Daimler Truck (DTG) faced another challenging quarter in Q3 25, as North America continued to drag on performance amid weak freight markets, ongoing regulatory uncertainty, and looming US tariffs. European demand showed some support, building on a low base from last year and benefiting from catch-up effects as aging fleets are replaced. Overall momentum remained subdued, with mixed performance across other regions. Management maintained its FY25 guidance, emphasizing disciplined cost control, strong brand positioning, and operational efficiency as key levers, but the outlook still reflects persistent macro pressures and a limited near-term market recovery. In light of these headwinds and softer-than-expected results, we are revising our estimates to the lower end of guidance, taking a more cautious stance, lowering our PT to EUR 30.00 (from EUR 34.00), and downgrading to SELL (old: HOLD). The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag

Rational once again proved its resilience, delivering a record Q3 despite tariff headwinds and mixed regional trends. Solid growth in Europe and Latin America more than offset softness in Asia and FX drag in North America, while both iCombi and iVario continued to benefit from robust aftermarket demand on yearly basis. Margins held up well given the EUR 4m tariff burden in Q3, with management estimating total tariff costs of around EUR 11m in 2025 (~1 pp margin drag) and EUR 24m in 2026 (~2 pp). Supported by strong cost discipline, healthy cash generation, and confirmed FY25 guidance, Rational remains firmly on track. With c.75% of the professional kitchen market still reliant on traditional appliances, the addressable opportunity remains immense. We reiterate our BUY rating with an unchanged price target of EUR 800.00 The full update can be downloaded under https://research-hub.de/companies/rational-ag

Hensoldt’s Q3 results confirmed solid execution but highlighted a clear slowdown in growth momentum. Revenues and EBIT came slightly ahead of expectations, yet Q3 order intake grew only marginally after last year’s exceptional surge (1% vs >100% yoy). FY guidance was reiterated with the revenue outlook refined toward the lower end as already commented in our latest update. While operational ramp-ups at Oberkochen and Laichingen weigh temporarily, the backlog of EUR 7.1bn still secures strong visibility. As seen across the sector (most recently with Rheinmetall yesterday) current growth appears insufficient to drive a re-rating. With valuation at the top of the peer range and limited near-term catalysts, we remain cautious. The pre-market strength appears to reflect a brief relief rally following the ~20% share price decline last month. PT EUR 72.00 (from EUR 74.00). SELL. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

LANXESS’s Q3 results underscored a still-fragile operating backdrop marked by weak volumes, pricing pressure, and low utilization, while disciplined cost control and efficiency gains prevented a deeper margin erosion. Demand softness across construction, agro, and automotive persisted, with Advanced Intermediates and Specialty Additives hit hardest by Asian oversupply and high energy costs, whereas Consumer Protection remained the clear stabilizer. Management’s new EUR 100m cost program, strict capex discipline, and the planned monetization of the Envalior stake highlight its focus on cash and deleveraging amid macro headwinds. Although visibility into 2025 remains low and the policy environment in Germany adds uncertainty, expected stimulus and anti-dumping effects from mid-2026 underpin our continued BUY view with a reduced EUR 27.00 PT (old: 28.00), positioning LANXESS as a cyclical recovery play with balance-sheet optionality. The full update can be downloaded under https://research-hub.de/companies/lanxess-ag

Schloss Wachenheim (SWA) started FY 2025/26 with a solid first quarter, supported by higher volumes and strong results in France. Group revenues rose 3.5% to EUR 106.0m and EBIT increased 24.5% to EUR 5.3m, while net income climbed to EUR 3.4m (EPS EUR 0.26). France stood out with double-digit sales growth and a strong mix in branded sparkling wines, offsetting muted profitability in Germany and stable results in Eastern Europe. Management expressed confidence in achieving its FY targets (sales +3-6%, EBIT EUR 30-33m, net income EUR 18-21m), citing a sound operational setup ahead of the key Christmas quarter. We reiterate our BUY rating and EUR 21.00 PT. The full update can be downloaded under https://research-hub.de/companies/schloss-wachenheim-ag

Ernst Russ AG (“ER”) will report Q3/9M 2025 results on 11 Nov. We expect a solid, disposal-light quarter reflecting the group’s resilient operating base, firm charter rates, and high vessel availability. Management has tightened FY25 guidance to revenues of EUR 152–162m and EBIT of EUR 87–102m, implying a c.5% midpoint uplift driven by steady utilization and cost discipline. Q3 sales should reach EUR 38m (-8% yoy) and EBIT of EUR 11.5m (-22% yoy; margin 30%), reflecting normalization after H1 gains. The recent buyout of non-strategic minorities in six feeder vessels (~EUR 40–50m) marks another low-risk, strategic step in simplifying the structure. We reiterate BUY and raise our PT to EUR 12.00, highlighting sustained value creation. The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

Siemens Healthineers AG’s (SHL) Q4 FY25 revenues and adjusted (adj.) EBIT missed consensus by 2% and 3%, respectively. Revenues stayed flat yoy at EUR 6.3bn and grew 3.7% yoy on a comparable basis (comp.), trailing consensus of +4.8%. All segments underperformed our estimates. Adj. EBIT declined 2% yoy to EUR 1.1bn in Q4, with the margin narrowing 30bps yoy to 17.4%, due to tariffs (-EUR 100m drag), excluding which, the margin would have improved by 110bps yoy to 18.8%. Ongoing USD devaluation, hedging costs, and tariffs are likely to impact the current fiscal year, and management issued a conservative guidance for FY 2026, expecting comp. revenue growth to come in at c.5%-6% yoy (consensus: +6.2% yoy) and adj. EPS to reach c.EUR 2.20-2.40 (consensus: EUR 2.48). Despite the near-term external challenges, underlying demand for SHL’s products remains intact, backed by its diversified MedTech offerings and cost savings efforts. We reiterate our BUY rating at an unchanged PT of EUR 56.00. The full update can be downloaded under https://research-hub.de/companies/siemens-healthineers-ag

Final Q3 results confirmed the weakness already signaled in the prelims, marked by sluggish orders, an unfavourable mix and temporary inefficiencies from the Taiwan ramp-up, which sharply compressed margins. While these headwinds are set to weigh on Q4 as well, a strong rebound in order intake is anticipated, likely surpassing EUR 100m as demand for coating tools and advanced packaging starts to recover. Management is countering with tighter cost control and selective investment in next-gen platforms. As of now, around EUR 140m worth of tools are scheduled for production and delivery in 2026. With expected order intake of over EUR 100m in Q4, the backlog for FY26 should approach roughly EUR 240m before additional inflows in H1 2026 complement next year’s production plan and a recurring ~15% service contribution. As backlog visibility strengthens, we slightly fine-tune our outer-year 2026–27 estimates downward. Nonetheless, we reiterate our BUY rating with a slightly revised PT of EUR 48.00 (old: EUR 50.00), implying an 80%+ upside from current levels amid gradually strengthening industry tailwinds in favor of SUSS’s product portfolio. The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se

Leifheit delivered Q3 results, with revenue impacted by weaker consumer demand, while EBIT and margins demonstrated solid operational progress. Free cash flow rebounded sharply, supported by the completed production transfer. Segment sales declined across the board, though Dutch key customer Blokker is gradually recovering. The Blatná consolidation and the successful launch of the SUPERDUSTER underscore the company’s innovation and cost efficiency initiatives. Despite a third downward revision to revenue guidance due to limited market visibility and demand uncertainties, EBIT expectations remain unchanged. Leifheit is well positioned to navigate ongoing market challenges, with its initiatives likely to support profitable growth as demand recovers. With continued cost savings, disciplined FCF management, and attractive dividends, we reiterate our BUY rating with a price target of EUR 23.00. The full update can be downloaded under https://research-hub.de/companies/leifheit-ag

GEA delivered a solid Q3 2025 performance with orders and revenues broadly in line with expectations, supported by strong execution and service-driven resilience. Sales rose 1.2% yoy to EUR 1.37bn (+4.5% organic), while order intake matched revenues at EUR 1.37bn (+8.4% organic), reflecting three large-scale projects. Adjusted EBITDA of EUR 232m (margin 17.0%) clearly exceeded expectations thanks to continued gross margin gains from the service business and improved mix in new equipment. Management reaffirmed full-year guidance, implying a steady Q4, and confirmed that its strategic reorganization into four divisions is on track to support the “Mission 30” margin and growth targets. We reiterate our HOLD rating and EUR 68.00 PT. The full update can be downloaded under https://research-hub.de/companies/gea-group-ag