Delivery Hero delivered another strong quarter, with Q3 GMV growing 13.6% LfL (Like-for-like) and revenue up 22.0%, driven by accelerating momentum in Americas and MENA. Rising subscription penetration and strong Quick Commerce growth provide further evidence that its Everyday App strategy is gaining traction. Management raised FY26 guidance for the second consecutive quarter, lifting adjusted EBITDA to EUR 980-1,020m and FCF to above EUR 300m. Uber’s EUR 41.50 cash offer still stands, and the initial acceptance period ending on November 5, followed by a potential additional acceptance period from November 11 to 24. We recommend tendering into the offer. The full update can be downloaded under https://research-hub.de/companies/delivery-hero-se

Traton’s Q3 26 results were broadly in line with expectations, with revenue up 8.8% yoy to EUR 12.8bn and incoming orders rising 14% to 71.2k, although both revenue and order intake fell short of consensus estimates. Adj. operating profit increased 16% yoy to EUR 772m, while the adj. operating margin improved 40bps to 6.8%. EPS of EUR 3.34 benefited from c. EUR 1.7bn in gains related to the disposal and revaluation of its Sinotruk stake. The 9M figures point to a gradual recovery, but segment performance remains mixed, with International Motors rebounding strongly and Volkswagen Truck & Bus facing a more challenging environment. Traton maintained its FY26 guidance, expecting a stronger Q4 as order intake translates into deliveries. However, macro uncertainty, geopolitical tensions, high oil prices and rising Chinese competition in electric trucks remain key risks. We adj. our est. and confirm SELL with a EUR 23.00 PT. The full update can be downloaded under https://research-hub.de/companies/traton-se

9M figures matched the preliminary release. Excluding CIS and Tail Lifts, 9M sales rose 3.9% yoy to EUR 1,616.7m, while EBIT fell 5.8% to EUR 120.7m (margin 7.5% vs. 8.2% yoy). Sales & Service EBIT decline is due to low US plant utilisation and a lower high margin service share after the Middle East escalation, though a strong Marine business and a 3.9% higher order book of EUR 1,033.1m support Q4 and 2027. The net loss of EUR 61.5m stems from the ~EUR 135m Russia impairment and the tail lift valuation charge, neither with cash impact. The efficiency programme doubles to EUR 50m by 2028, and the lower 2030 revenue target of EUR 2.8bn reflects the CIS and Tail Lift exit. The unchanged 12% margin target now applies to a cleaner, less demanding perimeter. Even with our margins ~200bp below the 2030 target, the shares look substantially undervalued. We confirm BUY with a PT of EUR 56.00. The full update can be downloaded under https://research-hub.de/companies/palfinger-ag

TAKKT's Q3 26 results confirm the operational stabilization observed in Q2, although the recovery remains fragile. Organic sales declined by 4.3% yoy, broadly in line with Q2's -4.1%, while the gross margin improved by 60bps yoy to 38.5%. Cost-saving initiatives continue to gain traction, with cumulative savings of c. EUR 9m partially offsetting the negative earnings impact from lower sales. Nevertheless, Q3 adjusted EBITDA margin declined to 3.0%, reflecting persistent negative operating leverage. More importantly, a cyberattack announced last week has introduced considerable uncertainty regarding Q4 performance, prompting management to flag the risk of missing its full-year guidance. A EUR 19m impairment in Foodservices further highlights the challenges within the portfolio. While we continue to see merit in TAKKT's restructuring strategy and long-term recovery potential, near-term earnings visibility has deteriorated significantly. We reiterate our BUY rating with a lower PT of EUR 4.00 (prev. EUR 4.50) as we more cautiously model our FY26-28 earnings trajectory. The full update can be downloaded under https://research-hub.de/companies/takkt-ag

MHP Hotel AG reported strong Q3 26 KPI, with revenue surging 25% yoy to a record EUR 56.6m, driven by the consolidation of Hyatt Regency Vienna, contributions from Conrad Hamburg, and a 31% yoy jump in F&B sales. Key operational metrics demonstrated firm pricing power, as ADR rose 3% yoy and RevPAR reached EUR 180, while reported occupancy eased slightly due to the Conrad ramp-up and softer Middle Eastern demand. The company's liquidity position strengthened substantially to over EUR 25m as of end-Q3 (up from c. EUR 10m at end-Q2), fully backing its ongoing public share buyback offer. MHP confirmed its FY26 guidance (sales of EUR 220m - 225m, EBITDA of c. EUR 8m); consequently, with key growth drivers intact, we maintain our unchanged estimates, BUY rating, and EUR 2.70 price target. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

Symrise's Q3 results point to an increasingly broad-based organic recovery, with volumedriven growth accelerating to 5.3% and previously underperforming categories showing signs of stabilization. However, the expected moderation in Q4 and continued weakness in selected high-margin businesses temper the positive momentum. Moreover, ongoing reinvestments are likely to limit near-term margin upside despite improving demand. With the anticipated earnings recovery already largely reflected in a broadly fair valuation, we reiterate HOLD with an unchanged price target of EUR 100.00. The full update can be downloaded under https://research-hub.de/companies/symrise-ag

EDAG’s Q3 26 prelim results highlight persistent market headwinds, with revenue down 8.7% yoy to EUR 164.4m, while adj. EBIT improved to EUR 4.5m, lifting the margin by 100bps yoy to 2.7%. Continued automotive customer restraint, lower project call-offs and a shift towards in-house engineering prompted management to cut FY26 revenue guidance to a decline of up to c. 10%, while maintaining its adj. EBIT margin guidance of up to c. 3%. We lower FY26E revenue estimates but leave profitability forecasts unchanged. While 2026 remains a transition year, we expect a stronger recovery from 2027 onwards, driven by a potential rebound in automotive demand, growing Defence exposure and the full benefits of cost reductions. We reiterate BUY with a EUR 4.00 PT. The full update can be downloaded under https://research-hub.de/companies/edag-engineering-group-ag

Beiersdorf's Q3 results show early signs of stabilisation, with NIVEA's organic sales decline moderating to 4.9% and positive sell-out trends suggesting improving underlying demand. Meanwhile, Derma and La Prairie accelerated to double-digit and high-single-digit growth, respectively, partly offsetting continued weakness at NIVEA and tesa. Despite the latter's disappointing performance, management confirmed FY26 guidance. We see encouraging progress in NIVEA's turnaround, with a return to sustainable growth in 2027 remaining the main catalyst for gradual margin recovery. PT of EUR 95.00 unchanged. Today´s 4% selloff seems overdone. BUY. The full update can be downloaded under https://research-hub.de/companies/beiersdorf-ag

CECONOMY's preliminary FY 2025/26 results exceeded expectations, with adjusted EBIT rising 27% to EUR 515m, surpassing the EUR 500m target originally set at its 2023 CMD. The improvement reflects a shift towards higher-margin businesses, which remains central to management's new ambition of EUR 800m adjusted EBIT by FY 2028/29. Meanwhile, the proposed JD.com takeover has cleared its final national regulatory hurdle following Austria's conditional approval. EU clearance remains outstanding but is expected before the cut-off date. With transaction risk declining and the share price reflecting this progress, we maintain our SELL rating and EUR 4.60 price target. The full update can be downloaded under https://research-hub.de/companies/ceconomy-ag

Driven by higher WTI benchmark prices and strong operational performance across its US assets, Deutsche Rohstoff has upgraded its FY 26 guidance to revenue of EUR 340 to 360m and EBITDA of EUR 420 to 440m. Operational execution remains encouraging, driving record Q3 revenue of ~EUR 110m (+130% yoy) and keeping full-year production on track to exceed 19,000 BOEPD for the first time. Supported by well-productivity gains and an expanded drilling campaign higher WTI forward curve prices lead to an upgraded price target from EUR 128.00 to EUR 136.00 and a reiterated BUY rating, even after accounting for the valuation drag from Almonty's recent share price pullback. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag