Yesterday, we attended NORMA’s Strategy Update 2026 in Frankfurt, where management further detailed NewNORMA, focusing on profitable growth, footprint optimisation and cost reduction. Better-than-expected Q3 prelims, with revenue growth and further margin improvements, suggest that NewNORMA is gaining further traction. While FY26 remains a transition year, cost savings and growth in Industry Applications support ambitious medium-term targets. We welcome the lower minimum dividend payout ratio, which increases capital allocation flexibility and could favour share buybacks given the low share price and valuation multiples. A potential automotive recovery offers further upside, although successful NewNORMA execution remains key. We maintain our BUY rating and EUR 23.00 PT. For first-hand insights, join our German Select online conference on December 1, where CFO Okan Celiker will present and answer questions. Register here: https://research-hub.de/events The full update can be downloaded under https://research-hub.de/companies/norma-group-se

In its latest operational update, Circus demonstrated strong Q3 execution with significant performance metric gains, including average mature system uptime reaching 93%, site deployment times cut nearly in half and a 24% qoq reduction in total costs. Commercial momentum continues to build as the company targets over 50 system installations (one-third CA-1 and two-thirds CA-A) across 30+ enterprise accounts by year-end and anticipated news flow regarding key accounts like REWE and Meta. To fund this scaling with a clear focus on non-dilutive financing, management is prioritizing instruments such as working capital financing, bonds, and leasing. Supported by an intact thesis for food automation, we confirm our Spec. BUY rating and a target price of EUR 8.40. The full update can be downloaded under https://research-hub.de/companies/circus-se

Kontron CFO Clemens Billek presented at our virtual Defense & Security Conference, reinforcing Kontron’s growing position in mission-critical defense computing, including opportunities with established primes and emerging neo-primes. Importantly, long military platform lifecycles create recurring modernization, maintenance and service opportunities beyond the current rearmament cycle. Management also highlighted improving backlog conversion from 2027, continued rail growth through the FRMCS transition and CRA-driven software monetization. We see these developments supporting sustainable profitable growth and reiterate BUY with an unchanged EUR 35.00 price target. A recording of the event can be accessed under: https://researchhub.de/videos The full update can be downloaded under https://research-hub.de/companies/kontron-ag

SYNBIOTIC has announced its intention to file for insolvency after failing to secure sufficient financing amid persistently challenging market conditions. The development marks a severe setback, following the insolvencies of several subsidiaries earlier this year. Despite restructuring efforts, the anticipated operational and financial recovery has failed to materialize. We repeatedly highlighted the company's elevated risk profile, particularly regarding liquidity, balance sheet strength and execution risks. With the parent company's future now highly uncertain, we place both our rating (previously Spec. BUY) and price target (previously EUR 1.40) UNDER REVIEW. The full update can be downloaded under https://research-hub.de/companies/synbiotic-se

We expect BASF's Q3 adjusted EBITDA to normalize to EUR 1.65bn following an exceptionally strong Q2, although our estimate remains around 8% above consensus, supported by resilient underlying volumes and ongoing cost reductions. While temporary upstream pricing benefits fade, we see scope for BASF to modestly exceed its FY26 earnings guidance, with cash-flow recovery and restructuring execution remaining key near-term priorities. Looking further ahead, potential EU trade safeguards against Chinese imports could ease competitive pressure on European chemical producers, providing an additional catalyst for BASF's earnings recovery into 2027–28. Nevertheless, with the shares trading close to our EUR 55.00 fair value and much of the anticipated operational improvement already priced in, we reiterate our HOLD recommendation. The full update can be downloaded under https://research-hub.de/companies/basf-se

For Siltronic’s Q3, we expect further sequential improvement, with sales rising around 4% to EUR 335m and the EBITDA margin reaching 22.5%, although elevated depreciation should keep EBIT firmly negative. Beyond the quarterly figures, tightening 300mm capacity, recovering 200mm demand and improving pricing negotiations support our view of a more meaningful earnings recovery from 2027, albeit with the benefit emerging gradually as existing LTAs are repriced. Following the recent shareprice pullback to the mid-EUR 60s, Siltronic now trades at below 6.5x EV/EBITDA 2027E, offering renewed upside despite the remaining uncertainties around the pace of recovery. We therefore reiterate our EUR 85.00 price target and upgrade our recommendation to BUY from HOLD. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

Nordex delivered exceptional preliminary Q3 results, with revenue rising 28% yoy, in line with expectations, while EBITDA exceeded our estimates by 21% at EUR 278m. The EBITDA margin expanded by 470bps yoy to 12.7%, supported by higher Service margins and smooth project execution. Free cash flow increased to EUR 379m from EUR 149m in Q3 25. Nordex raised its FY26 EBITDA margin guidance to 11.5-12.5% (before: 8-11%), while maintaining its revenue guidance of EUR 8.2-9.0bn, reflecting economies of scale, higher Service revenues and improved capacity utilisation. The previously reported Q3 order intake rose 29.5% yoy, further supporting the outlook. We raise our short- to mid-term profitability estimates but remain cautious about extrapolating current growth and margins over the long term, given the cyclical nature of the wind industry. We maintain our BUY rating and raise our PT to EUR 47.00 from EUR 44.00. The full update can be downloaded under https://research-hub.de/companies/nordex-se

AIXTRON’s Q3 preliminaries came in ahead of expectations, with order intake reaching EUR 275m, well above our EUR 220–230m forecast, while a favourable product mix and strong operating leverage drove EBIT margin to 31% versus our 26% estimate. The results reinforce our confidence in sustained AI-driven photonics demand and prompt us to raise our FY26 margin assumptions and modestly increase our 2027–28 estimates, although supply-chain constraints could limit revenue growth in 2027. Following the recent share price correction, valuation has declined to around 15.5x 2027E EV/EBIT; compared with around 19x at the time of our preview, offering a more attractive entry point into the ongoing photonics investment cycle. We raise our price target to EUR 45.00 (from EUR 43.00) and reiterate BUY rating. The full update can be downloaded under https://research-hub.de/companies/aixtron-se

Siemens Energy (SE) is set to report Q4 and FY26 results on 11 November. We expect a strong finish, supported by high volumes, backlog conversion and operating leverage, with FY revenue growth around the midpoint of company guidance and profitability near its upper end. AI-driven data-centre construction, electrification and rising power demand support gas turbine and grid investment, while SE’s substantial backlog provides strong earnings visibility. In our view, elevated activity can continue for years, but the cycle is unlikely to last indefinitely. Slower AI adoption, weaker returns on investment, higher interest rates and a softer economy could gradually weigh on new orders. SE is an excellent company, but we believe its valuation still assumes an unusually long-lasting supercycle. Despite the recent share price decline, we continue to see the shares as too expensive. We reiterate our SELL rating and EUR 100.00 PT. The full update can be downloaded under https://research-hub.de/companies/siemens-energy-ag

Cicor’s Q3 revenue of CHF 170.8m came in around 6% below both consensus of CHF 182.1m and our CHF 181m estimate, while organic growth of 4.6% also missed consensus of 7.7%. The shortfall was mainly driven by material shortages, not weaker demand. Order intake rose 10.7% to CHF 193.2m, slightly above consensus, with bookto-bill at 1.13x. Management expects a sharp Q4 acceleration, supported by the strong backlog and A&D program ramp-ups, and stated that no additional orders are required to support the Q4 plan. We therefore continue to see the issue primarily as one of revenue timing. We make only minor estimate changes, shifting some revenue and earnings into 2027. BUY, PT CHF 180.00. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd