Company Name: ad pepper media International N.V. ISIN: NL0000238145   Reason for the research: Update Recommendation: Buy from: 22.10.2025 Target price: 5,00 Euro Target price on sight of: 12 months Last rating change: 20.07.2020: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity  [ … ]

Company Name: Deutsche Rohstoff AG ISIN: DE000A0XYG76   Reason for the research: Update Recommendation: Buy from: 22.10.2025 Target price: €68 Target price on sight of: 12 months Last rating change: - Analyst: Simon Scholes First Berlin Equity Research has published a research update on Deutsche Rohstoff AG (ISIN: DE000A0XY [ … ]

TeamViewer (TMV) released a guidance cut and also pre-released Q3 results with solid profitability but muted growth. Revenue rose 4% yoy in constant currency to EUR 192m, driven by strong Enterprise demand, while 1E lagged due to integration challenges. Adjusted EBITDA reached EUR 87.7m (46% margin). FY25 revenue guidance of EUR 778–797m was confirmed at the lower end, but the margin target lifted to 44%. For FY26, management expects slower growth (EUR 790–825m) but stable margins. Despite temporary headwinds, TMV’s high profitability and strategic focus on AI-enabled Digital Workplace solutions underpin long-term potential. With valuations at only 8x PER 26E, we deem today’s sell-off overdone and reiterate BUY with a slightly lower price target of EUR 14.40 (old EUR 15.50). The full update can be downloaded under https://research-hub.de/companies/teamviewer-se

Heidelberg will report Q2/H1 FY25/26 results on November 12. Despite weaker macro indicators, higher wage costs, and a stronger euro, the company remains resilient, supported by a solid post-drupa and China Print backlog. We expect orders to normalize to around EUR 550m (–4 % yoy) and sales to remain stable at EUR 514m, bringing H1 revenue to roughly EUR 980m (+7 % yoy). Efficiency gains under the Zukunftsplan should lift Q2 EBITDA to around EUR 40m (7.8 % margin). While full-year results may be slightly burdened by the macro backdrop, Heidelberg stays on track to meet its FY targets in our view. With stronger seasonality in H2 and growing optionality from Amperfied and defense activities, profitability and strategic diversification are set to improve further. We therefore reiterate our BUY rating with unchanged PT of EUR 2.70. The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

Wacker Chemie will report its Q3 2025 results on 30 October. Following a muted H1, the third quarter is also set to remain subdued as solar-grade polysilicon continues to face US tariff headwinds and weak demand in construction and automotive end-markets. Underutilization and shorter order cycles weigh on visibility, and we expect Q3 revenues of around EUR 1.39bn (-3% yoy) with an EBITDA margin of 8.2% (-2.3pp yoy). Given that market weakness has persisted longer than initially anticipated and no meaningful recovery has materialized in recent months, we have adjusted our FY25–27 assumptions more conservatively, reflecting a more gradual recovery path. While this prompts a price target reduction from EUR 85.00 to EUR 80.00, we maintain our BUY rating, as we continue to see a compelling risk-reward profile at current levels ahead of the cyclical upturn expected in 2026–27. The full update can be downloaded under https://research-hub.de/companies/wacker-chemie-ag

Following TKMS’ explosive spin-off debut, with the shares up more than 70% in the first trading hours and already hitting our EUR 100.00 target price, we received several investor questions on the same two topics: cash conversion and valuation. The >100% cash conversion in our DCF is no mistake. TKMS runs a fully funded working-capital model, consistently overfinanced by advance payments, creating structural cash overfunding. Extrapolating this into perpetuity would blow up the terminal value, which is why we deliberately normalise WC changes toward zero, keeping the conversion at a conservative ~100%. Margins are equally conservative: our model assumes ~10% EBIT by FY32 versus management’s >7% target in the mid-term, despite clear tailwinds from automation, scale effects, and the phase-out of legacy orders. We continue to push back against multiples-based arguments. Rheinmetall’s maturer cycle (& completely different business model) and Fincantieri’s diluted cruise exposure make both meaningless as peers. DCF is the only framework that captures TKMS’s negative-WC model, long-cycle funding, and structural re-rating story. We reiterate BUY, PT EUR 100.00, and still see room for upside once new contract economics are disclosed. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

AUTO1 Group is set to report its Q3 2025 results on 5 November. After reporting strong revenue, gross profit, and adjusted (adj.) EBITDA growth of 32%, 39%, and 166% yoy, respectively, in H1, the market expects positive business momentum to trickle through the rest of the year. For Q3, consensus expects the corresponding growth for these P&L items to come in at 28%, 26%, and 34% yoy, while mwb est. stands slightly lower at 25%, 22%, and 30% yoy, respectively. The group appears well on track to achieve its FY 2025 targets. AUTO1’s pan Europe presence, proprietary pricing engine, growing branch network, and improved in-house production/refurbishing capacity for Autohero, complemented by strong execution, bodes well for the group’s long-term growth prospects. We increase our estimates over 2025-2027 as more retail capacity comes through. However, we reiterate our HOLD rating as the positives appear to have already been priced in. We revise our PT to EUR 32.00 (old: EUR 30.00). The full update can be downloaded under https://research-hub.de/companies/auto1-group-se

GEA’s revenue and order intake growth numbers were tepid in H1, although the company fared well in terms of profitability, achieving a record gross margin of 38.1% in Q2, driven by improved margins in new machine sales and the continued high proportion of the service business. The market expects an acceleration in top-line growth (consensus: c. +2% yoy; mwb est: +3% yoy) and order intake (consensus: +6% yoy) in Q3 and cost discipline to help maintain the adj. EBITDA margin at 16.5% (flat qoq, +40bps yoy; mwb est:16.2%). Management has begun its reorganisation efforts to streamline operations under four new divisions starting 1 Jan 2026 to reduce complexity, save costs, and enhance country/customer focus. We adjust our long-term estimates for the expected cost savings. GEA is pulling all the right levers to reach its 2030 targets of: >5% organic sales CAGR, a 17%-19% EBITDA margin, and >45% ROCE, but this is largely reflected in current valuation: HOLD at a revised PT of EUR 68.00 (old: EUR 62.00). The full update can be downloaded under https://research-hub.de/companies/gea-group-ag

With Q3 results due on 13 November, we expect Viscom to hold its ground, demonstrating commendable operational resilience despite muted market dynamics. Q3 is set to show sequentially stable orders and flat to modest sequential growth, supported by steady Asian demand. EBIT margin is likely to remain positive, hovering around 1–3% (Q3’24: -4.9%). While European automotive and electronics remain soft, the company’s diversified five-pillar setup is proving its worth, helping to offset prolonged weakness in automotive electronics and supporting a more balanced revenue mix. Even after a +75% YTD rally, valuation remains relatively undemanding at c. 9x EV/EBIT 2026E (mwb est.) and around 1x P/B, implying further re-rating potential once end-market visibility improves. With a leaner structure, stronger mix, and clear technology edge versus Asian competitors, we reiterate our BUY rating and EUR 6.50 price target, ahead of anticipated gradual recovery in 2026. The full update can be downloaded under https://research-hub.de/companies/viscom-se

Friedrich Vorwerk (FVG) announced Q3 prelims, delivering another blowout quarter with EBITDA of EUR 51.3m, more than doubling yoy and around 30% above our estimate, supported by a 39% rise in revenue to EUR 202m, c. 11% above expectations. The EBITDA margin surged 8pp yoy to 25.4%, a new record. Strong execution, 13% headcount growth, and a unchanged EUR 1.1bn order backlog underpin results. Management raised FY25 guidance to EUR 650–680m revenue and 20–22% EBITDA margin. Despite impressive results, high expectations and a FY25 P/E of 22x leave little room for setbacks. We place our estimates for FY25 at the upper end of guidance, raise our PT to EUR 60.00 (from EUR 52.00), but maintain our SELL rating. The full update can be downloaded under https://research-hub.de/companies/friedrich-vorwerk-group-se