Multitude AG is expected to continue its solid execution in Q3 25, maintaining the profitable growth trajectory seen in previous quarters. Based on mwb estimates, Q3 top line should reach EUR 59.5m and net profit EUR 5.5m, bringing 9M totals to around EUR 170m and EUR 19.7m, respectively—well on track to meet FY targets of EUR 24–26m. Despite selective loan loss provisions and upfront product expenses, profitability remains robust, supported by lower funding costs. The upcoming CMD on 13 November should reaffirm strategic continuity and with improving asset quality, scalable digital infrastructure, and a valuation of only 7x PER in 26E, we maintain our BUY rating and confirm the PT of EUR 12.80. The full update can be downloaded under https://research-hub.de/companies/multitude-ag

Siltronic’s sharp two-month rally has brought the stock close to our EUR 57.50 fair value, prompting a downgrade from BUY to HOLD. The surge was largely sentiment-driven, spurred by early signs of recovery in the memory market after Samsung’s and SK Hynix’s HBM announcements. With memory still representing about 37% of Siltronic’s wafer mix, hopes for faster inventory drawdowns have lifted the sector but now fundamentals must catch up. Despite still undemanding valuation levels, the risk-reward has turned more balanced as near-term weakness persist. Further upside will depend on tangible evidence of recovery, particularly declining power and memory inventories, renewed momentum in lagging end-markets such as automotive and industrial, and visible improvement in underlying fundamentals. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

Photon Energy’s September figures showed a 7.4% yoy decline in proprietary electricity generation to 13.6 GWh, mainly due to unusually cloudy weather across Central Europe and continued temporary plant shutdowns in Romania, compounded by the sale of Australian assets. Despite sequentially higher realized prices, the average electricity sale price fell 3.6% mom to EUR 161/MWh due to a less favorable country mix, as higher-priced markets saw sharper output drops. Year-to-date generation was broadly flat at 123.5 GWh (-0.7% yoy) but below internal targets. With Romania’s licensing delays weighing on high-margin IPP earnings and leverage metrics, the short-term picture remains challenging; however, long-term opportunities in demand response, capacity markets, and emerging technologies support a Spec. BUY rating and a EUR 1.00 price target. The full update can be downloaded under https://research-hub.de/companies/photon-energy-nv

Südzucker (SZU) announced expectations of a strong improvement in Q3 FY26 (ending 30 November), indicating potential stabilization after several weak quarters. The company reaffirmed its FY26 guidance, projecting revenue of EUR 8.3-8.7bn, EBITDA of EUR 470-570m, and operating profit of EUR 100-200m. We expect Q3 revenues to increase by roughly 10% yoy, driven by recovering volumes and pricing in the core sugar segment, supported by reduced sugar acreage in the new sugar year (September to December) in the main European market. EBITDA is estimated to rise to around EUR 155m (Q3 FY25: EUR 82m), with a margin of approximately 6% (up 250bps yoy). If confirmed post-quarter, this would mark an important operational inflection point for SZU. As we have already factored an operational turnaround into our model, we maintain our estimates and will continue to monitor both the strength and durability of the recovery. Accordingly, we reiterate our HOLD rating with a EUR 9.50 price target. The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag

SBO has completed the acquisition of UK-based 3T Additive Manufacturing, strengthening its Precision Technology division and expanding exposure to structurally growing industries such as aerospace and semiconductors. The oilfield environment remains subdued, with Brent around USD 63/bbl and E&Ps maintaining tight Capex discipline; a recovery is unlikely before mid-2026. At the same time, record US geothermal lease prices highlight emerging subsurface-drilling demand beyond oil & gas, validating SBO’s diversification strategy. With strong finances, high technological depth, and an expanding non-cyclical footprint, SBO remains a long-term quality play poised to benefit once industry momentum returns. BUY, PT EUR 40.00. The full update can be downloaded under https://research-hub.de/companies/sbo-ag

Fraport’s September traffic rose 2.2% yoy to around 6.0m passengers at Frankfurt airport, but the gap to 2019 levels widened to 11%, highlighting persistent demand weakness at its core hub. International assets continued to perform solidly, led by strong gains in Ljubljana and Bulgaria, while Brazil’s almost 100% increase reflected one-off effects. The company confirmed that Frankfurt’s new Terminal 3 will open in April 2026, temporarily offsetting capacity constraints during T2’s five-year refurbishment. While operational progress is reassuring, the EUR 4bn T3 investment risks long-term underutilization, with full capacity utilization unlikely to be reached before the mid-2040s at current growth rates. SELL, PT EUR 62.00. The full update can be downloaded under https://research-hub.de/companies/fraport-ag

Gerresheimer’s full Q3 25 report confirmed the steep downturn already visible in preliminary figures. Revenue rose 12% yoy to EUR 560.7m, but organic sales declined 1.2%, while cosmetics demand weakened further. EBIT dropped to EUR 7.4m (margin 1.3%), weighed by higher costs and restructuring charges, resulting in EPS of EUR -0.37. Following a third guidance cut within twelve months, management now expects FY25 revenue to fall 2-4% and adjusted EBITDA margin to narrow to 18.5-19%. With a prolonged restructuring ahead, rising leverage, and overly optimistic consensus forecasts, we lower our PT to EUR 31.00 and reiterate HOLD. The full update can be downloaded under https://research-hub.de/companies/gerresheimer-ag

CHAPTERS Group’s H1 2025 report shows strong top-line and cash flow performance despite heavy accounting effects. Revenues rose 42% yoy to EUR 70.9m, or EUR 84.5m pro forma, with adjusted EBITDA of EUR 19.3m (+41% yoy). The reported loss of EUR 17.8m reflects M&A-related PPA and goodwill amortisation (EUR 15.9m), and share-based payments (EUR 11.1m). Operating cash flow nearly doubled to EUR 15.7m, funding record M&A activity including Expatrio and Peak Mobility. The portfolio grew from 48 at year-end 24 to 55 companies in H1, and 61 thereafter. With leverage rising and bond funding secured, CHAPTERS remains on a disciplined growth path. BUY, PT EUR 48.00 after minor finetuning. The full update can be downloaded under https://research-hub.de/companies/chapters-group-ag

BASF delivers a landmark value unlock with the sale of its Coatings division to Carlyle and QIA for EUR 7.7bn, implying a rich 13x 2024 EV/EBITDA multiple versus the Group’s 2025 7x average. The deal, including EUR 5.8bn in cash proceeds and a retained 40% stake, validates BASF’s “Winning Ways” portfolio strategy and highlights the hidden value within its diversified portfolio. Beyond the sizeable book gain and balance-sheet relief, the transaction reduces exposure to cyclical auto markets while retaining upside in a newly independent global coatings leader. With further portfolio catalysts (e.g., potential Ag Solutions IPO) on the horizon, we reiterate our BUY rating and 52.00 price target, viewing BASF as a compelling contrarian recovery play backed by tangible execution. The full update can be downloaded under https://research-hub.de/companies/basf-se

Germany’s potential EUR 9bn Skyranger 30 procurement (according to the Handelsblatt) marks a major boost for the defence sector and could deliver roughly EUR 720m in radar orders to Hensoldt, reinforcing its role in short-range air defence (mwb est.). Additional tailwinds stem from 20 new Eurofighter jets equipped with Hensoldt’s ECRS Mk1 radar, adding another EUR 180m to the order book, while the up-coming F127 frigate program could open further upside (mwb est.). However, delays in flagship programs such as MGCS and FCAS have cooled sentiment and shifted key catalysts further out to 2026. With consensus already embedding an ambitious ~18.5% CAGR (mwb: 17%) to 2030 and the stock trading just 8% below its all-time high, valuation looks still stretched at current levels. The recent contract momentum supports near-term visibility but offers limited incremental upside. In our view, risk/reward remains skewed to the downside, and we reiterate our SELL rating with a EUR 70.00 price target. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag