Company Name: q.beyond AG ISIN: DE0005137004   Reason for the research: Update Recommendation: BUY from: 01.10.2025 Target price: EUR 1.30 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Besides this, capital allocation was in the centre of discussions, driven by the company’s net cash  [ … ]

Company Name: HORNBACH HOLDING AG & Co KGaA ISIN: DE0006083405   Reason for the research: Update Recommendation: Buy from: 30.09.2025 Target price: 110.00 Last rating change: Analyst: Ralf Marinoni Q2-25/26 very solid development; full year guidance confirmedHORNBACH continued its profitable growth path: Q2-25/26 sales rose b [ … ]

Company Name: Schloss Wachenheim AG ISIN: DE0007229007   Reason for the research: 2024/25 Annual report Recommendation: Buy from: 30.09.2025 Target price: €19 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on Schloss Wachenheim AG [ … ]

Company Name: CLINUVEL Pharmaceuticals Limited ISIN: AU000000CUV3   Reason for the research: Update Recommendation: Buy from: 30.09.2025 Target price: 26.50 AU$ Target price on sight of: 12 month Last rating change: none Analyst: Thomas Schiessle, Daniel Großjohann CLINUVEL strengthens global position with tariff advantage  [ … ]

Q3 results are just around the corner, expected to be announced on 28 October. Siltronic’s Q3 will likely mark the softest quarter of the year, with sales slipping below Q2’s EUR 329m as several customers pushed deliveries into Q4. EBITDA margins should retreat to ~22% as non-operating boosts fade and volume and FX headwinds bite. End-market dynamics are likely to mirror the prior quarter, with inventory overhangs (especially in memory and power) still weighing on wafer demand. While the near term may remain choppy, we see several tailwinds shaping 2026, potentially setting up a wafer-demand recovery and the start of a new cycle. With capex past its peak and set to taper, margins and FCF stand to benefit meaningfully as volumes normalize. We reiterate our BUY rating with a EUR 57.50 target. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

HMS Bergbau reported a resilient H1 2025 with revenues of EUR 643m (-12% yoy), EBIT of EUR 8.0m (+5% yoy) and net income of EUR 5.8m (+4% yoy). Despite weak coal markets, gross margin improved by 0.6pp to 2.5%, offsetting higher operating expenses. Guidance for FY25 (EUR ~1.5bn sales, EUR ~20m EBITDA) was confirmed. Strategically, HMS expanded into marine fuels and oil products, supported by an experienced international team and new offices in Asia. We model EUR 500m sales and EUR 8.2m EBIT from marine fuels by 2027, driving a 35% EPS uplift. Price target raised to EUR 53.00 (old: 41.00), BUY. The full update can be downloaded under https://research-hub.de/companies/hms-bergbau-ag

Finexity, a portfolio company of coinIX, has successfully completed its IPO in the m:access segment of the Munich Stock Exchange. coinIX has invested a total of EUR 295k since 2020, the current market value of the investment is now almost twice as high, and the investment is now liquid - a nice validation of coinIX's business model. Furthermore, coinIX has published the (not very meaningful) German GAAP financial statements for H1 2025. Here, coinIX shows a net loss of EUR -106k (prior year -260k), mainly due to lower token sales proceeds and higher depreciation, while expenses were significantly reduced. An update of our valuation model with current crypto prices results in a fair value for coinIX shares of EUR 3.20 (previously: EUR 3.30). We confirm our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/coinix-gmbh-co-kgaa

Nordex is strategically focusing on the onshore wind market, positioning itself as a standout player amid current sector dynamics. Offshore projects face rising complexity, longer timelines, higher costs, and regulatory hurdles, creating challenges for competitors. Germany remains a stronghold for onshore development, supported by policies and growing demand, while the US market is emerging as a key opportunity. Even Republican states like Texas, traditionally less focused on renewables, are embracing onshore projects. Nordex’s operational strength, efficiency, and nimble execution allow it to consolidate market share and build client relationships. Its onshore-first approach combines a defensive risk profile with growth potential and offers rerating potential. We maintain our BUY rating and PT of EUR 26.00. Tomorrow, mwb research will host an online roundtable with Nordex – register here for first-hand insights: https://research-hub.de/events/registration/2025-10-01-14-00/NDX1-GR. The full update can be downloaded under https://research-hub.de/companies/nordex-se

LM PAY has signed a financing agreement with Aion Bank, UniCredit’s Polish subsidiary, diversifying its funding base and reducing reliance on Fortress. Under the existing Fortress structure, receivables are securitized with ~70–80% upfront liquidity (mwb est.) but at costs of ~15% p.a. The new UniCredit partnership could lower funding costs by up to 5pp, adding PLN 4-6m to annual net profit from 2026. Fortress remains important, making parallel execution key. With H1 25 revenues up 41% yoy to PLN 14.7m, LM PAY is on track for FY25 guidance. We reiterate BUY and maintain our EUR 63.00 target price. The full update can be downloaded under https://research-hub.de/companies/lm-pay-sa

Company Name: UmweltBank AG ISIN: DE0005570808   Reason for the research: GBC Resesearch (Initial Coverage) Recommendation: BUY Target price: €9.50 Target price on sight of: 31.12.2026 Last rating change: Analyst: Cosmin Filker, Marcel Goldmann You can download the research here: 20250929_UmweltBank_IC_engl Contact for qu [ … ]