FUCHS SE's Q3 2025 numbers continued to reel under pressure from adverse currency and the overall tepid demand environment. Reported revenues fell 1% yoy to EUR 896m (in line with consensus) in Q3 as a 2% yoy organic (org.) growth and a 1% yoy positive impact from acquisitions were negated by FX headwinds (-4ppt yoy drag). EBIT grew a mere 1% yoy to EUR 117m (a 2% beat), with the margin up 20bps yoy to 13.1%, as the company continued to face inflationary pressure, further weighed down by acquisitions and ramp-up related costs. Management has confirmed its FY 2025 guidance, reiterating a stable yoy sales and EBIT expectation. While we acknowledge Fuchs’s focus on cost discipline, the market environment remains volatile, therefore, delaying the road to sustained sales and profit recovery. Following a 5% drop in share prices since our last update on 31st July, valuations look attractive. We upgrade our rating from HOLD to BUY at a broadly unchanged price target of EUR 45.00 (old: EUR 44.60). The full update can be downloaded under https://research-hub.de/companies/fuchs-se

Singulus issued weak Q3 prelims following delays in the award of large-scale projects prompting FY25 guidance cut and confirming the execution risks flagged after Q2. Q3 sales fell 36% yoy to EUR 13.0m with EBIT extending losses to around EUR -1.2m (Q3 24: -0.8m), while order intake in Q3 collapsed to EUR 9.8m (-66% yoy). Management now expects FY25 revenue of EUR 65–80 m (prev. 105–115 m) and EBIT of -4.5 m to +0.5 m, versus the previous target of a mid-single-digit margin. We trim our PT to EUR 3.00 (from 3.75) reflecting ongoing execution challenges and muted market dynamics. Yet, we reiterate our Speculative BUY on mid-term optionality from emerging verticals, acknowledging that execution remains the key determinant in translating this potential into tangible value creation. The full update can be downloaded under https://research-hub.de/companies/singulus-technologies-ag

HelloFresh’s Q3 2025 results reflected its ongoing transition phase, with softer volumes and lower profitability offset by clear structural improvements. Group sales declined 14% yoy (-9% cc) to EUR 1.58bn, while adjusted EBITDA fell 44% yoy to EUR 40m, broadly in line with expectations. Meal Kits showed early stabilization, and Ready-to-Eat (RTE) is recovering after operational issues, supported by improving customer metrics. Around 70% of the EUR 300m efficiency program has been implemented, driving stronger cash generation. With a leaner cost base and normalized D&A from FY26, margin recovery remains well on track. We maintain our BUY rating and DCF-backed PT of EUR 10.00. The full update can be downloaded under https://research-hub.de/companies/hellofresh-se

Stratec SE issued a profit warning after supply chain disruptions affected key system lines, leading to delays and a weaker Q3. According to preliminary figures, sales of EUR 57m and adjusted EBIT of EUR 4.3m (7.6% margin) were achieved. FY25 revenues are now expected to remain flat yoy, while margins should reach the lower end of the 10–12% adjusted EBIT range. To meet this target, Q4 must deliver around EUR 82m in sales and EUR 13m EBIT. Although execution risks remain high, the recent 30% share price correction provides a more attractive entry point. We cut our price target to EUR 28.50 from EUR 32.50, but raise the rating from HOLD to BUY. The full update can be downloaded under https://research-hub.de/companies/stratec-se

Kion’s Q3 2025 results were slightly better-than-expected. Revenues stayed flat yoy at EUR 2.7bn, coming 1% ahead of consensus. Adj. EBIT though down 13% yoy to EUR 190m, due to operating deleverage, beat market expectations by 4%. Order intake was up 10% yoy to EUR 2.7bn (2% better) and momentum is expected to continue into Q4 as the industrial trucks business is witnessing renewed demand. Kion tightened its FY 2025 guidance, now expecting revenues at EUR 11.1bn-11.4bn (-4% to -1% yoy; old: EUR 10.9bn-11.7bn) and adj. EBIT at EUR 760m-820m (-17% to -11% yoy; EUR 720m-870m previously), which we see as comfortable targets. Management’s update on downward revision in one-off costs towards its efficiency programme to EUR 170m-190m in 2025 vs the initially expected EUR 240m-260m was also a positive readthrough. Against the backdrop of gradually improving business dynamics, we increase our PT to EUR 48.50, (old: EUR 46.00); however, we maintain our SELL rating as valuations are still stretched. The full update can be downloaded under https://research-hub.de/companies/kion-group-ag

Canadian Prime Minister Mark Carney’s visit to Hanwha Ocean’s Okpo yard this week marks the decisive stage of the EUR 13bn (mwb est.) Canadian Patrol Submarine Project (CPSP). With only two contenders left, Germany’s TKMS and South Korea’s Hanwha, we believe TKMS’s chance of winning is extremely high. Its Type 212CD is the only fully Arctic-proven design, co-developed with Germany and Norway specifically for under-ice endurance and NATO interoperability. In contrast, Hanwha’s KSS-III Batch II remains an untested, blue-water platform without any export operator, implying high redesign and certification risk for Arctic deployment. For Ottawa, TKMS offers proven technology, execution certainty, and political alignment within NATO. Factors that carry greater weight than cost in such strategic programs. TKMS´s deep vertical integration (via Atlas Elektronik), mature supply chain, and proven industrial-offset model further reduce execution risk and ensure local participation. A win would add EUR 15–20 per share in NPV, lifting fair value to EUR 115.00–120.00. The recent post-IPO pullback likely reflects profit-taking under low liquidity and ESG-driven selling, not fundamentals. We reiterate BUY, DCF-based PT EUR 100.00 (conservative, excluding CPSP upside). The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

Wacker’s Q3 results unfolded broadly in line with our expectations, reflecting a still-weak demand backdrop and pricing pressure across most divisions. Sales fell 6% yoy to EUR 1.34bn (mwb est.: 1.39bn) with an 8.3% EBITDA margin (mwb est.: 8.2%), as lower volumes, FX headwinds and price erosion continued to weigh on profitability. Silicones remained under strain, while polymers held up better and semiconductor-grade polysilicon benefited from AI- and electrification-driven demand. Tight working-capital control turned cash flow positive despite low utilization rates. Management confirmed FY25 guidance at the lower end of the range and launched a cost-saving program for 2026. With liquidity strong and the product mix shifting toward higher-margin specialties, we reiterate our BUY rating and EUR 80.00 PT as the mid-term risk-reward profile remains compelling at these prices. The full update can be downloaded under https://research-hub.de/companies/wacker-chemie-ag

Duerr AG is due to report Q3 25 results on 13 Nov. The company’s performance so far in H1 has been dampened by soft demand and tepid order intake. Q3 is also expected to witness similar trends as consumers remain cautious with order bookings amid still uncertain US tariffs and the trade war environment. Consensus estimates Q3 revenues to drop 12% yoy to EUR 1.02bn and adj. EBIT to slump 31% yoy to EUR 45m. Our corresponding estimates stand at EUR 1.04bn (-10% yoy) and EUR 48m (-26%; margin: 4.6%). Nevertheless, Duerr has made considerable progress on the strategy front, exiting from non-core assets and pivoting towards its core Sustainable Automation business. The new leaner three-division structure and deleveraging efforts (supported by c. EUR 250m proceeds from the Environmental Technology division divestment) should underpin its long-term ambitions of reaching >EUR 6bn sales by 2030 and >8% EBIT margins. We reiterate our BUY rating at an unchanged PT of EUR 31.00 The full update can be downloaded under https://research-hub.de/companies/duerr-ag

United Internet AG is scheduled to report Q3 25 numbers on 11 Nov.. The company had reported c. 4% yoy revenue growth in Q2 and H1 on strong customer growth at Business Applications; however, profitability has been under pressure from the elevated network expansion costs resulting in an 8.5% yoy dip in H1 EBIT. We estimate revenues to grow by 2% yoy in Q3 (consensus: +2% yoy) and EBIT to come in at EUR 173m (-5% yoy). Management’s reaffirmed FY25 targets – revenues of c. EUR 6.45bn (+2% yoy) and EBITDA of c. EUR 1.35bn (+4% yoy) – signaling confidence in H2 delivery despite capex-heavy 5G/fibre rollout and reliance on national roaming. While the long-term margin expansion from 1&1’s 5G network build remains promising, execution risks and near-term cost pressure limit upside. We maintain our near-term estimates and reiterate our HOLD rating at a new price target of EUR 28.00 (old: EUR 26.00). The full update can be downloaded under https://research-hub.de/companies/united-internet-ag

Redcare Pharmacy confirmed strong Q3 results and reiterated FY25 guidance, reflecting continued operational momentum. Group sales rose 25% yoy to EUR 719m, while adjusted EBITDA increased 50% yoy to EUR 17.1m (margin 2.4%). E-prescription adoption in Germany remained the key driver, supported by the CardLink solution and solid international demand. Despite mix pressure from Rx, operating leverage and cost efficiencies lifted profitability, with international operations nearing breakeven. Cash generation stayed strong, underpinning investments in logistics automation and digital infrastructure. Redcare remains well positioned to translate volume growth into sustained earnings expansion. With a promising growth trajectory intact, we maintain our PT at EUR 144.00 and confirm our BUY rating on the stock. The full update can be downloaded under https://research-hub.de/companies/redcare-pharmacy-nv