Baltic tensions are rising again. Russia's election has passed and a large mobilisation wave is now expected, likely feeding the Ukraine front rather than opening a new one. At the same time, we see escalation signals on NATO's eastern flank. An FSB curfew near Narva, unconfirmed reports of reactivated infrastructure at the Lithuanian border, and Estonia preparing to close its border. In a real war with a NATO Article 5 trigger, Rheinmetall would be a clear winner on a step change in government orders. We view that scenario as unlikely for now and rather expect further false flag and hybrid attacks. Still, recent history shows markets ignore such signals until they cannot (Ukraine / Iran). We therefore flag the risk, keep 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

Elmos has secured significantly higher wafer capacity from its Dortmund fab through at least 2028, a timely step as 8-inch supply tightens and AI-related demand puts pressure on wafer availability and costs. With Dortmund accounting for roughly onethird of Elmos’s wafer supply by our estimate, the extension meaningfully improves supply visibility, reduces execution risk and could leave Elmos better positioned than peers to support customer demand and capture share during allocation. We also expect selective pricing to at least offset higher input costs, with some scope for a net margin benefit. Reflecting the improved medium-term volume and pricing outlook, we raise our 2027/28 estimates and lift our price target to EUR 180.00 from EUR 170.00. At 16.6x 2027E P/E, we continue to view the valuation as attractive and reiterate BUY ahead of an expected strong Q3. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se

Bechtle was in focus yesterday following its Capital Markets Day, with management highlighting the group’s expansion in the UK, AI-related opportunities and supportive pricing trends. Ahead of the event, we had expected management to provide more detail on the path towards its medium-term growth and profitability ambitions, but not a major step-up in financial targets. This is essentially what was delivered. The 2030 targets (including an EBT of more than EUR 500m) were confirmed, while management provided more color on the operational levers behind them. The main takeaway is therefore less about higher targets and more about the credibility of the path towards stronger organic growth and higher margins. Following the strong trends seen in H1 26, we view the CMD as supportive of the existing investment case and confirm our BUY rating and EUR 45.00 price target. The full update can be downloaded under https://research-hub.de/companies/bechtle-ag

NORMA has completed its second buyback, repurchasing 9.3m shares for around EUR 208m and completing the announced EUR 260m capital return. The strong oversubscription was expected by us and already fully reflected in our model. Focus now shifts to NewNORMA’s operational execution, with Industry Applications (IA) providing an important growth pillar while Mobility & New Energy (MNE) remains challenged by the weak automotive market. H2 2026 could remain somewhat turbulent, and we trim our profitability estimates for FY26 to reflect a more cautious near-term outlook as the market conditions remain challenging. Nevertheless, we continue to believe management is on the right track to deliver further operational improvements over the coming years. We maintain our BUY rating and EUR 23.00 PT. NORMA’s CFO Celiker will join our German Select online conference on December 1, register here: https://research-hub.de/events/registration/2026-12-01-11-30/NOEJ-GR The full update can be downloaded under https://research-hub.de/companies/norma-group-se

Company Name: Swissnet AG ISIN: CH0451123589   Reason for the research: Update Recommendation: Under review Target price: n.a. Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald FY25 falls well short of guidance; rating suspended Swissnet has published its FY25 report, two months past the statutory [ … ]

H2APEX is preparing to transfer its shares from Frankfurt’s Prime Standard to the Scale Segment, significantly reducing reporting and compliance requirements while keeping the shares publicly tradable. The move should lower capital-market costs and administrative complexity, allowing management to focus more on the operating business and project execution. While investors will face somewhat lower mandatory transparency, H2APEX can continue to provide additional information voluntarily. Given the company’s current size and growth stage, we believe the benefits of a leaner and less costly setup outweigh the drawbacks. The investment case therefore remains unchanged, supported by strong growth prospects and continued project progress. We reiterate our Spec. BUY rating with a PT of EUR 2.70, implying 120% upside. The full update can be downloaded under https://research-hub.de/companies/h2apex-group-sca

At our Future of Energy Conference, Dr. Stefan Hahn, CFO, shared his latest views on tk nucera’s market positioning and near-term prospects. Management sees improving momentum in green hydrogen, supported by progressing FEED studies, tighter regulation and rising decarbonisation demand. At the same time, the expanding installed base should support a growing service business. With proven technology, an asset-light model and strong financial flexibility, tk nucera appears well positioned to scale as demand picks up. We therefore confirm our BUY rating with a EUR 15.00 price target. View all recordings of the conference here: https://research-hub.de/videos The full update can be downloaded under https://research-hub.de/companies/thyssenkrupp-nucera-ag-co-kgaa

Nordex’s presentation at our Future of Energy Conference confirmed that the company has successfully transitioned from turnaround to profitable growth. Strong execution, improving margins and cash generation continue to support the investment case, while the US re-entry adds an important new growth pillar and improves geographic diversification. The growing service business and further efficiency gains should support profitability going forward, complemented by the new capital allocation policy. Since our initiation in 2023, the investment case has played out very well. However, much of the progress is now reflected in the share price. Nevertheless, we maintain our BUY rating and EUR 44.00 PT, but with only ~10% upside, we see further potential only if the US business gains truly meaningful additional traction. View all recordings of the conference here: https://research-hub.de/videos The full update can be downloaded under https://research-hub.de/companies/nordex-se

We attended Daimler Truck’s (DTG) tour and presentation at the IAA Transportation in Hannover, gaining deeper insights into the group’s latest product developments, technology roadmap and strategic priorities. The event provided direct access to management and reinforced our understanding of the measures being taken to strengthen DTG’s competitive positioning. The main message was the group’s focus on technology, particularly zero-emission and software-driven solutions, alongside efficiency improvements. However, we remain cautious. Chinese manufacturers are entering Europe with aggressively priced EV trucks, as was also evident from their strong presence at the IAA. This could put European OEMs under significant pressure as the Chinese rollout starts from 2027 onwards. Over the long term, this could lead to market share losses and margin pressure. Maintain SELL with a EUR 33.00 PT. The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag

STRATEC’s Q2 26 rebound, reported in August, confirmed that the weak Q1 was unlikely to reflect underlying earnings power, with constant-currency revenue up 2.4% yoy and adjusted EBIT margin recovering to 11.9%. However, FY26 guidance implies a demanding H2: revenue of c. EUR 149m-161m would be required, equating to roughly 12%-22% yoy growth versus H2 25. With customer ordering still volatile and recurring revenues weak, execution risk remains elevated. Our estimates are unchanged and remain below management’s medium-term ambitions. Following the c. 45% share price recovery, normalization appears largely priced in. We maintain our EUR 21.00 target price while downgrading to SELL from HOLD. The full update can be downloaded under https://research-hub.de/companies/stratec-se