Scout24’s upcoming inclusion in the DAX on 22 September highlights its structural strength and market leadership. DAX membership broadens the investor base and should attract incremental demand, adding a timely technical catalyst as the share price has retreated. The German housing market remains supportive, with resilient demand, shrinking negotiation room, and improving mortgage activity. Structural undersupply continues to drive engagement across ImmoScout24, supporting growth in subscription products and data-driven services. Competitive threats remain manageable, with Scout24 gaining share and expanding margins through innovation and cost discipline. We maintain our EUR 129.00 PT and upgrade to BUY (from HOLD). The full update can be downloaded under https://research-hub.de/companies/scout24-se

SYNBIOTIC SE reaffirmed its focus on medical cannabis and industrial hemp, aiming to triple revenues to EUR 48m by 2027, supported by strong demand in Germany and Europe. FY25 guidance remains EUR 26m, with profitability targeted from 2026. Regulatory risks persist, as proposed German rules could restrict mail-order cannabis sales, though SYMBIOTIC highlights resilience via pharmacy distribution and telemedicine partnerships. Long-term growth opportunities include industrial hemp liberalization and EU CBD approval. The global medical cannabis market is forecast to grow rapidly, positioning SYMBIOTIC’s subsidiaries well. Despite execution risks, strong structural tailwinds support a BUY rating and EUR 11.80 target. Interested investors will find a recording of our latest conference with SYNBIOTIC management here: research-hub.de/events The full update can be downloaded under https://research-hub.de/companies/synbiotic-se

August removes the comfort provided by July’s spike in deliveries. The setback in the A320neo and the continued underperformance of the A350 make the 820-delivery target increasingly reliant on an unusually strong year-end push. We remain sceptical that Airbus can achieve this. We maintain our DCF framework and price target of EUR 170.00 with a HOLD rating. We also continue to treat COMAC as a structural competitor. Moving beyond the standard 2 percent terminal growth anchor, plausible downside scenarios toward EUR 100.00 emerge if market share and margins erode under sustained COMAC competition. This is not our base case, but it is a risk that professional investors should not ignore. The full update can be downloaded under https://research-hub.de/companies/airbus-se

The German market for biogas and biomethane is facing far-reaching regulatory changes. The biogas package that came into force in February 2025 is intended to promote greater flexibility and the use of more sustainable substrates. However, industry associations see it as a forced way out of electricity generation. Abo Kraft & Wärme has anticipated the declining attractiveness of electricity generation and is in the process of converting its portfolio to biomethane. In this market, the ongoing implementation of the EU RED III Directive is expected to introduce stricter GHG reduction requirements from 2026. However, Abo Kraft & Wärme believes it is well prepared for this. For 2025, the company expects stable sales, a slightly positive EBITDA, but still net losses with a positive earnings turnaround from 2028. We reiterate our investment rating Spec. Buy with a price target of EUR 1.15.The full update can be downloaded under https://research-hub.de/companies/abo-kraft-waerme-ag

KWS has completed the sale of its North American JV, marking the end of its direct corn operations outside Europe, following prior divestments in South America and China. The transaction, with payments structured over five years and a significant upfront portion, includes a low-triple-digit USDm consideration for the stake and a mid-double-digit USDm consideration for licensing. We have updated our model to reflect this deal, which had not been included previously while awaiting final closing. FY25 results will show a low-double-digit EURm impairment, while Q1 FY26 will record a positive one-off gain for the license agreement. While initially valuation-neutral, the sale supports our expectations for further net debt reduction and strengthens KWS’s financial stability. The divestment allows KWS to focus on its profitable European corn business and high-margin markets, with the vegetable segment expected to become a key margin driver. Consequently, we maintain our BUY rating and PT of EUR 83.00. The full update can be downloaded under https://research-hub.de/companies/kws-saat-se-co-kgaa

