Morning Comment Germany-07/06/2026

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Morning Comment Germany-07/06/2026

Morning Comment Germany

6 JUL 2026

Today’s research focus: Kontron

• Kontron – Buy, TP EUR 28: Reported Q1 figures fell y/y, but the decline is largely down to divestments and the Greentec restructuring,

which weighs on current earnings. The core is healthy: rail, aerospace & defense, and cyber all grew double-digits organically, and

Software & Solutions carried group profitability. We view flat FY guidance as slightly conservative, with Greentec savings potentially

turning a drag into an H2 tailwind. Ennoconn's mandatory offer at EUR 23.50 is most probably technical; we expect the board to reject it

as inadequate, while it caps downside. We reiterate Buy, EUR 28 target, ~20% upside; our peer cross-check suggests the DCF is

conservative. Link to report

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