TUI’s preliminary FY25 results show revenues of EUR 24.2bn, slightly below expectations (–0.8%) and growth of 4.4%, missing its 5–10% guidance range. The miss probably is due to softer Markets & Airlines performance in Germany as TUI prioritized margins over volume. Underlying EBIT of EUR 1,459m (+3% vs. estimate) and a 12.6% margin exceeded guidance, driven by record results in Hotels & Resorts and Cruises. The focus now turns to the 10 December 2025 results, where TUI will outline its FY26 outlook, recent booking trends, and a potential dividend resumption amid strong deleveraging progress. We reiterate our BUY rating and EUR 16.00 price target. The full update can be downloaded under https://research-hub.de/companies/tui-ag

Singulus’ Q3 unfolded as flagged in the prelims, confirming weak order momentum and a guidance cut on delayed solar projects. While volumes remained soft, gross margins remain resilient, reflecting improving business mix from the semiconductor segment. Liquidity remains tight and refinancing discussions are underway, putting near-term focus squarely on securing new orders to stabilize the balance sheet. Beyond the cyclical drag, management is making tangible progress in new application areas, with first wins in hydrogen coating systems and advances in solid-state battery processing validating Singulus’ ability to extend its know-how into fast-growing technology fields. Acknowledging that market conditions remain fragile and execution and funding risks elevated, we maintain our Speculative BUY and EUR 3.00 price target, seeing an equally asymmetric upside once industrial capex momentum resumes. The full update can be downloaded under https://research-hub.de/companies/singulus-technologies-ag

INDUS Holding AG delivered a strong Q3 2025, clearly outperforming expectations on profitability despite a flat topline. Revenue of EUR 437m was stable yoy, while EBIT surged 36% to EUR 43m and EBITDA rose 9% to EUR 67m, supported by cost discipline, lower impairments (down c. EUR 5m yoy) and favorable mix effects. EPS nearly doubled to EUR 1.33, driven by improved margins and a lower tax rate. Incoming orders grew 17% to EUR 1.43bn, lifting backlog to EUR 749m and securing visibility into 2026. In addition, free cash flow strengthened and guidance was reaffirmed. Given strong operational momentum and enhanced earnings quality, we raise our forward estimates by 7-8% and reiterate our BUY rating with a new EUR 35.00 PT (prev. EUR 33.00). The full update can be downloaded under https://research-hub.de/companies/indus-holding-ag

Hensoldt’s 2025 CMD confirmed solid execution but offered little to excite investors, prompting a -9% share price drop. The company reaffirmed its EUR 6bn 2030 revenue ambition with >20% margins but gave little growth impulses beyond the current defense supercycle (2030+). Strong backlog coverage (91% of 2026 revenues) and expanding capacity support mid-term visibility, yet the limited contribution from software defined defense (SDD) highlights that Hensoldt remains primarily a hardware driven business. Guidance cuts to free cash flow conversion (now ~50% instead of 50-60%) and higher R&D spending than cons. est. (5–6% of sales vs consensus 1.7%) suggest near-term consensus downgrades. Even after yesterdays drop, valuation remains stretched, trading more than one standard deviation above historical averages and above our DCF PT, supporting our SELL rating and revised price target of EUR 69.00 (prev. 72.00). The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

Ernst Russ (“ER”) delivered an exceptionally strong Q3 25, with earnings well above expectations on the back of gains from ship disposals and other one-off related gains. Revenues of EUR 39.4m slightly exceeded estimates, while EBIT surged to EUR 22.1m (mwb est.: EUR 11.5m) for an impressive 56% margin. Net income after minorities rose to EUR 19.7m (+163% vs. est.), showcasing the scalability of ER’s leaner structure. High fleet utilization (98.5%) and firm charter rates underline operational strength. With the rumored USD 17m sale of MV EF Elena set to deliver an additional EUR 8–10m gain in Q4 (mwb est.), ER is on track to reach the upper end of FY25 guidance. We reiterate BUY, PT EUR 12.00, reflecting sustained earnings momentum and strong balance sheet discipline. Note: Our model adjustments in 26/27 merely reflect costs associated to regular dry-dockings, which we are now expecting slightly earlier than previously anticipated. The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

