14 May 2024

Positive swing in valuation since our BUY recommendation

Duerr AG

Target price

 

Recommendation

 

Buy

14 May 2024

Vossloh Q1/24: Another strong quarter

Vossloh AG

Target price

 

Recommendation

 

Buy

13 May 2024

sponsored

Management keeps its promises - TTM adj. EBIT margin further improving

Vitesco Technologies AG

Target price

 

Recommendation

 

13 May 2024

Q1-24: strong cash flow generation

Mister Spex

Target price

 

Recommendation

 

Buy

10 May 2024

sponsored

Solid start in challenging environment

GFT Technologies SE

Target price

 

Recommendation

 

08 May 2024

Q1-24: Further increase of profitability

Zalando SE

Target price

 

Recommendation

 

Buy

07 May 2024

TTM order intake and EBIT margin development not convincing

Elringklinger AG

Target price

 

Recommendation

 

Buy

06 May 2024

sponsored

Optimized Ship portfolio delivers strong operational performance

Ernst Russ AG

Target price

 

Recommendation

 

06 May 2024

Weak demand, restructuring and KaDeWe insolvency burden EBITDA

KPS AG

Target price

 

Recommendation

 

Buy

25 April 2024

sponsored

Capital market confidence takes time but management delivers

Delticom AG

Target price

 

Recommendation

 

24 April 2024

sponsored

Break even on EBIT basis

Intershop Communications AG

Target price

 

Recommendation

 

22 April 2024

sponsored

Growing pipeline & margin expansion

Serviceware SE

Target price

 

Recommendation

 

19 April 2024

Vossloh: Strong FY23 results and well positioned for the future

Vossloh AG

Target price

 

Recommendation

 

Buy

16 April 2024

Optimistic outlook for 2024

Bechtle AG

Target price

 

Recommendation

 

Buy

08 April 2024

Strong FY 2024 outlook

MBB SE

Target price

 

Recommendation

 

Buy

08 April 2024

FY 2023: guidance met

Encavis AG

Target price

 

Recommendation

 

Buy

08 April 2024

FY 2023: “Lean 4 Leverage” bears fruit

Mister Spex

Target price

 

Recommendation

 

Buy

08 April 2024

Hornbach: Established player in a highly competitive market

Hornbach Holding & Co. KGaA

Target price

 

Recommendation

 

Buy

02 April 2024

Looks like outperformance

JOST Werke AG

Target price

 

Recommendation

 

Buy

26 March 2024

Still too early to buy

Norma Group SE

Target price

 

Recommendation

 

Buy

25 March 2024

Ahead of further years of growth

init innovation in traffic systems SE

Target price

 

Recommendation

 

Buy

25 March 2024

sponsored

Transitional 24e–Growth to return in FY 25

Deutz AG

Target price

 

Recommendation

 

19 March 2024

Voluntary takeover offer

Encavis AG

Target price

 

Recommendation

 

Buy

18 March 2024

sponsored

Significant margin improvement qoq & yoy as promised

Vitesco Technologies AG

Target price

 

Recommendation

 

15 March 2024

Updated strategy & mid-term growth targets

Zalando SE

Target price

 

Recommendation

 

Buy

13 March 2024

sponsored

Profitability reached & strong pipeline

Serviceware SE

Target price

 

Recommendation

 

13 March 2024

sponsored

Hit by KaDeWe insolvency but cautiously optimistic guidance

KPS AG

Target price

 

Recommendation

 

11 March 2024

sponsored

An extraordinary year has passed

Villeroy & Boch AG

Target price

 

Recommendation

 

11 March 2024

sponsored

Sophos & AI should fuel growth

GFT Technologies SE

Target price

 

Recommendation

 

11 March 2024

sponsored

Growth drivers remain intact

Nexus AG

Target price

 

Recommendation

 

06 March 2024

sponsored

FY 2024: Further growth & share buyback

CLIQ Digital AG

Target price

 

Recommendation

 

06 March 2024

sponsored

Investments in competitiveness

Datagroup SE

Target price

 

Recommendation

 

04 March 2024

sponsored

Profitability targeted in 2024

123fahrschule SE

Target price

 

Recommendation

 

04 March 2024

FY23 forecast exceeded – Strong 2024 and midterm guidance

PVA TePla

Target price

 

Recommendation

 

Buy

27 February 2024

Valuation at lowest level since years

Duerr AG

Target price

 

Recommendation

 

Buy

21 February 2024

Take a closer look on yoy Q1 margins

Stabilus SE

Target price

 

Recommendation

 

Buy

16 February 2024

sponsored

Promising EBIT guidance

Intershop Communications AG

Target price

 

Recommendation

 

13 February 2024

Outstanding payments from KaDeWe

KPS AG

Target price

 

Recommendation

 

Buy

09 February 2024

Termination of Coverage

EQS Group AG

Target price

 

Recommendation

 

Buy

29 January 2024

sponsored

Positive catalyst – margin expansion!

Delticom AG

Target price

 

Recommendation

 

26 January 2024

sponsored

GFT acquires Sophos Solutions

GFT Technologies SE

Target price

 

Recommendation

 

05 December 2023

Strongest Q3 in HomeToGo’s history despite macroeconomic headwinds

HomeToGo

Target price

 

Recommendation

 

Buy

30 November 2023

sponsored

Strong FY23 – Consolidation in FY24e

Deutz AG

Target price

 

Recommendation

 

24 November 2023

9M-23 figures

init innovation in traffic systems SE

Target price

 

Recommendation

 

Buy

24 November 2023

Very low EV multiples make MBB an attractive investment

MBB SE

Target price

 

Recommendation

 

Buy

22 November 2023

Offer price of EUR 40.00 too low

EQS Group AG

Target price

 

Recommendation

 

Buy

21 November 2023

sponsored

Datagroup with margin improvements

Datagroup SE

Target price

 

Recommendation

 

20 November 2023

9M-23 results

Zalando SE

Target price

 

Recommendation

 

Buy

16 November 2023

Strong Q3 numbers and further increase of FY23 guidance

Vossloh AG

Target price

 

Recommendation

 

Buy

16 November 2023

The rock in the surf

Encavis AG

Target price

 

Recommendation

 

Buy

15 November 2023

sponsored

Operationally, things are going as the management promised

Vitesco Technologies AG

Target price

 

Recommendation

 

15 November 2023

Reply with solid growth for their first 9 months

Reply SPA

Target price

 

Recommendation

 

Buy

15 November 2023

Q3-23 results

Mister Spex

Target price

 

Recommendation

 

Buy

14 November 2023

SaaS transition well underway

Nemetschek SE

Target price

 

Recommendation

 

Buy

13 November 2023

sponsored

Consumer sentiment: No recovery in sight for 2023

Delticom AG

Target price

 

Recommendation

 

13 November 2023

High demand from large customers and public-sector

Bechtle AG

Target price

 

Recommendation

 

Buy

10 November 2023

sponsored

9M-23 figures

CLIQ Digital AG

Target price

 

Recommendation

 

10 November 2023

sponsored

Business picks up in Brazil

GFT Technologies SE

Target price

 

Recommendation

 

08 November 2023

PVA reports strong Q3 as well as 9m results and give strategic outlook

PVA TePla

Target price

 

Recommendation

 

Buy

07 November 2023

Nexus continues strong growth & state programs are promising

Nexus AG

Target price

 

Recommendation

 

Buy

07 November 2023

TeamViewer with stronger Enterprise growth

TeamViewer AG

Target price

 

Recommendation

 

Buy

31 October 2023

How do they calculate their targets?

Duerr AG

Target price

 

Recommendation

 

Buy

31 October 2023

sponsored

Upper guidance range very likely

Serviceware SE

Target price

 

Recommendation

 

30 October 2023

sponsored

Return to profitability in Q3

PSI Software AG

Target price

 

Recommendation

 

26 October 2023

sponsored

Confirmation of guidance

Intershop Communications AG

Target price

 

Recommendation

 

25 October 2023

sponsored

9M-23 results affected by economic factors

Villeroy & Boch AG

Target price

 

Recommendation

 

23 October 2023

sponsored

9M-23 results affected by economic factors

Villeroy & Boch AG

Target price

 

Recommendation

 

17 October 2023

sponsored

The air is out in the valuation trend – takeover offer at EUR 91 per share

Vitesco Technologies AG

Target price

 

Recommendation

 

13 October 2023

A new substantial order for its US subsidiary

init innovation in traffic systems SE

Target price

 

Recommendation

 

Buy

05 October 2023

PVA TePla: Semiconductor trends as promising growth drivers

PVA TePla

Target price

 

Recommendation

 

Buy

05 October 2023

HomeToShow: The stage is set, now it’s time the company and especially the P&L show that it is a HomeToGrow

HomeToGo

Target price

 

Recommendation

 

Buy

02 October 2023

sponsored

H1-23: Focus remains on profitability

Veganz Group AG

Target price

 

Recommendation

 

26 September 2023

sponsored

Does the acquisition make sense? Absolutely!

Villeroy & Boch AG

Target price

 

Recommendation

 

20 September 2023

sponsored

Expected Strong operational performance confirmed in H1/23

Ernst Russ AG

Target price

 

Recommendation

 

12 September 2023

sponsored

Expansion of the business model & fresh money

Veganz Group AG

Target price

 

Recommendation

 

04 September 2023

H1-23: All major KPIs improved

Mister Spex

Target price

 

Recommendation

 

Buy

18 August 2023

Slight reduction of FY 2023 guidance

MBB SE

Target price

 

Recommendation

 

Buy

17 August 2023

H1-23 figures: no major surprise

Encavis AG

Target price

 

Recommendation

 

Buy

16 August 2023

Vossloh reports record H1 numbers and confirms FY23 guidance

Vossloh AG

Target price

 

Recommendation

 

Buy

15 August 2023

Alarming development in order intake

Elringklinger AG

Target price

 

Recommendation

 

Buy

14 August 2023

sponsored

Consumer sentiment one big issue, DEX`s profitability step-up positive

Delticom AG

Target price

 

Recommendation

 

14 August 2023

Hold and wait!

JOST Werke AG

Target price

 

Recommendation

 

Buy

14 August 2023

sponsored

Temporary issues could offer a buying opportunity

PSI Software AG

Target price

 

Recommendation

 

14 August 2023

sponsored

Profitability substantially improving

123fahrschule SE

Target price

 

Recommendation

 

14 August 2023

sponsored

GFT slightly adjusts its guidance

GFT Technologies SE

Target price

 

Recommendation

 

14 August 2023

sponsored

Growth picking up & utilizing AI

Serviceware SE

Target price

 

Recommendation

 

14 August 2023

Strong tailwind from whistleblower solution to drive growth & profitability

EQS Group AG

Target price

 

Recommendation

 

Buy

10 August 2023

One swallow does not make a summer

Norma Group SE

Target price

 

Recommendation

 

Buy

10 August 2023

sponsored

The trend is your friend – positive valuation trend unbroken

Vitesco Technologies AG

Target price

 

Recommendation

 

10 August 2023

init remains on track to meet its targets

init innovation in traffic systems SE

Target price

 

Recommendation

 

Buy

09 August 2023

Q2-23: Increase of adjusted EBIT

Zalando SE

Target price

 

Recommendation

 

Buy

08 August 2023

sponsored

FY 2023 guidance confirmed

CLIQ Digital AG

Target price

 

Recommendation

 

07 August 2023

So far surprises fall out

Duerr AG

Target price

 

Recommendation

 

Buy

03 August 2023

sponsored

H1-23: Bath & Wellness below last year due to due to downturn in construction industry in particular

Villeroy & Boch AG

Target price

 

Recommendation

 

31 July 2023

Margins still above peers, but valuation trend is still negative

Stabilus SE

Target price

 

Recommendation

 

Buy

18 July 2023

sponsored

Expansion of ship portfolio and stabilization of charter rates lead to increased guidance

Ernst Russ AG

Target price

 

Recommendation

 

04 July 2023

Strong Q1 2023 numbers and improved FY23 guidance

Vossloh AG

Target price

 

Recommendation

 

Buy

04 July 2023

sponsored

Solid outlook but burdening macro environment

The Grounds Real Estate Development AG

Target price

 

Recommendation

 

31 May 2023

sponsored

Largely ahead of cautious expectation

Deutz AG

Target price

 

Recommendation

 

30 May 2023

sponsored

Strong indication for Q2 top line

Delticom AG

Target price

 

Recommendation

 

30 May 2023

Rising Demand for Green Mobility to Drive Growth of Vossloh AG

Vossloh AG

Target price

 

Recommendation

 

Buy

25 May 2023

sponsored

Still headwind from the macro side

Veganz Group AG

Target price

 

Recommendation

 

24 May 2023

sponsored

Profitability exceeding ambition

Datagroup SE

Target price

 

Recommendation

 

19 May 2023

High OI cannot boost the share

Duerr AG

Target price

 

Recommendation

 

Buy

19 May 2023

Q1-23: slight improvement of KPIs

Encavis AG

Target price

 

Recommendation

 

Buy

17 May 2023

Q1-23: increase of sales & orders

init innovation in traffic systems SE

Target price

 

Recommendation

 

Buy

16 May 2023

Q1-23: sales and profitability up

Mister Spex

Target price

 

Recommendation

 

Buy

15 May 2023

sponsored

Q1 figures – not a share price trigger

Vitesco Technologies AG

Target price

 

Recommendation

 

12 May 2023

Stop talking, act now and efficiently

Norma Group SE

Target price

 

Recommendation

 

Buy

11 May 2023

sponsored

Strong growth in the US

GFT Technologies SE

Target price

 

Recommendation

 

05 May 2023

sponsored

Best first quarter results ever

CLIQ Digital AG

Target price

 

Recommendation

 

05 May 2023

Q1-23 figures represent FY 2023 guidance

Zalando SE

Target price

 

Recommendation

 

Buy

02 May 2023

Declining TTM adj. EBIT margin trend

Stabilus SE

Target price

 

Recommendation

 

Buy

02 May 2023

sponsored

Order backlog improves over 38%

Serviceware SE

Target price

 

Recommendation

 

02 May 2023

sponsored

New orders significantly up

PSI Software AG

Target price

 

Recommendation

 

02 May 2023

sponsored

Restructuring effects in H2 expected

Social Chain AG

Target price

 

Recommendation

 

27 April 2023

sponsored

Q1-23: sales down, EBIT margin up

Villeroy & Boch AG

Target price

 

Recommendation

 

17 April 2023

sponsored

Without high quality components no success of e-mobility – VTSC might become the next German HELLA!

Vitesco Technologies AG

Target price

 

Recommendation

 

17 April 2023

FY 2022 results

MBB SE

Target price

 

Recommendation

 

Buy

17 April 2023

FY 2022 results

EQS Group AG

Target price

 

Recommendation

 

Buy

17 April 2023

New Growth Strategy 2027

Encavis AG

Target price

 

Recommendation

 

Buy

06 April 2023

A forty-year success story

init innovation in traffic systems SE

Target price

 

Recommendation

 

Buy

03 April 2023

sponsored

Solid FY 2022 results, P/B below 1.0x

Delticom AG

Target price

 

Recommendation

 

03 April 2023

Focus on profitability

Mister Spex

Target price

 

Recommendation

 

Buy

30 March 2023

sponsored

PSI maintains mid-term guidance

PSI Software AG

Target price

 

Recommendation

 

28 March 2023

sponsored

Well funded maritime sector player

Ernst Russ AG

Target price

 

Recommendation

 

28 March 2023

sponsored

Results above 2022e Guidance & Successful Capital Increase

Bauer AG

Target price

 

Recommendation

 

22 March 2023

sponsored

Prel. FY 2022 results

Veganz Group AG

Target price

 

Recommendation

 

16 March 2023

Valuation tends again to the downside

Duerr AG

Target price

 

Recommendation

 

Buy

13 March 2023

Focus on profitable growth

Zalando SE

Target price

 

Recommendation

 

Buy

10 March 2023

Nexus to profit from discontinuation of competitors’ software modules

Nexus AG

Target price

 

Recommendation

 

Buy

10 March 2023

sponsored

Guidance confirms growth potential

Datagroup SE

Target price

 

Recommendation

 

09 March 2023

sponsored

FY 2023 guidance looks conservative

Villeroy & Boch AG

Target price

 

Recommendation

 

03 March 2023

sponsored

Bank digitalization boosts growth

GFT Technologies SE

Target price

 

Recommendation

 

01 March 2023

sponsored

New segments as source of growth

123fahrschule SE

Target price

 

Recommendation

 

28 February 2023

sponsored

Strong FY 2023 outlook

CLIQ Digital AG

Target price

 

Recommendation

 

27 February 2023

sponsored

Saas business further expanded

Serviceware SE

Target price

 

Recommendation

 

17 February 2023

sponsored

Margin improvements expected

Intershop Communications AG

Target price

 

Recommendation

 

16 February 2023

EQS suffers from delays in German politics

EQS Group AG

Target price

 

Recommendation

 

Buy

15 February 2023

sponsored

Smart cooperation with Daimler truck in the combustion engine business

Deutz AG

Target price

 

Recommendation

 

01 February 2023

Solid Q1 results, FYe ROIIC negative

Stabilus SE

Target price

 

Recommendation

 

Buy

31 January 2023

Uncertainties until H2 2023

KPS AG

Target price

 

Recommendation

 

Buy

07 December 2022

sponsored

Second profit warning

Bauer AG

Target price

 

Recommendation

 

30 November 2022

sponsored

Reduced Guidance for 2022

Social Chain AG

Target price

 

Recommendation

 

25 November 2022

sponsored

Datagroup exceeding guidance & encouraging mid-term target

Datagroup SE

Target price

 

Recommendation

 

25 November 2022

Sale of a majority stake in OBO-Werke

MBB SE

Target price

 

Recommendation

 

Buy

24 November 2022

sponsored

50:50 chance to survive, but we are not gamblers

Compleo Charging Solutions AG

Target price

 

Recommendation

 

24 November 2022

Encavis remains on growth path

Encavis AG

Target price

 

Recommendation

 

Buy

24 November 2022

sponsored

Gaining market share in a difficult environment

Gigaset AG

Target price

 

Recommendation

 

21 November 2022

Risks for 23, long-term view positive

Duerr AG

Target price

 

Recommendation

 

Buy

21 November 2022

The worst is over

Mister Spex

Target price

 

Recommendation

 

Buy

17 November 2022

sponsored

Macro environment hits Veganz

Veganz Group AG

Target price

 

Recommendation

 

17 November 2022

sponsored

FY22e will meet original guidance

Deutz AG

Target price

 

Recommendation

 

16 November 2022

sponsored

Mixed bag for Q3 2022

Delticom AG

Target price

 

Recommendation

 

15 November 2022

Q3-22 figures & order expansion

init innovation in traffic systems SE

Target price

 

Recommendation

 

Buy

14 November 2022

sponsored

Q3 as expected

Bauer AG

Target price

 

Recommendation

 

11 November 2022

Strong sales growth in Q3

Bechtle AG

Target price

 

Recommendation

 

Buy

10 November 2022

sponsored

GFT with exceptional Q3

GFT Technologies SE

Target price

 

Recommendation

 

09 November 2022

sponsored

Strong Q3-22 figures, FY 2022 guidance conservative

CLIQ Digital AG

Target price

 

Recommendation

 

09 November 2022

Inefficiencies in profitability and capital spending

Elringklinger AG

Target price

 

Recommendation

 

Buy

07 November 2022

Q3-22: back on (small) growth path

Zalando SE

Target price

 

Recommendation

 

Buy

02 November 2022

Solid Q3, new CEO still pending

Norma Group SE

Target price

 

Recommendation

 

Buy

31 October 2022

sponsored

2026 long-term guidance confirmed

PSI Software AG

Target price

 

Recommendation

 

31 October 2022

sponsored

Favourable SaaS growth

Serviceware SE

Target price

 

Recommendation

 

27 October 2022

Nemetschek with solid Q3 results

Nemetschek SE

Target price

 

Recommendation

 

Buy

26 October 2022

sponsored

Strong performance in cloud business

Intershop Communications AG

Target price

 

Recommendation

 

24 October 2022

sponsored

Strong 9M-22 figures

Villeroy & Boch AG

Target price

 

Recommendation

 

20 October 2022

sponsored

GFT raises 2022 guidance again

GFT Technologies SE

Target price

 

Recommendation

 

14 October 2022

The best is yet to come

Encavis AG

Target price

 

Recommendation

 

Buy

30 September 2022

sponsored

FY 2022 sales expectation reduced

Veganz Group AG

Target price

 

Recommendation

 

30 September 2022

sponsored

Guidance adjustment – but still undervalued

Intershop Communications AG

Target price

 

Recommendation

 

27 September 2022

sponsored

FY 2022 targets confirmed

The Grounds Real Estate Development AG

Target price

 

Recommendation

 

26 September 2022

sponsored

Lower guidance but still undervalued

Serviceware SE

Target price

 

Recommendation

 

19 September 2022

sponsored

Running out of cash!

Compleo Charging Solutions AG

Target price

 

Recommendation

 

19 September 2022

sponsored

Villeroy & Boch Investors' Day

Villeroy & Boch AG

Target price

 

Recommendation

 

14 September 2022

sponsored

Further profit warning

Bauer AG

Target price

 

Recommendation

 

09 September 2022

FY 2022 guidance reduced

Mister Spex

Target price

 

Recommendation

 

Buy

31 August 2022

sponsored

Solid revenue growth in Q2

Accentro Real Estate AG

Target price

 

Recommendation

 

30 August 2022

sponsored

Good H1 2022 – Guidance confirmed

Peach Property Group AG

Target price

 

Recommendation

 

24 August 2022

sponsored

Strong margin improvements

Datagroup SE

Target price

 

Recommendation

 

19 August 2022

Beneficiary of the regulations

EQS Group AG

Target price

 

Recommendation

 

Buy

16 August 2022

sponsored

Strong Q2 EBIT margin – Future impact by tough markets

Delticom AG

Target price

 

Recommendation

 

16 August 2022

Strong order intakes

MBB SE

Target price

 

Recommendation

 

Buy

16 August 2022

sponsored

Q2/22 above expectation-ongoing strong operational performance

Deutz AG

Target price

 

Recommendation

 

15 August 2022

Who cares about NOVA?

Norma Group SE

Target price

 

Recommendation

 

Buy

15 August 2022

Strong increase in FY 2022 guidance

Encavis AG

Target price

 

Recommendation

 

Buy

15 August 2022

sponsored

Focus on profitability – new Guidance

Social Chain AG

Target price

 

Recommendation

 

12 August 2022

Strong order backlog

init innovation in traffic systems SE

Target price

 

Recommendation

 

Buy

12 August 2022

sponsored

Strong H1 & guidance raised again

GFT Technologies SE

Target price

 

Recommendation

 

11 August 2022

Strong Q2 results, but qoq adj. EBIT margin development behind SFQ`s

JOST Werke AG

Target price

 

Recommendation

 

Buy

11 August 2022

sponsored

Mixed Q2 with strong order backlog

Bauer AG

Target price

 

Recommendation

 

08 August 2022

Risk increase of downturn in FY 2023

Duerr AG

Target price

 

Recommendation

 

Buy

08 August 2022

sponsored

Adjustment of acquisition strategy

123fahrschule SE

Target price

 

Recommendation

 

04 August 2022

Billings guidance at risk?

TeamViewer AG

Target price

 

Recommendation

 

Buy

04 August 2022

sponsored

Strong Q2-22 figures, FY 2022 guidance confirmed

CLIQ Digital AG

Target price

 

Recommendation

 

02 August 2022

Strong Q3, uncertain FY 2022/23

Stabilus SE

Target price

 

Recommendation

 

Buy

21 July 2022

sponsored

FY 2022 outlook adjusted to the upper end of the guidance

Villeroy & Boch AG

Target price

 

Recommendation

 

24 June 2022

FY 2022 outlook powdered

Zalando SE

Target price

 

Recommendation

 

Buy

22 June 2022

sponsored

Strategy update & increase of guidance

CLIQ Digital AG

Target price

 

Recommendation

 

14 June 2022

sponsored

LBM SaaS provider with upside potential

Beaconsmind AG

Target price

 

Recommendation

 

09 June 2022

sponsored

Feedback Quirin Conference

Veganz Group AG

Target price

 

Recommendation

 

02 June 2022

sponsored

On the way up despite headwinds

Deutz AG

Target price

 

Recommendation

 

31 May 2022

sponsored

Positive Q1 2022 results

Accentro Real Estate AG

Target price

 

Recommendation

 

30 May 2022

sponsored

Decrease of guidance & mixed results

Social Chain AG

Target price

 

Recommendation

 

25 May 2022

Solid start in FY 2022

init innovation in traffic systems SE

Target price

 

Recommendation

 

Buy

24 May 2022

sponsored

Disappointment at all important KPIs

Compleo Charging Solutions AG

Target price

 

Recommendation

 

20 May 2022

Started the new year with a tailwind

Encavis AG

Target price

 

Recommendation

 

Buy

19 May 2022

Profit warning and recession ahead

Duerr AG

Target price

 

Recommendation

 

Buy

17 May 2022

Q1-22: 6% sales increase

Mister Spex

Target price

 

Recommendation

 

Buy

16 May 2022

sponsored

Q1 top line and EBITDA yoy up

Delticom AG

Target price

 

Recommendation

 

16 May 2022

High liquidity for further acquisitions

MBB SE

Target price

 

Recommendation

 

Buy

12 May 2022

sponsored

Positive start into the year

Bauer AG

Target price

 

Recommendation

 

12 May 2022

sponsored

Exceptional strong start into the year

GFT Technologies SE

Target price

 

Recommendation

 

11 May 2022

Weak performance in the important WSD division – Salvation by Pierer?

Leoni AG

Target price

 

Recommendation

 

Buy

06 May 2022

sponsored

FY 2021 targets reached

Accentro Real Estate AG

Target price

 

Recommendation

 

05 May 2022

FY profit warning not ruled out in the course of this year

Norma Group SE

Target price

 

Recommendation

 

Buy

02 May 2022

Solid Q2 results, but sluggish future

Stabilus SE

Target price

 

Recommendation

 

Buy

02 May 2022

sponsored

Postponed license orders in Q1

PSI Software AG

Target price

 

Recommendation

 

02 May 2022

sponsored

Record Q1 & promising quarters ahead

Serviceware SE

Target price

 

Recommendation

 

28 April 2022

sponsored

Significant improvement in margin

Gigaset AG

Target price

 

Recommendation

 

28 April 2022

sponsored

Cloud business strongly expanding

Intershop Communications AG

Target price

 

Recommendation

 

28 April 2022

Better than expected Q1 results

Nemetschek SE

Target price

 

Recommendation

 

Buy

26 April 2022

sponsored

Good start in FY 2022

Villeroy & Boch AG

Target price

 

Recommendation

 

25 April 2022

New downside cycle has begun

Elringklinger AG

Target price

 

Recommendation

 

Buy

25 April 2022

sponsored

123Fahrschule with successful Q1

123fahrschule SE

Target price

 

Recommendation

 

08 April 2022

sponsored

FY 2021 targets reached

Bauer AG

Target price

 

Recommendation

 

04 April 2022

Revaluation

Encavis AG

Target price

 

Recommendation

 

Buy

04 April 2022

Double-digit sales growth ahead

Mister Spex

Target price

 

Recommendation

 

Buy

30 March 2022

sponsored

Further growth ahead

Peach Property Group AG

Target price

 

Recommendation

 

29 March 2022

sponsored

Strong 2021 results & focus on margin improvements

PSI Software AG

Target price

 

Recommendation

 

28 March 2022

sponsored

Incremental improvement in margin

Delticom AG

Target price

 

Recommendation

 

28 March 2022

The leading European cloud provider for whistleblowing systems

EQS Group AG

Target price

 

Recommendation

 

Buy

28 March 2022

Tailwind from high order intake and large number of tenders

init innovation in traffic systems SE

Target price

 

Recommendation

 

Buy

24 March 2022

Oil prices above USD 100 are poison for transportation sector

SAF-Holland SE

Target price

 

Recommendation

 

Buy

21 March 2022

Strong growth ahead

Mister Spex

Target price

 

Recommendation

 

Buy

18 March 2022

sponsored

Social Chain sells majority stake in their brand "Koro"

Social Chain AG

Target price

 

Recommendation

 

14 March 2022

sponsored

Nexus with strong growth in 2021

Nexus AG

Target price

 

Recommendation

 

11 March 2022

sponsored

Guidance for 2022 & Roadshow

Social Chain AG

Target price

 

Recommendation

 

09 March 2022

Some clouds in the sky

Zalando SE

Target price

 

Recommendation

 

Buy

08 March 2022

sponsored

Strong short- and mid-term outlook

CLIQ Digital AG

Target price

 

Recommendation

 

07 March 2022

sponsored

Preliminary FY 2021 results in line with guidance

Bauer AG

Target price

 

Recommendation

 

03 March 2022

sponsored

Strong demand & better than expected guidance

GFT Technologies SE

Target price

 

Recommendation

 

02 March 2022

sponsored

Serviceware exceeding their own guidance

Serviceware SE

Target price

 

Recommendation

 

01 March 2022

sponsored

One-off effects burden FY 2021 earnings guidance

Veganz Group AG

Target price

 

Recommendation

 

23 February 2022

sponsored

Play on future global mega trends

Bauer AG

Target price

 

Recommendation

 

23 February 2022

sponsored

Datagroup with record first quarter

Datagroup SE

Target price

 

Recommendation

 

22 February 2022

sponsored

Villeroy & Boch 2.0

Villeroy & Boch AG

Target price

 

Recommendation

 

22 February 2022

sponsored

The Social Chain with solidly profitable results

Social Chain AG

Target price

 

Recommendation

 

17 February 2022

sponsored

Above-market growth in cloud revenues

Intershop Communications AG

Target price

 

Recommendation

 

04 February 2022

sponsored

Economies of scale outweigh up-front costs

123fahrschule SE

Target price

 

Recommendation

 

01 February 2022

sponsored

First task: Win investors’ confidence

Compleo Charging Solutions AG

Target price

 

Recommendation

 

31 January 2022

Solid Q1 figures in challenging times

Stabilus SE

Target price

 

Recommendation

 

Buy

14 January 2022

sponsored

Initiation of Coverage: Buy, EUR 130 TP

Veganz Group AG

Target price

 

Recommendation

 

07 December 2021

sponsored

Further growth of privatisation portfolio

Accentro Real Estate AG

Target price

 

Recommendation

 

01 December 2021

sponsored

Strong Q3 2021 results

Accentro Real Estate AG

Target price

 

Recommendation

 

25 November 2021

sponsored

Significant margin improvement in Q3

Gigaset AG

Target price

 

Recommendation

 

23 November 2021

sponsored

Ending FY2020/21 with strong results

Datagroup SE

Target price

 

Recommendation

 

19 November 2021

sponsored

Transaction of ca EUR 100m signed

Accentro Real Estate AG

Target price

 

Recommendation

 

19 November 2021

9M-21: strong growth

EQS Group AG

Target price

 

Recommendation

 

Buy

18 November 2021

Solid 9M-21 figures

MBB SE

Target price

 

Recommendation

 

Buy

16 November 2021

9M-21: Encavis increased all major KPIs

Encavis AG

Target price

 

Recommendation

 

Buy

16 November 2021

sponsored

Waiting for deal financing structure

Compleo Charging Solutions AG

Target price

 

Recommendation

 

11 November 2021

Strong yoy growth, but FCF declining

JOST Werke AG

Target price

 

Recommendation

 

Buy

11 November 2021

9M-21: init suffers from rising procurement costs

init innovation in traffic systems SE

Target price

 

Recommendation

 

Buy

11 November 2021

sponsored

Strong 9M figures underline guidance

GFT Technologies SE

Target price

 

Recommendation

 

09 November 2021

sponsored

Solid Q3 top line growth and high TTM EBITDA – attractive valuation

Delticom AG

Target price

 

Recommendation

 

04 November 2021

Again low Q3 OE business margin

Elringklinger AG

Target price

 

Recommendation

 

Buy

03 November 2021

Lack of share price catalysts

Norma Group SE

Target price

 

Recommendation

 

Buy

03 November 2021

sponsored

Strong 9M-21 figures

CLIQ Digital AG

Target price

 

Recommendation

 

03 November 2021

Q3-21: strong growth, low margin

Zalando SE

Target price

 

Recommendation

 

Buy

01 November 2021

sponsored

Strong Q3 & encouraging outlook

PSI Software AG

Target price

 

Recommendation

 

25 October 2021

sponsored

AEC services provider to grow with green and health care building

IGP Advantag AG

Target price

 

Recommendation

 

22 October 2021

sponsored

Acquisition of DS Holding a perfect fit

Social Chain AG

Target price

 

Recommendation

 

22 October 2021

sponsored

Q3 significantly exceeding expectations

Serviceware SE

Target price

 

Recommendation

 

22 October 2021

sponsored

GFT with second guidance increase

GFT Technologies SE

Target price

 

Recommendation

 

22 October 2021

sponsored

Encouraging 9m figures - Buy

Intershop Communications AG

Target price

 

Recommendation

 

13 October 2021

sponsored

Without EV infrastructure no success of e-mobility – C0M the German Play

Compleo Charging Solutions AG

Target price

 

Recommendation

 

13 October 2021

sponsored

Strong 9M 2021 sales volume - Guidance achievable

Accentro Real Estate AG

Target price

 

Recommendation

 

07 October 2021

Significant guidance downgrade

TeamViewer AG

Target price

 

Recommendation

 

Buy

01 October 2021

sponsored

Another increase of FY 2021 guidance

Villeroy & Boch AG

Target price

 

Recommendation

 

29 September 2021

Outlook adjustment/warning again?

Duerr AG

Target price

 

Recommendation

 

Buy

28 September 2021

sponsored

Increase of FY 2021 guidance

CLIQ Digital AG

Target price

 

Recommendation

 

20 September 2021

sponsored

Strong & better than expected Q2

Gigaset AG

Target price

 

Recommendation

 

09 September 2021

sponsored

Social Chain reports strong H1 2021

Social Chain AG

Target price

 

Recommendation

 

03 September 2021

sponsored

Historical best results in H1-21

Peach Property Group AG

Target price

 

Recommendation

 

25 August 2021

sponsored

Strong Q3 & increase target price

Datagroup SE

Target price

 

Recommendation

 

25 August 2021

sponsored

Strategic realignment should bear fruits

The Grounds Real Estate Development AG

Target price

 

Recommendation

 

18 August 2021

Takeover offer

Zooplus AG

Target price

 

Recommendation

 

Buy

17 August 2021

Well on track to reach FY 2021 and long-term guidance

Encavis AG

Target price

 

Recommendation

 

Buy

12 August 2021

sponsored

Incremental profitability rise

Delticom AG

Target price

 

Recommendation

 

12 August 2021

sponsored

GFT reports extraordinary Q2

GFT Technologies SE

Target price

 

Recommendation

 

11 August 2021

What if the auto party ends

Leoni AG

Target price

 

Recommendation

 

Buy

06 August 2021

FY 2021 guidance confirmed

init innovation in traffic systems SE

Target price

 

Recommendation

 

Buy

05 August 2021

Q2 OE business margin disappointing

Elringklinger AG

Target price

 

Recommendation

 

Buy

05 August 2021

sponsored

Strong H1-21 figures – FY 2021 outlook confirmed

CLIQ Digital AG

Target price

 

Recommendation

 

05 August 2021

Strong Q2-21 growth

Zalando SE

Target price

 

Recommendation

 

Buy

04 August 2021

So far no buying catalysts - Neutral

Norma Group SE

Target price

 

Recommendation

 

Buy

04 August 2021

sponsored

Growth again exceeding expectations

Serviceware SE

Target price

 

Recommendation

 

02 August 2021

Good Q3 figures, solid Q4 outlook

Stabilus SE

Target price

 

Recommendation

 

Buy

28 July 2021

Is Duerr starting a super-cycle again?

Duerr AG

Target price

 

Recommendation

 

Buy

28 July 2021

sponsored

Strong Q2 and guidance increase

PSI Software AG

Target price

 

Recommendation

 

28 July 2021

Postponed projects trigger a positive one-time effect

KPS AG

Target price

 

Recommendation

 

Buy

22 July 2021

sponsored

Intershop reports convincing set of H1 figures

Intershop Communications AG

Target price

 

Recommendation

 

21 July 2021

sponsored

GFT upgrades its outlook following catch-up effects

GFT Technologies SE

Target price

 

Recommendation

 

07 July 2021

sponsored

Strong sales increase plus efficiency program – a wonderful cocktail

Villeroy & Boch AG

Target price

 

Recommendation

 

15 June 2021

EQS now leading cloud provider for whistleblowing systems in Europe

EQS Group AG

Target price

 

Recommendation

 

Buy

08 June 2021

sponsored

Growth in German residential – a visible and low-risk business-model

Peach Property Group AG

Target price

 

Recommendation

 

27 May 2021

sponsored

Strong Q2 & guidance increase

Datagroup SE

Target price

 

Recommendation

 

25 May 2021

Pretty good start into FY 2021

EQS Group AG

Target price

 

Recommendation

 

Buy

21 May 2021

sponsored

Gigaset with solid Q1 2021 results

Gigaset AG

Target price

 

Recommendation

 

20 May 2021

sponsored

Encouraging Q1 & Guidance upgrade

Social Chain AG

Target price

 

Recommendation

 

19 May 2021

Clear outperformance; all priced in!

JOST Werke AG

Target price

 

Recommendation

 

Buy

18 May 2021

FY 2021 guidance confirmed

Encavis AG

Target price

 

Recommendation

 

Buy

18 May 2021

Weak Q1 performance vs peers

SAF-Holland SE

Target price

 

Recommendation

 

Buy

17 May 2021

Losing grip to competitors - SELL

Leoni AG

Target price

 

Recommendation

 

Buy

14 May 2021

sponsored

Solid Q1 KPIs – attractive valuation

Delticom AG

Target price

 

Recommendation

 

11 May 2021

sponsored

Strong start into FY 2021

CLIQ Digital AG

Target price

 

Recommendation

 

11 May 2021

Q1 figures mixed bag, high valuation

Duerr AG

Target price

 

Recommendation

 

Buy

11 May 2021

New long-term sales target and changes in management

MBB SE

Target price

 

Recommendation

 

Buy

06 May 2021

Back to 15% margin level! Wait until!

Norma Group SE

Target price

 

Recommendation

 

Buy

04 May 2021

Good Q3 results and sell speculation

HELLA GmbH & Co KGaA

Target price

 

Recommendation

 

Buy

29 April 2021

sponsored

PSI reports record Q1 with significantly improved margins

PSI Software AG

Target price

 

Recommendation

 

29 April 2021

sponsored

Intershop further improves its profitability & solid start into 2021

Intershop Communications AG

Target price

 

Recommendation

 

27 April 2021

sponsored

Strong increase of FY 2021 guidance

Villeroy & Boch AG

Target price

 

Recommendation

 

27 April 2021

sponsored

GFT upgrades its outlook following a better than expected Q1

GFT Technologies SE

Target price

 

Recommendation

 

23 April 2021

sponsored

Serviceware with strong Q1 figures well exceeding expectations

Serviceware SE

Target price

 

Recommendation

 

22 April 2021

Buying opportunity for one of the most exciting software companies

TeamViewer AG

Target price

 

Recommendation

 

Buy

22 April 2021

Gigaset with solid 2020 results & improved liquidity

Gigaset AG

Target price

 

Recommendation

 

Buy

16 April 2021

Bechtle set to profit from increasing IT budgets – upgrade to Buy

Bechtle AG

Target price

 

Recommendation

 

Buy

13 April 2021

It´s cheap – strong H2 ahead

Stabilus SE

Target price

 

Recommendation

 

Buy

13 April 2021

sponsored

Gaining speed on the rail track

Aves One AG

Target price

 

Recommendation

 

06 April 2021

Reply’s valuation seems somewhat stretched

Reply SPA

Target price

 

Recommendation

 

Buy

06 April 2021

RIB Software guidance in line

RIB Software SE

Target price

 

Recommendation

 

Buy

31 March 2021

Where are the fruits?

Elringklinger AG

Target price

 

Recommendation

 

Buy

30 March 2021

Tailwind for digitalization in public transport

init innovation in traffic systems SE

Target price

 

Recommendation

 

Buy

30 March 2021

Gradual recovery ahead – supply chain disruptions to strain FY21

Deutz AG

Target price

 

Recommendation

 

Buy

30 March 2021

Strong long-term outlook

Zooplus AG

Target price

 

Recommendation

 

Buy

29 March 2021

sponsored

Turnaround succeeded, Solid 2021

Delticom AG

Target price

 

Recommendation

 

29 March 2021

Long-term targets confirmed

Encavis AG

Target price

 

Recommendation

 

Buy

25 March 2021

Return on capital employed figures show mismatch to valuation

SAF-Holland SE

Target price

 

Recommendation

 

Buy

25 March 2021

sponsored

PSI’s outlook well exceeding EBIT expectations for 2021

PSI Software AG

Target price

 

Recommendation

 

24 March 2021

Promising 2021 outlook but valuation uptrend left – Downside risk Europe

Norma Group SE

Target price

 

Recommendation

 

Buy

23 March 2021

Strong short- and long-term outlook

Zalando SE

Target price

 

Recommendation

 

Buy

23 March 2021

Nemetschek gives promising mid term outlook – reiterate Buy

Nemetschek SE

Target price

 

Recommendation

 

Buy

22 March 2021

sponsored

Strong and long-term tailwind

CLIQ Digital AG

Target price

 

Recommendation

 

19 March 2021

Bechtle with positive 2021 outlook and increased dividend

Bechtle AG

Target price

 

Recommendation

 

Buy

17 March 2021

sponsored

Improving profitability and successful cloud business

Intershop Communications AG

Target price

 

Recommendation

 

12 March 2021

FY20 results overall solid – growth strategy gains traction

Schaltbau Holding AG

Target price

 

Recommendation

 

Buy

10 March 2021

Nexus with strong set of 2020 figures

Nexus AG

Target price

 

Recommendation

 

Buy

10 March 2021

sponsored

Serviceware well exceeding margin expectations

Serviceware SE

Target price

 

Recommendation

 

09 March 2021

sponsored

Strong guidance for 2021

Social Chain AG

Target price

 

Recommendation

 

05 March 2021

sponsored

GFT exceeding expectations

GFT Technologies SE

Target price

 

Recommendation

 

05 March 2021

sponsored

Datagroup guiding double digit growth for 2021 sales & EBITDA

Datagroup SE

Target price

 

Recommendation

 

01 March 2021

sponsored

FY 2021: Back on growth path

Villeroy & Boch AG

Target price

 

Recommendation

 

25 February 2021

Upper valuation range reached

Duerr AG

Target price

 

Recommendation

 

Buy

23 February 2021

Overvalued stock

Elringklinger AG

Target price

 

Recommendation

 

Buy

17 February 2021

sponsored

Feedback from virtual Roadshow

CLIQ Digital AG

Target price

 

Recommendation

 

10 February 2021

sponsored

FY 2020: all goals achieved

CLIQ Digital AG

Target price

 

Recommendation

 

08 February 2021

sponsored

Unique play on the high-margin driving school industry consolidation

123fahrschule SE

Target price

 

Recommendation

 

04 February 2021

Revaluation

MBB SE

Target price

 

Recommendation

 

Buy

28 January 2021

Many special items in Q4 2020

Leoni AG

Target price

 

Recommendation

 

Buy

22 January 2021

Disappointing Q4 & dividend down

KPS AG

Target price

 

Recommendation

 

Buy

21 January 2021

sponsored

Villeroy & Boch runs a robust business model

Villeroy & Boch AG

Target price

 

Recommendation

 

18 January 2021

sponsored

Fox e-mobility to launch the new MIA 2.0

fox e-mobility AG

Target price

 

Recommendation

 

15 December 2020

sponsored

Third guidance increase in a row

Delticom AG

Target price

 

Recommendation

 

30 November 2020

sponsored

Bold on acquisition to support growth

Accentro Real Estate AG

Target price

 

Recommendation

 

30 November 2020

sponsored

Unique play on e-commerce & social media advertising defying Covid-19

Social Chain AG

Target price

 

Recommendation

 

26 November 2020

sponsored

Better than expected Q3 figures & return to profitability

Gigaset AG

Target price

 

Recommendation

 

24 November 2020

sponsored

Tyres are running again – turn-around story takes shape

Delticom AG

Target price

 

Recommendation

 

16 November 2020

sponsored

Expecting significant improvement with banking clients in 2021

Datagroup SE

Target price

 

Recommendation

 

12 November 2020

Solid Q3 figures, positive high FCF

JOST Werke AG

Target price

 

Recommendation

 

Buy

12 November 2020

Turnaround takes time

Deutz AG

Target price

 

Recommendation

 

Buy

12 November 2020

sponsored

2021 expected to be a break out year

GFT Technologies SE

Target price

 

Recommendation

 

06 November 2020

Solid Q3 figures, 2021 uncertain

Duerr AG

Target price

 

Recommendation

 

Buy

06 November 2020

Strong Q3-20 results

Zalando SE

Target price

 

Recommendation

 

Buy

04 November 2020

sponsored

Q3-20: Strong set of figures

CLIQ Digital AG

Target price

 

Recommendation

 

04 November 2020

2020 is done; watch 2021 prospects

Norma Group SE

Target price

 

Recommendation

 

Buy

03 November 2020

Overall stable 9M performance along with promising growth outlook

Schaltbau Holding AG

Target price

 

Recommendation

 

Buy

30 October 2020

sponsored

PSI with stable results

PSI Software AG

Target price

 

Recommendation

 

26 October 2020

sponsored

Q3-20: net profit quadrupled yoy

Villeroy & Boch AG

Target price

 

Recommendation

 

22 October 2020

sponsored

Q3 2020: Better than expected

Intershop Communications AG

Target price

 

Recommendation

 

19 October 2020

Another increase of FY 2020 guidance

Zooplus AG

Target price

 

Recommendation

 

Buy

13 October 2020

sponsored

Overall crisis robustness undermined by aging container portfolio

Aves One AG

Target price

 

Recommendation

 

28 September 2020

Hidden champion still “under the radar” – buying opportunity

Serviceware SE

Target price

 

Recommendation

 

Buy

24 September 2020

sponsored

2nd increase of FY 2020 guidance

CLIQ Digital AG

Target price

 

Recommendation

 

24 September 2020

sponsored

Q2 figures significantly impacted by Covid-19

Gigaset AG

Target price

 

Recommendation

 

21 September 2020

sponsored

We believe in Greentech business – IBU-tec with promising future

IBU-tec advanced materials AG

Target price

 

Recommendation

 

28 August 2020

A balanced portfolio pays off

MBB SE

Target price

 

Recommendation

 

Buy

28 August 2020

Very solid H1-20 results

Encavis AG

Target price

 

Recommendation

 

Buy

25 August 2020

Signs of improvements

Zooplus AG

Target price

 

Recommendation

 

Buy

25 August 2020

sponsored

Gigaset to seize high opportunities via its innovative segments

Gigaset AG

Target price

 

Recommendation

 

24 August 2020

sponsored

H1-20: Full of Highlights

CLIQ Digital AG

Target price

 

Recommendation

 

20 August 2020

sponsored

Sales momentum to accelerate in H2/20e

Accentro Real Estate AG

Target price

 

Recommendation

 

18 August 2020

Increase of FY 2020 guidance

EQS Group AG

Target price

 

Recommendation

 

Buy

17 August 2020

Earnings plunge next to solid outlook to imply underpricing

Deutz AG

Target price

 

Recommendation

 

Buy

14 August 2020

sponsored

Solid Q2 figures & normalization expected in 2021

GFT Technologies SE

Target price

 

Recommendation

 

12 August 2020

Strong FY 2020 guidance confirmed

Zalando SE

Target price

 

Recommendation

 

Buy

07 August 2020

No BUY catalysts so far: order intake down – no real 2020 guidance

Elringklinger AG

Target price

 

Recommendation

 

Buy

06 August 2020

FY 2020 guidance confirmed

init innovation in traffic systems SE

Target price

 

Recommendation

 

Buy

03 August 2020

Convincing first half-year 2020

Schaltbau Holding AG

Target price

 

Recommendation

 

Buy

31 July 2020

Q2 figures better than expected and recurring revenues reach new level

Nemetschek SE

Target price

 

Recommendation

 

Buy

31 July 2020

RIB Software reported extraordinary Q2 results

RIB Software SE

Target price

 

Recommendation

 

Buy

30 July 2020

FY20 net loss and decreasing LTM income orders

Duerr AG

Target price

 

Recommendation

 

Buy

29 July 2020

20/21 guidance priced in; valuation at the top of the range since IPO

HELLA GmbH & Co KGaA

Target price

 

Recommendation

 

Buy

28 July 2020

sponsored

Upside if the recovery continues

PSI Software AG

Target price

 

Recommendation

 

27 July 2020

sponsored

Convincing Q2 figures – Intershop proves turnaround is sustainable

Intershop Communications AG

Target price

 

Recommendation

 

27 July 2020

Upgrade Nemetschek on long-term growth perspectives & crisis-proof

Nemetschek SE

Target price

 

Recommendation

 

Buy

27 July 2020

Project breaks with some customers lead to significant drop in EBITDA

KPS AG

Target price

 

Recommendation

 

Buy

22 July 2020

sponsored

Light at the end of the tunnel

Villeroy & Boch AG

Target price

 

Recommendation

 

07 July 2020

sponsored

Strong increase of FY 2020 guidance

CLIQ Digital AG

Target price

 

Recommendation

 

26 June 2020

sponsored

Dividend payments ahead

CLIQ Digital AG

Target price

 

Recommendation

 

23 June 2020

Feedback from Quirin conference

MBB SE

Target price

 

Recommendation

 

Buy

19 June 2020

sponsored

Guidance better than expected

GFT Technologies SE

Target price

 

Recommendation

 

16 June 2020

sponsored

CLIQ Digital to benefit from rising demand for streaming content

CLIQ Digital AG

Target price

 

Recommendation

 

05 June 2020

sponsored

Strong portfolio provides growth perspective for FY 21

Accentro Real Estate AG

Target price

 

Recommendation

 

02 June 2020

Less resistant to crisis than peers due to high share of project business

KPS AG

Target price

 

Recommendation

 

Buy

29 May 2020

Strong Q1-20 figures; well on track for “Fast Forward 2025”

Encavis AG

Target price

 

Recommendation

 

Buy

26 May 2020

V-shaped recovery in valuation done!

