We initiate coverage of GEVORKYAN, a.s. with a BUY rating and a PT of EUR 13.70 offering an upside potential of 44.4%. The company is a European leader in powder metallurgy with over 50 years of expertise, operating a highly automated, vertically integrated facility in Vlkanová, Slovakia. It produces 3,000+ mostly single-sourced metal components for automotive, defense, and oil industries. Founder and CEO Artur Gevorkyan holds a 77% stake. The firm replaces CNC machining and casting with solutions delivering 30–70% cost savings and greater design flexibility, driving strong customer stickiness. Its moat is supported by EUR 80m in capex, proprietary know-how, automation, and rising energy self-sufficiency. Growth comes from organic expansion and margin-accretive M&A. The full update can be downloaded under https://research-hub.de/companies/gevorkyan-as

CHAPTERS Group reported preliminary 2025 figures showing continued expansion. Pro-forma revenue reached about EUR 193m (pro-forma figures include the full-year contribution of acquired businesses and therefore differ from reported numbers due to timing effects), up 53% yoy, while adjusted operating EBITDA rose 62% to roughly EUR 49m. Organic revenue growth remained moderate at around 4.5%, partly reflecting accounting adjustments and the write-off of unrealizable following post-merger reviews. At the same time, operational improvements supported low-teens organic EBITDA growth. For 2026, management expects accelerating organic growth and continued M&A activity, supported by a healthy deal pipeline and financial flexibility. We maintain our BUY rating and EUR 48.00 price target pending full-year results in May. The full update can be downloaded under https://research-hub.de/companies/chapters-group-ag

Enapter reported prelim FY25 results with revenue slightly above guidance, demonstrating resilience. EBITDA fell sharply due to one-off costs from stack recalls and bad debt provisions. Adjusted for these, results would have been only marginally below our expectations. On a positive note, Enapter’s order backlog provides a solid foundation for FY26, supporting revenue assumptions and limiting the need for rapid additional intake. While mid-term profit expectations have been slightly lowered due to an expected slightly higher general cost base, we continue to see EBIT break-even in FY27 as achievable, with continued order inflows, even in a challenging market, supporting the growth story. Geopolitical developments, including the energy crisis linked to the Iran conflict, may weigh on short-term demand, but over the medium to long term, they could drive stronger demand as energy independence gains renewed focus. We maintain our Spec. BUY rating but reduce our PT to EUR 3.00 (from EUR 3.30). The full update can be downloaded under https://research-hub.de/companies/enapter-ag

Daimler Truck (DTG) reported Q4 revenues broadly in line with expectations, with adjusted EBIT slightly ahead. Industrial sales and margins declined due to lower volumes, pricing pressure, and tariffs, while orders picked up, driven by a low base and seasonality and catch-up effects in Europe. Mercedes-Benz Trucks saw volume growth on replacement demand, though revenue and profitability were affected by higher costs and FX headwinds. North American and Asian truck operations continued to face tariff and geopolitical challenges, weighing on sales and earnings, while Daimler Buses delivered stronger revenue and margin performance. Looking ahead, DTG expects modest volume and revenue recovery in FY 26, though macro pressures persist. Cost-saving initiatives and the EUR 2bn share buyback provide some support. Structural long-term risks, including rising competition from Chinese EV truck makers, are gradually emerging and could play out similarly to the car market. We adjust our est. and, given ongoing uncertainty, maintain our SELL rating with a EUR 30.00 PT. The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag

Against this backdrop, mwb research is hosting an online earnings call on March 18, 2026, at 3:00 p.m. regarding the 2025 fiscal year with Dr. Peter Stadelmann (CEO) and Jörg Walter (CFO) of RATIONAL AG. Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-03-19-15-00/RAA-GR.

Against this backdrop, mwb research is hosting an online roundtable on March 18, 2026, at 1:30 p.m. with Niclas Karoff (CEO) and Christoph Heitmann (Head of IR & Corporate Communications) of Hamborner REIT AG. Following a presentation, there will be an opportunity to ask questions. The event is aimed at professional investors and semi-professional private investors and will take place online in German. Participation is free of charge; login details will be provided after registration at https://research-hub.de/events/registration/2026-03-18-13-30/HABA-GR.

Zalando reported solid Q4 and FY25 results, with performance largely shaped by the consolidation of ABOUT YOU (AY). Revenues increased 23.4% yoy to EUR 4.07bn in Q4, while adjusted EBIT reached EUR 262m, slightly ahead of consensus. For FY25, revenues grew 16.8% yoy to EUR 12.3bn and adjusted EBIT reached EUR 591m, at the upper end of guidance. For FY26, outlook is positive with expected revenue growth of 12-17% and adjusted EBIT of EUR 660m-740m, supported by operating leverage and AY synergies. Looking ahead, the company’s growth story is increasingly driven by the expansion of the partner business, scaling retail media revenues and the development of its B2B operating system. Together with AI-driven productivity gains, these drivers are expected to support margin expansion over the coming years. Our BUY rating and EUR 39.00 price target remain unchanged. The full update can be downloaded under https://research-hub.de/companies/zalando-se

BENO reported preliminary FY25 results clearly above our expectations, with revenue of EUR 9.4m (vs. EUR 8.9m mwb est.) supported by stable rental income of EUR 7.3m (+1.4% yoy) driven by portfolio optimization and index-linked leases. Net profit is expected at EUR 4.7-5.1m, significantly exceeding our EUR 2.6m estimate (EPS EUR 1.39–1.51 vs. EUR 0.77 est.), likely supported by valuation effects and deferred taxes. The company guides for FFO of EUR 2.5-3.0m, reflecting improving operational performance. In addition, BENO fully repaid its EUR 10m corporate bond in Feb. ‘26, highlighting continued deleveraging. Overall, the results suggest stronger earnings power than previously modeled, and we see potential for upward revisions once audited figures are published. For the time being, we maintain our BUY rating with unchanged PT of EUR 12.50. The full update can be downloaded under https://research-hub.de/companies/beno-holding-ag

Brenntag FY25 results came in line with prelims, with weak Q4 results amid soft demand, seasonal factors and one-off cost items. Despite declining volumes, margins proved resilient in FY25 with stable GP/tonne highlighting the strength of the distribution model. Management is implementing structural initiatives under the new CEO, including organizational simplification, cost optimization and productivity improvements, while maintaining strong cash generation and balance sheet flexibility for M&A. Although the industry backdrop remains soft heading into 2026 with continued demand weakness and Chinese pricing pressure, Brenntag’s resilient business model and self-help initiatives underpin our BUY rating with an unchanged PT of EUR 60.00, implying ~8.2x 2026E EV/adj. EBITDA. The full update can be downloaded under https://research-hub.de/companies/brenntag-se

Siltronic’s FY25 results confirm earlier prelims and highlight a still challenging operating environment, with stabilization in wafer shipments offset by FX, mix effects, pricing pressure outside LTAs and ongoing inventory corrections. Looking ahead, management’s 2026 outlook suggests the recovery remains delayed. Sales are guided to decline mid-single digit yoy, while margins are expected to deteriorate further. Industry wafer area demand growth is expected to slow from 8% in 2025 to 6% in 2026, while inventory normalization in power and other legacy segments persist and remain a key headwind. We see limited near-term upside given the expected prolonged earnings recovery and lack of positive catalysts. Until we see tangible evidence of inventory normalization and a clear path back to earnings inflection, we reiterate our SELL rating with an unchanged price target of EUR 41.00. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag