Recent developments and our roundtable at our Defense & Security Conference reinforce secunet's growth prospects, supported by strong defense demand and expanding partnerships with Cloudflare and Bechtle. Most notably, the approved SINA framework agreement, reportedly worth up to EUR 1.7bn, significantly improves medium-term visibility. We raise our 2027/28 revenue and EBIT estimates to reflect additional system deliveries and maintenance revenues, while leaving 2026 unchanged. Our revised forecasts and a modest beta adjustment lift our price target to EUR 240.00 from EUR 210.00. While the market anticipates further upside from the framework, we await greater clarity on future orders and delivery schedules. HOLD. Recordings of all presentations are available here: https://research-hub.de/videos The full update can be downloaded under https://research-hub.de/companies/secunet-security-networks-ag

Company Name: HausVorteil AG ISIN: DE000A31C222   Reason for the research: Update Recommendation: BUY Target price: EUR 12.50 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Demand intact, funding remains the bottleneck; chg. HausVorteil's H1 report fell short of our expectations as the tight fi [ … ]

BENO Holding reported a stable operating performance in H1 ‘26, with its portfolio of 12 light-industrial and warehouse properties maintaining a high occupancy rate of 96%. Annualized net rental income remained broadly stable at EUR 7.33m (H1 ‘25: EUR 7.40m), while the portfolio valuation increased to c. EUR 90m (+2%). Beyond the underlying portfolio performance, BENO made further progress in scaling its digital asset-management platform and improving its capital-market presence. The recently announced acquisition in Roth and two completed refinancing transactions, releasing c. EUR 8m of additional liquidity, should provide further momentum for external growth in H2. We continue to view BENO as well positioned to capitalize on attractive acquisition opportunities in the fragmented German light-industrial market. We reiterate our BUY recommendation with an unchanged PT of EUR 14.00. The full update can be downloaded under https://research-hub.de/companies/beno-holding-ag

MHP Hotel has launched a voluntary share buyback for up to 4.4m shares (c. 9.5% of share capital) at EUR 1.35 per share, running from October 13 to November 2, 2026. Management intends to cancel most repurchased shares, while the four founding shareholders (~75% stake) will not participate, leaving the offer fully open to free-float investors. Supported by strong H1 26 liquidity (c. EUR 10m cash / c. EUR 6m net cash) and an asset-light lease model, the max EUR 5.9m outflow will not compromise expansion plans. Although reducing free float deviates from initial market hopes of higher trading liquidity post-capital measures, the buyback signals management confidence, sets a tax-efficient price floor, and accretively boosts per-share value. Consequently, we confirm our BUY rating and EUR 2.70 target price. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

Daimler Truck delivered a strong Q3, with unit sales rising 26% yoy, supported by a low base in the prior-year quarter and significant catch-up effects in North America, where volumes surged 51% yoy. However, the 8% yoy increase in Group unit sales over 9M 26 puts the quarterly rebound into perspective. We expect Q3 revenue of around EUR 13bn and adj. Group EBIT of EUR 1.2bn, reflecting a stronger operating performance. Our FY26 est. remain at the upper end of management’s guidance, with further catch-up effects expected to support Q4 volumes. Nevertheless, high fuel prices, elevated interest rates and geopolitical uncertainty continue to weigh on demand. From 2027, aggressively priced Chinese electric trucks could intensify competition in Europe and other markets, potentially threatening established manufacturers’ market shares and margins in the medium term. We reiterate our SELL rating with a PT of EUR 33.00. The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag

Dräger has finally closed a six-year regulatory chapter in US patient monitoring. Following FDA clearance of Dräger’s IACS VG8.1, the agency has lifted the warning letter issued in 2020, removing the remaining constraints on the commercialization of Dräger’s monitoring portfolio in the US and other FDA-dependent markets. We expect little near-term earnings impact but see an improving medium-term growth profile as Dräger rebuilds its US sales capabilities, resumes new-customer acquisition and increasingly combines the existing portfolio with monitoring solutions. We modestly raise our 2027/28 sales and earnings estimates and increase our price target to EUR 135.00 from EUR 130.00. 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

Company Name: Desert Gold Ventures Inc ISIN: CA25039N4084   Reason for the research: Research Comment Recommendation: Buy Target price: 0.93 CAD Target price on sight of: 31.12.2027 Last rating change: Analyst: Matthias Greiffenberger, Cosmin Filker The generator reached Dakar in July and the processing plant in mid-August; bot [ … ]

Company Name: Semperit AG Holding ISIN: AT0000785555   Reason for the research: Update Recommendation: BUY Target price: EUR 22 Target price on sight of: 12 months Last rating change: Analyst: Sarah Hellemann Conference feedback: Defending margins, investing in future We hosted Semperit at our Paris conference. The company re-con [ … ]

Q3 should again underline the strength of underlying demand, with order intake expected above EUR 200m on the back of another sizeable coater order. However, the P&L is likely to disappoint as supply constraints delay a limited number of tool deliveries into Q4, pushing sales and profitability below current consensus. The bottleneck in robotics and wafer-handling components has tightened since September, shifting the debate from demand to execution and raising the key question of whether the issue can be resolved within one quarter or spills into 2027. We adjust our FY26 estimates and increase our valuation risk premium to reflect the higher execution uncertainty, resulting in a lower price target of EUR 110.00 from EUR 120.00. At 10.5x 2027E EV/EBIT, we continue to see the risk/reward as attractive and thus reiterate our BUY rating, particularly given the strength of underlying demand despite the near-term execution overhang. The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se

Südzucker delivered a solid Q2 27, with revenue up 4.1% yoy to EUR 2.1bn and operating EBITDA up 81% yoy to EUR 168m, confirming the prelim figure. The EBITDA margin improved by 340bps to 7.9%, while EPS returned to positive territory for the first time in two years. Op. cash flow increased 66% yoy to EUR 439m, supported by stronger earnings and a significant working capital release. The recovery was broad-based, with CropEnergies, Special Products and Starch benefiting from more supportive market conditions, while Sugar remained the main laggard. We see further upside from the sugar market, as global and Northwest European prices have started to recover. Worldwide supply-side risks could further support prices, particularly from El Niño and lower European beet acreage, although elevated inventories and longer-term contracts should keep the recovery gradual. We maintain our BUY rating and EUR 17.00 PT. The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag