Company Name: Almonty Industries Inc ISIN: CA0203987072   Reason for the research: Update Report Recommendation: Buy from: 28.09.2026 Target price: USD 26.40 (previously: CAD 38.90) Target price on sight of: 36 months Last rating change: - Analyst: Peter Thilo Hasler, CEFA In our view, the agreement is significant for several r [ … ]

Südzucker’s (SZU) prelim Q2 FY27 operating EBITDA increased 81% yoy to EUR 168m, driven by CropEnergies and Special Products, while FY27 guidance was raised for the second time this fiscal year. With sugar prices already up more than 20% from their lows, we expect the Sugar segment to increasingly support earnings growth as tighter supply fundamentals take hold. Higher ethanol prices, India’s export restrictions, lower European beet acreage and emerging El Niño effects could further support the market, although elevated stocks may delay the impact on prices. Having significantly reduced its cost base during the downturn, SZU should benefit from strong operating leverage as the cycle turns. We maintain BUY and raise our PT to EUR 17.00 (old: EUR 15.00). The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag

Schloss Wachenheim’s FY25/26 final results confirmed the prelims, with Germany remaining impacted mainly by wine retail, while France and Eastern-Central Europe provided better support. De-alcoholized products continue to gain relevance, accounting for almost 30% of German segment sales. FY26/27 guidance is constructive, targeting higher volumes, 3-6% revenue growth and EBIT of EUR 28-32m. Wine retail remains an important swing factor, with management focusing on sales stimulation and more targeted marketing. Our estimates remain within guidance; we reiterate BUY with a EUR 19.00 price target. The full update can be downloaded under https://research-hub.de/companies/schloss-wachenheim-ag

BASF’s exploratory talks regarding a potential takeover of Evonik are strategically understandable, given the opportunity to increase specialty-chemicals exposure, broaden the earnings base and capture cost synergies, but execution will be critical. The deal would also leave the combined group heavily exposed to Europe, where weak demand and structurally high costs remain a competitiveness challenge, while a sizeable acquisition could complicate BASF’s recent deleveraging and capital-return story. Evonik’s current valuation at around 6.5x 2027E EV/EBITDA versus BASF at roughly 7.7x provides a reasonable starting point, but the eventual takeover premium, financing structure and realized synergies will determine value creation. With no terms disclosed and BASF shares already trading around our EUR 55.00 fair value, we retain our HOLD rating. The full update can be downloaded under https://research-hub.de/companies/basf-se

We participated in Vossloh’s Capital Markets Day last week, which reinforced our view that the Group is well positioned to benefit from the next cycle of global rail infrastructure investment. Its move towards integrated lifecycle solutions, supported by Sateba and digitalization, should allow Vossloh to capture market growth and increase its market share. Strong order momentum, with H1 26 order intake up 33% yoy and the backlog at a record EUR 1.14bn, provides further evidence of this opportunity. Vossloh’s 2030 targets of >EUR 2bn sales and ≥10% EBIT margin underline management’s confidence in its positioning. Following the c. 40% share-price decline from the peak one year ago, we see significant recovery potential and reiterate our BUY rating with a EUR 90.00 PT. The full update can be downloaded under https://research-hub.de/companies/vossloh-ag

HelloFresh’s back-to-school period failed to deliver the new-customer volumes needed to support its prior outlook, prompting another sharp reset. Q3 revenue is now expected to fall 11-12% cc versus consensus of -6.8%, while FY26 revenue guidance was cut to -9% to -11% and AEBITDA to EUR 350-370m. In our view, the warning exposes a structural trade-off: protecting marketing ROI implies continued volume losses, while spending more to stabilize acquisition risks diluting efficiency gains. We no longer assume a return to organic growth in our base case and model a gradually declining revenue base. New PT EUR 1.80 (old EUR 2.90); Down to SELL from HOLD. The full update can be downloaded under https://research-hub.de/companies/hellofresh-se

Company Name: Verbio SE ISIN: DE000A0JL9W6   Reason for the research: Update Recommendation: BUY Target price: EUR 41 Target price on sight of: 12 months Last rating change: Analyst: Jorge Gonzalez FY25/26: Strong cash generation confirms the turnaroundVERBIO reported strong Q4 and FY25/26 results, broadly in line with its prelim [ … ]

Italy has started procuring new main battle tanks, as a filing with ANAC, Italy's National Anticorruption Authority, published on 21 September shows. As a key supplier, RENK benefits directly. The order also challenges our cautious view on tank´s. Governments are still committing budgets, even if Ukraine war points to drones. The tank purchase also supports RENK´s aftermarket ambitions. At its CEO Strategy Update on 8 December, RENK will likely reiterate its aftermarket sales ambition of EUR 1bn p.a. by 2030 and EUR 2bn by 2035, up from EUR 500m today. This is far above what our model reflects. We do not underwrite it in full, but against this news flow our estimates look too conservative. We raise our PT to EUR 53.00 (from EUR 48.00) and confirm BUY. With short interest > 6%, RENK’s Strategy Update could be the catalyst. RENK will also present at our Defense & Security conference. You can find the online registration here: https://research-hub.de/events The full update can be downloaded under https://research-hub.de/companies/renk-group-ag

cyan AG’s full H1 2026 report confirms the preliminary figures, with revenue growth of 11% yoy remaining softer than expected despite a 30% increase in the end-customer base. Underlying development, however, remains resilient. Gross margin was broadly stable, earnings reflect a deliberately front-loaded investment year, and reported cash flow is distorted by prior-year one-offs and working capital. We therefore continue to view the current earnings profile as driven mainly by timing and investment intensity. As monetization catches up, stronger operating leverage should follow. Our estimates, EUR 4.00 PT and BUY remain unchanged ahead of next week’s earnings call. The full update can be downloaded under https://research-hub.de/companies/cyan-ag

India is nearing an EUR ~8bn order for six TKMS submarines, with Germany’s export approvals already secured. A likely date for announcing the deal could be the India Germany Intergovernmental Consultations (IGC, 25 to 26 October 2026). We estimate around EUR 3.5bn could accrue to TKMS, with an attractive asset light integration model and limited construction risk. TKMS already has a fixed order backlog of more than 10x sales, the highest in defense, and the valuation reflects neither the recently won Canada order nor the India order. On a frame and soft backlog basis, TKMS would report and EUR ~64bn backlog, equalling ~30x sales on mwb estimates! BUY with an unchanged PT of EUR 140.00. TKMS will present at our Defense & Security conference. You can find the online registration here: https://research-hub.de/events The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa