Q2 was operationally encouraging, with strong yoy revenue growth, better gross margins and a return to positive EBIT, but the sharp slowdown in order intake tempers the near-term upside and reinforces the importance of renewed order momentum. The MASS acquisition adds strategically relevant capabilities at limited financial risk, while the existing backlog leaves FY26 guidance looking achievable despite still-negative cash conversion which is expected to improve into H2. With execution improving but fresh orders yet to reaccelerate, we see the risk/reward as balanced and reiterate our HOLD rating and EUR 6.00 price target. The full update can be downloaded under https://research-hub.de/companies/singulus-technologies-ag

Bechtle’s final Q2 26 results confirmed the strong preliminary figures and, importantly, provided further evidence that the acceleration is broad-based and largely organic. Order intake jumped 25.5% yoy to EUR 2.47bn and the order backlog reached a new record of EUR 3.54bn. Business volume increased 18.1% yoy to EUR 2.27bn, revenue rose 16.5% to EUR 1.73bn and EBT advanced 20.1% to EUR 80.2m. The main blemish was operating cash flow of EUR -112.5m in Q2, reflecting temporary working-capital effects related to order-backed inventories. After updating our model following the preliminary Q2 figures (read here: research-hub.de/companies/bechtle-ag), we leave our estimates unchanged. Our estimates imply a pronounced slowdown in H2 and therefore continue to offer room for additional upside. Apart from that, management reiterated on the call that the overall market environment remains difficult and challenging. However, we reiterate our BUY rating and EUR 45.00 price target. The full update can be downloaded under https://research-hub.de/companies/bechtle-ag

Company Name: Multitude AG ISIN: CH1398992755   Reason for the research: Update Recommendation: BUY Target price: EUR 11.00 Target price on sight of: 12 months Last rating change: Analyst: Julius Neittamo Q2 preview; partnership business to support profitabilityMultitude will report its Q2'26 results this Thursday. Consumer Banki [ … ]

TUI’s Q3 26 results missed expectations, with revenue down 6.1% yoy to EUR 5,822m and underlying EBIT down 27% yoy to EUR 234m (vs. EUR 291m consensus), hit by EUR 20m in direct Iran conflict costs and elevated jet fuel prices. Holiday Experiences remained relatively stable, but Markets + Airline swung to an EBIT loss due to Middle East consumer caution and soft regional pricing, prompting a 5% risk capacity reduction. Delayed deposits drove working capital shifts, missing consensus at FCF and net debt. While Summer 2026 bookings lag at -6% yoy, a late +7% last 4 weeks rebound supports reaffirmed FY26 EBIT guidance (EUR 1.1bn - 1.4bn). However, persistent geopolitical risks and lower visibility lead us to trim estimates, reducing our target price to EUR 13.50 (from EUR 15.00) while maintaining a BUY rating. The full update can be downloaded under https://research-hub.de/companies/tui-ag

tk nucera’s Q3 FY26 results were in line with preliminary figures, with weaker Green Hydrogen revenues offset by better gross margins, cost discipline and a resilient ChlorAlkali business. While cash generation remained soft, the company continues to benefit from a very strong balance sheet and high net cash. Encouragingly, order momentum improved significantly, supported by the large-scale project in Spain, underlining that major hydrogen projects can return quickly once investment decisions are taken. Management also narrowed FY26 guidance following the decision to discontinue proprietary SOEC mass production. We view this step as strategically sensible, as it improves capital discipline and sharpens the focus on core technologies. We slightly adjust our FY26 estimates to reflect the refined guidance and SOEC-related one-offs, while leaving our medium-term assumptions unchanged. We reiterate our BUY rating and EUR 15.00 PT. On September 15, the company will provide deeper insights into its outlook at our Future of Energy online conference, with free registration available here: https://research-hub.de/events/registration/2026-09-15-11-00/NCH2-GR The full update can be downloaded under https://research-hub.de/companies/thyssenkrupp-nucera-ag-co-kgaa

INDUS Holding released its full Q2/H1 26 report, confirming strong Q2 figures while offering clearer visibility into underlying momentum. Q2 revenue rose 20.6% yoy to EUR 523.6m, and adjusted EBITA surged 160% yoy to EUR 81.1m (margin: 15.5%). While the tungsten special situation in Materials Solutions continues to drive extraordinary profitability, the detailed report highlights an encouraging sequential recovery in Engineering, strong organic growth in Infrastructure, and a robust book-to-bill ratio of 1.14x across the group. A sequential Q2 FCF rebound (+EUR 37.2m vs Q1 -EUR 74.1m) further eases working capital concerns. We reiterate our BUY rating with an unchanged PT of EUR 43.00. The full update can be downloaded under https://research-hub.de/companies/indus-holding-ag

TKMS reported a clean 9M beat and lifted FY25/26 guidance for the second time this year. Sales rose 19% to EUR 1,890m (mwb est. EUR 1,780m), while adjusted EBIT of EUR 110m grew 13% at a 5.8% margin and also came in above our estimate. Management now guides for revenue growth of 10-12% (prev.: 2-5%) and an adjusted EBIT margin of up to 6.5% (prev.: >6%). Interestingly, the previous reference to “backend growth acceleration” was removed from the mid-term guidance, suggesting management now expects >10% growth from here. The order backlog stood at EUR 20.1bn at the end of June, and we expect another strong step-up in Q4. A more detailed sector update on backlog will follow next week. 9M FCF of EUR 204m negative was in line with our timing expectations, with the company guiding for positive FCF for the full year. We raise our estimates and PT to EUR 140.00 (from EUR 135.00) and reiterate BUY. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

CANCOM delivered a mixed H1 26, with weaker revenues but markedly improved profitability. Sales fell 3.5% yoy to EUR 775.9m, while gross margin expanded to 44.2% and EBITDA rose 34% yoy to EUR 49.2m, driven by strong improvement in Germany. International remained weak. Cash conversion deteriorated sharply, with operating cash flow at EUR -109.6m, mainly due to working capital effects. We see the top-line weakness as increasingly company-specific, particularly versus stronger peer trends. Given limited visibility and the H2 acceleration required to meet guidance, we cut estimates, lower our PT to EUR 25.50 from EUR 27.00 and reiterate HOLD. The full update can be downloaded under https://research-hub.de/companies/cancom-se

Q2 reads worse than it was. Order intake and revenue growth were solid, but the result was overshadowed, as already flagged, by margin pressure from price and mix plus several one-offs. The underlying EBIT margin fell to 6.8%, and net profit took a further hit from an unusually high tax rate. H1 FCF was negative, though this largely reflects acquisitions, working capital and tax effects, and we expect a significant recovery in H2. The recently lowered FY26 guidance was confirmed and our estimates sit comfortably within the range. The implied H2 margin recovery needs some stabilization in pricing, but the strong order book, improving AWE profitability and transformation savings provide support. The current share price does not reflect Jungheinrich´s potential. PT unchanged at EUR 41.00. BUY. The full update can be downloaded under https://research-hub.de/companies/jungheinrich-ag

NORMA’s Q2 results provide further evidence that the operational turnaround is gaining traction. While the top line remained broadly stable, profitability improved markedly and came in clearly ahead of expectations, supported by lower material costs, NewNORMA savings and tighter cost control. Industry Applications (IA) remained the key growth engine, offsetting continued weakness in automotive-related M&NE, while regional performance was mixed but showed encouraging margin progression. Management confirmed FY26 guidance, and we believe the improving earnings profile, together with a rising share of higher-margin IA revenues, should support further structural upside over time. We leave our estimates unchanged for now and continue to expect a stronger H2. Additional support comes from the pending EUR 208m share buyback, where we see scope for pricing towards the upper end of calculated EUR 19.00-23.00 range. We reiterate our BUY rating and EUR 23.00 price target, implying 22% upside. The full update can be downloaded under https://research-hub.de/companies/norma-group-se