With Q3 results due on 13 November, we expect Viscom to hold its ground, demonstrating commendable operational resilience despite muted market dynamics. Q3 is set to show sequentially stable orders and flat to modest sequential growth, supported by steady Asian demand. EBIT margin is likely to remain positive, hovering around 1–3% (Q3’24: -4.9%). While European automotive and electronics remain soft, the company’s diversified five-pillar setup is proving its worth, helping to offset prolonged weakness in automotive electronics and supporting a more balanced revenue mix. Even after a +75% YTD rally, valuation remains relatively undemanding at c. 9x EV/EBIT 2026E (mwb est.) and around 1x P/B, implying further re-rating potential once end-market visibility improves. With a leaner structure, stronger mix, and clear technology edge versus Asian competitors, we reiterate our BUY rating and EUR 6.50 price target, ahead of anticipated gradual recovery in 2026. The full update can be downloaded under https://research-hub.de/companies/viscom-se

Friedrich Vorwerk (FVG) announced Q3 prelims, delivering another blowout quarter with EBITDA of EUR 51.3m, more than doubling yoy and around 30% above our estimate, supported by a 39% rise in revenue to EUR 202m, c. 11% above expectations. The EBITDA margin surged 8pp yoy to 25.4%, a new record. Strong execution, 13% headcount growth, and a unchanged EUR 1.1bn order backlog underpin results. Management raised FY25 guidance to EUR 650–680m revenue and 20–22% EBITDA margin. Despite impressive results, high expectations and a FY25 P/E of 22x leave little room for setbacks. We place our estimates for FY25 at the upper end of guidance, raise our PT to EUR 60.00 (from EUR 52.00), but maintain our SELL rating. The full update can be downloaded under https://research-hub.de/companies/friedrich-vorwerk-group-se

The German Ministry for Digital and Transport has proposed major reforms to modernize and lower the cost of driver education, allowing full digital theory learning, simulator training, and fewer mandatory on-road lessons. These long-awaited changes, expected in FY26, would structurally reshape the market and enhance transparency through a public cost and pass-rate database. 123fahrschule, as Germany’s largest digital driving school platform with over 60 locations and proprietary e-learning technology, is well positioned to benefit. The reform validates its scalable business model and supports long-term growth visibility. We reiterate our BUY rating with an unchanged price target of EUR 6.00. The full update can be downloaded under https://research-hub.de/companies/123fahrschule-se

We initiate coverage of TKMS AG & Co. KGaA with a BUY rating and a PT of EUR 100.00, implying 67% upside. Emerging from the Thyssenkrupp spin-off, TKMS is Europe’s leading naval pure play with EUR 18.5bn backlog (8.6× sales), providing excep-tional visibility. Rising automation, vertical integration, and capacity expansion at Kiel and Wismar support a margin re-rating from ~4% to >7% mid-term (mwb est. >9% by FY32). The current EV/EBITDA of 12x (FY27E) undervalues the turnaround story with structurally higher margins, stable earnings, and peace-resilient growth. Upcoming order catalysts such as the EUR 20bn+ F127 frigate and India’s Project 75(I) should boost backlog and transparency, enabling a re-rating. Past results distorted by legacy contracts no longer reflect TKMS’s earnings potential. BUY, PT EUR 100. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

Aixtron’s Q3 prelims lagged our expectations, mainly due to timing effects and FX headwinds. Beneath the surface, underlying performance was broadly stable, though the EBIT margin fell short potentially due to normalizing R&D spending after an unusually low first half. Reflecting the muted near-term momentum in power electronics and adverse FX moves, management narrowed its FY25 guidance range, trimming both revenue and margin targets. Looking ahead, we still view 2026 as a bridge year but now with flattish growth more likely before the next structural upcycle takes shape. We expect early order activity from AI-driven 800V power architectures and accelerating SiC adoption in EVs from H2 2026 into early 2027 to rekindle sentiment and re-rating well before volumes materially recover. This should set the stage for the next structural growth phase. We reiterate our BUY rating with a slightly lower price target of EUR 18.00 (old: EUR 20.00). The full update can be downloaded under https://research-hub.de/companies/aixtron-se