KWS announced a mixed start to FY26 (fiscal year from July 1 until June 30) with its Q1 results, as strong winter crop sales, particularly oilseed rape, helped offset somewhat lower sugar beet revenues following heavy early orders in the prior year. Despite a subdued agri environment and weak commodity prices, the company demonstrated resilience thanks to its diversified portfolio and solid market positioning. Profitability benefited from the sale of the North American corn business, while the Vegetables segment continued to grow as a key future driver. Management reaffirmed its FY26 guidance, expecting around 3% revenue growth and an EBITDA margin of 19–21%, underscoring confidence in the outlook. As the majority of earnings are typically generated in Q3, Q1 results carry limited indicative value. With regard to KWS Capital Markets Day next week, we are confident that our view will be confirmed. We reiterate our BUY rating and price target of EUR 83.00. The full update can be downloaded under https://research-hub.de/companies/kws-saat-se-co-kgaa

Heidelberg delivered a solid Q2 FY25/26 with profitability ahead of expectations. Sales rose 1% yoy to EUR 519m, while EBITDA improved to EUR 43m (margin 8.3%), confirming continued efficiency gains. Order intake of EUR 551m was stable, supporting a healthy backlog of EUR 809m. H1 results show clear operational progress with sales up 7.6% and margins doubling. Free cash flow improved despite restructuring and the POLAR acquisition. Heidelberg reaffirmed its FY guidance (sales ~EUR 2.35bn; EBITDA margin up to 8%). On a separate note, subsidiary Amperfied won Siemens Energy as a major e-mobility customer, potentially expanding to several thousand charging points, each generating recurring and profitable revenues. With slightly higher FY25/26 estimates, we reiterate our BUY rating with increased PT of EUR 2.80 (previously EUR 2.70), offering decent upside potential. The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

Cicor Group has announced the acquisition of TT Electronics (UK) for a transaction value of around CHF 303m, adding scale, diversification and stronger exposure to industrial, medical and aerospace markets. The deal would roughly double Cicor’s size to around CHF1.2bn in revenue and CHF 138m in EBITDA on a pro-forma FY24 basis (including full synergies). Cicor expects the acquisition to be >30% EPS accretive by FY28, supported by cost synergies of at least CHF 14m and integration within three years. These assumptions appear credible, as Cicor has established a solid track record of value-accretive integrations. Our preliminary valuation indication of CHF 277-293 per share (fully diluted) reflects the combined potential, but, as said, remains preliminary. The transaction is subject to TT shareholder approval and regulatory clearance. We maintain our current target price of CHF 217.00, pending completion and further visibility on integration execution. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd

Following a recent roadshow with Head of IR Jörg Peters, we take a constructive view on Amadeus Fire’s medium-term outlook. While the company’s 9M 2025 performance remained weak due to continued macro headwinds and restructuring effects, several indicators suggest that the earnings trough has been passed. The next growth phase should be supported by cost savings from restructuring, incremental contributions from the Masterplan acquisition, and further potential M&A activity. We therefore reiterate our BUY rating with unchanged PT of EUR 90.00 implying a decent 80% upside potential. The full update can be downloaded under https://research-hub.de/companies/amadeus-fire-ag

Stabilus SE reported preliminary FY25 results broadly in line with its revised guidance. Sales of EUR 1,296m (–0.8% yoy) and adjusted EBIT of EUR 143m (–9% yoy, 11.0% margin) met expectations, while net profit dropped sharply to EUR 24m due to one-off transformation costs and higher interest expenses. Free cash flow fell to EUR 119m, and net leverage rose to 2.97x, the highest since FY16. Q4 was weak, with negative earnings and margin pressure. With lower FY26–FY27 visibility, the price target is cut from EUR 34.50 to EUR 30.00; rating remains BUY. The full update can be downloaded under https://research-hub.de/companies/stabilus-se