Delivery Hero’s Q3 update (13 Nov) should show a softer sequential performance after strong H1 trends, as last year’s free-trial campaigns in Korea and regional one-offs create tough comps. FX and transition effects weigh on reported growth, while underlying demand remains intact ahead of a Q4 rebound. Europe is temporarily affected by efficiency losses from the rider-fleet transition, and MENA faces slightly slower growth following Keeta’s market entry. We slightly lower FY25 revenue estimates to EUR 13.88bn and adjust our cash-flow assumptions (one-offs). PT trimmed to EUR 43.00 (from 45.00); BUY rating maintained. The full update can be downloaded under https://research-hub.de/companies/delivery-hero-se

The Payments Group Holding (PGH) reported a modest H1/2025 performance with revenues of only EUR 0.10m and a net loss of EUR 0.74m (EPS –0.08), while maintaining a strong equity ratio of 92%. Operating costs remained lean, and a positive financial result partially offset limited activity ahead of the The Payments Group (TPG) acquisition. The Maltese regulator (MFSA) approved the deal in July, with closing now pending the submission of TPG’s pro-forma 2024 accounts and a planned EUR 10m capital raise. Post-closing, PGH will establish a new “PayTech” segment, leveraging TPG’s profitable, cash-generative network of 550k POS. Management guides for a FY2025 loss of EUR 1-2m, with key catalysts including the closing and PayTech integration in H2. We therefore reiterate our BUY rating with unchanged PT of EUR 1.80 The full update can be downloaded under https://research-hub.de/companies/the-payments-group-holding

Drägerwerk (Dräger) delivered a strong Q3 25 with solid growth across both segments and regions. Revenue rose 7.6% yoy to EUR 833m (+10.1% cc), driven by broad-based demand, while the gross margin improved 210bp to 45.6%. EBIT more than doubled to EUR 56.7m, lifting the margin to 6.8%. Order intake advanced 4.9% yoy to EUR 856m, confirming healthy momentum. After record 9M orders, management lifted FY25 guidance to the upper half of prior ranges (sales +3–5%, EBIT margin 4.5–6.5%). With slightly higher top- and bottom-line assumptions, we raise our price target to EUR 76.00 (from EUR 72.00) and reiterate HOLD. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

Siltronic’s Q3 2025 unfolded broadly as anticipated, marking the trough quarter of the year. The company remains in a transitional phase. Structural demand drivers are intact — AI-related server growth, PC replacement cycles, and rising automotive content continue to support a gradual recovery in wafer consumption. However, elevated inventories, particularly in power and memory, still obscure stable underlying volumes, and the benefits of HBM-driven momentum are not yet visible in shipments. FabNext is progressing well, with key customer qualifications completed and utilization expected to rise steadily through 2026, enabling meaningful operating leverage as volumes normalize. While valuation remains undemanding (~0.9× P/B 2025E), a sustained re-rating will likely depend on visible inventory drawdowns and margin re-acceleration. With the shares now close to our fair value, we reiterate our HOLD rating and our EUR 57.50 target price, reflecting a balanced risk-reward amid the current adverse effects. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

Symrise’s Q3 topline results were dull, weighed down by the prevailing negative market sentiment. Its organic (org.) sales decelerated further to 1.4% yoy in Q3 (vs +2.0% in Q2) and fell short of market expectations (+1.8% yoy org.). The Taste, Nutrition, & Health segment beat estimates, reporting org. growth of +1.2% yoy (vs consensus of +0.7%), while Scent & Care’s org. growth of +1.7% yoy fell 190bps below consensus. Symrise lowered its FY 25 org. sales target to 2.3%-3.3% yoy (previously: 3.0%-5.0%) but reaffirmed its EBITDA margin guidance of c.21.5% and business FCF-to-sales target of c.14% and is on track to deliver cost savings of EUR 40m through the ‘ONE Symrise’ strategy. The company remains committed to its medium-term targets, and fundamentals stay solid despite near-term softness. We fine-tune our 2025–2027 estimates and maintain our BUY rating with a slightly lower price target of EUR 100.00 (prior: EUR 105.00), as the current prices continues to offer an attractive entry point and a favorable risk-reward profile. The full update can be downloaded under https://research-hub.de/companies/symrise-ag

Traton’s Q3 2025 results showed continued weakness, with revenue in line with expectations but down yoy. The adjusted operating result beat consensus yet fell sharply compared to last year, and profitability was pressured across most segments. Unit sales declined, mainly driven by weakness in North America and Brazil, while European orders showed some recovery, likely reflecting short-term catch-up effects. Nine-month results confirmed these trends, with revenues lower than last year and margins impacted by FX, tariffs, and ramp-up costs for the China plant. Order intake increased slightly, supported by replacement demand in Europe, but overall deliveries remained below last year’s levels. Management upheld FY 2025 guidance, and given ongoing market softness, we maintain our SELL rating and price target of EUR 23.00. The full update can be downloaded under https://research-hub.de/companies/traton-se

Investor debates increasingly question whether drones have rendered heavy platforms obsolete. There are good reasons to disagree. The war in Ukraine has evolved from artillery duels to drone warfare & now back toward armoured dominance. As fibre optic drones bypass jamming and swarm tactics intensify, mobility and protection once again define survivability. Rheinmetall is the only European prime capable of integrating armour, firepower, and counter-drone defence into one system. Its Skyranger platform (a mobile short-range air-defence solution (SHORAD)) directly addresses the tactical gap, restoring frontline resilience. We expect management to lift its assumptions for Skyranger demand at Q3 results or the upcoming CMD (18 Nov), reflecting growing NATO adoption. Parallel to this, Rheinmetall’s EUR 1bn ammunition JV in Bulgaria underscores both its scale-up capacity and Europe’s urgent rearmament needs in drones and ammunition. The shift toward integrated “tanks + drones” warfare cements Rheinmetall’s role as the key architect of Europe’s next-generation land-combat doctrine. BUY. PT EUR 2,500.00. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Company Name: Global Fashion Group S.A. ISIN: LU2010095458   Reason for the research: Update Recommendation: BUY from: 29.10.2025 Target price: EUR 0.80 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Sales to decrease as Marketplace gains share. As GFG´s goal to increase Marketplace  [ … ]

Amadeus Fire’s (Amadeus) Q3 25 results were broadly in line with expectations, confirming continued weakness in Germany’s staffing and training markets. Group sales declined 18.8% yoy to EUR 90.7m, and EBITA dropped to EUR 2.6m (-84% yoy), burdened by muted hiring activity and EUR 5.3m in restructuring costs at Comcave. The Training segment weakened further, while Dr. Endriss remained a bright spot (+9% yoy). Management reaffirmed FY25 guidance, expecting EBITA at the lower end of EUR 15–25m. While market conditions remain challenging, restructuring efforts and the integration of Masterplan.com lay the foundation for renewed growth from 2026 onward. We reiterate our BUY with an unchanged EUR 90.00 price target but with slightly adjusted number for the Masterplan integration. The full update can be downloaded under https://research-hub.de/companies/amadeus-fire-ag

TAKKT’s Q3 2025 results reflected persistent macro weakness, with sales down 9% yoy to EUR 244.5m (–6.2% organic) and adj. EBITDA halving to EUR 10.5m (4.3% margin). Gross margin declined 170 bps to 37.9% amid softer demand, high freight costs, and US tariff pressure. While all segments weakened, Office Furniture & Displays and Industrial & Packaging showed early stabilization, and Europe saw order intake outpace revenues. Free cash flow turned positive at EUR 7.6m on better inventory management, and FY25 FCF is expected at EUR 10–20m (mwb est.). Management reaffirmed guidance at the lower end of its range, implying a near-term trough before gradual recovery into FY26. Given undemanding valuation, we reiterate BUY, with a reduced PT of EUR 7.00 (from EUR 7.50) as we take into account the company’s updated guidance The full update can be downloaded under https://research-hub.de/companies/takkt-ag