Company Name: Westwing Group SE ISIN: DE000A2N4H07   Reason for the research: Update Recommendation: Buy from: 27.10.2025 Target price: EUR 20.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch & Antonio Perez On November 6, Westwing will release its Q3 figures, for which we expect muted GMV  [ … ]

Company Name: LION E-Mobility AG ISIN: CH0560888270   Reason for the research: Update Recommendation: BUY from: 27.10.2025 Target price: EUR 2.90 Target price on sight of: 12 months Last rating change: Analyst: Christian Sandherr LION E-Mobility looks set to report Q3 results on November 11th, which should confirm that thecompa [ … ]

Gerresheimer (GXI) released initial findings from an external review into FY24 revenue recognition, revealing that one bill-and-hold contract worth around EUR 3m likely failed to meet IFRS 15 criteria. Total affected sales of EUR 28m represent about 1.4% of FY24 revenue, implying limited quantitative impact but heightened qualitative risk. The company will reassess all related agreements and continues to cooperate with BaFin’s ongoing audit. While the issue appears manageable, governance concerns and limited visibility may weigh on sentiment. We maintain our HOLD rating with an unchanged price target of EUR 31.00. The full update can be downloaded under https://research-hub.de/companies/gerresheimer-ag

ATOSS Software’s Q3 2025 revenues grew 12% yoy to EUR 47.2m, accelerating from the 9% yoy increase seen in Q2. The SaaS business was again the key growth engine, with revenues from cloud/subscription up 25% yoy, consequently driving recurring revenues (subscription + maintenance) up 17% yoy to EUR 33.2m (70% of total revenues vs 75% long-term target). Notably, order intake also gathered momentum in Q3. Both EBITDA and EBIT grew 7% yoy and the margin improved 2.8ppt each sequentially to 38.9% and 36.4%, respectively. This was better than what management had initially anticipated, owing to controlled costs and the ongoing sales organisation transformation efforts. For FY 2025, ATOSS reiterated its revenue guidance of EUR 190m; however, it is now optimistic of reaching c.34% in the EBIT margin vs its earlier expectation of at least 31%. ATOSS also confirmed its 2030 targets, including sales of EUR 400m and an EBIT margin of >35%. However, given the current choppy demand environment, we believe that reaching its ambitious targets could be backend-loaded. We broadly maintain our long-term estimates. We reiterate our HOLD rating at an unchanged price target of EUR 125.00. The full update can be downloaded under https://research-hub.de/companies/atoss-software-se

Beiersdorf reported organic (org.) sales growth of 1.7% yoy in Q3 2025, in-line with consensus of +1.8% yoy. Although the momentum improved compared to +0.6% yoy org. seen in Q2, overall demand remains muted. Consequently, management reduced its FY25 guidance for org. sales growth to c.2.5% yoy (c.+3% previously) while leaving its EBIT margin expectations intact at slightly higher yoy. Sales performance (yoy org.) in Q3 was mixed across portfolios – Derma (+12.4%) and healthcare (+9.8%) reported good growth, La Prairie (+1.6% vs -1.5% in Q2) and tesa (flat vs -3.7% in Q2) saw a slight recovery, while the mass brand NIVEA posted a 0.4% decline. On the positive side, org. sales at NIVEA picked pace in September (+7.8% yoy) following the global launch of Cellular Epigenetics Serum with Epicelline®. Moreover, management is maintaining its marketing spending and investing in innovation to reignite momentum, while investors await a material rebound. We reiterate our BUY rating with an unchanged PT of EUR 136.00 as we view the current risk/return profile as attractive. The full update can be downloaded under https://research-hub.de/companies/beiersdorf-ag

Company Name: Scandinavian Astor Group AB ISIN: SE0019175274   Reason for the research: Update Recommendation: BUY from: 24.10.2025 Target price: SEK 57.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Now, NEZ secured a SEK 256m order from an undisclosed company in the Western world. This is  [ … ]

Company Name: ATOSS Software SE ISIN: DE0005104400   Reason for the research: Update Recommendation: BUY from: 24.10.2025 Target price: EUR 152.00 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Noteworthy in this context: ATOSS’ entry level solution Crewmeister, which targets customers [ … ]

HENSOLDT updated its FY25 guidance, signalling continued momentum across radar, electronic warfare, and ground-based systems. Management now expects revenues of around EUR 2.5bn (lower end of prior guidance) and an adjusted EBITDA margin of ≥18% (prev. ~19%), with the book-to-bill ratio upgraded to 1.6x–1.9x (prev 1.2). We adjust our model slightly, lowering FY25 revenues to reflect temporary project phasing effects but raising margins on improved operational efficiency and mix. However, these revisions largely offset each other at the EBIT level. We continue to model ~17% organic topline CAGR through 2030 (vs. consensus at ~19%) and a gradual moderation in defense spending in the terminal phase. The medium-term outlook remains strong, underpinned by robust order intake and backlog visibility. However, a key risk remains that consensus expectations appear overly optimistic, particularly regarding growth beyond 2029. Despite a slightly higher price target of EUR 74.00 (prev. 70.00), the rating remains SELL, as valuation seems to be rich at a PER of ~45x in 26E vers-es its peers at only 27x 26E. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

Mister Spex will report Q3 2025 results on 13 November. We expect another weak topline, with sales of EUR 47m (–18.6% yoy), mainly reflecting the retreat from international markets and softer sunglasses demand due to poor weather. In contrast, prescription eyewear is likely to remain resilient in relative terms, supporting a higher gross margin of 54% (+520bps yoy). EBIT should improve to EUR –4.9m (Q3 24: –14.6m), confirming ongoing execution of the “SpexFocus” restructuring. FY25 guidance (sales –10% to –20%, EBIT margin –5% to –15%) will likely be reaffirmed, with year-end cash of EUR 65m +/- EUR 5m seen on track. We reiterate BUY with an unchanged PT of EUR 4.00. The full update can be downloaded under https://research-hub.de/companies/mister-spex-se

Today’s pre-close ahead of Q3 results (13 Nov 2025) points to a mixed read-out for RENK, with solid order momentum but short-term margin pressure from the new production setup. While topline guidance remains intact, profitability is temporarily affected by transition-related disruptions, which management expects to normalize and ultimately enhance efficiency from 2026 onward. We forecast Q3 revenues of EUR 318m (+19% yoy) and EBIT of EUR 33m, implying a 10% margin (–6ppt yoy). Order intake should remain strong at EUR 335m (+45% yoy). Investors should focus on the upcoming CMDs of Rheinmetall and RENK, rather than Q3 earnings, which should be viewed as a non-event. We maintain our HOLD rating, pending visibility on new tracked-vehicle programs and updated mid-term targets at the CMD. We slightly reduce our margin assumptions due to production disruptions and a less favourable order mix in recent OEM tenders. Our price target is lowered to EUR 58.00 (from EUR 65.00). The full update can be downloaded under https://research-hub.de/companies/renk-ag