Traton’s Q2 2026 results were in line with prelims and showed a clear step-up in profitability, driven in particular by one-off US tariff-related receivables, alongside higher volumes and stronger operating leverage. As a result, part of the margin improvement may prove non-recurring. On an H1 basis, Scania and MAN were the key earnings drivers, benefiting from cost reductions, favourable mix and better fixed-cost absorption, while International remained under pressure from weaker volumes and tariff costs. Order intake improved sharply, particularly in North America, but we believe a meaningful share reflects catch-up demand as ageing fleets can no longer postpone replacement after years of underinvestment. The narrowing of guidance towards the upper end therefore comes as little surprise. Risks from weak freight activity, high interest rates, tariffs, Chinese competition and elevated electric-truck R&D spending remain firmly in place. We maintain our SELL rating and EUR 23.00 PT. The full update can be downloaded under https://research-hub.de/companies/traton-se

Intershop’s H1 2026 results show clear progress in the company’s restructuring and cloud transition. Revenues declined 9% to EUR 15.8m, while cloud revenues rose 4%, cloud order entry increased 26%, and EBIT turned positive as total costs fell 14%. The service business returned to profitability, Q2 Net New ARR turned positive, and Intershop added four new customers during the quarter. AI adoption is gaining traction, with EUR 0.8m in order entry and 15% of cloud customers using at least one AI product. We have raised our estimates to reflect the lower cost base, improved service economics and a better revenue mix, lift our price target to EUR 2.30 from EUR 1.80, and reiterate BUY. The full update can be downloaded under https://research-hub.de/companies/intershop-communications-ag

Deutsche Rohstoff has raised its FY26 EBITDA guidance to EUR 355 - 375m (previously EUR 290 - 310m) following the sale of 5m Almonty shares for a ~EUR 65m pre-tax gain, while retaining 5.5m shares alongside debt positions. This transaction significantly bolsters financial and operational flexibility, enabling accelerated drilling across core US assets like the Powder River Basin or expansion into Ohio. Accounting for this cash infusion, valuing the remaining Almonty stake at a 60-day average price, and lowering back-end WTI assumptions by ~USD 3/bbl, our DCF-based target price adjusts to EUR 128.00 (old: EUR 143.00), still highly supportive of our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

FUCHS delivered an exceptional Q2, with EBIT of EUR 135m beating consensus by 25% as organic growth, pre-buying and competitor supply constraints drove strong incremental volumes, while the margin still expanded despite rising input costs. Management consequently raised FY26 EBIT guidance to EUR 460–480m, although the implied H2 outlook remains cautious given an expected reversal of pull-forward effects, raw-material inflation and higher working-capital needs. Even so, the strength of execution reinforces the resilience of FUCHS’ specialty-lubricants model, and we believe part of the newly gained business could prove sticky as customers diversify their supplier base. We raise our price target to EUR 49.00 from EUR 46.50 and reiterate BUY. The full update can be downloaded under https://research-hub.de/companies/fuchs-se

As anticipated in our Q3 preview yesterday, Hoenle has lowered its FY 2025/26 guidance as continued weakness in Curing, particularly printing, weighs on sales and profitability, reinforcing the cautious view we outlined ahead of the update. Importantly, the setback remains concentrated rather than group-wide, with Adhesive Systems and Disinfection continuing to outperform last year and develop in line with expectations. The revised outlook still implies underlying earnings improvement on a flat topline once the prior-year property gain is excluded, supported by lower material costs, a leaner operating model, and a more favorable business mix. We cut our price target slightly to EUR 17.00 but maintain our BUY rating, as we believe that the market continues to undervalue the quality and growth potential of the other assets. The full update can be downloaded under https://research-hub.de/companies/hoenle-ag

Duerr reported prelim. Q2 26 results featuring strong order intake (+13% yoy to EUR 914.0m), while adjusted EBIT (EUR 41.9m, margin 4.3%) fell modestly short of consensus and our estimates. Automotive orders surged 28% yoy, offsetting persistent weakness in Woodworking. However, severe underperformance at BBS Automation dragged Industrial Automation into an adjusted EBIT loss, prompting a comprehensive restructuring program (500 job cuts, EUR 30m annual savings by 2027E) and a EUR 90-100m goodwill impairment. Despite cutting division guidance, Duerr reconfirmed Group FY26 targets. We lower our reported EBIT and EPS estimates and note that operational delivery remains key to meeting FY26 guidance (implied adjusted EBIT margin for H1 of 6.9% vs. 4.2% in H1). We maintain our BUY rating but slightly cut out PT to EUR 32.00 (prev. EUR 35.00). The full update can be downloaded under https://research-hub.de/companies/duerr-ag

Daimler Truck’s preliminary Q2 results were mixed, with weaker revenue and earnings offset by strong cash flow. Trucks North America showed solid margin resilience, while Mercedes-Benz Trucks remained under pressure from softer demand and negative operating leverage. Daimler Buses and Financial Services provided support, but the core industrial picture stayed uneven. The FY26 guidance upgrade is the main positive, indicating that cost savings are materializing faster than expected and supporting stronger profitability and free cash flow. We therefore raised our 2026 estimates, while making only modest changes to later years. However, we see the expected unit sales recovery mainly as a catch-up effect from ageing fleets rather than a sustained upturn. Structural risks from Chinese electric-truck competitors also remain, as aggressive pricing could pressure volumes and margins despite the improved cost base. We reiterate our SELL rating and raise our PT to EUR 33.00 from EUR 30.00. The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag

Stabilus reported strong Q3 26 headline earnings prelims, but the result was only driven by a EUR 44m disposal gain. Underlying reported EBIT was approximately EUR 22m and below our prior expectation of EUR 24m. The revised FY26 outlook implies Q4 revenue of only around EUR 255m, indicating a sharp sequential and yoy slowdown. Weak automotive demand, pressure in China, adverse FX, low plant utilization, and cautious industrial investment remain major headwinds. The sale of Fabreeka and Tech Products supports deleveraging but removes a highly profitable earnings stream from FY27. We cut our organic estimates (top-line and operating EBIT), lower our PT to EUR 17.00 from EUR 21.00 and downgrade from BUY to HOLD. The full update can be downloaded under https://research-hub.de/companies/stabilus-se

We expect TKMS to deliver a solid Q3, with 9M sales of EUR 1.78bn (EUR 1.59bn PY) and EBIT of EUR 102m (EUR 97m PY). Surface Vessels should recover from its Q2 trough, while the previously announced frigate order and associated advance payment are expected in Q4 and could drive group level FCF above the current EUR 185m consensus. Submarine execution remains on track, with Canada not yet included in order intake pending final signature, which we view largely as a formal step and a potential major backlog catalyst next fiscal year. Atlas should remain weaker in Q3 due to delivery timing before a stronger Q4. Quarterly cash flow remains volatile and Q3 should stay negative before improving sharply in Q4. The recent selloff of TKMS’s shares therefore looks unjustified. TKMS continues to win large contracts, offers exceptional revenue visibility and could end FY26 with around EUR 25bn of backlog, potentially rising above EUR 40bn (16x sales!) next year if Canada and India are signed. With no changes to our estimates, we confirm our EUR 135.00 price target. Our rating remains BUY. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

Cicor’s H1 2026 results were mixed. Revenue and order intake remained strong, with Q2 returning to organic growth and A&D continuing to outperform. However, profitability and cash conversion were held back by acquisition integration, production transfers and supply-chain constraints, particularly for PCBs and customized A&D components. Management expects a stronger H2, supported by more than CHF 10m in annual savings, completed ramp-ups and higher volumes. We keep our revenue view broadly unchanged but lower adjusted EBITDA expectations to reflect a more gradual margin recovery. The medium-term growth case remains intact. BUY, PT CHF 180. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd