Wacker’s Q2 showed that self-help is working, but not that demand has turned: underlying earnings improved materially on PACE savings, better Chemicals volumes, disciplined pricing and tighter cost control, while headline profit and cash flow were flattered by pension and Siltronic-related effects. Order intake remains volatile and short-cycle, construction and industrial demand are still weak, and solar polysilicon continues to face overcapacity, low utilization and policy uncertainty. Wacker has adjusted its FY26 guidance, reflecting stronger execution more than a cyclical recovery, with H2 likely softer as seasonality and one-off benefits fade. We leave our EUR 90.00 price target unchanged and reiterate HOLD, as the current valuation already discounts much of the improved cost base and further upside requires clearer evidence of sustained end-market recovery and stabilization in solar polysilicon. The full update can be downloaded under https://research-hub.de/companies/wacker-chemie-ag

HENSOLDT delivered a strong Q2 with revenue of EUR 672m (+22% yoy) and order intake of EUR 1,328m beating consensus by 3.6% and 8.7% respectively, though the adjusted EBITDA margin of 13.8% came in below the 14.1% expected. However, the bulk of the order intake stems from armoured vehicle optronics which are in our view legacy programmes. Guidance is unchanged and the record EUR 10,356m backlog covers the consensus revenue path through 2028, so the estimates are bookable. We do not view the EUR >5bn of order intake assumed for 2028 as a run-rate, and treat it as a procurement catch up. At EUR 84.00 the shares trade on 13.4x EV/EBITDA and 26x earnings on 2028 consensus. We reiterate our SELL rating with a price target of EUR 62.00. While the NATO summit confirmed a multi-year investment cycle we do not see a multi decade one. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

tk nucera’s preliminary Q3 FY26 results delivered a reassuring combination of strongerthan-expected revenue, resilient profitability and solid order momentum. While the weaker green hydrogen market continued to weigh on the topline, disciplined cost management and a strong CA performance helped offset negative operating leverage, with EBIT materially ahead of consensus. The update confirms that tk nucera remains operationally on track, while the well-filled project pipeline supports confidence in a stronger order contribution in Q4. Although the green hydrogen market is still awaiting broader infrastructure development and clearer investment signals, recent large-scale project awards demonstrate how quickly momentum can return. With leading technology, a strong balance sheet and substantial net cash, tk nucera is well positioned to navigate the current slowdown and benefit disproportionately once project activity accelerates. Maintain BUY, EUR 15.00 PT, 91% upside. The full update can be downloaded under https://research-hub.de/companies/thyssenkrupp-nucera-ag-co-kgaa

Siemens Healthineers (SHL) reported mixed Q3 26 results, with modest comparable revenue growth and adjusted EPS supported by US tariff refunds. Management lowered its FY26 revenue growth guidance because of continued weakness in Diagnostics, while raising its EPS outlook by the amount of the refund benefit. Diagnostics remains the main concern, reflecting structural pressure in China, declining legacy platforms, and weak margins. Imaging was subdued, but Precision Therapy delivered strong growth, while the equipment book-to-bill ratio indicated healthy demand. We make limited model adjustments, do not extrapolate the tariff benefit, and maintain our BUY rating with a lower price target of EUR 47.00 (old EUR 49.00). The full update can be downloaded under https://research-hub.de/companies/siemens-healthineers-ag

Amadeus Fire issued a profit warning for 2026, cutting revenue guidance by c. 5% midpoint and operating EBITA by c. 22% midpoint. The downgrade stems from sharp declines in high-margin permanent placement, which triggered significant negative operating leverage. While the Training and temporary staffing segments remain resilient, the company now relies heavily on a steep second-half profit acceleration driven partly by more working days. We believe the conservative macroeconomic assumptions mitigate some downside, but H2 execution remains critical. Factoring in the weaker margins and challenging hiring environment, we reduce our estimates and cut our price target to EUR 65.00 (previously EUR 70.00), but we maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/amadeus-fire-ag

Q2 was slightly below our expectations, but the underlying trajectory is becoming more constructive: 300mm demand remains strong, the Singapore ramp is improving utilization, and the emerging recovery in 200mm suggests that Power inventories are finally easing. Near-term earnings remain constrained by weak pricing, unfavorable mix and elevated depreciation, but improving customer interest, high industry loading for 300mm and stabilizing non-LTA prices strengthen the case for broader pricing recovery and greater bargaining power in 2027. Following the sharp share-price correction, we believe the risk-reward has turned attractive, prompting us to raise our price target to EUR 85.00 from EUR 70.00 and upgrade the shares to BUY from SELL. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

CECONOMY delivered a solid Q3, with currency- and portfolio-adjusted sales up 8.0% and adjusted EBIT improving by EUR 19m to EUR -5m. For the first nine months, adjusted EBIT rose 22.1% to EUR 342m, putting the FY 2025/26 target of ~EUR 500m firmly within reach. Regional performance was mixed, with DACH returning to growth on weather- and World Cup-driven demand. At its July Strategy Day, CECONOMY set a new FY 2028/29 ambition of EUR 800m adjusted EBIT. The takeover by JD.com is progressing. Only two regulatory hurdles remain (Austria, EU subsidy control), with closing still expected in H2 calendar 2026. We maintain our SELL rating and EUR 4.60 price target, which continues to reflect the JD.com offer price as the relevant valuation anchor. The full update can be downloaded under https://research-hub.de/companies/ceconomy-ag

KION delivered a strong Q2, with revenue slightly ahead of our estimate and adjusted EBIT materially above expectations, driving a 70bp margin improvement to 7.7%. The 20% decline in order intake was largely optical, reflecting last year’s record IAS order intake and the Q1 pull forward in ITS rather than weaker underlying demand. IAS was the clear positive, with revenue up 23% and adjusted EBIT up 42%, while the narrowed FY26 guidance mainly reflects lower ITS expectations partly offset by a better IAS outlook. We view the revised guidance as a modest de-risking rather than a profit warning. With Q2 results ahead of our pre-close assumptions and the earnings recovery intact, we see the share price weakness as disconnected from fundamentals and reiterate our EUR 55.00 price target and BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/kion-group-ag

Drägerwerk’s (Dräger’s) final Q2 26 results confirmed the preliminary figures and reinforced the case for a sustained operational recovery. Revenue rose 8.6% yoy to EUR 847.3m, while EBIT more than doubled to EUR 45.9m and the margin expanded to 5.4%. Even excluding the EUR 7.8m tariff refund, underlying profitability improved materially. Safety remained the key earnings driver, combining strong order intake with an 11.3% EBIT margin. Medical returned to profitability, although a weaker order intake was reported. Overall, broad-based gross margin expansion and operating leverage support our investment thesis. We reiterate BUY and our EUR 114.00 price target. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

Company Name: Nabaltec AG ISIN: DE000A0KPPR7   Reason for the research: Update Recommendation: BUY Target price: EUR 16 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr Q2 preview: Passed the trough, returning to growthNabaltec will publish its H1 figures on August 20. Following a soft Q1 (sales [ … ]