AUTO1 announced that CFO Christian Wallentin has stepped down after around eight months in the role for family reasons. CEO Christian Bertermann will assume CFO responsibilities on an interim basis, while Wallentin remains available as senior advisor and the succession process is already at an advanced stage. The departure is notable given Wallentin’s financing background and visible role at the June CMD, but we see no indication of a change in strategy, targets or operating performance. We therefore view the transition as orderly, leave estimates unchanged and maintain our EUR 35.00 price target and BUY rating. The full update can be downloaded under https://research-hub.de/companies/auto1-group-se

Airbus cut its 20-year China aircraft demand forecast by ~470 units due to high-speed rails. While high-speed rail could create some further downside to domestic air traffic assumptions according to one academic study from 2023, the impact is immaterial to our estimates given Airbus’ ~9-year backlog and still-strong global demand outlook. We see COMAC as the more relevant structural risk, particularly from the mid-2030s as certification, production capacity and domestic engine capabilities improve. Near term, however, the investment case remains driven by deliveries rather than long-term demand forecasts. Q3 is tracking relatively weak (mwb est.), but we expect a strong Q4, with Pratt & Whitney still the main bottleneck. Any delivery slippage should largely shift value into 2027 rather than destroy it. BUY, PT EUR 227. The full update can be downloaded under https://research-hub.de/companies/airbus-se

We attended Blue Cap’s Investor Day in Munich, which provided a deeper look into the group’s investment strategy and, importantly, direct access to the management teams of its portfolio companies. While the event did not trigger changes to our estimates, it strengthened our understanding of Blue Cap’s Buy, Transform & Sell model and the individual value-creation levers across the portfolio. The key message, in our view, is that Blue Cap increasingly needs to be seen as an active transformation investor rather than a passive SME holding company. Following several successful exits, most notably con-pearl, the acquisition of Janoschka marks the beginning of a new investment cycle. At the same time, the existing portfolio offers a broad set of operational self-help measures ranging from pricing and efficiency improvements to digitalization, internationalization and technology-driven business-model development. We reiterate BUY with an unchanged PT of EUR 33.00. The full update can be downloaded under https://research-hub.de/companies/blue-cap-ag

Yesterday, the European Commission’s update on the IF26 Hydrogen Auction added a more constructive tone to Europe’s hydrogen debate. The up to EUR 500m funding envelope itself is not new, but the proposed framework is becoming more pragmatic, with support spanning both renewable RFNBO and electrolytic low-carbon hydrogen while also targeting lower administrative hurdles. That matters because the sector’s real problem is no longer a lack of projects, but getting them beyond FEED and into firm electrolyzer orders. For tk nucera, any improvement in this conversion could be meaningful. Its strong balance sheet, sizeable net cash position and proven track record in large-scale electrolysis leave it well placed to scale when demand returns and potentially emerge stronger from the current downturn. We maintain our BUY rating and the EUR 15.00 PT. On September 15, tk nucera will present at our Future of Energy online conference to explore the forces shaping the next phase of the energy market; register here for free: https://research-hub.de/conference/the-future-of-energy The full update can be downloaded under https://research-hub.de/companies/thyssenkrupp-nucera-ag-co-kgaa

Company Name: Daldrup & Söhne AG ISIN: DE0007830572   Reason for the research: update Recommendation: Buy from: 08.09.2026 Target price: EUR 28.80 Last rating change: Analyst: Ralf Marinoni Prel. H1-26 results: increase of all major KPIsDaldrup delivered strong figures: total output +56%, EBIT +30.6%. The company confirm [ … ]

The recent cyberattack on Berlin’s state administration highlights persistent vulnerabilities in public-sector IT and reinforces the structural demand case for secunet. The incident underscores the operational and political consequences of inadequate cyber resilience, supporting continued investment in secure, trusted infrastructure. This comes against an already elevated threat backdrop, with cybersecurity accounting for an increasing share of IT budgets. A stronger focus on digital sovereignty could provide an additional tailwind for trusted domestic providers such as secunet. With order momentum strong and backlog at record levels, we see the incident as supportive for the medium-term growth backdrop. HOLD, PT EUR 210. The full update can be downloaded under https://research-hub.de/companies/secunet-security-networks-ag

Enapter 2.0 marks a clear shift towards a leaner, asset-light and fully partner-driven model. Production is being outsourced to Runqing in China, while core technology, R&D and electrode production remain in Pisa. The strategic focus is moving towards China and the US, where Enapter sees better scaling opportunities and attractive hydrogen applications, while Europe is likely to play a more selective role. The reset is broader than expected and limited operational detail keeps visibility for 2027+ low. We therefore leave our estimates unchanged for now, expecting more clarity in H2 2026, maintaining our Spec. BUY rating and EUR 3.00 PT. On September 15, the company will provide deeper insights into its outlook at our Future of Energy online conference, with free registration below. The full update can be downloaded under https://research-hub.de/companies/enapter-ag

Company Name: LAIQON AG ISIN: DE000A12UP29   Reason for the research: Update Recommendation: Buy from: 07.09.2026 Target price: €8.70 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research has published a research update on LAIQON AG (ISIN: DE000A12UP29). Analyst Ch [ … ]

LM PAY will publish Q2 results and provide an earnings call on September 10. This should focus on funding, FY26 guidance and an expected H2 recovery. Q1 was soft, with revenues up 3.8% yoy and EBIT down c.25%, but the return of a key beauty partner and rising insurance contributions should support H2. Polish interest rates remain relevant, though the main earnings driver is the lending spread between loan yields and refinancing costs. The new Aion Bank/UniCredit funding relationship should help margins. With no FY26 guidance yet published, the upcoming update could be a key trigger. We confirm our BUY rating and a EUR 59.00 price target. Investors can register for the Q2 earnings call with CEO Jakub Czarzasty on September 10 at 11:00 at research-hub.de. The full update can be downloaded under https://research-hub.de/companies/lm-pay-sa

The AfD’s landslide victory in Saxony Anhalt could create long-term political risk for German defense spending, but no near or mid-term impact on Rheinmetall. Defense procurement remains a federal competence and the AfD currently has no influence through either the federal government or Bundesrat. Longer term, however, its opposition to Ukraine aid, sanctions on Russia and debt financed defense spending could imply a tighter spending path if its federal influence rises (The AfD polls ~28% federally and the next Bundestag election is in 2029). For now, we see the election as headline risk rather than an order intake issue. Kyiv talks continue to underline demand for air defense, while Lavrov’s comments do not change our view on German rearmament. The key near term catalyst remains Arminius, with further details expected at month end. PT unchanged at EUR 1,050. HOLD. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag