After an 11% share price fall, the risk to miss market expectations on revenue which we flagged is better reflected in the price, and at 15.8x EV/EBITDA and 32x P/E on FY26E, going to 5x and 12x on FY30E, the stock is no longer a SELL in our view. News flow should turn positive at the end of the month with a first Arminius round of EUR ~12.4bn with first advance payments indicated for end of December, which should push FY26 CCR well above consensus and guidance. However, that is rather timing than cash quality and it worsens the 2027 base. Our reading of the published procurement list points to a total programme well below prior expectations, and the firm order fleet sits in the command and Skyranger variants, where press reports have now flagged a documented capability and contractor performance problem. Upgrade to HOLD, PT EUR 1,050. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Cancom’s investment case has shifted from growth recovery toward margin recovery. Already published in mid-August, H1 26 results showed revenues declining 3.5% yoy, lagging the German IT market and peers and raising questions around relative commercial momentum. However, EBITDA rose 34% yoy to EUR 49.2m, or c.21% adjusted for prior-year restructuring charges, with Germany’s margin improving from 2.7% to 6.1%. The recovery therefore appears increasingly credible despite weak topline trends. A new buyback of up to 5% of share capital supports shareholder returns. Cash conversion and International remain key risks. We maintain our EUR 25.50 price target and upgrade from HOLD to BUY. The full update can be downloaded under https://research-hub.de/companies/cancom-se

Following significant downward pressure from ongoing structural headwinds at its Frankfurt hub, including capacity cuts by primary carrier Lufthansa and high location costs, Fraport's share price has now fallen to our target price. Operational focus now shifts from completed Terminal 3 capital expenditures to managing excess capacity and high fixed costs, which keep net leverage elevated despite strong international concession earnings. However, with current valuations fully pricing in these domestic constraints, a robust earnings floor provided by international assets, and a balanced risk/reward profile, we upgrade our rating from SELL to HOLD, maintaining our EUR 62.00 price target and estimates. The full update can be downloaded under https://research-hub.de/companies/fraport-ag

Symrise has completed the divestment of AmeriTerpenes, its U.S. terpene ingredients business with c. USD 200m of annual revenues, to Mutares. We view the transaction as a modest positive for portfolio quality, as it reduces exposure to a more commodity-like business while preserving supply continuity through long-term commercial agreements. Financial terms were not disclosed and Symrise expects a mid-double-digit EUR million non-cash disposal loss in FY26, leaving limited implications for our forecasts. The key trigger for a more constructive view remains a durable reacceleration in organic growth, which we continue to see as challenging given the macroeconomic backdrop and uneven demand trends. With valuation broadly fair, we reiterate HOLD and our EUR 100.00 PT. The full update can be downloaded under https://research-hub.de/companies/symrise-ag

With immediate effect, we are discontinuing coverage of “Verbio SE”. Our price target, estimates and valuation are no longer valid. The full update can be downloaded under https://research-hub.de/companies/verbio-se

We revisited HelloFresh’s customer dynamics and believe that improving engagement among existing customers is still not enough to offset the weak inflow of new customers. Group average order value (AOV) rose 6.5% cc, while orders fell 13.7%, leaving volumes under continued pressure. The currently weak customer acquisition means fewer customers can mature into the valuable tenured cohorts that increasingly underpin Meal Kit revenues, potentially extending the recovery timeline and creating a drag on the revenue base. We still expect a gradual normalization in customer acquisition, albeit more modestly than previously assumed, leaving continued top-line pressure to weigh on earnings. We moderate our long-term growth assumptions. Our DCF-based price target falls to EUR 2.90 from EUR 3.30; HOLD. The full update can be downloaded under https://research-hub.de/companies/hellofresh-se

At the Frankfurt Equity Forum, CEO Christian Frick detailed Geratherm’s strategic realignment following challenging H1 26 results, characterized by price competition from Chinese manufacturers and pharmacy private-label shifts. In response, glass furnace operations are now shifting to pooled campaigns, allowing longer shutdowns to save energy costs. Geratherm has also completed EU Medical Devices Regulation (MDR) recertification for the complete product lineup. Portfolio adjustments continue, supported by EUR 8.8m in liquid assets and securities. We reiterate our BUY rating with a EUR 4.00 target price. The full update can be downloaded under https://research-hub.de/companies/geratherm-medical-ag

We refresh our Airbus delivery tracking ahead of the final delivery release in early September. Based on our tracking, Airbus has delivered c. 466 commercial aircraft through 29 August, excluding any handovers on the 30th and 31st August, 7% ahead of the same point in 2025. On that basis, Airbus needs 404 deliveries in the final four months, 11% above the previous four-month record of 363, set in 2019. Supportive factors include a December ramp that has grown for straight three years, and Airbus' track record of clearing year-end bars that looked out of reach back in September. We keep 870 deliveries in FY26E, our BUY and our PT of EUR 227. The full update can be downloaded under https://research-hub.de/companies/airbus-se

Dräger’s recent performance reinforces our confidence in a structural margin improvement story, supported by higher gross margins, disciplined cost management and operating leverage. Safety remains the key earnings driver, while Medical offers further normalization potential. Even excluding c. EUR 29m of tariff reimbursements, we estimate an underlying FY26 EBIT margin of ~6.8%. Management’s FY26 guidance of 2-6% currency-adjusted revenue growth and a 6-8% EBIT margin remains on track. Q3 results and the November CMD in Luebeck are the next key proof points. We raise our medium-term margin assumptions, increase our price target to EUR 130 from EUR 114, and reiterate our BUY. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa

Duerr AG’s presentation at German Select VIII reinforced a broadly unchanged investment case. Core Automotive performance remains solid and Woodworking is navigating a soft market with improving margins. However, BBS Automation remains the primary operational drag. Duerr confirmed its FY26 guidance, targeting order intake of EUR 3.8-4.2bn, sales of EUR 3.9-4.3bn, and an EBIT margin b.e.e. of 5.0-6.5%. With H1 delivering resilient underlying performance despite macro headwinds, the key debate centers on the execution of the Vector restructuring program at BBS and Duerr’s ability to achieve its ≥8% mid-cycle margin target. We reiterate our BUY rating with a PT of EUR 32.00. The full update can be downloaded under https://research-hub.de/companies/duerr-ag