Company Name: Desert Gold Ventures Inc. ISIN: CA25039N4084   Reason for the research: Research Note Recommendation: Buy Target price: 0.33 CAD Target price on sight of: 31.12.2026 Last rating change: Analyst: Matthias Greiffenberger, Cosmin Filker The Tiegba project provides a compelling blue-sky catalyst, a virgin gold target  [ … ]

SYNBIOTIC issued a profit warning following a sharp 50% qoq revenue drop in its Medical Cannabis segment during Q2 25, driven by political shifts under the new German government, regulatory uncertainty in online distribution, and oversupply pressures. FY25 revenue is now expected at around EUR 17m (previously ~EUR 30m) with a net loss of EUR 1.5m (previously EUR 1.7m profit). While sentiment remains weak, SYNBIOTIC’s pharmacy-based model still offers relative resilience amid tightening rules. We cut our estimates further and lower our price target to EUR 7.00 (old EUR 9.60), maintaining our Spec. BUY rating. The full update can be downloaded under https://research-hub.de/companies/synbiotic-se

Rheinmetall has secured a landmark order as the Bundeswehr plans to procure 600 Skyranger 30 air defence systems worth over EUR 9bn (Handelsblatt). The deal underscores Germany’s rapid push to rebuild its air defence and cements Rheinmetall’s role at the centre of Europe’s rearmament. The Electronic Solutions division, where Skyranger sits, is now set to exceed last year’s CMD growth target of EUR 4.5bn sales by 2027, as this single contract already represents a large portion of the company’s EUR 15bn air defence market potential through 2030. While the Boxer platform limits vertical integration compared with tracked vehicles, the scale and visibility of this order more than offset that. Hensoldt benefits materially through radar deliveries worth around EUR 720m, while RENK’s exposure is minor at EUR 30m (mwb est.). Overall, the Skyranger order validates Rheinmetall’s long-term growth trajectory and strengthens visibility ahead of the Capital Markets Day (18 Nov). We reiterate our BUY rating and EUR 2,500 price target, viewing any near-term Q3 volatility as a buying opportunity. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Company Name: The Platform Group AG ISIN: DE000A2QEFA1   Reason for the research: Update Recommendation: Buy from: 10.10.2025 Target price: 20,00 Euro Target price on sight of: 12 months Last rating change: - Analyst: Alexander Rihane First Berlin Equity Research hat ein Research Update zu The Platform Group AG (ISIN: DE000A2QEF [ … ]

CGRE enters the November AGM amid ongoing uncertainty over its delayed audited FY24 results, which continue to weigh on credibility and valuation transparency. While management cites pending valuation adjustments, the absence of a new publication date raises questions over asset values and governance standards. Operationally, progress is visible: the sale of the Plagwitzer Höfe retail park to REWE improves liquidity, and new partnership talks with institutional investors could ease financing constraints. Strategically, CGRE’s shift toward revitalising “stranded” urban projects within a 24–48-month horizon offers longer-term potential but requires disciplined execution and stronger disclosure. The AGM will serve as a key credibility test. With limited near-term upside and visibility, we downgrade to HOLD, maintaining our EUR 14.60 price target. The full update can be downloaded under https://research-hub.de/companies/cgre-ag

Deutsche Rohstoff’s stake in Almonty Industries (9.5% plus convertibles) has surged in value to over EUR 150m following Almonty’s 600%+ YTD share price rally. This was driven by the upcoming start of tungsten production at Almonty’s high-grade Sangdong Mine in South Korea and growing interest in non-Chinese supply sources amid geopolitical tailwinds. This holding now accounts for roughly 70% of Deutsche Rohstoff’s market cap and 40% of its EV. Ahead of Q3 results on 19 November, we expect the backend-loaded drilling program of H1 to lead to a sequential improvement in production in Q3, and commensurate increases in revenues, EBITDA and EPS. This could set the stage for a FY25 guidance tightening toward the upper end of the range. Reflecting the revaluation of Almonty, we raise our price target to EUR 62.00 (from EUR 53.00) and reiterate our BUY rating. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

