Company Name: QNA Technology S.A. ISIN: PLQNTHL00017   Reason for the research: Update Recommendation: Buy from: 01.10.2026 Target price: 51,00 PLN Target price on sight of: 12 months Last rating change: - Analyst: Alexander Rihane First Berlin Equity Research hat ein Research Update zu QNA Technology S.A. (ISIN: PLQNTHL00017) v [ … ]

HMS Bergbau confirmed its prelims delivering a strong H1 2026, with revenues up 74% yoy on higher coal volumes and the rapid expansion of marine fuels. Underlying EBITDA reached c. EUR 14m despite virtually no contribution from the mining operations. This is set to change in H2, with management expecting c. EUR 6-7m of EBITDA from Maatla and HRV, supporting the FY26 underlying EBITDA target of EUR 35m. Beyond 2026, fullyear mining contributions and further growth in marine fuels offer additional earnings potential, while the recent EUR 25m bond increase provides further capacity to scale the high-turnover trading business. We maintain our EUR 85.00 price target and BUY rating. The full update can be downloaded under https://research-hub.de/companies/hms-bergbau-ag

Enapter’s H1 26 results are in line with the preliminary figures, with revenue almost doubling yoy to EUR 10.8m and EBITDA improving to EUR -4.5m. Despite the operational improvement, operating cash flow fell to EUR -10.3m from EUR +0.3m last year, while cash stood at EUR 1.5m at end-June. Weak order intake of EUR 3.6m, down 43% yoy, highlights the challenging hydrogen market and reinforces Enapter’s strategic reset towards an asset-light, China-focused model with manufacturing partners. The planned EUR 10–12m capital increase with a strategic partner should provide additional funding, but the new strategy still lacks a financial outlook. We therefore await visibility on its financial implications and the capital increase before updating our model, with further clarity we expect towards year-end. Rating and PT remain under review. The full update can be downloaded under https://research-hub.de/companies/enapter-ag

Company Name: SMAG Mobile Antenna Masts AG ISIN: DE000A42FR12   Reason for the research: Update Recommendation: BUY Target price: EUR 47 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller Output growth accelerates as orders firm upQ2 output growth accelerated. Total output rose 31% yoy to € 10.3m ( [ … ]

PALFINGER will deconsolidate its Russian entities after they were added to the UK sanctions list. The resulting impairment of ~EUR 135m in Q3 has no cash impact and is booked in discontinued operations. A further ~EUR 45m from the currency translation reserve should follow, mainly in ‘27 (mwb est). PALFINGER has also signed an agreement to sell its lower margin tail lift business, with closing expected in Q4 ‘26 / Q1 ‘27. Both steps sharpen the portfolio and reduce risks. Operationally, preliminary 9M EBIT of ~EUR 120m (down 8% yoy) confirms a softer year, and FY26 will likely end below the prior year. We cut ‘26E EBIT to EUR 160m. However, the 9.7% sell-off erased ~EUR 106m of market value, far more than the news justifies creating an attractive entry point. We confirm BUY with a slightly lower PT of EUR 56.00 (old: 57.00), offering >100% upside. The full update can be downloaded under https://research-hub.de/companies/palfinger-ag

SUSS’s GreenTec launch marks the commercial start of its wafer-cleaning strategy, extending proven photomask-cleaning technology into a substantially larger adjacent market. The GT200 targets 200mm qualification and production today, with customer validation already underway, while the scalable platform roadmap expands into 300mm HVM from ‘27 and underpins SUSS’s >EUR 100m GreenTec revenue ambition by 2030. With strong customer interest supporting the HVM rollout and the platform offering lower chemical use, reduced tool complexity and lower cost of ownership, GreenTec adds another credible medium-term growth leg to the SUSS story. At the same time, Micron’s yesterday commentary on sustained HBM tightness, rising capex and capacity additions into ’27-28 reinforces the demand backdrop for SUSS’s temporary bonding/debonding franchise. We reiterate our BUY rating and EUR 120.00 PT. The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se

cyan AG’s H1 earnings call broadly confirmed the growth strategy. Management maintained FY26 revenue guidance of EUR 10.2-11.5m and a positive EBITDA despite ongoing growth investments. For 2027, growth should remain primarily telco-led as recent subscriber cohorts mature and new launches contribute more fully. Guard 360 is expected to add revenue, but not yet significantly, with commercial traction still to build. We modestly fine-tune our FY27/28 estimates for a more gradual revenue ramp, while our scalability and operating leverage assumptions remain intact. Our EUR 4.00 PT and BUY recommendation remain unchanged. cyan AG will present at our virtual Security & Defense Conference on 8 October. For more information and registration follow: https://research-hub.de/conference/defense-and-security The full update can be downloaded under https://research-hub.de/companies/cyan-ag

Over the past few days, we joined a management dinner in Amsterdam with CFO Dr. Jörn Andreas and Executive Board Member Nicolás Wielandt, followed by KWS’s Vegetables Investor & Analyst Seminar in Andijk. The events provided deeper insights into the company’s strategy and the ramp-up of Vegetables, with R&D activities and field trials allowing us to see the progress first-hand. Innovation remains at the heart of KWS’s Seeds business, while management targets 3–5% organic growth and a 19–21% EBITDA margin in the medium term. Vegetables offers an attractive high-value growth opportunity, with five new varieties ready for the coming year and a targeted EUR 1.4bn market growing at c. 5% p.a. We leave Andijk with increased conviction in our investment case, seeing clear potential for Vegetables to become a meaningful and profitable growth driver for KWS. We maintain our BUY rating with a PT of EUR 93.00. The full update can be downloaded under https://research-hub.de/companies/kws-saat-se-co-kgaa

Viromed reported H1 revenues of EUR 2.5m (H1 25: EUR 2.4m) and a net loss of EUR 1.1m. The loss reflects deliberate investments in the PulmoPlas study and in the approval of ViroCAP med ahead of the commercial ramp-up. More importantly, the operational groundwork is now in place. Looking ahead to FY27, management anticipates a highly strong financial trajectory, driven by waning study expenditures and the commercial rollout of PulmoPlas amidst surging global interest. The MDR Class IIa certificate arrived in early July, sales of ViroCAP med have started, OEM production for HELLMUT RUCK is running, and the international distribution network continues to grow. For PulmoPlas, the submitted publication of the study results in a renowned journal should add scientific weight ahead of the next regulatory steps. Management confidently heads into H2 and confirmed its guidance of a significant increase in sales and net income for FY26. We reiterate our BUY with unchanged PT of EUR 11.00. The full update can be downloaded under https://research-hub.de/companies/viromed-medical-ag

Redcare Pharmacy raised FY26 guidance for the second time this year, driven by stronger-than-expected German Rx momentum. Preliminary Q3 Rx growth reached 56% yoy, with September still up 51% yoy despite tougher bonus comparables. Group revenue growth guidance increased to 16-18%, while German Rx guidance rose to EUR 730-760m (before: EUR 680-720m). Q3 adjusted EBITDA margin remained around the strong Q2 level of 3.5%, supporting the unchanged 2.5-3.0% FY26 margin guidance. Non-Rx also recovered after a softer July. We slightly raise our 2026 sales assumptions and reiterate BUY with a EUR 95.00 target price. The full update can be downloaded under https://research-hub.de/companies/redcare-pharmacy-nv