adjust our est. but maintain our BUY rating, with a revised PT of EUR 100.00 (previously EUR 105.00). The full update can be downloaded under https://research-hub.de/companies/vossloh-ag

Rational’s FY25 annual report confirms preliminary results and adds useful granularity, confirming that growth is not only intact but high quality, driven by volumes, a stable order book and a resilient, high-margin aftermarket base. While cash flow softened on investment and working capital effects, the balance sheet remains exceptionally strong. Strategically, the recent launch of iCombi One in China, continued salesforce expansion and early-stage innovation (iHexagon, digital ecosystem) broadens the growth algorithm and introduces potential new S-curves, without compromising margins. With 2026 guidance in line and supported by structural tailwinds, low penetration and a large addressable market, we see a long runway for compounding growth and reiterate our BUY rating with unchanged EUR 820.00 PT, implying a premium ~34x 2026E P/E. The full update can be downloaded under https://research-hub.de/companies/rational-ag

We see the recent selloff in MTU as an attractive entry opportunity rather than a sign of weaker fundamentals. The shares trade 21% below the February ATH, even though the company continues to execute very well, with FY25 adj. EBIT margin already at 15.5%, in line with management’s 2030 target. Despite this, MTU is valued at only 8.5x 2027 EV/EBITDA and 14.8x 2027 P/E, around half (!) peer median levels, while still offering c.8% top line CAGR and a c.12ppt spread between 2030 ROCE and WACC. This discount is far too wide given the company’s operational progress and strong long-term visibility. Consensus also still looks too conservative, especially on margins, which should support further upside as MTU continues to deliver. On our numbers, average peer multiples would imply a value of more than EUR 600/share, while our DCF based price target remains EUR 505.00. We reiterate our BUY rating. The full update can be downloaded under https://research-hub.de/companies/mtu-aero-engines-ag

Hamborner is executing a strategic shift away from office assets toward a predominantly food-anchored retail portfolio, targeting 80-90% exposure and broadening acquisitions to include smaller and rural properties. FY25 results showed declines in rental income and FFO due to disposals and rising costs, with further pressure in 2026 from refinancing at higher interest rates. Despite a notable refinancing wall, balance sheet metrics remain stable. The dividend remains attractive with an ~8.5% yield, though it may decline slightly. Trading at a ~50% discount to NAV, the stock offers compelling value, with management’s repositioning expected to offset near-term earnings headwinds, supporting our continued BUY stance and PT of EUR 10.50. The full update can be downloaded under https://research-hub.de/companies/hamborner-reit-ag

Nemetschek (NEM) released final FY25 results, confirming its strong preliminary release, which were broadly in line with mwb and market expectations. Revenue increased by 22.6% yoy in constant currencies [c.c.] to EUR 1.2bn, led largely by 46.6% yoy c.c. growth in the Build segment on the acquisition of GoCanvas and subscription transition at Bluebeam. The group EBITDA reached EUR 371m, corresponding to an EBITDA margin of 31.2% (+1ppt yoy). For FY26, management is optimistic of achieving 14%-15% yoy c.c. revenue growth and a higher EBITDA margin of 32%-33%. In our view, the current excessive market pessimism regarding AI versus SaaS business model is unwarranted. NEM is the best-in-class software solutions provider across architecture, engineering, and construction (AEC) industries where demand remains robust as companies continue to seek digitization of the entire construction value chain. The current share price weakness offers an attractive investment opportunity. We only fine-tune our short-term estimates and the long-term CAPEX assumptions but reiterate our BUY rating at a new price target of EUR 109.00 (before EUR 125.00). The full update can be downloaded under https://research-hub.de/companies/nemetschek-se

Knorr-Bremse published its FY25 results, fully confirming the preliminary figures and rounding off the year with a solid operational performance marked by stable revenue, improving margins driven by cost discipline and BOOST, and record cash generation. Order intake and backlog continued to strengthen, supporting good visibility into FY26. The company also confirmed its FY26 guidance, signaling a steady outlook despite the current environment. Segment trends were unchanged, with Rail Vehicle Systems remaining the key growth and margin driver on the back of strong global demand, while Commercial Vehicle Systems continued to face pressure from weak truck markets, albeit with stable margins supported by cost control. Despite the solid performance, macro uncertainty and limited visibility on infrastructure-driven demand continue to weigh on the outlook. We therefore maintain our SELL rating with a PT of EUR 86.00. On April 14, the company will provide first-hand insights at our German Select online conference. Register here: https://research-hub.de/conference/german-select-vii The full update can be downloaded under https://research-hub.de/companies/knorr-bremse-ag

Elmos’ 2025 Annual Report is a confirmation print, with FY25 results and 2026 guidance fully in line and no new major catalysts. The company continues to outperform through challenging environments, with a clear path to renewed growth and structurally improving cash profile, supporting higher capital returns. We roll our model one year forward and reiterate our HOLD rating with a price target of EUR 135.00, implying ~20x P/E 2026E, which we view as a fairly balanced risk-reward profile following the recent share price run, leaving limited room for execution missteps. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se

HelloFresh’s FY25 already pre-released results delivered a mixed set of signals. While group revenues declined on weaker order volumes, particularly in Meal Kits, the company achieved solid margin expansion driven by ongoing efficiency measures. Notably, Meal Kits margins returned to pandemic-era levels (~13% adj. EBITDA margin), underlining the success of cost initiatives. Q4 continued this trend, with declining but stabilizing revenues and further margin improvement. Looking ahead, management guides for another year of top-line pressure, alongside continued investments and restructuring impacts, and weather disruptions in Q1. Our estimate revision reflects the weak 2026 guidance, as well as a flatter growth trajectory, both for top- and bottom-line beyond 2026. As a result, we revise our price target to EUR 4.10 (old. EUR 7.00) and downgrade the stock to HOLD. The full update can be downloaded under https://research-hub.de/companies/hellofresh-se

123fahrschule (123fs) announced a capital increase of up to EUR 1.0m (c.7% dilution) to prepare for upcoming regulatory changes in driver education. While the placement price has pressured the share price to a 12-month low, it offers an attractive entry point. Proposed reforms - such as digital learning, simulator use, and increased digitalization - could remove structural bottlenecks, lower costs for students and improve efficiency in driving schools. As 123fs is already positioned with a technology-driven model, it stands to benefit disproportionately, supporting scalability and growth. The capital raise is expected to bridge the transition period until reforms take effect. We reiterate our BUY rating with a EUR 5.50 price target, pending final dilution. The full update can be downloaded under https://research-hub.de/companies/123fahrschule-se

Blue Cap’s analyst conference confirmed solid FY25 progress, with revenue of EUR 129.1m and adj. EBITDA of EUR 7.2m (5.5% margin +60bp yoy). A new segment structure highlights Industrials as the earnings driver, showing 4% revenue growth and 5% EBITDA increase, while Business Services saw declining revenues but strong EBITDA recovery, reflecting successful cost measures. Portfolio performance was mixed: H+E and Planatol performed well, HY-Line improved profitability despite weaker sales, and Transline stabilized under pressure. Inheco remained steady with a strong 2026 start. The balance sheet strengthened to a net cash position, though Iran-related supply risks add uncertainty. FY26 guidance appears cautious in our view, leaving upside potential. Overall, improved transparency, operational progress, and a discounted valuation support a continued positive outlook, which is why we reiterate to BUY, PT EUR 29.00. The full update can be downloaded under https://research-hub.de/companies/blue-cap-ag