ATOSS delivered a solid Q3, with revenue up 11% and EBIT rising 23%, driving the quarterly margin to 40%. Cloud growth remained strong at 26%, while New ACV faced demanding comparables but the pipeline remained solid. Management now expects FY26 and FY27 revenue towards the lower end of guidance, mainly reflecting weaker perpetual licenses. Conversely, the FY26 EBIT margin outlook was raised to around 37% (from 34%), with similar profitability expected in 2027 and medium-term potential above 40% (2028E consensus 36%). AI-driven productivity gains increasingly support structural margin expansion, strengthening the earnings case despite a softer topline outlook. We maintain BUY and our EUR 130.00 price target. The 6% selloff following the news seems overdone and creates an interesting entry opportunity. The full update can be downloaded under https://research-hub.de/companies/atoss-software-se

Viscom has raised its FY26 order intake guidance for the second time this year to EUR 100–110m, supported by improving underlying demand and another major battery-cell inspection contract. The second sizeable battery order within a few months provides further evidence of growing commercial traction and strengthens visibility for 2027, where our estimates already assume 19% sales growth, while also opening potential for further project wins beyond next year. With FY26 sales and margin guidance unchanged, near-term earnings execution remains the key focus. At 7.6x 2027E EV/EBITDA, we believe the valuation does not fully reflect the improving medium-term outlook and reiterate BUY with a EUR 8.00 price target. For more insights, please register for Q3 earnings call on 12 November under: https://research-hub.de/events/registration/2026-11-12-10-00/V6C-GR The full update can be downloaded under https://research-hub.de/companies/viscom-se

Singulus has taken a major step in its strategic realignment, securing a EUR 22.75m loan to settle its remaining Triumph liabilities while completing the shareholder transition to a German investor. The growing commitment of its new technology partner and opportunities beyond thin-film Solar support a more constructive long-term outlook, although the order intake and upcoming leadership transition remain sources of uncertainty. We raise our long-term estimates and price target to EUR 10.00 (from EUR 6.00) but maintain HOLD as much of the anticipated improvement appears priced in, pending greater clarity at Q3. You can register for the Q3 earnings call on 11 November under: https://research-hub.de/events/registration/2026-11-11-09-00/SNG-GR The full update can be downloaded under https://research-hub.de/companies/singulus-technologies-ag

Vossloh’s Q3 revenue rose 15.6% yoy to EUR 376.6m, driven by Sateba’s consolidation, while EBIT fell 22.8% to EUR 24.2m due to PPA effects, integration expenses and higher material and logistics costs. Nevertheless, the order backlog remains strong at EUR 1.09bn, providing solid revenue visibility. Despite negative 9M free cash flow of EUR 77.5m, management expects clearly positive FY26 FCF, supported by seasonal Q4 cash generation and lower working capital. We lower our FY26 and FY27 estimates as higher costs will take time to pass through to customers but expect earnings to recover in FY27 as integration costs ease. The long-term outlook remains positive, supported by continued rail infrastructure investment and growth opportunities in digital solutions and recurring services. Q4 26 will be the first test of margin potential, while FY27 will be key to assessing progress towards Vossloh’s FY30 targets. We reiterate our BUY rating but lower our PT to EUR 87.00 from EUR 90.00. The full update can be downloaded under https://research-hub.de/companies/vossloh-ag

Krones has lowered its FY26 revenue growth guidance to 1-2% (FX-adjusted) from 3-5%, citing weaker market conditions and geopolitical uncertainty. More significantly, its 2028 revenue target has been cut to EUR 6.0-6.2bn from around EUR 7bn. However, our previous 2028 estimate of EUR 6.42bn was already well below management's former ambition and relatively close to the revised guidance. We have nevertheless updated our model, conservatively trimming our FY28 revenue forecast to EUR 6.0bn. Encouragingly, Krones maintained its FY26 EBITDA margin guidance of 10.7-11.1%, demonstrating operational resilience despite subdued growth. While the downgrade warrants more cautious assumptions, we see the underlying investment case intact. We reiterate our BUY rating with a slightly reduced PT of EUR 140.00 (previously EUR 150.00). The full update can be downloaded under https://research-hub.de/companies/krones-ag

RENK is selling its Slide Bearings business (~9% of group sales, no defense link) to Miba, delivering on the sector strategy announced at the end of 2025. From Q4, SB is reported as a discontinued operation. FY26 guidance moves to ~EUR 1.4bn revenue and EUR 240 to 255m adj. EBIT on a continuing basis, and we restate our model accordingly. Operationally, nothing changes and there are too many unknowns to read more into the new guidance. The price was not disclosed. We assume EUR 300m and value creation has to come from capital allocation. With net cash of ~EUR 135m by end 2027E and firepower of close to EUR 900m, we expect either share buybacks (at the current price they could retire ~5% of the shares and add pressure on short sellers (>6% short interest)) or bolt on M&A in unmanned systems. The latter would address our structural concern on tracked platforms RENK is dealing with in our view. The CEO Strategy Update on 8 December is the main event to watch. BUY with an unchanged PT of EUR 53.00. The full update can be downloaded under https://research-hub.de/companies/renk-group-ag

Following our Q3 first take, Intershop's earnings call provided further evidence of improving operating performance. Service revenues declined only 2% in 9M, with management expecting a stable quarterly run rate of EUR 1.6-1.7m and gross margins around 20%. AI adoption increased to 20% of cloud customers, generating EUR 0.7m in revenues after nine months. New-customer activity showed encouraging signs, including three US customer wins in Q3, although sales cycles remain long. We have fine-tuned our estimates to reflect the latest operating trends. Our price target moves slightly to EUR 2.40 from EUR 2.30. BUY reiterated. A recording of the earnings call is available under: https://research-hub.de/videos The full update can be downloaded under https://research-hub.de/companies/intershop-communications-ag

Leifheit’s prelim Q3 results reflected continued market weakness, with revenue down 4.9% yoy to EUR 52.8m and EBIT slightly negative. Against the backdrop of a prolonged weak consumer environment, management is stepping up its FOCUS program, incurring c. EUR 7m in one-off costs in FY26 and total program costs of up to EUR 9.6m. The measures aim to streamline operations and generate annual savings of more than EUR 8m from FY28 onwards. Following a second FY26 guidance cut, we significantly lower our FY26 and FY27 estimates. While near-term earnings remain under pressure, the program should strengthen long-term profitability. The dividend yield of over 10% should be covered by the expected year-end net cash position of more than EUR 15m. We reiterate our BUY rating but lower our PT to EUR 17.50, implying 76% upside. The full update can be downloaded under https://research-hub.de/companies/leifheit-ag

Sartorius delivered better-than-expected Q3 26 results, with revenue growing 8.4% yoy in constant currency (cc) to EUR 926m, beating consensus by 3.0%. Underlying EBITDA rose 13.4% to EUR 280m, exceeding expectations by 4.1%. While Bioprocess remained solid, Lab benefited from projects pulled forward into Q3, raising sustainability concerns. However, strong free cash flow and lower capex supported deleveraging. We raise our FY26 revenue estimate slightly, now implying 5.8% reported growth in Q4. Despite improved earnings visibility, valuation remains demanding (PER 27E 57x). We reiterate SELL but raise our target price to EUR 200 from EUR 190, reflecting lower longterm capex assumptions. The full update can be downloaded under https://research-hub.de/companies/sartorius-ag

BENO has finalized the terms of its previously announced capital increase, providing greater visibility on its next growth phase. The company intends to issue up to 674,188 new shares at EUR 6.50 each, raising gross proceeds of up to EUR 4.38m (EUR 4.23m net). Existing shareholders can subscribe at a 5:1 ratio between October 26 and November 9, 2026, with an additional subscription option. Assuming a 30/70 equity-todebt financing structure, the fresh equity could support acquisitions of around EUR 14m, potentially adding more than EUR 1.4-1.7m in annual gross rental income at initial yields above 10-12% (mwb est.). We view the announcement positively, as it brings BENO closer to accelerating portfolio expansion. Attractive acquisition yields and additional value creation through active asset management should help offset the dilution. We reiterate BUY with an unchanged EUR 14.00 price target. The full update can be downloaded under https://research-hub.de/companies/beno-holding-ag