Multitude delivered solid Q3 25 results, confirming the effectiveness of its current positioning. Net operating income of EUR 52.3m fell short of expectations, but net profit exceeded forecasts at EUR 6.1m, supported by sharply lower impairments and stronger underwriting. Fee income rose to EUR 7.9m, strengthening the shift toward a higher-margin, lower-risk revenue mix. Segment trends were mixed, with SME and Wholesale Banking showing notable improvements. Q4 is expected to develop solidly, with earnings quality remaining high. We slightly adjust estimates and raise our price target to EUR 13.20. Improving profitability increases visibility despite moderate revenue momentum. BUY. The full update can be downloaded under https://research-hub.de/companies/multitude-ag

Formycon reported 9M revenues of EUR 19.5m, with Q3 contributing EUR 10.5m following a weaker first half of 2025. Profitability improved sequentially, as Q3 EBITDA of EUR -3.5m compares favourably with H1 (H1: EUR -17.9m), while the 9M net loss (EUR -60.4m) remains dominated by non-operating effects booked earlier in the year. FYB202 revenues are building gradually, supported by the European rollout. FYB201 remains modest until Sandoz resumes US commercialization in early 2026. Full-year guidance was reiterated, leaving a strongly back-loaded Q4 dependent on FYB202 acceleration and initial FYB206 partnering revenues. We reiterate BUY, PT EUR 48.00. The full update can be downloaded under https://research-hub.de/companies/formycon-ag

Infineon’s Q4 confirmed the long-awaited trough, with a clean sequential step-up in revenue, resilient margins, and signs of normalization across most divisions as inventories stabilize and backlog rebuilds. End markets are gradually recovering, led by automotive and power infrastructure, while PSS remains the structural growth engine on the back of surging AI power demand. FY26 guidance, however, fell short of consensus and struck a more cautious note, pointing to only moderate sales growth and a high-teens margin as FX, pricing, and idle costs weigh against Step Up savings. Notably, the upgraded FY26 AI revenue target to EUR 1.5bn (vs. EUR 1bn) now drives roughly 3.5% of the incremental growth, leaving the core business ‘only’ slightly up versus FY25. While the direction of travel remains positive, lingering macro headwinds and slower-than-expected momentum limit near-term upside. We maintain our HOLD rating and trim our price target to EUR 35.50 from EUR 37.00. The full update can be downloaded under https://research-hub.de/companies/infineon-technologies-ag

tonies delivered a strong Q3, with revenues up 48% yoy (52% cc), outperforming expectations thanks to the global rollout of the new Toniebox 2 and related retail channel loading. Growth was broad-based, highlighted by a record 45% increase in the mature DACH region, solid US momentum (+39% nominal), and exceptional RoW performance (+77%). Product mix shifted toward Tonieboxes, which grew 54%, while Tonies rose 45%. Management reaffirmed FY25 guidance of >25% cc revenue growth to EUR 600m+ and an adj. EBITDA margin of 6.5–8.5%, indicating that Q4 may be less weighted than usual due to the Q3 product launch. Early Q4 demand signals are strong, and we see upside to our estimates if TB2 momentum continues. Until then, we maintain our estimates and EUR 11.70 price target. BUY. The full update can be downloaded under https://research-hub.de/companies/tonies-se

Enapter announced a EUR 12.0m capital raise, including a EUR 2.4m cash increase with 1.5m additional shares and a EUR 9.6m mandatory convertible bond at EUR 1.58 per share, fully secured by two anchor institutional investors. The bond’s mandatory conversion allows it to be treated as equity-like, providing immediate financial stability, supporting execution of the order backlog, and strengthening the balance sheet. The anchors, Svelland Global Trading Master Fund Limited and CVI Investments, Inc., controlled by Jeffrey Yass, bring substantial financial firepower and signal strong confidence in the company’s technology and growth prospects. We have adjusted the model to include the committed shares and bond, while the potential ~6.076m shares from conversion remain pending. The raise strengthens operations, reduces net debt, and validates the growth story. Due to modest dilution, we revise our price target to EUR 3.30 (from EUR 3.50) and maintain our Spec. BUY rating, seeing the capital raise as a strong signal of confidence from the major investors. The full update can be downloaded under https://research-hub.de/companies/enapter-ag

Duerr delivered a stronger-than-expected Q3, with adj. EBIT up 40% yoy to EUR 69m and a sharply improved 6.6% margin, supported by efficiency gains and solid execution. Revenues of EUR 1.04bn were broadly in line, while order intake remained soft at EUR 763m due to tariff uncertainty and high prior-year comps. All divisions contributed to the earnings recovery, with Industrial Automation the clear standout and Woodworking showing strong margin improvements. Management confirmed full-year guidance, including the 4.5–5.5% adj. EBIT margin and EUR 3.8–4.1bn order intake. The Environmental divestment strengthens the balance sheet, with net debt expected to fall sharply by year-end. We reiterate BUY with an unchanged EUR 31.00 target. The full update can be downloaded under https://research-hub.de/companies/duerr-ag

Mister Spex delivered another quarter of solid margin progress despite expected revenue contraction. Q3 25 sales declined 18% yoy to EUR 47.5m, broadly in line with expectations, reflecting reduced promotional activity and continued international retrenchment. Profitability improved meaningfully: gross margin expanded to 54.8% (+600bps yoy), driven by a higher share of prescription eyewear, lower discounting, and SpexPro premium lenses. Costs continued to normalize, with personnel and other operating expenses down >20% yoy respectively. As a result, EBIT improved to EUR -4.6m (Q3’24: EUR -14.6m), slightly ahead of forecasts. Liquidity remained solid at EUR 57.6m. Management reiterated FY25 guidance, underscoring confidence in the ongoing SpexFocus-driven turnaround. We reiterate our BUY rating and acknowledge that as of Q4 the base effect is significantly improving. The full update can be downloaded under https://research-hub.de/companies/mister-spex-se

RENK delivered a solid set of Q3 results with all key figures broadly in line (±1%), confirming strong execution and visibility. Order intake rose 41% yoy, pushing the backlog to EUR 6.4bn and setting the stage for an even stronger H1 2026 as major OEM programs ramp up. Segment performance was as expected, led by strong margins in their defense segments (VMS and M&S). With Q3 largely a non-event, investor attention now shifts to the CMD on 20 November, where expectations are noticeably lower after Hensoldt’s muted CMD triggered a sector-wide selloff. This reset in sentiment could provide a favourable setup if RENK offers a credible long-term outlook. HOLD with an unchanged PT of 68.00. The full update can be downloaded under https://research-hub.de/companies/renk-ag

Brenntag’s Q3 2025 results were a mixed bag. Sales declined 8.6% yoy (-4.7% c.c.) to EUR 3.7bn, falling 3% short of consensus. The weak demand amid the challenging macro environment and tariff uncertainties impacted volumes across both the Specialties and Essentials segments, and pricing pressure in the latter. Operating gross profit declined 7.1% yoy to EUR 947m (-3.1% yoy c.c.). Meanwhile, operating EBITA fell 13.6% yoy to EUR 243m (-9.2% c.c.), though beating consensus by 2%. Inflationary pressure and FX headwinds weighed down on profitability, despite the cost-out program delivering EUR 45m in savings. Management now expects to reach the lower-end of its FY 2025 EBITA guidance range of EUR 950m-1.05bn. Management remains focused on cost control (targeting cost take-outs of c.EUR 300m p.a. by 2027) and investments in the existing business to drive an organic EBITA CAGR of 7%-9% through 2027, topped with selective M&A, to support a return to overall growth and margin improvement over time. We recalibrate our estimates and maintain our BUY rating with a slightly lower price target of EUR 70.00 (old: EUR 72.00). The full update can be downloaded under https://research-hub.de/companies/brenntag-se

Verbio announced Q1 FY26 results, showing a rebound in revenue and EBITDA across its key segments. Biodiesel was supported by higher prices, co-product sales, and contract adjustments, while Bioethanol/Biomethane benefited from increased volumes and recovering demand for greenhouse gas (GHG) quotas in North America. Logistics and trading activities also contributed positively. Management confirmed FY26 guidance, targeting high double-digit million EBITDA and a moderate reduction in net debt. Early momentum in US operations and improving market conditions suggest the company could be nearing a profitability inflection point. In response, we are adjusting our estimates and raising our price target to EUR 18.00 (from EUR 11.00). Nevertheless, we maintain a HOLD rating, reflecting recent share price gains, continued market uncertainties, regulatory delays, and the need for stronger recovery signals. The full update can be downloaded under https://research-hub.de/companies/verbio-se