Company Name: Cardiol Therapeutics Inc ISIN: CA14161Y2006   Reason for the research: Update Recommendation: BUY from: 23.10.2025 Target price: USD 8.50 Target price on sight of: 12 months Last rating change: - Analyst: Christian Orquera First Berlin Equity Research has published a research update on Cardiol Therapeutics Inc. (IS [ … ]

MTU reported another strong quarter, with Q3 adj. EBIT up 24% yoy and margins expanding to 15.8%, beating our margin expectations by 1.3ppt, while the topline came in broadly in line with our forecast. This confirms the group’s structural growth and efficiency gains. OEM strength and disciplined cost control offset temporary MRO ramp-up costs in Fort Worth. Management raised FY25 guidance, now targeting ~25% EBIT growth and EUR 350–400m FCF, supported by mid- to high-teens MRO growth and resilient OEM demand. The margin trajectory toward the 2030 ambition (14.5–15.5%) remains intact, underpinned by mix and productivity tailwinds. We raise our PT to EUR 435.00 (from EUR 375.00) and upgrade to BUY, expecting further upside from margin re-rating and improving cash conversion. The full update can be downloaded under https://research-hub.de/companies/mtu-aero-engines-ag

Company Name: Aiforia Technologies Oyj ISIN: FI4000507934   Reason for the research: Initiation Recommendation: BUY from: 23.10.2025 Target price: EUR 3.50 Target price on sight of: 12 months Last rating change: Analyst: Julius Neittamo Market leadership for a reason. Aiforia has won 100% of the European clinical tenders it ha [ … ]

Company Name: tonies SE ISIN: LU2333563281   Reason for the research: Update Recommendation: BUY from: 23.10.2025 Target price: EUR 11.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch, Antonio Perez Regionally, this should trigger a return to growth in the DACH region (Q1: -3% yoy, Q2: 0% yoy) [ … ]

LANXESS remains under cyclical pressure, with Q3 likely to show further softness amid weak industrial demand, Chinese overcapacity, and seasonal shutdowns. We expect revenues to fall c. 8% yoy and an adj. EBITDA margin of ~9% (-1.1pp yoy), slightly ahead of consensus. While short-term visibility stays limited and FY guidance implies another year of muted earnings, restructuring progress and portfolio streamlining lay the groundwork for a recovery from 2026 onward. The exercised Envalior put option could halve leverage and remove annual JV losses, materially improving financial quality. We adjust our estimates to reflect a more gradual recovery trajectory, prompting us to cut our price target to EUR 28.50 (from 30.00). Nevertheless, we reiterate BUY rating as strategic execution and potential balance sheet repair increasingly position LANXESS for a valuation re-rating once markets start to turn. The full update can be downloaded under https://research-hub.de/companies/lanxess-ag

Fresenius Medical Care (FME) is due to report Q3 2025 results on 4 November. Following mixed results in H1 with a mere 2% yoy revenue growth and a softer-than-expected 11% yoy increase in adjusted (adj.) EBIT, Q3 is likely to witness similar trends. Consensus estimates 4% growth in revenues to EUR 4.95bn in Q3 (mwb est. EUR 4.86bn, +2% yoy) and adj. EBIT is expected at EUR 559m (implied margin: 11.3%) compared to mwb est. of EUR 500m (margin: 10.3%). Management is confident of achieving its FY25 targets. However, in light of the weaker-than-expected progress in H1, FME should display material acceleration in both revenue and adj. EBIT in H2 to meet full-year targets. We maintain our estimates and price target at EUR 49.00. However, the recent share price increase prompts us to revert to HOLD rating from BUY. The full update can be downloaded under https://research-hub.de/companies/fresenius-medical-care-ag

Amadeus Fire (Amadeus) will report Q3 results on 29 October, and we expect another subdued quarter amid persistent weakness in Germany’s staffing market. We forecast sales of EUR 90 m (–19 % yoy), reflecting ongoing softness in temporary and permanent staffing, while interim management remains a stabilizer. The Training segment is now also weakening, with reduced public funding and lower participant numbers limiting its cushioning effect. We model EBITDA of EUR 10.5 m (-55 % yoy) and EBIT of EUR 2.5 m (-84 % yoy), as negative operating leverage weighs on margins. With hiring sentiment still muted, no meaningful Q4 recovery is in sight. Nevertheless, Amadeus’ strong brand, pricing discipline, and diversified model support mid-term recovery potential. Reiterate BUY, PT unchanged at EUR 90.00. The full update can be downloaded under https://research-hub.de/companies/amadeus-fire-ag

Intershop delivered a mixed Q3 marked by tighter cost control and strategic progress. Revenues declined 25% yoy to EUR 8.0m, while EBIT improved to EUR –0.5m (Q2: –1.0m) and gross margin recovered to 50%. Cloud revenues remained stable at EUR 5.1m, confirming the resilience of the recurring base, while Service revenues fell 40% due to the planned Partner-First transition. CEO Markus Dränert reaffirmed the AI-first strategy with the upcoming Merchant Copilot, BI Agent and Localization Agent launches. Supported by a EUR 4.4m capital increase and strong industry validation (IDC, Gartner, Forrester), we see Intershop as undervalued and reiterate BUY with a EUR 2.00 PT. A recording of our earnings call with Intershop can be found here: https://research-hub.de/videos. The full update can be downloaded under https://research-hub.de/companies/intershop-communications-ag

We initiate coverage of The Platform Group AG with a BUY recommendation and a price target of EUR 19.50 offering an upside potential of more than 150%. The Platform Group (TPG) combines scaled platform operations with disciplined portfolio expansion and is accelerating in 2025 on both revenue and earnings (EPS). With clear and visible catalysts, combined with an undemanding valuation versus its raised guidance and the successful execution in its verticals, TPG’s shares offer meaningful upside potential for investors. The full update can be downloaded under https://research-hub.de/companies/the-platform-group-ag

Company Name: MBB SE ISIN: DE000A0ETBQ4   Reason for the research: Update Recommendation: Buy from: 22.10.2025 Target price: 285.90 Last rating change: Analyst: Ralf Marinoni The next increase of FY 2025 guidanceAccording to preliminary figures, MBB achieved an adjusted EBITDA of EUR 67.4m in the third quarter of 2025, exceeding  [ … ]