PALFINGER will deconsolidate its Russian entities after they were added to the UK sanctions list. The resulting impairment of ~EUR 135m in Q3 has no cash impact and is booked in discontinued operations. A further ~EUR 45m from the currency translation reserve should follow, mainly in ‘27 (mwb est). PALFINGER has also signed an agreement to sell its lower margin tail lift business, with closing expected in Q4 ‘26 / Q1 ‘27. Both steps sharpen the portfolio and reduce risks. Operationally, preliminary 9M EBIT of ~EUR 120m (down 8% yoy) confirms a softer year, and FY26 will likely end below the prior year. We cut ‘26E EBIT to EUR 160m. However, the 9.7% sell-off erased ~EUR 106m of market value, far more than the news justifies creating an attractive entry point. We confirm BUY with a slightly lower PT of EUR 56.00 (old: 57.00), offering >100% upside. The full update can be downloaded under https://research-hub.de/companies/palfinger-ag

SUSS’s GreenTec launch marks the commercial start of its wafer-cleaning strategy, extending proven photomask-cleaning technology into a substantially larger adjacent market. The GT200 targets 200mm qualification and production today, with customer validation already underway, while the scalable platform roadmap expands into 300mm HVM from ‘27 and underpins SUSS’s >EUR 100m GreenTec revenue ambition by 2030. With strong customer interest supporting the HVM rollout and the platform offering lower chemical use, reduced tool complexity and lower cost of ownership, GreenTec adds another credible medium-term growth leg to the SUSS story. At the same time, Micron’s yesterday commentary on sustained HBM tightness, rising capex and capacity additions into ’27-28 reinforces the demand backdrop for SUSS’s temporary bonding/debonding franchise. We reiterate our BUY rating and EUR 120.00 PT. The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se

cyan AG’s H1 earnings call broadly confirmed the growth strategy. Management maintained FY26 revenue guidance of EUR 10.2-11.5m and a positive EBITDA despite ongoing growth investments. For 2027, growth should remain primarily telco-led as recent subscriber cohorts mature and new launches contribute more fully. Guard 360 is expected to add revenue, but not yet significantly, with commercial traction still to build. We modestly fine-tune our FY27/28 estimates for a more gradual revenue ramp, while our scalability and operating leverage assumptions remain intact. Our EUR 4.00 PT and BUY recommendation remain unchanged. cyan AG will present at our virtual Security & Defense Conference on 8 October. For more information and registration follow: https://research-hub.de/conference/defense-and-security The full update can be downloaded under https://research-hub.de/companies/cyan-ag

Over the past few days, we joined a management dinner in Amsterdam with CFO Dr. Jörn Andreas and Executive Board Member Nicolás Wielandt, followed by KWS’s Vegetables Investor & Analyst Seminar in Andijk. The events provided deeper insights into the company’s strategy and the ramp-up of Vegetables, with R&D activities and field trials allowing us to see the progress first-hand. Innovation remains at the heart of KWS’s Seeds business, while management targets 3–5% organic growth and a 19–21% EBITDA margin in the medium term. Vegetables offers an attractive high-value growth opportunity, with five new varieties ready for the coming year and a targeted EUR 1.4bn market growing at c. 5% p.a. We leave Andijk with increased conviction in our investment case, seeing clear potential for Vegetables to become a meaningful and profitable growth driver for KWS. We maintain our BUY rating with a PT of EUR 93.00. The full update can be downloaded under https://research-hub.de/companies/kws-saat-se-co-kgaa

Viromed reported H1 revenues of EUR 2.5m (H1 25: EUR 2.4m) and a net loss of EUR 1.1m. The loss reflects deliberate investments in the PulmoPlas study and in the approval of ViroCAP med ahead of the commercial ramp-up. More importantly, the operational groundwork is now in place. Looking ahead to FY27, management anticipates a highly strong financial trajectory, driven by waning study expenditures and the commercial rollout of PulmoPlas amidst surging global interest. The MDR Class IIa certificate arrived in early July, sales of ViroCAP med have started, OEM production for HELLMUT RUCK is running, and the international distribution network continues to grow. For PulmoPlas, the submitted publication of the study results in a renowned journal should add scientific weight ahead of the next regulatory steps. Management confidently heads into H2 and confirmed its guidance of a significant increase in sales and net income for FY26. We reiterate our BUY with unchanged PT of EUR 11.00. The full update can be downloaded under https://research-hub.de/companies/viromed-medical-ag

Redcare Pharmacy raised FY26 guidance for the second time this year, driven by stronger-than-expected German Rx momentum. Preliminary Q3 Rx growth reached 56% yoy, with September still up 51% yoy despite tougher bonus comparables. Group revenue growth guidance increased to 16-18%, while German Rx guidance rose to EUR 730-760m (before: EUR 680-720m). Q3 adjusted EBITDA margin remained around the strong Q2 level of 3.5%, supporting the unchanged 2.5-3.0% FY26 margin guidance. Non-Rx also recovered after a softer July. We slightly raise our 2026 sales assumptions and reiterate BUY with a EUR 95.00 target price. The full update can be downloaded under https://research-hub.de/companies/redcare-pharmacy-nv

Südzucker’s (SZU) prelim Q2 FY27 operating EBITDA increased 81% yoy to EUR 168m, driven by CropEnergies and Special Products, while FY27 guidance was raised for the second time this fiscal year. With sugar prices already up more than 20% from their lows, we expect the Sugar segment to increasingly support earnings growth as tighter supply fundamentals take hold. Higher ethanol prices, India’s export restrictions, lower European beet acreage and emerging El Niño effects could further support the market, although elevated stocks may delay the impact on prices. Having significantly reduced its cost base during the downturn, SZU should benefit from strong operating leverage as the cycle turns. We maintain BUY and raise our PT to EUR 17.00 (old: EUR 15.00). The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag

Schloss Wachenheim’s FY25/26 final results confirmed the prelims, with Germany remaining impacted mainly by wine retail, while France and Eastern-Central Europe provided better support. De-alcoholized products continue to gain relevance, accounting for almost 30% of German segment sales. FY26/27 guidance is constructive, targeting higher volumes, 3-6% revenue growth and EBIT of EUR 28-32m. Wine retail remains an important swing factor, with management focusing on sales stimulation and more targeted marketing. Our estimates remain within guidance; we reiterate BUY with a EUR 19.00 price target. The full update can be downloaded under https://research-hub.de/companies/schloss-wachenheim-ag

BASF’s exploratory talks regarding a potential takeover of Evonik are strategically understandable, given the opportunity to increase specialty-chemicals exposure, broaden the earnings base and capture cost synergies, but execution will be critical. The deal would also leave the combined group heavily exposed to Europe, where weak demand and structurally high costs remain a competitiveness challenge, while a sizeable acquisition could complicate BASF’s recent deleveraging and capital-return story. Evonik’s current valuation at around 6.5x 2027E EV/EBITDA versus BASF at roughly 7.7x provides a reasonable starting point, but the eventual takeover premium, financing structure and realized synergies will determine value creation. With no terms disclosed and BASF shares already trading around our EUR 55.00 fair value, we retain our HOLD rating. The full update can be downloaded under https://research-hub.de/companies/basf-se

We participated in Vossloh’s Capital Markets Day last week, which reinforced our view that the Group is well positioned to benefit from the next cycle of global rail infrastructure investment. Its move towards integrated lifecycle solutions, supported by Sateba and digitalization, should allow Vossloh to capture market growth and increase its market share. Strong order momentum, with H1 26 order intake up 33% yoy and the backlog at a record EUR 1.14bn, provides further evidence of this opportunity. Vossloh’s 2030 targets of >EUR 2bn sales and ≥10% EBIT margin underline management’s confidence in its positioning. Following the c. 40% share-price decline from the peak one year ago, we see significant recovery potential and reiterate our BUY rating with a EUR 90.00 PT. The full update can be downloaded under https://research-hub.de/companies/vossloh-ag