Südzucker’s (SZU) Q2 FY26 results were weak. The company reported a revenue decline of 19% yoy to EUR 2.05bn and falling profitability, with EBITDA slumping 51% yoy to EUR 93m, impacted by soft sugar prices and general price and volume weaknesses across all other segments, except Fruit. Operating (op.) results slumped 82% yoy to EUR 20m (margin: 1.0%, -3.5ppt yoy), with both Sugar and CropEnergies reporting losses, while Special Products and Starch segments reported steep declines. SZU maintained its revised FY26 outlook (downgraded in August 2025), expecting revenues of EUR 8.3bn-8.7bn, EBITDA of EUR 470m-570m, and op. results of EUR 100m-200m, declining by 12%, 28%, and 57% yoy, respectively, at the mid-points. From FY27 onwards, we anticipate a recovery supported by rising EU sugar prices and market consolidation. For now, we broadly maintain our conservative stance with a HOLD rating and an unchanged price target of EUR 9.50 and would wait for a sustained recovery in sugar prices to reconsider our outlook on the stock. The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag

With Q3 results due on 30 October, Aixtron is approaching the quarter with a steady hand in a still-muted market environment. Order intake is expected to remain around Q2 levels, with sales of roughly EUR 130m, driven by a shipment mix weighted toward optoelectronics and GaN, while SiC moderates after a strong H1. Full-year sales are likely to land around the midpoint of the guidance range, though margins should settle toward the lower end amid higher R&D spending in H2, a less favorable mix, and mild FX headwinds. After adjusting margins slightly downward, we confirm our stance from the previous update and reiterate our BUY rating and EUR 20.00 price target, viewing the current phase as a healthy consolidation and compelling entry point ahead of the next upcycle expected from 2027. As AI-driven GaN demand gathers pace and utilization rates recover, we expect market sentiment to turn more constructive from H2 2026, paving the way for a meaningful re-rating as growth visibility improves. The full update can be downloaded under https://research-hub.de/companies/aixtron-se

Nordex delivered another strong quarter in terms of orders, with Q3 project orders reaching 2.2 GW, up 27% yoy, driven primarily by Europe (+61% yoy) and a stable average sales price of EUR 0.93m per MW. Total order intake amounted to around EUR 2bn (excl. service), sustaining a robust >1x book-to-bill ratio. The company continues to carry last year’s record 8.4 GW even stronger into FY25, securing 6.7 GW in the first 9M and supported by a strong order book of around EUR 14bn (mwb est.), positioning it well for continued growth. Q3 revenues are expected at roughly EUR 2bn (+19.8% yoy) with an EBITDA margin of ~6.5%, steadily moving toward the 8% mid-term target. Should margins and free cash flow exceed expectations, Nordex has clear rerating potential, particularly as our estimates currently remain below the company’s mid-term guidance. For now, we reiterate our PT of EUR 26.00 while maintaining our BUY rating. The full update can be downloaded under https://research-hub.de/companies/nordex-se

The German Federal Cabinet approved a draft amendment to the Medical Cannabis Act introducing tighter rules on prescriptions and distribution, signaling reduced political appetite for further liberalization. The proposed restrictions on telemedical renewals and mail-order sales create short-term uncertainty but structurally favor SYNBIOTIC’s wholesale- and pharmacy-based model via WEECO Pharma. Unlike competitors, dependent on digital channels, SYNBIOTIC’s established distribution network offers resilience and potential consolidation benefits. Against a tougher German market backdrop, we adjust our estimates, resulting in a new price target of EUR 9.60 (from EUR 11.80). We change our rating to Speculative BUY (from BUY), reflecting regulatory headwinds and increased sector risks, but also above average upside. The full update can be downloaded under https://research-hub.de/companies/synbiotic-se