Cicor announced the acquisition of two Valtronic production sites in Cleveland (USA) and Berrechid (Morocco), expanding its Medtech footprint and securing a strategic manufacturing base in the US. The transaction adds around CHF 20m in annual revenue, with potential to roughly double through new US customer projects. The deal strengthens Cicor’s positioning in high-reliability electronics and doubles capacity in Morocco at minimal cost. We view the acquisition as strategically sound and financially disciplined, reinforcing Cicor’s bolt-on M&A track record. Reflecting improved fundamentals, we raise our estimates from 2026 onwards, lifting our DCF-based fair value to CHF 217.00; BUY maintained. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd

SUSS MicroTec’s Q3 prelims disappointed on margins, with profitability hit by an unfavorable mix, underutilization, and transition costs at the new Taiwan site, while sales were broadly in line and order intake remained subdued amid project push-outs. Management cut FY25 margin guidance while keeping sales targets intact, implying a weaker Q4 and prompting us to trim our margin forecasts and outer-year assumptions, with 2026 likely to serve as a bridge year before recovery resumes in 2027. Encouragingly, order intake should rebound in Q4 as memory and advanced-packaging demand (HBM 3E/4) gradually return. As industry tailwinds strengthen and next-generation tool launches approach, we see an increasingly compelling risk-reward profile and remain constructive on SUSS’s mid-term prospects, reiterating our BUY with a lower price target of EUR 50.00 (from EUR 56.00) to reflect near-term uncertainty. The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se

CECONOMY delivered a strong Q4 and solid FY 2024/25 preliminary results, with sales up 2.8% to EUR 23.1bn (+5.7% adj.; +5.0% LFL) and adjusted EBIT rising 25% yoy to about EUR 380m, slightly above guidance. Q4 sales grew 4.8% yoy to EUR 5.45bn, driven by strength in computers and entertainment hardware. Operational momentum remains robust, supported by omnichannel execution and growth initiatives in own brands, retail media, marketplace, and services. Management expects to meet its FY 2025/26 targets, while the JD.com takeover has received antitrust clearance in Germany but awaits further regulatory approvals. Our rating remains SELL, as the valuation is anchored at the takeover offer (EUR 4.60). The full update can be downloaded under https://research-hub.de/companies/ceconomy-ag

Nordex announced Q3 25 prelims, delivering a strong step-up in profitability despite flat revenues. Preliminary EBITDA reached EUR 136m, with an 8.0% margin, up from EUR 72m and 4.3% in Q3 24, around 150bps above expectations, driven by strong execution, cost discipline, and improved Services margins. Revenues were broadly stable yoy at EUR 1.7bn but about 15% below expectations due to seasonal effects and unexpected temporary delays in Turkey. Free cash flow in Q3 totaled a high EUR 149m, slightly above expectations despite being 6% lower yoy. Following these strong results, Nordex raised its FY25 EBITDA margin guidance to 7.5–8.5%, while revenue guidance remains unchanged. We adjust our margin estimates to the lower end of the revised guidance and raise our PT to EUR 30.00 (from EUR 26.00), reiterating our BUY rating. The full update can be downloaded under https://research-hub.de/companies/nordex-se

Company Name: q.beyond AG ISIN: DE0005137004   Reason for the research: Update Recommendation: BUY from: 28.10.2025 Target price: EUR 1.3 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald On this basis, management is seen to confirm the FY25 outlook of € 184-190m sales (eNuW: &eu [ … ]

Company Name: TeamViewer AG ISIN: DE000A2YN900   Reason for the research: Update Recommendation: Buy from: 27.10.2025 Target price: 13.50 Last rating change: Analyst: Sebastian Droste 1E weakness pressures growth – guidance cut On October 21, 2025, TeamViewer released its Q3 2025 financial results and lowered its guidance f [ … ]

Company Name: Intershop Communications AG ISIN: DE000A254211   Reason for the research: Update Recommendation: Buy from: 27.10.2025 Target price: 2.10 Last rating change: Analyst: Sebastian Droste Cloud stable, services weigh down On October 22, 2025, Intershop released its 9M 2025 financial results and confirmed its guidance for [ … ]

Company Name: Villeroy & Boch AG ISIN: DE0007657231   Reason for the research: Update Recommendation: Buy from: 27.10.2025 Target price: 34.50 Last rating change: Analyst: Ralf Marinoni 9M 2025: Despite no tailwind from the macro side, stable developmentIn 9M-25 period, Villeroy & Boch generated consolidated sales of EUR  [ … ]

Company Name: Serviceware SE ISIN: DE000A2G8X31   Reason for the research: Update Recommendation: Buy from: 27.10.2025 Target price: 28.50 Last rating change: Analyst: Sebastian Droste Strong margin improvements On October 24, 2025, Serviceware released its Q3 2024/2025 financial results and confirmed its guidance for FY2024/2025 [ … ]

Bechtle will report Q3 results on 14 November. We expect a further recovery in Q3, with revenues of EUR 1.56bn and EBT of EUR 80m (~5.1% margin), broadly in line with consensus. Regional performance remains resilient, supported by strength in the UK and Benelux and stabilizing trends in Germany, while France remains weak. Q4 will again be decisive, historically contributing up to 40% of annual EBT. We see FY25 revenues up ~2% yoy and profitability at the lower end of guidance due to cost pressure. With gradual improvement expected into 2026, we maintain our BUY rating and EUR 47.00 price target. The full update can be downloaded under https://research-hub.de/companies/bechtle-ag