Wacker Chemie’s final Q2 2025 results confirmed its preliminary numbers. Sales declined by 4% yoy in Q2 on weak prices and volumes, and EBITDA fell by a steep 26% yoy, due to sub-optimal utilization rates. In particular, Polymers and Polysilicon reported sharp deterioration in their operating performance. End-market demand remains weak, macro and tariff uncertainties cloud visibility, and FX headwinds are increasing for global chemical players. In its recently slashed FY 2025 guidance, Wacker expects to report broadly steady sales yoy while close the year with an EBITDA which is lower anywhere between 6% to 33% yoy, clearly indicating to the unpredictable outlook. To counter the secular challenges, Wacker is realigning its business to less-cyclical industries, cutting costs, and adopting a disciplined capex policy. We see the current valuation as a chance to add exposure to the medium-term recovery story. We maintain our PT at EUR 85.00 and reiterate our BUY rating. The full update can be downloaded under https://research-hub.de/companies/wacker-chemie-ag

Ceconomy has entered into an investment agreement with JD.com, which will launch a voluntary public takeover offer at EUR 4.60 per share, representing a 43% premium over the three-month average price. Anchor shareholders, controlling about 32% of shares, have committed to the offer, with Convergenta retaining around 25.4%. JD.com intends to preserve Ceconomy’s operational independence, leveraging its advanced technology and logistics to support digitalization and growth, while existing management and brands remain intact for at least five years. A delisting is planned post-takeover. With strong shareholder backing and a fair offer, completion is highly likely; shareholders are advised to tender. The full update can be downloaded under https://research-hub.de/companies/ceconomy-ag

Bayer's Q2 2025 preliminaries reflect strong operational execution, with EBITDA before special items materially ahead of consensus and full-year currency-adjusted guidance raised, driven by Pharmaceuticals and Crop Science resilience. However, this positive momentum is overshadowed by a substantial increase in US litigation provisions, alongside persistently modest free cash flow and elevated net financial debt. With the shares now trading close to our fair value of EUR 29.00, we downgrade from BUY to HOLD, as ongoing legal and financial uncertainties constrain near-term upside despite improved underlying trends. We remain selective pending greater visibility on legal risks. The full update can be downloaded under https://research-hub.de/companies/bayer-ag

Cancom’s preliminary H1 2025 results showed continued weakness, with revenue down 3.8% year-over-year to EUR 803.8m and EBITDA falling 33.9% to EUR 36.7m. Q2 figures indicated further sequential softening, driven by postponed IT investments and macroeconomic uncertainty, especially in Germany. Management cut full-year guidance, now expecting EUR 1,650-1,750m in revenue and EUR 100-110m in EBITDA, abandoning hopes of a H2 recovery. With no near-term improvement in sight and stimulus effects likely delayed until 2026, we lower our forecasts and cut the price target to EUR 25.00 (from EUR 27.20), maintaining a HOLD rating due to limited catalysts and ongoing headwinds. The full update can be downloaded under https://research-hub.de/companies/cancom-se

GEA reported Q2 25 preliminary results which were largely in line with expectations. Sales of EUR 1,312m were slightly below consensus, but EBITDA before restructuring of EUR 217m beat consensus by approximately 4%, resulting in a 16.5% adjusted margin. Order intake of EUR 1,309m missed consensus but does not include a recent large order to be booked in H2 25. Based on this solid performance, GEA raised its FY25 EBITDA margin guidance to 16.2–16.4% (from 15.6–16.0%) and narrowed organic sales growth to 2–4% (from 1–4%), together pointing to accelerating growth and continued margin strength in H2. The company also reaffirmed its Mission 30 targets, aiming for over 5% organic sales CAGR and a 17–19% EBITDA margin by 2030. With a EUR 400m buyback and a progressive dividend policy, GEA is actively returning capital to shareholders. We've adjusted our fair value to EUR 62.00 (from EUR 61.00), maintaining a HOLD rating as the positive developments are largely reflected in the current valuation. The full update can be downloaded under https://research-hub.de/companies/gea-group-ag

AUTO1 Group delivered a strong Q2, surpassing consensus expectations across all metrics. Revenues rose 30% yoy to EUR 2.0bn, driven by a 21% yoy increase in volumes and an 8% rise in ASP. Adjusted EBITDA grew 104% yoy to EUR 42.3m. Retail (Autohero) saw a 43% yoy revenue increase, with solid sales and higher GPU. Despite strong results, Merchant growth moderated due to seasonality. Given favorable market conditions, management raised its FY25 guidance. We upgrade to BUY, with a revised PT of EUR 30.00 (old: EUR 28.00). The full update can be downloaded under https://research-hub.de/companies/auto1-group-se

Elmos delivered a decent Q2, with sales slightly surpassing expectations on the back of robust Chinese demand and easing customer destocking but margins were pressured from higher material costs, FX, and strategic investments. FCF dropped sharply, weighted down by working capital increase and the SAP cutover. While management remains cautiously optimistic about demand recovery in H2, especially in China, Europe, Americas are still soft. In addition, broad-based visibility is still limited as macro risks and short order cycles persist. With the stock already reflecting much of the potential improving demand narrative and trading at the upper end of our fair value range (~17x 2025E PE), we maintain our HOLD stance and EUR 90.00 price target unchanged, reflecting a balanced view between nascent recovery signals and lingering uncertainty. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se

BASF’s Q2 2025 final results were in line with its pre-release. Q2 2025 sales of EUR 15.8bn (-2.1% yoy) and adj. EBITDA of EUR 1.77bn (-9.4% yoy) were broadly in line with consensus. However, performance was mixed across segments. Agricultural Solutions again stood out, while the pressure in Chemicals (a 35% miss) and Industrial Solutions (an 8% miss) amplified concerns around global oversupply in upstream businesses. In line with the press release, the deteriorating FX and macro risks propelled a guidance cut for FY 2025. BASF has been undertaking several measures to boost its margins and enhance cash flows. While we acknowledge that near-term catalysts are limited, we believe BASF’s shift towards high-growth, high-margin businesses should provide a medium-term valuation uplift, particularly at this price level. We reiterate our BUY rating at an unchanged price target of EUR 52.00.The full update can be downloaded under https://research-hub.de/companies/basf-se

Siemens Healthineers AG’s (SHL) Q3 FY 2025 results were better than expected. Revenues beat consensus by 1%, while adjusted (adj.) EBIT surpassed by a notable 8%. The top-line grew 7.6% yoy on a comparable (comp.) basis on growth across all segments, barring Diagnostics. Adj. EBIT increased by a stronger 15% yoy to EUR 953m (margin: +1.6ppt yoy to 16.8%) on healthy margin improvements in Imaging, Diagnostics, and Varian. For FY 2025, management raised the lower end of its guidance for comp. revenue growth to 5.5%-6.0% (vs +5.0%-6.0% previously) on some clarity on tariffs. Against this backdrop, SHL is likely to surpass its FY 2025 targets. We maintain our PT at EUR 64.00 and reiterate our BUY rating, as SHL is best placed to benefit from any uptick in demand in the MedTech industry. The full update can be downloaded under https://research-hub.de/companies/siemens-healthineers-ag

Knorr-Bremse delivered resilient results in Q2/H1 2025 despite a mixed market environment. Group revenue remained steady at about EUR 2.0bn in Q2, driven by strong growth in Rail Vehicle Systems (RVS), which saw revenue rise 8.6% yoy and operating EBIT increase 14.9% yoy. Commercial Vehicle Systems (CVS) continued to face challenges, with revenue down 10.2% yoy and EBIT margin declining. Order intake remained robust, supported by RVS growth, helping offset weakness in CVS. The order backlog grew 7.0% yoy to EUR 7.33bn, providing solid revenue visibility. Management slightly lowered full-year revenue guidance to EUR 7.8–8.1bn but maintained EBIT margin and free cash flow targets. We maintain our HOLD rating but raise the price target to EUR 86.00 (from EUR 80.00), reflecting strong Rail momentum and a cautious short-term outlook for CVS. The full update can be downloaded under https://research-hub.de/companies/knorr-bremse-ag