Mid-Cap Highlights

Research evidence excerpt

Mid-Cap Highlights

EUROPE | European Midcaps EquityJuneResearch19, 2026

At 18x '27e EV/EBIT, Beijer Ref trades at a 30%Mid-Cap Highlights

discount to its 5yr historical avg and a 20%

Ahead of our inaugural German & Swiss Corporate Conference in Baden-Baden discount to Swedish compounders

next week, where we are catching up with over 50 companies across the

Jefferies DACH universe, we repost our companion note for the event. This

week RDC's surprise guidance raise ahead of Q2 stood out and helped the stock

to more than double from the lows earlier this year. With a 10% cap raise, WAF

used the strong share performance in recent months to delever its balance .

sheet. Source: Factset, Jefferies

Rx sales for DOCM and RDC

A sincere thank you for your support in the 2026 Extel survey. For the first time Team Jefferies achieved

the #1 rank in European Small & Midcap Stocks this year. We greatly appreciate the recognition and will

continue to focus our efforts on the undercovered mid-market names.

Jefferies 2026 German & Swiss Corporate Conference Companion: From Tuesday 23 June until

Wednesday 24 June, we will be hosting our inaugural German & Swiss Corporate Conference, at the

renowned Brenners Park-Hotel in Baden-Baden. This companion document provides investors with

brief business overviews and potential discussion topics for all 55 covered companies attending. .

Source: Company data, Jefferies

We make no forecast or price target changes within this note. Link.

Redcare (RDC-DE, BUY, Mkt. Cap €1.3B) Surprise Guidance Raise Ahead of Q2 (2026-06-15): RDC

just issued a positive trading update ahead of its Q2 results on July 29, with mgmt raising FY26

guidance across group revenue, non-Rx, German Rx, and adjusted EBITDA margin. At the midpoint,

the new implied adj.