Italy’s Ministry of Defence has begun procuring 132 Panther vehicles from Rheinmetall and Leonardo’s JV as published on September 21st in the database of the Italian National Anti-Corruption Authority (ANAC). With a backlog above EUR 100bn by yearend largely priced in, we expect the market's focus to shift from order intake to the conversion of (frame) backlog into sales, as outlined in our August update. Rheinmetall does not expect significant revenue contribution from the Italian JV until 2029. This supports our cautious view on 2028 sales consensus, though not on the overall investment case, and we do not expect major news before the CMD in November. With the stock down c. 50% from its ATH the current valuation reflects most of the risks. We are maintaining our HOLD and EUR 1,050 target and point investors to TKMS:GR (BUY) and HAG:GR (SELL) as alternative plays. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

The assets in the coinIX portfolio have performed exceptionally well, driven by its core vehicle SCI1 almost doubling in value since August and significantly beating the broader crypto market. This outperformance was fueled by a heavy weighting in ETH alongside strong positions in altcoins like PONS, which powers a token launchpad on the Robinhood Chain. Investors can now track these holdings via coinIX's new online dashboard (https://portfolio.coinix.capital/). Despite this surge in underlying asset value, the coinIX share price has lagged, causing the discount to NAV to widen significantly. With the market’s upward trajectory supported by institutional ETF inflows and U.S. regulatory progress like the SEC’s five-year Innovation Exemption for stock tokenization, this valuation disconnect creates a compelling entry opportunity, leading us to raise our price target to EUR 2.20 (prev. EUR 1.70) with a reiterated BUY rating. The full update can be downloaded under https://research-hub.de/companies/coinix-gmbh-co-kgaa

KWS’ Q4 FY26 results came in below expectations, reflecting the continued difficult agricultural market environment, particularly lower cultivated areas in sugar beet and corn. For FY26, revenue declined 3% yoy to EUR 1.6bn, while EBITDA reached EUR 343m, with the margin at 21.1%. FCF remained broadly stable at EUR 123m and the balance sheet strengthened significantly. Looking ahead, management expects around 3% organic growth in FY27, assuming a recovery in agricultural markets. We remain more cautious short to medium term, but see attractive long-term prospects, supported by higher sugar prices, extreme climate events such as El Niño and the long-term potential of the Vegetable segment. We reduce our price target to EUR 93.00 from EUR 95.00 and maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/kws-saat-se-co-kgaa

Cicor will report its Q3 business update on 15 October, which we expect to provide confirmation of the positive trajectory indicated at the half-year stage. We forecast Q3 revenue of CHF 181m, implying around 13% reported growth, with roughly 9% organic growth, a CHF 7.9m M&A contribution and only a minor FX headwind. For H2, we expect revenue of CHF 384m, up about 15% sequentially versus H1 and within management’s 10-25% range. Supply-chain constraints remain a modest timing risk, while EDMI could add some Q4 revenue depending on closing. PT CHF 180.00. Note: Cicor will present at our Defense and Security Conference, on 8 October. Registration under: https://research-hub.de/events. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd

Company Name: bet-at-home.com AG ISIN: DE000A0DNAY5   Reason for the research: Update Recommendation: BUY Target price: EUR 5 Target price on sight of: 12 months Last rating change: Analyst: Sarah Hellemann Mixed Q2 results: Strong net revenues, soft EBITDATopic: On Monday, bet-at-home reported Q2 figures. The top line showed str [ … ]

TUI’s pre-close FY26 trading update confirms a resilient operational performance, as the company narrowed its constant-currency underlying EBIT guidance to EUR 1.2bn1.3bn previously EUR 1.1bn-1.4bn). Holiday Experiences continues its expansionary path, registering both capacity additions and rate expansion in Hotels & Resorts and Cruises to offset external headwinds like Caribbean hurricanes and Middle East geopolitical friction. Conversely, the Markets & Airlines division faces weaker volumes and consumer hesitation in the UK and Germany, relying on a 5% capacity cut, strong pricing discipline, and high hedging cover to safeguard margins. Overall, management's proactive capacity management de-risks full-year operating earnings, supporting our unchanged BUY rating and price target of EUR 13.50. The full update can be downloaded under https://research-hub.de/companies/tui-ag

Wacker’s CMD marks a clear shift from capacity-led growth toward tighter capital allocation, higher returns and better use of the existing asset base. PACE remains the main earnings lever, while lower capex, improved utilization and a more selective portfolio framework support a stronger medium-term margin outlook. Polysilicon is increasingly a semiconductor-led story, with US solar still more likely to remain a nearterm drag. Near-term trading is broadly unchanged, with Q3 group EBITDA expected broadly in line with Q2. Nevertheless, the CMD increases our confidence in the mediumterm margin trajectory, prompting higher EBITDA margin assumptions from 2028 onward. Importantly, our estimates still remain below management’s 15% structural margin ambition, leaving room for execution slippage, yet we still see sufficient value to raise our price target to EUR 105.00 from EUR 95.00 and upgrade WACKER to BUY from HOLD. The full update can be downloaded under https://research-hub.de/companies/wacker-chemie-ag

Company Name: MPH Health Care AG ISIN: DE000A289V03   Reason for the research: Sechsmonatsbericht Recommendation: Kaufen from: 21.09.2026 Target price: €40 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu MPH Health Care AG (ISIN: DE000A2 [ … ]

Kontron’s CMD made the medium-term growth story more tangible. Management showcased Edge AI and Physical AI as an increasingly important strategic layer across its hardware, connectivity and software stack, while the deeper Ennoconn/Foxconn partnership adds technology access, manufacturing scale, broader sales channels and supply-chain benefits. The main growth pillars, namely Transportation, Software (KontronOS), Defense, Physical AI and 5G NADs, provide the main route towards the 2030 ambitions. With a clearer route towards the 2030 ambitions, improving earnings visibility and several potential growth avenues beyond the currently quantified initiatives, we continue to view Kontron as attractively positioned for sustained profitable growth. BUY. Our EUR 35.00 PT remains unchanged. The full update can be downloaded under https://research-hub.de/companies/kontron-ag

Enapter’s preliminary H1 26 figures show a sharp increase in activity, with revenue almost doubling to EUR 10.8m and EBITDA improving to EUR -4.5m. However, the uplift largely reflects execution of the EUR 36m order book at year-end 2025 rather than stronger underlying demand. EBIT was hit by a EUR 19.8m non-cash impairment on the Saerbeck Campus following the agreement with Patrimonium, while a further EUR 17m impairment on Clean H2 receivables from unpaid licence fees under the former US distribution agreement will weigh on H2 26. This underlines why the previously announced strategic reset is critical to put Enapter on a solid footing. The new model is leaner, more asset-light and increasingly China-focused, with Runqing supporting stack production. Enapter also plans a EUR 10–12m capital increase in H2 26. With critical financial details for the new model still undisclosed, we no longer consider our current estimates sufficiently reliable and put our rating and PT under review. The full update can be downloaded under https://research-hub.de/companies/enapter-ag