HELLA GmbH & Co KGaA

Target price

 

Recommendation

 

Buy

15 May 2020

Q1-20 results: Feedback from virtual Roadshow

init innovation in traffic systems SE

Target price

 

Recommendation

 

Buy

15 May 2020

sponsored

Q1 broadly in line & favorable momentum of client diversification

GFT Technologies SE

Target price

 

Recommendation

 

15 May 2020

sponsored

Crisis accelerates digitization trend

Datagroup SE

Target price

 

Recommendation

 

13 May 2020

Strong outlook for FY 2020

Zalando SE

Target price

 

Recommendation

 

Buy

13 May 2020

Despite tailwind from Covid-19: net loss realistic in FY 2020

Zooplus AG

Target price

 

Recommendation

 

Buy

13 May 2020

The worst is yet to come

SAF-Holland SE

Target price

 

Recommendation

 

Buy

11 May 2020

Solid Q1 figures despite a difficult environment

Bechtle AG

Target price

 

Recommendation

 

Buy

11 May 2020

sponsored

Hidden Greentec champion with current attractive valuation level

IBU-tec advanced materials AG

Target price

 

Recommendation

 

06 May 2020

Steady Q1 sales along with Covid-19 earnings burden

Schaltbau Holding AG

Target price

 

Recommendation

 

Buy

04 May 2020

Solid Q1 figures despite Covid-19 pandemic

Nemetschek SE

Target price

 

Recommendation

 

Buy

04 May 2020

sponsored

Small effects from Covid-19

Villeroy & Boch AG

Target price

 

Recommendation

 

30 April 2020

sponsored

Intershop achieves turnaround despite this major crisis

Intershop Communications AG

Target price

 

Recommendation

 

29 April 2020

sponsored

PSI proves to have one of the more stable business models in this crisis

PSI Software AG

Target price

 

Recommendation

 

27 April 2020

Conclusion from CMD: growth story remains intact

Encavis AG

Target price

 

Recommendation

 

Buy

17 April 2020

Light and shadow

Zalando SE

Target price

 

Recommendation

 

Buy

09 April 2020

Potential winner from Covid-19

EQS Group AG

Target price

 

Recommendation

 

Buy

06 April 2020

Now higher margins to survive or die

Elringklinger AG

Target price

 

Recommendation

 

Buy

06 April 2020

New lows ahead – deep recession!

Stabilus SE

Target price

 

Recommendation

 

Buy

02 April 2020

No profiteer from Covid-19

Zooplus AG

Target price

 

Recommendation

 

Buy

02 April 2020

Historic drop in car markets expected

HELLA GmbH & Co KGaA

Target price

 

Recommendation

 

Buy

31 March 2020

Strong outlook for FY 2020

init innovation in traffic systems SE

Target price

 

Recommendation

 

Buy

30 March 2020

FY 2020 good, FY 2021 ff. even better

Encavis AG

Target price

 

Recommendation

 

Buy

27 March 2020

Temporary shutdown of major production facilities in Europe

Deutz AG

Target price

 

Recommendation

 

Buy

26 March 2020

sponsored

Recurring revenues help stabilize business model

PSI Software AG

Target price

 

Recommendation

 

25 March 2020

sponsored

Covid pandemic reaches V&B

Villeroy & Boch AG

Target price

 

Recommendation

 

25 March 2020

Free cash flow also positive in crisis

Norma Group SE

Target price

 

Recommendation

 

Buy

23 March 2020

Profit taking might not be over

Duerr AG

Target price

 

Recommendation

 

Buy

20 March 2020

The bottom is still not reached! - Aftermarket might help to survive

SAF-Holland SE

Target price

 

Recommendation

 

Buy

20 March 2020

Bechtle’s business model looks relatively stable amid corona crisis

Bechtle AG

Target price

 

Recommendation

 

Buy

19 March 2020

Coronavirus dampens business

Zalando SE

Target price

 

Recommendation

 

Buy

13 March 2020

2019 figures broadly in line

Reply SPA

Target price

 

Recommendation

 

Buy

11 March 2020

Market prices negative facts in

HELLA GmbH & Co KGaA

Target price

 

Recommendation

 

Buy

11 March 2020

Recent acquisitions pay off

MBB SE

Target price

 

Recommendation

 

Buy

05 March 2020

In major turbulance

Paragon GmbH & Co KGaA

Target price

 

Recommendation

 

Buy

05 March 2020

sponsored

GFT already perceived as one of the most important cloud enablers

GFT Technologies SE

Target price

 

Recommendation

 

04 March 2020

sponsored

Datagroup releases Guidance 2020

Datagroup SE

Target price

 

Recommendation

 

03 March 2020

No organic growth and margin erosion for 2020 already priced in

Grammer AG

Target price

 

Recommendation

 

Buy

03 March 2020

Operational weakness priced in

Deutz AG

Target price

 

Recommendation

 

Buy

28 February 2020

Another major order in the US

init innovation in traffic systems SE

Target price

 

Recommendation

 

Buy

26 February 2020

sponsored

Positive start into FY 2020/19

Datagroup SE

Target price

 

Recommendation

 

19 February 2020

sponsored

Intershop reports better than expected EBIT

Intershop Communications AG

Target price

 

Recommendation

 

18 February 2020

sponsored

Voluntary takeover offer

Godewind Immobilien AG

Target price

 

Recommendation

 

17 February 2020

Positive IDW S6 report might ease pessimism and boost share price

Leoni AG

Target price

 

Recommendation

 

Buy

17 February 2020

sponsored

Schneider Electric to launch public offer of EUR 29 per RIB share

RIB Software SE

Target price

 

Recommendation

 

17 February 2020

KPS reports pretty disappointing Q1 figures

KPS AG

Target price

 

Recommendation

 

Buy

17 February 2020

sponsored

Possible acquisition of competitor Ideal Standard

Villeroy & Boch AG

Target price

 

Recommendation

 

17 February 2020

Hidden Hydrogen play

Elringklinger AG

Target price

 

Recommendation

 

Buy

12 February 2020

Tipping-point - Speculative BUY

Norma Group SE

Target price

 

Recommendation

 

Buy

03 February 2020

sponsored

Impressive track record justifies target price upgrade

Datagroup SE

Target price

 

Recommendation

 

28 January 2020

Preliminary FY 2019 figures: no positive surprise

Zooplus AG

Target price

 

Recommendation

 

Buy

24 January 2020

KPS releases mixed guidance

KPS AG

Target price

 

Recommendation

 

Buy

16 January 2020

Positive mid-term growth outlook leads to Revaluation

Encavis AG

Target price

 

Recommendation

 

Buy

14 January 2020

FY expectations broadly priced in; lack of upside surprise, high valuation

HELLA GmbH & Co KGaA

Target price

 

Recommendation

 

Buy

09 January 2020

sponsored

Promises made, promises kept

Villeroy & Boch AG

Target price

 

Recommendation

 

20 December 2019

sponsored

Large property sale to push profits

Accentro Real Estate AG

Target price

 

Recommendation

 

19 December 2019

Acquisition not EPS accretive at all

JOST Werke AG

Target price

 

Recommendation

 

Buy

16 December 2019

German trailer market decline rates heading to financial crisis levels

SAF-Holland SE

Target price

 

Recommendation

 

Buy

10 December 2019

sponsored

Continued growth in Q3/19

Aves One AG

Target price

 

Recommendation

 

10 December 2019

Great 9M results, positive outlook

Schaltbau Holding AG

Target price

 

Recommendation

 

Buy

20 November 2019

sponsored

Convincing KPIs in third quarter

Godewind Immobilien AG

Target price

 

Recommendation

 

15 November 2019

‘Star 2025’ starts again to shine - BUY

Stabilus SE

Target price

 

Recommendation

 

Buy

14 November 2019

Good Q3 figures – but in our view largely priced in

Reply SPA

Target price

 

Recommendation

 

Buy

14 November 2019

High quality company with promising prospects – largely factored in

PSI Software AG

Target price

 

Recommendation

 

Buy

13 November 2019

Bechtle reports strong Q3/19

Bechtle AG

Target price

 

Recommendation

 

Buy

13 November 2019

Balance sheet ratios at insolvency level – success for 2020 is needed

Leoni AG

Target price

 

Recommendation

 

Buy

12 November 2019

When the markets play crazy then HOLD

Norma Group SE

Target price

 

Recommendation

 

Buy

11 November 2019

KPS’s valuation seems already stretched – downgrade to Hold

KPS AG

Target price

 

Recommendation

 

Buy

11 November 2019

sponsored

Strong Q3/19 - Profits picking up

Accentro Real Estate AG

Target price

 

Recommendation

 

08 November 2019

Expected Q4 loss, sharp dividend cut for FY19 and deteriorating markets

SAF-Holland SE

Target price

 

Recommendation

 

Buy

08 November 2019

Sales warning not a surprise – weaker quarters ahead but likely priced in

JOST Werke AG

Target price

 

Recommendation

 

Buy

08 November 2019

Cloud transformation paving the way for turnaround

Intershop Communications AG

Target price

 

Recommendation

 

Buy

07 November 2019

sponsored

GFT with very positive Q3 figures – significant pick-up on revenues

GFT Technologies SE

Target price

 

Recommendation

 

06 November 2019

First time since years that margin improved significantly on qoq basis

Elringklinger AG

Target price

 

Recommendation

 

Buy

06 November 2019

Reply’s valuation seems already stretched – downgrade to Hold

Reply SPA

Target price

 

Recommendation

 

Buy

05 November 2019

Nexus Q3 figures in line with expectations

Nexus AG

Target price

 

Recommendation

 

Buy

04 November 2019

What a run since August - new push is needed - wait and see - HOLD

Elringklinger AG

Target price

 

Recommendation

 

Buy

04 November 2019

Drama with Q3-19

Zalando SE

Target price

 

Recommendation

 

Buy

31 October 2019

Back on growth–Valuation stretched

LPKF Laser & Electronics

Target price

 

Recommendation

 

Buy

31 October 2019

Margin better than expected & targets upper guidance range

Nemetschek SE

Target price

 

Recommendation

 

Buy

30 October 2019

sponsored

There is light at the end of the tunnel

Villeroy & Boch AG

Target price

 

Recommendation

 

30 October 2019

sponsored

Q3 user wins exceeding expectations

RIB Software SE

Target price

 

Recommendation

 

30 October 2019

Climate package serves PSI Software

PSI Software AG

Target price

 

Recommendation

 

Buy

04 October 2019

Looming macro-picture – Next sales warning around the corner?

Norma Group SE

Target price

 

Recommendation

 

Buy

26 September 2019

Looming global macro-picture – consenus will be too ambitious

Grammer AG

Target price

 

Recommendation

 

Buy

25 September 2019

Collapsing of important SAF markets puts more pressure on the company

SAF-Holland SE

Target price

 

Recommendation

 

Buy

17 September 2019

Turning point - Speculative BUY

Elringklinger AG

Target price

 

Recommendation

 

Buy

16 September 2019

sponsored

RIB Software guidance raised

RIB Software SE

Target price

 

Recommendation

 

11 September 2019

Looming macro-picture – 2020 consenus might be too ambitious

SAF-Holland SE

Target price

 

Recommendation

 

Buy

04 September 2019

sponsored

Riding the Value Wave – High NAV discount

Godewind Immobilien AG

Target price

 

Recommendation

 

20 August 2019

sponsored

Convincing Q3 figures – target price raised

Datagroup SE

Target price

 

Recommendation

 

15 August 2019

Order pipeline to be refilled

LPKF Laser & Electronics

Target price

 

Recommendation

 

Buy

15 August 2019

Insolvency scenario not ruled out – Negative European car market trend

Leoni AG

Target price

 

Recommendation

 

Buy

15 August 2019

H1-19: Zooplus remains in the red

Zooplus AG

Target price

 

Recommendation

 

Buy

12 August 2019

sponsored

Strong H2/19 sales and profits ahead

Accentro Real Estate AG

Target price

 

Recommendation

 

09 August 2019

Bechtle beats expectations & outlook slightly raised – target price up

Bechtle AG

Target price

 

Recommendation

 

Buy

08 August 2019

sponsored

Client & sector diversification reduces risk – buying opportunity on valuation

GFT Technologies SE

Target price

 

Recommendation

 

06 August 2019

sponsored

Our recommendation yields ~60% performance since start of the year

RIB Software SE

Target price

 

Recommendation

 

05 August 2019

Mid-term slowdown – European car market with more downside risks

Stabilus SE

Target price

 

Recommendation

 

Buy

01 August 2019

Strong Q2-19 figures and increase of FY 2019 guidance

Zalando SE

Target price

 

Recommendation

 

Buy

01 August 2019

Currently lack of positive catalysts

Duerr AG

Target price

 

Recommendation

 

Buy

31 July 2019

Wind of Change

init innovation in traffic systems SE

Target price

 

Recommendation

 

Buy

26 July 2019

Q2 figures broadly in line

PSI Software AG

Target price

 

Recommendation

 

Buy

26 July 2019

Strong growth, but in line with consensus

Nemetschek SE

Target price

 

Recommendation

 

Buy

25 July 2019

Take the dividend and sell

HELLA GmbH & Co KGaA

Target price

 

Recommendation

 

Buy

23 July 2019

Valuation reaches 2011/12 levels, but no trend reversal visible

Norma Group SE

Target price

 

Recommendation

 

Buy

16 July 2019

Light and shadow

MBB SE

Target price

 

Recommendation

 

Buy

17 June 2019

Our Buy recommendation yields a 34.9% return in less than 7 months

Bechtle AG

Target price

 

Recommendation

 

Buy

17 June 2019

sponsored

Sustainable profit growth ahead

Aves One AG

Target price

 

Recommendation

 

11 June 2019

Encavis to increase firepower

Encavis AG

Target price

 

Recommendation

 

Buy

28 May 2019

Peak Q1 quarter? – Ifo Logistics indicator points out weaker business

JOST Werke AG

Target price

 

Recommendation

 

Buy

21 May 2019

Cloud platform about to gain market share as flexible one-stop shop

Datagroup SE

Target price

 

Recommendation

 

Buy

20 May 2019

Uninspiring Q1 figures, shaky end-markets and lock-up ending ahead

STS Group AG

Target price

 

Recommendation

 

Buy

15 May 2019

Net debt higher than market cap. – Capital increase mandatory – Massive dilution ahead – SELL now

Leoni AG

Target price

 

Recommendation

 

Buy

15 May 2019

H2 expected to be somewhat weaker & IFRS impact not mentioned

KPS AG

Target price

 

Recommendation

 

Buy

13 May 2019

sponsored

Q1 slightly better than expected

GFT Technologies SE

Target price

 

Recommendation

 

07 May 2019

sponsored

Slow start in Q1/19 - Growth confirmed

Accentro Real Estate AG

Target price

 

Recommendation

 

06 May 2019

FY 2019 sales outlook ambitious

Zalando SE

Target price

 

Recommendation

 

Buy

06 May 2019

Hands off – we do not believe in H2 sales of at least EUR 496m

Stabilus SE

Target price

 

Recommendation

 

Buy

03 May 2019

sponsored

User growth better than expected

RIB Software SE

Target price

 

Recommendation

 

03 May 2019

Better than expected Q1 figures

PSI Software AG

Target price

 

Recommendation

 

Buy

24 April 2019

sponsored

Q1-19: mixed picture

Villeroy & Boch AG

Target price

 

Recommendation

 

17 April 2019

The pressure is fading

Grammer AG

Target price

 

Recommendation

 

Buy

15 April 2019

Outperformance ahead – BUY now

HELLA GmbH & Co KGaA

Target price

 

Recommendation

 

Buy

15 April 2019

Compliance remains growth driver

EQS Group AG

Target price

 

Recommendation

 

Buy

15 April 2019

Cloud platform about to gain market share as flexible one-stop shop

Datagroup SE

Target price

 

Recommendation

 

Buy

09 April 2019

Relief rally might be over – Problems not off the table

Leoni AG

Target price

 

Recommendation

 

Buy

02 April 2019

Outlook for FY 2019 EBIT conservative

init innovation in traffic systems SE

Target price

 

Recommendation

 

Buy

28 March 2019

High FCF, but low Dividend pay-out

JOST Werke AG

Target price

 

Recommendation

 

Buy

28 March 2019

Geis(inator) to spur profitability

SAF-Holland SE

Target price

 

Recommendation

 

Buy

27 March 2019

Competition clearly dampens sales growth

Zooplus AG

Target price

 

Recommendation

 

Buy

26 March 2019

Increased growth expectations lead to target price upgrade

PSI Software AG

Target price

 

Recommendation

 

Buy

21 March 2019

2019 outlook okay, but not a catalyst

Norma Group SE

Target price

 

Recommendation

 

Buy

19 March 2019

The manure should be out now

Leoni AG

Target price

 

Recommendation

 

Buy

12 March 2019

FY 2018 guidance reached

Paragon GmbH & Co KGaA

Target price

 

Recommendation

 

Buy

12 March 2019

Signs are on further growth

Zalando SE

Target price

 

Recommendation

 

Buy

05 March 2019

Q4 top line well ahead of consensus

Nexus AG

Target price

 

Recommendation

 

Buy

28 February 2019

sponsored

Buying opportunity after bad news released

GFT Technologies SE

Target price

 

Recommendation

 

20 February 2019

If more worse quarters than floating of up to 32m new shares –> dilution

Elringklinger AG

Target price

 

Recommendation

 

Buy

19 February 2019

sponsored

Initiatives in Tableware segment and property sale to trigger share price

Villeroy & Boch AG

Target price

 

Recommendation

 

19 February 2019

sponsored

Project delays lead to declining growth

Accentro Real Estate AG

Target price

 

Recommendation

 

11 February 2019

Nepotism should come to an end – Due to ‘Value21’ blood will flow

Leoni AG

Target price

 

Recommendation

 

Buy

07 February 2019

Strong FY18 - upbeat FY19 guidance

LPKF Laser & Electronics

Target price

 

Recommendation

 

Buy

05 February 2019

Estimates up ahead of preliminaries

Nemetschek SE

Target price

 

Recommendation

 

Buy

04 February 2019

Weak Q1 results and reduced outlook broadly priced into share price

Stabilus SE

Target price

 

Recommendation

 

Buy

31 January 2019

Guidance slightly below expectations

KPS AG

Target price

 

Recommendation

 

Buy

28 January 2019

Preview: Guidance to be released & positive Q1 18/19 expected

KPS AG

Target price

 

Recommendation

 

Buy

14 January 2019

Maintaining contrarian to consensus - relief rally good opportunity to divest

HELLA GmbH & Co KGaA

Target price

 

Recommendation

 

Buy

09 January 2019

‘Motley group’ without any track record and low transparency

STS Group AG

Target price

 

Recommendation

 

Buy

11 December 2018

After impressive sell-off time to HOLD

Stabilus SE

Target price

 

Recommendation

 

Buy

04 December 2018

sponsored

7C plans to accelerate growth

7C Solarparken AG

Target price

 

Recommendation

 

30 November 2018

Bechtle set to gain market share & continue strong track record

Bechtle AG

Target price

 

Recommendation

 

Buy

27 November 2018

sponsored

Gaining speed on the rail track

Aves One AG

Target price

 

Recommendation

 

22 November 2018

JOST is a cash cow vs SAF-HOLLAND

JOST Werke AG

Target price

 

Recommendation

 

Buy

16 November 2018

sponsored

Adjustment of YTWO expectations

RIB Software SE

Target price

 

Recommendation

 

16 November 2018

2019 consensus too high, further revisions necessary –> revaluation

Stabilus SE

Target price

 

Recommendation

 

Buy

14 November 2018

Q3 slightly better than expected

Reply SPA

Target price

 

Recommendation

 

Buy

09 November 2018

sponsored

On track to new records

Accentro Real Estate AG

Target price

 

Recommendation

 

08 November 2018

10 years of positive free cash flow generation might come to an end – First time since IPO negative FCF

SAF-Holland SE

Target price

 

Recommendation

 

Buy

08 November 2018

sponsored

GFT: Mid-term guidance at risk & 2018 sales guidance slightly lowered

GFT Technologies SE

Target price

 

Recommendation

 

07 November 2018

FY 18 profitability outlook at risk – Q4 seasonally the weakest in the year

Norma Group SE

Target price

 

Recommendation

 

Buy

06 November 2018

Q3/18 slightly better than expected

Nexus AG

Target price

 

Recommendation

 

Buy

05 November 2018

Major upside by more stable profits

Aurubis AG

Target price

 

Recommendation

 

Buy

01 November 2018

sponsored

Further Guidance increase possible

RIB Software SE

Target price

 

Recommendation

 

29 October 2018

sponsored

Lower TP due to higher sales cost

GFT Technologies SE

Target price

 

Recommendation

 

22 October 2018

Focus on 2019: No catalysts so far

Leoni AG

Target price

 

Recommendation

 

Buy

22 October 2018

sponsored

Increase of sales and earnings despite hot summer

Villeroy & Boch AG

Target price

 

Recommendation

 

17 October 2018

Strong Q3/18 Sales and order intake

LPKF Laser & Electronics

Target price

 

Recommendation

 

Buy

16 October 2018

European car market starts to weaken – as a result reduced FY 2018 outlook

Grammer AG

Target price

 

Recommendation

 

Buy

05 October 2018

Downgrade to SELL – headwinds imply difficult start into Q1 18/19

Stabilus SE

Target price

 

Recommendation

 

Buy

28 September 2018

Initation: Overlooked technological leadership providing upside

PSI Software AG

Target price

 

Recommendation

 

Buy

27 September 2018

sponsored

Increased FY 2018 guidance conservative

7C Solarparken AG

Target price

 

Recommendation

 

27 September 2018

Toxic mix: WLTP, European car market cyclicality, US/China tensions

HELLA GmbH & Co KGaA

Target price

 

Recommendation

 

Buy

25 September 2018

The whole mgmt board is going to leave

Grammer AG

Target price

 

Recommendation

 

Buy

18 September 2018

Sometimes too hot, sometimes too cold – it is always something

Zalando SE

Target price

 

Recommendation

 

Buy

28 August 2018

Peak quarter and likely the turning point to the downside

JOST Werke AG

Target price

 

Recommendation

 

Buy

20 August 2018

Strong investment in IT knowledge

EQS Group AG

Target price

 

Recommendation

 

Buy

15 August 2018

sponsored

Riding the privatisation wave

Accentro Real Estate AG

Target price

 

Recommendation

 

15 August 2018

Likely transition year 2019

Leoni AG

Target price

 

Recommendation

 

Buy

13 August 2018

FY 2018 guidance confirmed

init innovation in traffic systems SE

Target price

 

Recommendation

 

Buy

13 August 2018

Peak scenario for EBIT margin…

HELLA GmbH & Co KGaA

Target price

 

Recommendation

 

Buy

09 August 2018

Initiation: Profiting from ongoing digitalisation

Reply SPA

Target price

 

Recommendation

 

Buy

08 August 2018

The air has gone completely

Grammer AG

Target price

 

Recommendation

 

Buy

07 August 2018

Net debt higher than market cap

Elringklinger AG

Target price

 

Recommendation

 

Buy

07 August 2018

Guidance slightly reduced

Zalando SE

Target price

 

Recommendation

 

Buy

06 August 2018

Strong organic growth, but some clouds regarding ‘capex’ cycle

Stabilus SE

Target price

 

Recommendation

 

Buy

31 July 2018

Deutz AG raises revenue and profit outlook for FY18

Deutz AG

Target price

 

Recommendation

 

Buy

27 July 2018

Commodity prices dragging down FY adj. EBITA margin firstly under 17%

Norma Group SE

Target price

 

Recommendation

 

Buy

20 July 2018

sponsored

H1-18: light and shadow

Villeroy & Boch AG

Target price

 

Recommendation

 

19 July 2018

Market expectations too ambitious

HELLA GmbH & Co KGaA

Target price

 

Recommendation

 

Buy

17 July 2018

Second profit warning within one year

SAF-Holland SE

Target price

 

Recommendation

 

Buy

17 July 2018

sponsored

Preview H1-18

Villeroy & Boch AG

Target price

 

Recommendation

 

13 July 2018

Strong Q2/18–start of renewed growth trend?

LPKF Laser & Electronics

Target price

 

Recommendation

 

Buy

05 July 2018

Voltabox: Value chain expanded

Paragon GmbH & Co KGaA

Target price

 

Recommendation

 

Buy

28 June 2018

Initiation: Best in class product innovation paired with strong tailwinds

Nexus AG

Target price

 

Recommendation

 

Buy

26 June 2018

‘Every year’ - profitability reduction

Elringklinger AG

Target price

 

Recommendation

 

Buy

22 June 2018

sponsored

150 MWp in sight and fresh money

7C Solarparken AG

Target price

 

Recommendation

 

18 June 2018

sponsored

Acquisition of privatization project in Berlin to support growth

Accentro Real Estate AG

Target price

 

Recommendation

 

12 June 2018

Initiation: Consistent growth at a fair price

Nemetschek SE

Target price

 

Recommendation

 

Buy

11 June 2018

Limited upside potential

Norma Group SE

Target price

 

Recommendation

 

Buy

06 June 2018

sponsored

Solid start into FY 2018

7C Solarparken AG

Target price

 

Recommendation

 

04 June 2018

Q1-18 characterized by investment offensive

EQS Group AG

Target price

 

Recommendation

 

Buy

29 May 2018

The cuckoo lays its eggs in other birds' nests – in this case GRAMMER itself

Grammer AG

Target price

 

Recommendation

 

Buy

24 May 2018

Solid Q1 figures and changes in management

Schaltbau Holding AG

Target price

 

Recommendation

 

Buy

24 May 2018

Promising start into FY 2018

MBB SE

Target price

 

Recommendation

 

Buy

24 May 2018

Q1 figures not a game changer

JOST Werke AG

Target price

 

Recommendation

 

Buy

22 May 2018

Growth, growth, loss

Zooplus AG

Target price

 

Recommendation

 

Buy

22 May 2018

Initiation: ‘Stabilus’ is everywhere

Stabilus SE

Target price

 

Recommendation

 

Buy

16 May 2018

More room to the upside

Leoni AG

Target price

 

Recommendation

 

Buy

14 May 2018

Cautious start into FY 2018

init innovation in traffic systems SE

Target price

 

Recommendation

 

Buy

09 May 2018

Weak set of financials for Q1 2018

SAF-Holland SE

Target price

 

Recommendation

 

Buy

08 May 2018

sponsored

Initiation: Fast privatisation of residential property leads to high margin business concept

Accentro Real Estate AG

Target price

 

Recommendation

 

08 May 2018

sponsored

Solid start into FY 2018

Villeroy & Boch AG

Target price

 

Recommendation

 

07 May 2018

For FY 2018 stronger organic sales growth expected – TP upped to €70

Norma Group SE

Target price

 

Recommendation

 

Buy

02 May 2018

sponsored

On the way to a 200 MWp player

7C Solarparken AG

Target price

 

Recommendation

 

26 April 2018

Initiation: Remember summer 2015; Mid-term expectations look exaggerated

HELLA GmbH & Co KGaA

Target price

 

Recommendation

 

Buy

24 April 2018

sponsored

RIB and Microsoft join forces

RIB Software SE

Target price

 

Recommendation

 

19 April 2018

sponsored

CMD Feedback

GFT Technologies SE

Target price

 

Recommendation

 

16 April 2018

Weak profitability expected in Q1 18

SAF-Holland SE

Target price

 

Recommendation

 

Buy

13 April 2018

Initiation: Track record: Sales growth in 19 of 20 years with high margins

Norma Group SE

Target price

 

Recommendation

 

Buy

03 April 2018

Initiation: Mid-term expectations look exaggerated

JOST Werke AG

Target price

 

Recommendation

 

Buy

29 March 2018

No improvement in sight

Zooplus AG

Target price

 

Recommendation

 

Buy

28 March 2018

Where is the 13% EBIT margin…?

Elringklinger AG

Target price

 

Recommendation

 

Buy

28 March 2018

sponsored

Buying opportunity – on the operational side nothing has changed

RIB Software SE

Target price

 

Recommendation

 

26 March 2018

Under full steam

init innovation in traffic systems SE

Target price

 

Recommendation

 

Buy

23 March 2018

Solid 2018 outlook broadly priced in

Grammer AG

Target price

 

Recommendation

 

Buy

20 March 2018

2018 results confirm moderately positive outlook

Deutz AG

Target price

 

Recommendation

 

Buy

20 March 2018

Focus on growth

Zalando SE

Target price

 

Recommendation

 

Buy

16 March 2018

Final 2017 figures not a share price catalyst; Acquisition too expensive

SAF-Holland SE

Target price

 

Recommendation

 

Buy

07 March 2018

Prel. FY 2017 figures far above expectations

init innovation in traffic systems SE

Target price

 

Recommendation

 

Buy

07 March 2018

‘Best of two worlds’, but only adj. margin of 8-8.5%, headwinds ahead…

SAF-Holland SE

Target price

 

Recommendation

 

Buy

02 March 2018

sponsored

Initiation: Massive upside potential from joint venture

RIB Software SE

Target price

 

Recommendation

 

02 March 2018

Mid-term focus on growth

Zalando SE

Target price

 

Recommendation

 

Buy

01 March 2018

sponsored

Phase I of growth strategy fulfilled

7C Solarparken AG

Target price

 

Recommendation

 

26 February 2018

Temporary growth set back?

Duerr AG

Target price

 

Recommendation

 

Buy

23 February 2018

Strong mid-term outlook

MBB SE

Target price

 

Recommendation

 

Buy

23 February 2018

Initiation of coverage: Growth to be restored

Schaltbau Holding AG

Target price

 

Recommendation

 

Buy

22 February 2018

Growth to be restored

GFT Technologies SE

Target price

 

Recommendation

 

Buy

15 February 2018

sponsored

Tableware: Recovery has started

Villeroy & Boch AG

Target price

 

Recommendation

 

07 February 2018

Initiation: Wage increases and high R&D expense cycle around the corner

Elringklinger AG

Target price

 

Recommendation

 

Buy

06 February 2018

Digitalization will support growth

KPS AG

Target price

 

Recommendation

 

Buy

29 January 2018

FY 2018 outlook not convincing

Paragon GmbH & Co KGaA

Target price

 

Recommendation

 

Buy

29 January 2018

Initiation: Sword of Damocles slowly fading – chances and risks well balanced

Grammer AG

Target price

 

Recommendation

 

Buy

22 January 2018

Mid-term sales guidance reduced

HELMA Eigenheimbau AG

Target price

 

Recommendation

 

Buy

22 January 2018

The valuation play - catch-up potential to its peer group

Leoni AG

Target price

 

Recommendation

 

Buy