HelloFresh’s back-to-school period failed to deliver the new-customer volumes needed to support its prior outlook, prompting another sharp reset. Q3 revenue is now expected to fall 11-12% cc versus consensus of -6.8%, while FY26 revenue guidance was cut to -9% to -11% and AEBITDA to EUR 350-370m. In our view, the warning exposes a structural trade-off: protecting marketing ROI implies continued volume losses, while spending more to stabilize acquisition risks diluting efficiency gains. We no longer assume a return to organic growth in our base case and model a gradually declining revenue base. New PT EUR 1.80 (old EUR 2.90); Down to SELL from HOLD. The full update can be downloaded under https://research-hub.de/companies/hellofresh-se

Italy has started procuring new main battle tanks, as a filing with ANAC, Italy's National Anticorruption Authority, published on 21 September shows. As a key supplier, RENK benefits directly. The order also challenges our cautious view on tank´s. Governments are still committing budgets, even if Ukraine war points to drones. The tank purchase also supports RENK´s aftermarket ambitions. At its CEO Strategy Update on 8 December, RENK will likely reiterate its aftermarket sales ambition of EUR 1bn p.a. by 2030 and EUR 2bn by 2035, up from EUR 500m today. This is far above what our model reflects. We do not underwrite it in full, but against this news flow our estimates look too conservative. We raise our PT to EUR 53.00 (from EUR 48.00) and confirm BUY. With short interest > 6%, RENK’s Strategy Update could be the catalyst. RENK will also present at our Defense & Security conference. You can find the online registration here: https://research-hub.de/events The full update can be downloaded under https://research-hub.de/companies/renk-group-ag

cyan AG’s full H1 2026 report confirms the preliminary figures, with revenue growth of 11% yoy remaining softer than expected despite a 30% increase in the end-customer base. Underlying development, however, remains resilient. Gross margin was broadly stable, earnings reflect a deliberately front-loaded investment year, and reported cash flow is distorted by prior-year one-offs and working capital. We therefore continue to view the current earnings profile as driven mainly by timing and investment intensity. As monetization catches up, stronger operating leverage should follow. Our estimates, EUR 4.00 PT and BUY remain unchanged ahead of next week’s earnings call. The full update can be downloaded under https://research-hub.de/companies/cyan-ag

India is nearing an EUR ~8bn order for six TKMS submarines, with Germany’s export approvals already secured. A likely date for announcing the deal could be the India Germany Intergovernmental Consultations (IGC, 25 to 26 October 2026). We estimate around EUR 3.5bn could accrue to TKMS, with an attractive asset light integration model and limited construction risk. TKMS already has a fixed order backlog of more than 10x sales, the highest in defense, and the valuation reflects neither the recently won Canada order nor the India order. On a frame and soft backlog basis, TKMS would report and EUR ~64bn backlog, equalling ~30x sales on mwb estimates! BUY with an unchanged PT of EUR 140.00. TKMS will present at our Defense & Security conference. You can find the online registration here: https://research-hub.de/events The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

Italy’s Ministry of Defence has begun procuring 132 Panther vehicles from Rheinmetall and Leonardo’s JV as published on September 21st in the database of the Italian National Anti-Corruption Authority (ANAC). With a backlog above EUR 100bn by yearend largely priced in, we expect the market's focus to shift from order intake to the conversion of (frame) backlog into sales, as outlined in our August update. Rheinmetall does not expect significant revenue contribution from the Italian JV until 2029. This supports our cautious view on 2028 sales consensus, though not on the overall investment case, and we do not expect major news before the CMD in November. With the stock down c. 50% from its ATH the current valuation reflects most of the risks. We are maintaining our HOLD and EUR 1,050 target and point investors to TKMS:GR (BUY) and HAG:GR (SELL) as alternative plays. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

The assets in the coinIX portfolio have performed exceptionally well, driven by its core vehicle SCI1 almost doubling in value since August and significantly beating the broader crypto market. This outperformance was fueled by a heavy weighting in ETH alongside strong positions in altcoins like PONS, which powers a token launchpad on the Robinhood Chain. Investors can now track these holdings via coinIX's new online dashboard (https://portfolio.coinix.capital/). Despite this surge in underlying asset value, the coinIX share price has lagged, causing the discount to NAV to widen significantly. With the market’s upward trajectory supported by institutional ETF inflows and U.S. regulatory progress like the SEC’s five-year Innovation Exemption for stock tokenization, this valuation disconnect creates a compelling entry opportunity, leading us to raise our price target to EUR 2.20 (prev. EUR 1.70) with a reiterated BUY rating. The full update can be downloaded under https://research-hub.de/companies/coinix-gmbh-co-kgaa

KWS’ Q4 FY26 results came in below expectations, reflecting the continued difficult agricultural market environment, particularly lower cultivated areas in sugar beet and corn. For FY26, revenue declined 3% yoy to EUR 1.6bn, while EBITDA reached EUR 343m, with the margin at 21.1%. FCF remained broadly stable at EUR 123m and the balance sheet strengthened significantly. Looking ahead, management expects around 3% organic growth in FY27, assuming a recovery in agricultural markets. We remain more cautious short to medium term, but see attractive long-term prospects, supported by higher sugar prices, extreme climate events such as El Niño and the long-term potential of the Vegetable segment. We reduce our price target to EUR 93.00 from EUR 95.00 and maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/kws-saat-se-co-kgaa

Cicor will report its Q3 business update on 15 October, which we expect to provide confirmation of the positive trajectory indicated at the half-year stage. We forecast Q3 revenue of CHF 181m, implying around 13% reported growth, with roughly 9% organic growth, a CHF 7.9m M&A contribution and only a minor FX headwind. For H2, we expect revenue of CHF 384m, up about 15% sequentially versus H1 and within management’s 10-25% range. Supply-chain constraints remain a modest timing risk, while EDMI could add some Q4 revenue depending on closing. PT CHF 180.00. Note: Cicor will present at our Defense and Security Conference, on 8 October. Registration under: https://research-hub.de/events. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd

TUI’s pre-close FY26 trading update confirms a resilient operational performance, as the company narrowed its constant-currency underlying EBIT guidance to EUR 1.2bn1.3bn previously EUR 1.1bn-1.4bn). Holiday Experiences continues its expansionary path, registering both capacity additions and rate expansion in Hotels & Resorts and Cruises to offset external headwinds like Caribbean hurricanes and Middle East geopolitical friction. Conversely, the Markets & Airlines division faces weaker volumes and consumer hesitation in the UK and Germany, relying on a 5% capacity cut, strong pricing discipline, and high hedging cover to safeguard margins. Overall, management's proactive capacity management de-risks full-year operating earnings, supporting our unchanged BUY rating and price target of EUR 13.50. The full update can be downloaded under https://research-hub.de/companies/tui-ag

Wacker’s CMD marks a clear shift from capacity-led growth toward tighter capital allocation, higher returns and better use of the existing asset base. PACE remains the main earnings lever, while lower capex, improved utilization and a more selective portfolio framework support a stronger medium-term margin outlook. Polysilicon is increasingly a semiconductor-led story, with US solar still more likely to remain a nearterm drag. Near-term trading is broadly unchanged, with Q3 group EBITDA expected broadly in line with Q2. Nevertheless, the CMD increases our confidence in the mediumterm margin trajectory, prompting higher EBITDA margin assumptions from 2028 onward. Importantly, our estimates still remain below management’s 15% structural margin ambition, leaving room for execution slippage, yet we still see sufficient value to raise our price target to EUR 105.00 from EUR 95.00 and upgrade WACKER to BUY from HOLD. The full update can be downloaded under https://research-hub.de/companies/wacker-chemie-ag