Company Name: Warimpex Finanz- und Beteiligungs AG ISIN: AT0000827209   Reason for the research: Q4/25 Preview from: 20.03.2026 Target price: EUR 1 Target price on sight of: 12-months Last rating change: Analyst: Adrian Kowollik Based on our discussions with Warimpex (WXF) management, we see no negative surprises in Q4/25 and co [ … ]

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

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

Company Name: OHB SE ISIN: DE0005936124   Reason for the research: Update Recommendation: BUY Target price: EUR 272 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller Margin path gains credibility, chg. The CMD had already done most of the heavy lifting. OHB had pre-signalled € 2.1bn order intake i [ … ]

Company Name: DEMIRE AG ISIN: DE000A0XFSF0   Reason for the research: Update Recommendation: BUY Target price: EUR 0.8 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald FY25 confirms ongoing deleveraging story amid earnings press Yesterday, DEMIRE published its FY25 results, delivering figures bro [ … ]