Yesterday, the European Commission’s update on the IF26 Hydrogen Auction added a more constructive tone to Europe’s hydrogen debate. The up to EUR 500m funding envelope itself is not new, but the proposed framework is becoming more pragmatic, with support spanning both renewable RFNBO and electrolytic low-carbon hydrogen while also targeting lower administrative hurdles. That matters because the sector’s real problem is no longer a lack of projects, but getting them beyond FEED and into firm electrolyzer orders. For tk nucera, any improvement in this conversion could be meaningful. Its strong balance sheet, sizeable net cash position and proven track record in large-scale electrolysis leave it well placed to scale when demand returns and potentially emerge stronger from the current downturn. We maintain our BUY rating and the EUR 15.00 PT. On September 15, tk nucera will present at our Future of Energy online conference to explore the forces shaping the next phase of the energy market; register here for free: https://research-hub.de/conference/the-future-of-energy The full update can be downloaded under https://research-hub.de/companies/thyssenkrupp-nucera-ag-co-kgaa

The recent cyberattack on Berlin’s state administration highlights persistent vulnerabilities in public-sector IT and reinforces the structural demand case for secunet. The incident underscores the operational and political consequences of inadequate cyber resilience, supporting continued investment in secure, trusted infrastructure. This comes against an already elevated threat backdrop, with cybersecurity accounting for an increasing share of IT budgets. A stronger focus on digital sovereignty could provide an additional tailwind for trusted domestic providers such as secunet. With order momentum strong and backlog at record levels, we see the incident as supportive for the medium-term growth backdrop. HOLD, PT EUR 210. The full update can be downloaded under https://research-hub.de/companies/secunet-security-networks-ag

Enapter 2.0 marks a clear shift towards a leaner, asset-light and fully partner-driven model. Production is being outsourced to Runqing in China, while core technology, R&D and electrode production remain in Pisa. The strategic focus is moving towards China and the US, where Enapter sees better scaling opportunities and attractive hydrogen applications, while Europe is likely to play a more selective role. The reset is broader than expected and limited operational detail keeps visibility for 2027+ low. We therefore leave our estimates unchanged for now, expecting more clarity in H2 2026, maintaining our Spec. BUY rating and EUR 3.00 PT. On September 15, the company will provide deeper insights into its outlook at our Future of Energy online conference, with free registration below. The full update can be downloaded under https://research-hub.de/companies/enapter-ag

LM PAY will publish Q2 results and provide an earnings call on September 10. This should focus on funding, FY26 guidance and an expected H2 recovery. Q1 was soft, with revenues up 3.8% yoy and EBIT down c.25%, but the return of a key beauty partner and rising insurance contributions should support H2. Polish interest rates remain relevant, though the main earnings driver is the lending spread between loan yields and refinancing costs. The new Aion Bank/UniCredit funding relationship should help margins. With no FY26 guidance yet published, the upcoming update could be a key trigger. We confirm our BUY rating and a EUR 59.00 price target. Investors can register for the Q2 earnings call with CEO Jakub Czarzasty on September 10 at 11:00 at research-hub.de. The full update can be downloaded under https://research-hub.de/companies/lm-pay-sa

The AfD’s landslide victory in Saxony Anhalt could create long-term political risk for German defense spending, but no near or mid-term impact on Rheinmetall. Defense procurement remains a federal competence and the AfD currently has no influence through either the federal government or Bundesrat. Longer term, however, its opposition to Ukraine aid, sanctions on Russia and debt financed defense spending could imply a tighter spending path if its federal influence rises (The AfD polls ~28% federally and the next Bundestag election is in 2029). For now, we see the election as headline risk rather than an order intake issue. Kyiv talks continue to underline demand for air defense, while Lavrov’s comments do not change our view on German rearmament. The key near term catalyst remains Arminius, with further details expected at month end. PT unchanged at EUR 1,050. HOLD. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

RENK shares have fallen 14% since our last update, and the risk of a revenue decline is now adequately reflected in the valuation in our view. Our DCF already assumes revenues fall 18% from peak levels, with FCF declining proportionately. The main upside remains MRO, although meaningful contribution requires a much larger installed base first. Near term, the expected decision on the ~EUR 25bn Boxer/Arminius programme should provide a positive sector catalyst. With RENK now trading at 20x P/E and 11x EV/EBITDA on 2027E, falling to 11x and 6x by 2030E, we see an increasingly attractive risk/reward. We upgrade to BUY from HOLD with an unchanged PT of EUR 48.00. The full update can be downloaded under https://research-hub.de/companies/renk-group-ag

Siemens Energy (SE) continues to benefit from strong demand across gas turbines, grids and power infrastructure, supporting robust growth and margins. However, much of this strength is already reflected in market expectations. The planned separation of Transformation of Industry could simplify the portfolio, but key details remain open and we see limited impact on the investment case given SE’s already strong financial position. Despite the over 20% share-price correction, valuation remains demanding at around 21x EV/EBIT 2026E and still assumes an unusually prolonged energy investment super cycle. We therefore confirm our SELL rating with a EUR 100.00 price target. On September 15, SE will join our Future of Energy online conference to explore the forces shaping the next phase of the energy market. Register for free here: https://research-hub.de/conference/the-future-of-energy. The full update can be downloaded under https://research-hub.de/companies/siemens-energy-ag

AUTO1’s has released its H1 report, confirming the solid Q2 performance reported at the end of July, with strong volume growth, improving profitability, and no material change to the outlook. Cash generation and capital efficiency remain healthy, supported by lower inventory and continued expansion of captive finance without excessive capital requirements. For H2, management is consciously balancing growth and profitability, with the new trading and inventory system expected to support faster turns and sequential GPU improvement. We fine-tune our estimates following the H1 disclosures, while the overall investment case remains unchanged. We maintain our EUR 35.00 price target and BUY rating. The full update can be downloaded under https://research-hub.de/companies/auto1-group-se

Schloss Wachenheim’s preliminary FY 2025/26 results missed guidance and our expectations, as already weaker revenue quality after 9M deteriorated further in Q4, driven by a challenging consumer environment in the mid-price segment. FY revenues rose only 0.3% to EUR 448.9m, while EBIT of c. EUR 27.6m fell short of the guided EUR 30-33m range. We reduce our PT to EUR 19.00 from EUR 20.00 but reiterate BUY, supported by SWA’s entry-price/private-label strength, de-alcoholized growth and regional diversification The full update can be downloaded under https://research-hub.de/companies/schloss-wachenheim-ag

Bayer’s Crop Science update strengthens confidence in the recovery, with execution on costs, portfolio simplification and working capital providing a more tangible path to higher margins and cash generation. Growth should also become broader over time as Corn expands, Soy benefits from new launches and licensing remains a relatively stable earnings contributor. The pipeline adds further upside, although much of the larger commercial opportunity sits beyond 2029, while the dedicated Ruveon structure should help contain volatility in U.S. glyphosate and sharpen focus on the core portfolio. Overall, the division’s medium-term delivery looks increasingly credible, supporting our positive investment case, BUY rating and price target of EUR 65.00. The full update can be downloaded under https://research-hub.de/companies/bayer-ag