Nordex announced major Canadian orders totaling 508 MW for delivery in 2027–28, equivalent to around EUR 480m of Q4 25 intake, giving a strong boost to quarterly momentum. With newly disclosed orders reaching roughly 1.4 GW, nearly half from Canada, Q4 25 looks set to become a record quarter, potentially surpassing the 3.3 GW peak of Q4 24. Importantly, Nordex typically reports only a portion of its quarterly orders, with the full Q4 intake expected by mid-January. Order momentum is further reinforced by the major 1 GW US agreement announced in mid-December, positioning North America as a new key growth engine, while Europe continues to deliver robust demand. Reflecting this, revenue estimates for 2027 and beyond have been raised, and with strong margins and healthy cash flow trends underpinning growth, we lift our PT to EUR 36.00 (from EUR 33.00) while maintaining our BUY rating. The full update can be downloaded under https://research-hub.de/companies/nordex-se

At the closing of the year, Pyramid announced that it has divested its non-European subsidiaries of faytech AG via a management buy-out, sharpening its strategic focus on Europe and selected international key accounts. In our view, the transaction reduces structural complexity and transfers approximately EUR 3.0m of liabilities, while Pyramid retains exclusive faytech distribution rights in Europe. Despite the carve-out, updated guidance for 2026-27 remains solid, implying limited sales contribution from the sold entities and improved earnings quality. Although the related-party nature of the deal warrants monitoring, governance risks are mitigated by board departures and escrowed shares. Overall, the transaction supports a cleaner equity story and enhanced medium-term visibility. We reiterate our BUY rating with unchanged PT of EUR 1.50. The full update can be downloaded under https://research-hub.de/companies/pyramid-ag

Gerresheimer (GXI) has closed its bill-and-hold accounting chapter by fully correcting c. EUR 28m of FY24 revenues following a BaFin-initiated audit and an external investigation, which found systematic IFRS non-compliance. Revenues will be restated into FY25, partly offset by EUR 10m from FY23, with limited financial impact: FY24 revenue, EBITDA, and EPS are expected to decline by roughly 1-2%. The issue is timing-related and cash-neutral, and bill-and-hold practices will be discontinued. Despite improved transparency and management changes, governance concerns and low visibility persist amid weak sector sentiment. Therefore, we confirm our EUR 27.60 price target and maintain a HOLD rating. The full update can be downloaded under https://research-hub.de/companies/gerresheimer-ag

Recent developments at Singulus add incremental but important strategic clarity at a time when execution risk remains elevated. The divestment of the non-core Optical Data Storage service business, a structurally declining activity representing only ~1.5% of sales (mwb est.), further sharpens management focus and simplifies the group. More encouragingly, the company secured a new TIMARIS semiconductor order in the mid-single-digit million euro range (mwb est. ~EUR 6–7m), with a down payment already received, underscoring continued demand for its magnetic sensor capabilities and the stickiness of its modular tool platform. While these steps do not resolve near-term visibility or refinancing concerns, they clearly move in the right direction. We reiterate our Speculative BUY and EUR 3.00 price target, balancing very high risk against meaningful medium-term upside. The full update can be downloaded under https://research-hub.de/companies/singulus-technologies-ag