Friedrich Vorwerk delivered strong prelim Q3 results, with revenue increasing 13% yoy to EUR 228.3m, in line with expectations, while EBITDA surged 57.7% yoy to EUR 80.9m, beating our estimates by nearly 20%. The EBITDA margin reached 35.4%, supported by attractive pricing, a favourable project mix and smooth project execution. Strong cash generation lifted net cash to EUR 262.7m. However, order intake declined 35% yoy to EUR 129.8m, resulting in a book-to-bill ratio of 0.57x and further backlog contraction. FVG raised its FY26 guidance for the second time, now expecting revenue of EUR 760–790m and EBITDA of EUR 220–230m. We raise our profitability estimates above the guidance but remain cautious about the long-term sustainability of current margins and growth. We maintain our HOLD rating while raising our PT to EUR 73.00 from EUR 70.00. The full update can be downloaded under https://research-hub.de/companies/friedrich-vorwerk-group-se

Ahead of Hoenle's preliminary FY 2025/26 results on 8 December, we expect broadly stable Q4 revenues and profitability, with continued strength in Adhesives and Disinfection offsetting persistent weakness in Curing. Attention is likely to shift towards FY26-27 guidance, for which we model c. 12% revenue growth and an EBITDA margin improvement to c. 9%, supported by growing end-markets, a leaner cost base and the planned introduction of more competitive Curing products. The pace of recovery remains dependent on successful execution. At c. 9x EV/EBITDA 2027E, we see the mid-term recovery potential as insufficiently reflected in the valuation and reiterate our BUY rating with an unchanged EUR 17.00 price target. The full update can be downloaded under https://research-hub.de/companies/hoenle-ag

One year after its listing, TKMS is on track to meet or even exceed every FY 2025/26 target. We expect sales growth of more than 16%, well above the previously raised guidance of +10% to +12%, an adj. EBIT margin of ~6.3% close to the upper limit of guidance and an order backlog of ~EUR 25bn, which does not yet include the second MEKO batch, India, Canada or F127. We raise our sales estimates but also lower nearterm FCF on timing and capex effects. Unlike many defense peers, TKMS carries no inflated expectations. We keep BUY and our EUR 140.00 PT with several positive catalysts still not priced. The full update can be downloaded under https://research-hub.de/companies/tkms-ag-co-kgaa

STRATEC's shares have clearly corrected since our recent downgrade. The share price has fallen from its recent high of EUR 26.00, largely reflecting the valuation concerns we highlighted in September. While the operational recovery remains fragile and execution risks are still elevated, the correction has brought market expectations back to more reasonable levels. Meanwhile, the recent strengthening of the US dollar provides some relief from earlier currency headwinds, supporting modest upward revisions to our forecasts. Nevertheless, our earnings expectations remain below consensus, and the upcoming 9M results on 12 November will be an important test of the company's recovery. With the risk/reward profile now broadly balanced, we upgrade STRATEC to HOLD from SELL and raise our target price to EUR 22.00 from EUR 21.00. The full update can be downloaded under https://research-hub.de/companies/stratec-se

Blue Cap’s preliminary H1 results broadly support our expectations for the existing portfolio, with revenues slightly ahead of our forecast and adjusted EBITDA modestly below before a disclosed accounting effect. Excluding Janoschka, revenues reached EUR 62.9m against our EUR 62m estimate, while adjusted EBITDA amounted to EUR 2.2m versus our EUR 2.4m forecast. A negative effect of approximately EUR 1m obscured a stronger underlying earnings performance. Janoschka’s separately disclosed contribution exceeded our initial assumptions, although consolidation remains pending. Management confirmed FY26 guidance, as expected. We retain our estimates for now and reiterate BUY with an unchanged PT of EUR 33.00 as we see significant upside potential to the company’s NAV after the recent share price decline. The full update can be downloaded under https://research-hub.de/companies/blue-cap-ag

FUCHS delivered another substantial earnings beat in Q3, with sales growth accelerating to 25% yoy and EBIT exceeding consensus by 28%, demonstrating continued resilience despite raw-material inflation and expectations of normalizing demand. Management raised FY26 EBIT guidance to around EUR 500m, but the implied Q4 margin of just 9.3% looks overly cautious. We therefore see scope for another beat, forecasting FY26 EBIT of EUR 523m. While cash conversion remains a watchpoint, the potential retention of market-share gains offers additional upside. At around 10x 2027E EV/EBIT, valuation already reflects much of the anticipated earnings improvement, although some upside remains from sustained market-share gains and further earnings growth. We raise our price target to EUR 51.00 from EUR 49.00 and reiterate BUY. The full update can be downloaded under https://research-hub.de/companies/fuchs-se

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