Fresenius Medical Care (FME) reported a solid Q3 25, confirming its recovery trajectory amid ongoing transformation. Revenues rose 2.6% yoy to EUR 4,885m (+8.3% cc), supported by broad-based organic growth. Reported EBIT increased 3% yoy to EUR 477m, below our EUR 500m estimate, translating into a stable 9.8% margin. Adjusted EBIT rose 22% to EUR 574m, reflecting operational efficiencies from the FME25+ program. Net income grew 29% yoy to EUR 275m, while FCF declined due to prior-year catch-up effects. With FY25 guidance reaffirmed, we fine-tuned estimates due to ongoing headwinds and lower our price target to EUR 46.00 (previously EUR 49.00), maintaining a HOLD rating. The full update can be downloaded under https://research-hub.de/companies/fresenius-medical-care-ag

Elmos delivered a solid Q3, showcasing resilient execution held margins together despite input and FX headwinds, while cash generation snapped back on tighter working capital and lean capex. Management tightened guidance and lifted its cash-flow ambition, reflecting growing confidence as order intake outpaced shipments and customer destocking runs its course. Demand is normalizing across regions—led by Asia—with short-cycle activity in China stabilizing, and a Q4 catch-up expected as SAP-related shipments unwind. Into 2026, structural content growth and new design wins should re-ignite momentum, supported by fading transitional costs and rising operating leverage. With execution visibly strengthening and our confidence in long-term profitability resilience improving, we lift our PT to EUR 100.00 (from 90.00) and upgrade to BUY, viewing the 14.5× 2026E P/E as undemanding for a high-quality analog specialist. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se

Nordex delivered Q3 results fully in line with its prelims, highlighting strong progress in profitability and cash flow. Revenue was broadly stable, while EBITDA almost doubled, driving a significant margin improvement. Free cash flow remained robust, underlining disciplined execution and working capital management. Project revenue held steady despite temporary supplier delays, while service revenue grew, and order intake remained strong, supporting a healthy book-to-bill ratio and a robust backlog that provides visibility into the coming years. With Q4 traditionally the strongest quarter, there is potential for surprises across revenue, margin, or order intake, which could lift the FY26 outlook and exceed expectations. We remain optimistic and raise our EBITDA margin expectations to the midpoint of guidance at 8%, as we now see a high likelihood that, with the typically strong Q4, Nordex could already achieve its mid-term margin target. We confirm our EUR 30.00 PT and reiterate our BUY rating. The full update can be downloaded under https://research-hub.de/companies/nordex-se

Airbus faces rising pressure to meet its FY targets. October output of 77 aircraft (mwb est.) leaves the company well short of its goal (104 per month). Even if all 32 “gliders” are completed until year end, a shortfall appears increasingly likely. Past delivery misses led to double-digit selloffs, underscoring renewed downside risk. Furthermore, order momentum is weakening, with net orders down -20% yoy and -59% (!) vs. 2023. Regarding earnings we remain at the upper end of the range on EPS for FY25 but at the lower percentile on EBIT vs. consensus, suggesting the market incorrectly includes the non-operational EUR 600m Dassault gain in core profitability. Forecasting this effect forward would misstate underlying earnings power. We lower our price target to EUR 170.00 (prev. EUR 172.00) as a miss seems likely due to persistent supply-chain and engine constraints. SELL maintained. The full update can be downloaded under https://research-hub.de/companies/airbus-se

Mayr-Melnhof Karton AG (MM) delivered a solid Q3, with sales of EUR 950m (down 7% yoy, but a 2% beat) and adjusted EBIT of EUR 35.2m (down 1% yoy, in line). Free cash flow turned positive at EUR 28m, driven by improved operating cash flow and tight capex control, confirming progress on cash protection. The Board & Paper division suffered a temporary loss from maintenance downtime, while Food & Premium Packaging and Pharma & Health Care Packaging outperformed on margins despite market headwinds, thanks to cost discipline and efficiency gains. Overall, markets remain challenging with soft demand and overcapacities, and MM management sees no indications of easing conditions. Improvements for now thus rely on self-help measures. We finetune estimates, leading to a new price target of EUR 110.00 (old: EUR 115.00). Valuation at 20% below book looks undemanding, and the attractive multiples promise upside once the markets recover. We therefore confirm our BUY rating. The full update can be downloaded under https://research-hub.de/companies/mayr-melnhof-karton-ag

R. STAHL delivered a resilient Q3 25 despite subdued demand, with revenues down 10% yoy to EUR 78.6m but EBIT easing only 4.5% to EUR 4.0m (5.0% margin). Net income rose 40% yoy to EUR 2.6m, supported by lower taxes and strict cost control. Cost measures launched in Q2 are gaining traction: adjusted EBITDA rose 29% yoy to EUR 11.3m as restructuring began to yield savings in Q3. Management reaffirmed its FY25 guidance (EUR 320–330m sales, EUR 25–30m adj. EBITDA). We fine-tuned assumptions towards the lower end of guidance and confirm our BUY rating and EUR 24.00 PT, citing resilient margins and solid strategic positioning. The full update can be downloaded under https://research-hub.de/companies/r-stahl-ag

Hamborner REIT is set to deliver a steady Q3 25 on Nov. 6. Rental income of EUR 22.1m (-4.7% yoy) reflects the absence of the three assets (Hamburg, Lübeck and Osnabrück) sold since the previous year’s quarter, while modest indexation offsets slightly higher vacancy. EBIT is projected to decline 23% yoy to EUR 5.8m, with EPS at EUR 0.03 (-35% yoy) amid higher administrative and maintenance expenses. FFO after nine months is seen at EUR 36.5m, largely consistent with the FY25 guidance of EUR 44–46m. Financing costs eased on limited refinancing and loan repayments tied to the asset disposals. With an LTV of ~44%, robust occupancy, and predictable cash flows, Hamborner remains well positioned. BUY, PT EUR 11.00, offering ~100% upside and >6.5% dividend yield. The full update can be downloaded under https://research-hub.de/companies/hamborner-reit-ag

coinIX plans to issue up to 250,000 preferred shares at EUR 10.00 each, which would increase assets under management to around EUR 12.5 million. The preferred shares offer a target annual dividend of EUR 1.00 (10% yield) with priority and cumulative distribution. The issue will be conducted entirely digitally as eWpG securities, with subsequent trading on a DLT trading platform planned from Q4 2026. The capital is to be invested in high-yield crypto assets and DeFi protocols with returns of 8–14% in order to cover the dividend on a sustainable basis. Strategically, coinIX is positioning itself as a "crypto treasury" modeled on Strategy (formerly MicroStrategy), which should enable a broader investor base, economies of scale, and potential NAV appreciation. For further information, we invite interested investors to a virtual roundtable with CEO Moritz Schildt on November 18, 2025, at 2:00 p.m. (registration: https://research-hub.de/events/registration/2025-11-18-14-00/XCX-GR). Based on updated data, we arrive at a new price target of EUR 3.00 (previously: EUR 3.20) and reaffirm our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/coinix-gmbh-co-kgaa

PUMA’s Q3 2025 results reflected the ongoing weak demand environment and the planned scaling back of its wholesale channel. Revenues declined 15.3% yoy to EUR 1.96bn (-10.4% cc) and slightly missed consensus, with all regions and product categories posting yoy declines. Gross margin contracted 2.6ppt yoy to 45.2% (-42bps vs. consensus) and adj. EBIT slumped 83% yoy to EUR 39.5m, 12% below expectations. Management reaffirmed FY25 guidance of a low double-digit cc sales decline and an EBIT loss. While the strategic reset is necessary, it will likely weigh on earnings visibility and execution risk remains high. We lower our PT to EUR 19.00 (from 20.00) and maintain a HOLD rating. The full update can be downloaded under https://research-hub.de/companies/puma-se

Scout24 delivered another solid quarter in Q3, confirming improving transaction dynamics. Group revenues and ordinary operating (oo) EBITDA increased by mid-teens year-on-year, with the margin broadly stable at 62.9% (+1.1pp organically). Both Professional and Private segments maintained c.15% growth, supported by continued customer additions (+6% and +15% yoy) and rising ARPUs (+10% and +3%). Following the strong 9M performance, management narrowed its FY25 guidance towards the mid-to-upper end of the 14-15% revenue growth range (incl. ~3ppt inorganic) and the upper end of its ooEBITDA margin target (+up to 70bp yoy). Ongoing organic strength, complemented by the recent Spanish acquisitions, should sustain double-digit growth momentum. We reiterate our BUY rating and PT EUR 129.00. The full update can be downloaded under https://research-hub.de/companies/scout24-se