SUSS’s foundation for renewed momentum is strengthening as industry currents shift decisively toward advanced nodes, packaging, and U.S. onshoring. Foundry leaders are phasing out legacy lines while ramping multi-billion-dollar U.S. build-outs, driving demand for compliant, high-spec European equipment. TSMC’s accelerated CoWoS expansion, Samsung’s revived Texas program, and Micron’s enlarged U.S. footprint all reinforce structural demand in areas where SUSS’s portfolio is most relevant. While near-term orders may stay muted and volatile, geopolitical de-risking, margin-accretive next-gen tools, and flexible workforce planning provide resilience and upside optionality mid-term. We see current valuation weakness as a compelling entry point, reiterate our BUY rating, and maintain our EUR 56.00 PT, with potential catalysts for market’s re-rating ahead as management outlines new long-term targets at the November Capital Markets Day. The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se

Intershop Communications AG announced a capital increase of up to EUR 4.4m, issuing 4.37m new shares at EUR 1.00 each, fully backstopped by anchor shareholders. Proceeds will fund cloud development, AI initiatives, and structural efficiency measures. In parallel, the CEO transition from Markus Klahn to Markus Dränert has been completed. Together, the financing and leadership change mark a reset, stabilizing the balance sheet and reinforcing the strategic agenda, providing fresh impetus for Intershop’s cloud transformation. Due to the persistent service-project delays and a cautious customer environment additional flexibility to support investments while securing liquidity appears prudent. We revise our PT to EUR 2.00 (old: EUR 2.60), reflecting the resulting dilution. Our rating remains BUY. We will host a virtual roundtable with Intershop’s CEO and CFO on 11 September 2025. Registration is available here: https://research-hub.de/events/registration/2025-09-11-14-00/ISHA-GR. The full update can be downloaded under https://research-hub.de/companies/intershop-communications-ag

Rheinmetall is close to entering the naval shipbuilding market through the potential acquisition of Lürssen’s defense arm (NVL). The ~EUR 1bn revenue shipyard would transform Rheinmetall from a systems supplier into a full naval platform provider, expanding exposure to Germany’s multi-decade naval procurement plan. While margins are structurally lower, the move secures long-term revenues, strengthens positioning in unmanned systems, and accelerates sector consolidation, at the expense of rival TKMS, which we had previously expected to buy NVL after TKMS´s IPO. We see the deal as a strategically important step that adds stability to Rheinmetall’s growth story. BUY with a PT of EUR 2,280. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

At the mwb research “German Select V Conference,” AUTO1’s CFO presented the group’s strategy, operations, and outlook. The company reinforced its position as Europe’s leading data-driven used car platform with Merchant (B2B) and Retail (AutoHero) channels, supported by 650+ branches and 100 logistics hubs. Its proprietary pricing engine, developed well before the current AI hype, prices c.90% of cars algorithmically, ensuring fast, accurate offers and higher conversion. Recent results exceeded expectations, with FY25 guidance raised to 722–817k units, EUR 890–940m gross profit, and EUR 160–190m EBITDA. Execution remains strong, but priced in; we move to HOLD with unchanged PT EUR 30.00. A recording of the event can be accessed here: https://research-hub.de/events/video/2025-08-26-12-00/AG1-GR. The full update can be downloaded under https://research-hub.de/companies/auto1-group-se

Last week, tk nucera signed an MoU with Australian company Progressive Green Solutions (PGS) to supply 1.4 GW electrolyzers for the Mid-West Green project in Western Australia. The green hydrogen (gH2) will be used to produce iron pellets and hot briquetted iron (HBI), fully powered by renewable energy to cut CO2 emissions. The project is in early planning, with tk nucera working toward an EPF (Engineering, Procurement, Fabrication) contract, and a final contract could likely be signed by end-FY26 (ending 30 Sep. 2026), with the project potentially starting in FY27. This follows another 600 MW MoU from Europe in June. If both projects proceed, totaling 2 GW, they could generate EUR 0.8–1.0bn (mwb est.) in order intake, supporting revenues from FY27 onward. Smaller gH2 projects, such as a 300 MW MoU in Spain, could convert to orders sooner due to earlier signing. With a strong project pipeline totaling EUR 11bn, tk nucera is well positioned to capture growth in the emerging gH2 market. A meaningful re-rating, however, depends on improved order visibility, as growth remains the key driver. We maintain our BUY rating with an unchanged PT of EUR 12.00. The full update can be downloaded under https://research-hub.de/companies/thyssenkrupp-nucera-ag-co-kgaa