Company Name: Eloro Resources Ltd ISIN: CA2899003008   Reason for the research: Update Report Recommendation: Buy from: 16.10.2026 Target price: CAD 18.00 (unchanged) Target price on sight of: 24 months Last rating change: - Analyst: Peter Thilo Hasler, CEFA Eloro’s latest exploration results from its Iska Iska silver-tin [ … ]

Company Name: Antimony Resources Corp. ISIN: CA0369271014   Reason for the research: Research Comment Recommendation: BUY Target price: CAD 2.52 Target price on sight of: 31.12.2027 Last rating change: Analyst: Cosmin Filker; Matthias Greiffenberger You can download the research here: 20261016_Antimony_Comment_engl Contact for [ … ]

For Siltronic’s Q3, we expect further sequential improvement, with sales rising around 4% to EUR 335m and the EBITDA margin reaching 22.5%, although elevated depreciation should keep EBIT firmly negative. Beyond the quarterly figures, tightening 300mm capacity, recovering 200mm demand and improving pricing negotiations support our view of a more meaningful earnings recovery from 2027, albeit with the benefit emerging gradually as existing LTAs are repriced. Following the recent shareprice pullback to the mid-EUR 60s, Siltronic now trades at below 6.5x EV/EBITDA 2027E, offering renewed upside despite the remaining uncertainties around the pace of recovery. We therefore reiterate our EUR 85.00 price target and upgrade our recommendation to BUY from HOLD. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

Nordex delivered exceptional preliminary Q3 results, with revenue rising 28% yoy, in line with expectations, while EBITDA exceeded our estimates by 21% at EUR 278m. The EBITDA margin expanded by 470bps yoy to 12.7%, supported by higher Service margins and smooth project execution. Free cash flow increased to EUR 379m from EUR 149m in Q3 25. Nordex raised its FY26 EBITDA margin guidance to 11.5-12.5% (before: 8-11%), while maintaining its revenue guidance of EUR 8.2-9.0bn, reflecting economies of scale, higher Service revenues and improved capacity utilisation. The previously reported Q3 order intake rose 29.5% yoy, further supporting the outlook. We raise our short- to mid-term profitability estimates but remain cautious about extrapolating current growth and margins over the long term, given the cyclical nature of the wind industry. We maintain our BUY rating and raise our PT to EUR 47.00 from EUR 44.00. The full update can be downloaded under https://research-hub.de/companies/nordex-se

AIXTRON’s Q3 preliminaries came in ahead of expectations, with order intake reaching EUR 275m, well above our EUR 220–230m forecast, while a favourable product mix and strong operating leverage drove EBIT margin to 31% versus our 26% estimate. The results reinforce our confidence in sustained AI-driven photonics demand and prompt us to raise our FY26 margin assumptions and modestly increase our 2027–28 estimates, although supply-chain constraints could limit revenue growth in 2027. Following the recent share price correction, valuation has declined to around 15.5x 2027E EV/EBIT; compared with around 19x at the time of our preview, offering a more attractive entry point into the ongoing photonics investment cycle. We raise our price target to EUR 45.00 (from EUR 43.00) and reiterate BUY rating. The full update can be downloaded under https://research-hub.de/companies/aixtron-se

Company Name: 2G Energy AG ISIN: DE000A0HL8N9   Reason for the research: Update Recommendation: Sell from: 15.10.2026 Target price: EUR 39.00 Target price on sight of: 3-6 months Last rating change: n/a Analyst: René Parmantier Frankfurt am Main, October 15, 2026. 2G Energy AG (ISIN DE000A0HL8N9) today published its 2026 [ … ]

Siemens Energy (SE) is set to report Q4 and FY26 results on 11 November. We expect a strong finish, supported by high volumes, backlog conversion and operating leverage, with FY revenue growth around the midpoint of company guidance and profitability near its upper end. AI-driven data-centre construction, electrification and rising power demand support gas turbine and grid investment, while SE’s substantial backlog provides strong earnings visibility. In our view, elevated activity can continue for years, but the cycle is unlikely to last indefinitely. Slower AI adoption, weaker returns on investment, higher interest rates and a softer economy could gradually weigh on new orders. SE is an excellent company, but we believe its valuation still assumes an unusually long-lasting supercycle. Despite the recent share price decline, we continue to see the shares as too expensive. We reiterate our SELL rating and EUR 100.00 PT. The full update can be downloaded under https://research-hub.de/companies/siemens-energy-ag

Cicor’s Q3 revenue of CHF 170.8m came in around 6% below both consensus of CHF 182.1m and our CHF 181m estimate, while organic growth of 4.6% also missed consensus of 7.7%. The shortfall was mainly driven by material shortages, not weaker demand. Order intake rose 10.7% to CHF 193.2m, slightly above consensus, with bookto-bill at 1.13x. Management expects a sharp Q4 acceleration, supported by the strong backlog and A&D program ramp-ups, and stated that no additional orders are required to support the Q4 plan. We therefore continue to see the issue primarily as one of revenue timing. We make only minor estimate changes, shifting some revenue and earnings into 2027. BUY, PT CHF 180.00. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd

Dräger reported preliminary Q3 2026 results showing modest top-line growth but weaker operating profitability, despite a significant positive contribution from customsduty refunds. While the underlying margin development was disappointing, strong order intake in Safety Technology, the traditionally pronounced Q4 earnings seasonality and the recently removed FDA restrictions on US patient monitoring support our confidence in the medium-term investment case. We lower our FY26 earnings estimates to reflect the weaker-than-expected Q3 performance but leave our medium-term assumptions and EUR 135.00 price target unchanged. BUY. Dräger will host a Capital Markets Day on November 18, (hybrid), and professional and institutional investors as well as analysts are invited to register: https://research-hub.de/events/registration/2026-11-18-10-00/DR0-GR The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

KION cut its FY26 guidance yesterday after reporting preliminary Q3 numbers below consensus. Adjusted EBIT of c. EUR 203m (+7% yoy) missed consensus of EUR 211m and our c. EUR 209m. ITS fell short, while IAS delivered, in which we see the better capability of IAS to pass on costs. KION attributes the cut mainly to Q3 ITS order intake, which did not develop as expected. Group adj. EBIT is now guided at EUR 815-875m (old EUR 880-980m), and the midterm target has been pushed beyond 2027. The new midpoint of EUR 845m matches the EUR 844m we have modelled since the pre-close. Although we had already modelled the low end of the old ITS range, we cut our ITS estimates further and trim our earnings estimates slightly. We expect more details on the Q3 call on 29 October, including on the midterm targets. We leave our PT at EUR 51.00 and reiterate BUY, as the valuation stays undemanding at c.6x EV/EBITDA 2027E and c.8x P/E 2027E. The full update can be downloaded under https://research-hub.de/companies/kion-group-ag