PUMA’s Q3 showed further progress in the reset, with sales improving sequentially (+5% qoq, -6% yoy), gross margin reaching 49.5% and inventories declining sharply amid the cleanup. However, the commercial recovery remains uneven, with continued weakness in North America, EMEA and wholesale, while elevated OPEX limited earnings conversion despite the strong gross margin. Reported EBIT remained slightly negative at EUR -11.4m. Management maintained its sales outlook but narrowed FY26 EBIT guidance to EUR -80m to -130m. We therefore leave sales and gross-margin assumptions broadly unchanged, but lower FY26 EBIT towards guidance midpoint. Overall, our PT remains at EUR 24.00, reiterating HOLD. The full update can be downloaded under https://research-hub.de/companies/puma-se

According to WirtschaftsWoche (30 October 2026), software issues at Hensoldt's ZEBEL logistics centre have severely disrupted Bundeswehr spare parts deliveries, with military vehicle repairs potentially remaining largely impossible until year end. The disruption is already threatening operations at FFG (DEZ:GR), while Rheinmetall (RHM:GR) and RENK (R3NK:GR) could also face operational consequences. Hensoldt has acknowledged the problems but provided no timeline for resolution or assessment of the financial impact. Given the uncertainty, we reverse our expectation of an FY26 sales guidance hike outlined just two days ago and roll back our elevated revenue assumptions, leading to a new price target of EUR 60.00 (old: EUR 62.00). The additional execution risk reinforces our SELL recommendation. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

Bayer has secured another important legal win, with Monsanto prevailing unanimously in the first Roundup jury trial since the Supreme Court's Durnell ruling. The rejection of design defect, fraud and negligence claims suggests that plaintiffs may struggle to succeed with alternative legal theories now that failure-to-warn claims have been largely curtailed. Importantly, the three plaintiffs were outside the proposed class settlement, making the verdict particularly relevant for Bayer's residual litigation exposure. One jury decision does not establish a precedent or resolve the roughly 65,000 pending U.S. claims, while the USD 7.25bn settlement still awaits final approval. Nevertheless, the outcome weakens plaintiffs' negotiating position and further reduces the risk of adverse litigation outcomes. While the near-term earnings impact is negligible, the improving legal outlook strengthens the case for a gradual re-rating as cash flow recovers and leverage declines. Ahead of Q3, we reiterate BUY and our EUR 65.00 price target. The full update can be downloaded under https://research-hub.de/companies/bayer-ag

HEIDELBERG has issued a profit warning for FY2026/27, cutting its adjusted EBITDA margin guidance to 5.6–6.6% from a previously expected noticeable improvement over last year’s 6.6%. Management cites cost pressure, adverse product mix linked to the Middle East, and project delays in Technologies. The sales outlook remains unchanged at EUR 2.3bn, but the new margin range implies EBITDA of EUR 128–151m, below our EUR 169m previous forecast. Preliminary H1 figures show a margin decline to 3.7% from 6.4%, alongside weaker free cash flow. Encouragingly, Q2 orders rose 10% yoy, suggesting resilient demand. Nevertheless, the warning undermines earnings visibility and delays transformation benefits. We cut our earnings estimates by 20–30% and lower our PT to EUR 2.00 (previously EUR 2.35). BUY reiterated. The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

ProSiebenSat.1 Media’s (PSM) preliminary 9M results highlight resilient earnings despite persistent revenue pressure. While cost savings and lower programming expenses have supported a significant EBITDA recovery, the underlying advertising environment remains challenging, with limited visibility into Q4 advertising demand – PSM’s most important advertising period. More importantly, structural cord-cutting continues to undermine the high-margin linear TV business, while digital growth has yet to sufficiently offset declining advertising revenues. With further cost-saving potential likely diminishing, we see limited scope for sustainable earnings growth. Despite raising slightly our FY26 EBITDA estimate to EUR 365m, we downgrade the stock from BUY to HOLD and reduce our price target to EUR 3.50. The full update can be downloaded under https://research-hub.de/companies/prosiebensat-1-media-se

The final Q3 results confirm strong earnings, but reveal a less favorable picture underneath. Growth is now primarily price-driven rather than volume-led, while the sharp gross-margin decline shows that pricing has yet to fully offset raw-material inflation. EBIT margins nevertheless held up well, supported by cost discipline. Cash conversion was the main disappointment, with working capital continuing to absorb cash and pushing the expected recovery further out. Still, management's implied Q4 margin looks overly cautious, leaving room for another earnings beat. We retain our BUY rating and EUR 51.00 price target. The full update can be downloaded under https://research-hub.de/companies/fuchs-se

Company Name: MHP Hotel AG ISIN: DE000A3E5C24   Reason for the research: Update Recommendation: BUY Target price: EUR 3.50 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Q3: rate holds, Conrad turns the corner MHP published its Q3 hotel KPIs and confirmed the FY26 guidance it adjusted with the  [ … ]

Voltatron continues its buy and build strategy with the acquisition of Kurz Elektronik, an EMS specialist with sales of c. EUR 14m and c. 170 employees, which is consolidated from 1 September 2026. Kurz Elektronik GmbH adds cable assembly, injection moulding and toolmaking. In addition, its own patented products and a production site in Lithuania reducing costs. However, modernisation capex at Kurz, integration costs and higher interest expenses weigh on earnings in 2026E and 2027E. From 2028E, we expect the enlarged group to deliver clearly higher earnings than previously modelled. Half of Kurz Elektronik GmbH (price ~EUR 3.75m mwb est) is paid for in new shares. Additionally banks are now financing working capital. In our view, this reflects the financing concerns behind the recent share price weakness. Reflecting the acquisition and financing costs as well as the higher share count, we cut our DCF derived PT to EUR 4.00 (previously EUR 5.00). However, the risk profile has improved and we therefore change our rating from Spec. BUY to BUY. The full update can be downloaded under https://research-hub.de/companies/voltatron-ag

Rubean has announced a capital increase of up to EUR 2.25m through the issuance of up to 500,000 new shares at EUR 4.50 per share. The transaction, which excludes existing shareholders' subscription rights, would increase the share count by approximately 10.1%, implying dilution of around 9.2% for existing shareholders. In our view, the financing is a sensible step to strengthen Rubean's balance sheet and provide additional financial flexibility as the company scales its SoftPOS business internationally. While dilution is a drawback, the additional capital should support the execution of Rubean's growth strategy and reduce near-term financing pressure. We maintain our BUY rating and EUR 10.00 price target for now, subject to a review of the transaction's final size and valuation impact. The full update can be downloaded under https://research-hub.de/companies/rubean-ag

AIXTRON's Q3 earnings call reinforced our positive view on demand, with management expecting quarterly orders of around EUR 275m to continue over the coming quarters. However, lead times have stretched to roughly 12 months, leaving the pace of the production ramp as the main constraint on 2027 revenue growth. Meanwhile, limited availability of larger InP substrates is keeping customers on smaller wafers for longer, adding to near-term equipment demand. Q3's 48% gross margin looks difficult to repeat given a less favourable Q4 mix, prompting us to lower our FY26 margin assumption, while the recovery in power electronics is gaining traction, particularly in GaN. For us, the main takeaway is that demand is not the problem; execution and supply-chain readiness remain the main challenges. We reiterate our BUY rating and EUR 45.00 price target. AIXTRON will present at the German Select IX Conference on 1 December 2026. Please register under: https://research-hub.de/events/registration/2026-12-01-10-30/AIXA-GR The full update can be downloaded under https://research-hub.de/companies/aixtron-se