Dermapharm’s (DMP) released its Q3 25 results, which were a mixed bag. Revenues were down 5% yoy to EUR 294.9m, impacted by portfolio optimization in Parallel Import and continued reorganization of the Arkopharma businesses. However, its adjusted (adj.) EBITDA improved 1% yoy to EUR 88.0m (margin: +1.8ppt yoy to 29.8%), driven solely by organic growth in the Branded Pharmaceuticals business, which more than offset the Arkopharma restructure-driven decline and FX headwinds. DMP kept its guidance for FY25 unchanged, expecting revenues of EUR 1.16bn-EUR 1.20bn and adj. EBITDA of EUR 322m-332m, requiring Q4 revenues and adj. EBITDA to be up 7% and 21% yoy, respectively, at mid-points (flat and +14% yoy, at lower-end). While its revenue target seems achievable, its adj. EBITDA target seems ambitious, requiring a solid profitability growth in Q4. Nevertheless, the company is moving the right levers to improve its med-to-long-term growth potential. Therefore, we slightly lower our price target to EUR 43.00(old: EUR 45.00) but reiterate the BUY rating. The full update can be downloaded under https://research-hub.de/companies/dermapharm-holding-se

Deutsche Rohstoff delivered a solid Q3 with slightly higher-than-preliminary production (13.7k BOEPD) and stronger oil mix, leading to revenues of EUR 47.8m (-20% yoy, +11% qoq) and EBITDA of EUR 31.2m, both modestly above estimates and with improved margins. Despite fewer new wells and lower capex in 2025, production rose YoY thanks to strong Chinook wells and slower declines in its mature portfolio. The company generated positive free cash flow of EUR 2.0m and strengthened liquidity by issuing a EUR 50m 6% bond maturing in 2030. With additional wells coming online in Q4, Deutsche Rohstoff expects to reach the upper end of its FY25 guidance (revenue EUR 170 - 190m; EBITDA EUR 115 - 135m). Estimates were only fine-tuned, but a share price drop at Almonty reduces the price target to EUR 62.00 (from EUR 68.50), and the BUY rating is reaffirmed. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

MS Industrie delivered a solid third quarter, demonstrating clear operational progress and resilience amid its expansion phase. Q3 results came in slightly above the prior year, supported by higher sales and improved profitability, reflecting stronger efficiency and a continued recovery in core operations. The balance sheet remains healthy, with a stable equity ratio and ample flexibility to fund future growth. Strategic initiatives are progressing well — notably the successful launch of the new US site, which is already showing encouraging early traction. The Defence area is gaining momentum with now for the first-time direct sales to a major military player, as well as rising indirect demand. Management confirms full-year revenue guidance. We slightly adjust our revenue and lower FY25 earnings est. due to higher-than-expected upfront costs from the strategic expansion. We reiterate our BUY rating with an unchanged PT of EUR 2.40. The full update can be downloaded under https://research-hub.de/companies/ms-industrie-ag

Friedrich Vorwerk (FVG) delivered Q3 results in line with the preliminary figures, reporting record revenues and EBITDA. The quarter was driven by strong operational execution, continued headcount growth, and a high-quality order backlog, reflecting robust demand across gas, power, and hydrogen infrastructure projects. Management confirmed its upgraded FY25 guidance, highlighting confidence in revenue growth and margin expansion for the full year. Despite this positive momentum, the stock has outpaced operational performance and remains richly valued, with elevated expectations leaving limited room for error. Even minor setbacks could materially affect the share price, for example if the high market expectations for growth and margins cannot be fully met. On this basis, we maintain our cautious view and reiterate our SELL rating with an unchanged price target of EUR 60.00. The full update can be downloaded under https://research-hub.de/companies/friedrich-vorwerk-group-se

Amadeus Fire has intensified its EdTech momentum with the acquisition of a 70% stake in eduBITES, its second digital learning deal in short succession. The Berlin-based SaaS provider brings AI-driven knowledge-capture and collaborative learning tools, adding a scalable, recurring-revenue platform to the group’s growing digital training ecosystem. While eduBITES’ current revenue base is small, the strategic fit is compelling: the deal deepens Amadeus’s technology capability, enhances cross-sell potential across its training network, and supports a shift toward higher-margin, less cyclical digital services. With both eduBITES and Masterplan now onboard, integration discipline becomes critical, but successful execution could materially strengthen the company’s long-term competitive positioning and support valuation upside. BUY, PT EUR 90.00. The full update can be downloaded under https://research-hub.de/companies/amadeus-fire-ag

Cancom reported its Q3 results, which continue to be impacted by weak customer sentiment, although some pick-up was noted sequentially. Its revenues grew slightly by 0.3% yoy (+7.8% qoq) to EUR 423.9m on flat sales across both operating regions, impacted by delayed customer investments, particularly in IT hardware. EBITDA, which included a restructuring charge of EUR 2.6m, fell 12.6% yoy to EUR 27.1m, with the margin narrowing 0.9ppt yoy (+2.4ppt qoq) to 6.4%. Management kept its FY25 guidance unchanged, expecting revenues of EUR 1,650m-1,750m and EBITDA of EUR 100m-110m. At the lower end, this requires Q4 sales of c. EUR 422m (-13% yoy) and EBITDA of c. EUR 36m (+36% yoy). While the top-line target seems achievable, we consider the profitability target to be ambitious, even though management expects Q4 to be a seasonally stronger quarter for the company. With fine-tuning adjustments to our assumption, we maintain our HOLD rating, however, at a slightly higher PT of EUR 24.30 (old EUR 23.50). The full update can be downloaded under https://research-hub.de/companies/cancom-se

Delivery Hero’s Q3 performance was broadly in line with expectations, with revenue slightly ahead and underlying growth stabilizing. GMV rose +7% yoy LfL, and early Q4 data already shows a clear acceleration as South Korea returned to order growth in October. Revenue increased +22% yoy LfL, supported by strong own-delivery expansion, AdTech and subscriptions, while GP margin improved by +40 bps and SG&A fell to 6.0% of GMV. Regionally, Europe, MENA and the Americas showed solid momentum, while Asia is positioned for recovery in Q4. Guidance was fully reiterated. With unchanged estimates, we maintain our BUY rating and EUR 43.00 PT. The full update can be downloaded under https://research-hub.de/companies/delivery-hero-se

Bayer delivered a mixed Q3, with a strong margin rebound in Crop Science overshadowed by the continued drag of litigation. Revenue landed just shy of expectations, but adj. EBITDA surprised meaningfully to the upside on Crop Science’s sharp turnaround, while core EPS surged. Still, higher-than-expected legal charges pushed the company into a deeper net loss and squeezed free cash flow, keeping sentiment subdued. Segment trends show steady underlying progress in Pharma and Consumer Health and solid improvement in Crop, though pricing pressure and regional softness persist. With guidance reaffirmed but litigation provisions rising and debt still elevated, near-term upside looks limited. We therefore maintain our HOLD stance and EUR 27.00 target, recognizing improving fundamentals but ongoing legal and balance-sheet headwinds. The full update can be downloaded under https://research-hub.de/companies/bayer-ag

Viscom delivered a softer-than-expected Q3, with weaker order intake, revenue shortfalls from project slippages, and a temporary EBIT setback, but the miss looks largely timing-related rather than structural. Zooming out, 9M EBIT improved materially to EUR -1.8m (9M’24: -5.9m), underscoring the meaningful operational progress this year. Europe remained the main drag as automotive electronics capex stayed frozen, while the Americas saw steady activity despite tariff-driven delays and Asia continued to shine with strong Chinese demand and an Indian rebound pointing to a healthy Q4. Importantly, management reaffirmed FY25 guidance, though the required Q4 back-end loading is significant. Reflecting this execution risk, we trim estimates toward the lower end of the range and lower our PT to EUR 6.00 from EUR 6.50. Strategically, none of the quarter’s noise alters the broader improving picture. Thus, we maintain our BUY rating The full update can be downloaded under https://research-hub.de/companies/viscom-se

secunet delivered a soft Q3, with revenues up only 2.4% yoy due to seasonality and delayed federal budget approval, which temporarily shifted Public Sector revenues. Business Sector growth (+48% yoy) offset the –1.5% yoy decline in Public Sector. Despite the soft topline, profitability was strong: EBIT grew 9% yoy with a 15.6% margin, and order intake rose 22% yoy, lifting backlog 22% qoq and supporting a likely strong Q4. Management confirmed FY25 guidance and expects margins at the upper half of the range. With achievable Q4 requirements and intact mid-term prospects, we reiterate HOLD and a EUR 190 PT. The full update can be downloaded under https://research-hub.de/companies/secunet-security-networks-ag