KWS will host its Capital Markets Day on November 18, 2025, in Einbeck, providing insights into both near-term priorities for FY26 and its longer-term strategic trajectory. The company guides for around 3% organic revenue growth and an EBITDA margin of 19–21% in FY26, with strategic focus on core crops, vegetable seeds, and innovation. KWS is well-positioned to benefit from rising demand for high-performing, sustainable seeds. Corteva’s recent split highlights the value of pure-play seed businesses, while agrochemicals face regulatory and sustainability pressures. Leveraging deep R&D and disease- and insect-resistant breeding, KWS aims to outperform peers. The CMD may act as a catalyst by offering clarity on strategy and growth prospects. We reiterate our BUY rating and EUR 83.00 target price. Registration for the CMD is available here: https://forms.office.com/pages/responsepage.aspx?id=-DGvdjhcKU6e4iZ0MFFg8inQnRxwDX5KhxwLd4rnqrBUQlhVUkczVEEwRjQ3SU0yTUFPSVo0VlRTTS4u&route=shorturl. The full update can be downloaded under https://research-hub.de/companies/kws-saat-se-co-kgaa

RENK’s 24% share price decline since our initiation has reset valuations to more balanced levels, prompting us to upgrade the stock to HOLD (PT EUR 65.00). The sell-off reflects short-term geopolitical sentiment, while fundamentals remain robust. The European rearmament cycle continues to provide multi-year visibility, and a potential Ukraine ceasefire could even open new opportunities for local assembly and support infrastructure. Near-term upside is capped by the recent tilt toward wheeled vehicle orders, but upcoming CMDs at Rheinmetall and RENK should re-focus attention on margin expansion, balance sheet strength, and long-term earnings growth. The full update can be downloaded under https://research-hub.de/companies/renk-ag

Sartorius’ revenue growth accelerated in Q3 25 to c.11% yoy in constant currency (c.c.) from +6% c.c. in Q2. The company reported improved top-line momentum across regions and segments and the consumables business continued to experience strong demand, and positively, the equipment and instruments business saw early signs of stabilisation. Adjusted (adj.) EBITDA was up 14.8% yoy and the margin widened by to 29.3% as a better mix and economies of scale from increased volumes helped offset FX headwinds. Following the progress in Q3, management has narrowed its FY25 guidance range and aims to achieve c.7% yoy c.c. increase in sales and an adj. EBITDA margin of slightly above 29.5% vs its earlier guidance of c.29% to 30%. However, tariff risks and USD devaluation still weigh on earnings visibility, while capex cuts by pharma companies in Europe with a shift in focus to the US are expected to add additional pressure, as management confirmed during the conference call that no benefit from larger US investment budgets is currently visible. Given limited earnings catalysts, we reiterate SELL with an unchanged PT of EUR 175.00. The full update can be downloaded under https://research-hub.de/companies/sartorius-ag

Circus SE plans to begin large-scale European production of its autonomous defense robotic kitchen, CA-M, in 2026, adding a 4,000-unit annual capacity to its existing 6,000-unit Asian facility and potentially generating up to an additional EUR 1bn in annual equipment revenue. The expansion supports Europe’s “Readiness 2030 / ReArm Europe” initiative and leverages the proven CA-1 platform and AI core technology, with first defense-sector agreements expected in 2025. Management remains upbeat following strong customer interest. With estimates unchanged, we reaffirm our BUY rating and EUR 50.00 price target, viewing upcoming defense contracts and further client wins as key re-rating catalysts. The full update can be downloaded under https://research-hub.de/companies/circus-se

Pyramid AG lowered its FY25 guidance due to project postponements and weaker performance at Faytech. Sales are now expected at EUR 75–77m (prev. EUR 88–92m) and EBITDA at EUR 3.0–3.5m (prev. EUR 4.7–5.5m), representing a mid-point downgrade of c.16%. Despite this short-term adjustment, the company announced a multi-year AI-optimzed server framework contract worth over EUR 100m with a long-standing German customer — the largest in its history — positioning Pyramid as a key domestic provider of AI-capable server and storage systems. The order will mainly contribute from 2026–2028 and supports a stronger multi-year outlook. We incorporate the revised guidance into our model and reiterate our BUY rating and price target of EUR 1.50, as the changes have only marginal long-term implications for our investment case. The full update can be downloaded under https://research-hub.de/companies/pyramid-ag