Company Name: bet-at-home.com AG ISIN: DE000A0DNAY5   Reason for the research: Update Recommendation: BUY Target price: EUR 5 Target price on sight of: 12 months Last rating change: Analyst: Sarah Hellemann Mixed Q2 results: Strong net revenues, soft EBITDATopic: On Monday, bet-at-home reported Q2 figures. The top line showed str [ … ]

TUI’s pre-close FY26 trading update confirms a resilient operational performance, as the company narrowed its constant-currency underlying EBIT guidance to EUR 1.2bn1.3bn previously EUR 1.1bn-1.4bn). Holiday Experiences continues its expansionary path, registering both capacity additions and rate expansion in Hotels & Resorts and Cruises to offset external headwinds like Caribbean hurricanes and Middle East geopolitical friction. Conversely, the Markets & Airlines division faces weaker volumes and consumer hesitation in the UK and Germany, relying on a 5% capacity cut, strong pricing discipline, and high hedging cover to safeguard margins. Overall, management's proactive capacity management de-risks full-year operating earnings, supporting our unchanged BUY rating and price target of EUR 13.50. The full update can be downloaded under https://research-hub.de/companies/tui-ag

Wacker’s CMD marks a clear shift from capacity-led growth toward tighter capital allocation, higher returns and better use of the existing asset base. PACE remains the main earnings lever, while lower capex, improved utilization and a more selective portfolio framework support a stronger medium-term margin outlook. Polysilicon is increasingly a semiconductor-led story, with US solar still more likely to remain a nearterm drag. Near-term trading is broadly unchanged, with Q3 group EBITDA expected broadly in line with Q2. Nevertheless, the CMD increases our confidence in the mediumterm margin trajectory, prompting higher EBITDA margin assumptions from 2028 onward. Importantly, our estimates still remain below management’s 15% structural margin ambition, leaving room for execution slippage, yet we still see sufficient value to raise our price target to EUR 105.00 from EUR 95.00 and upgrade WACKER to BUY from HOLD. The full update can be downloaded under https://research-hub.de/companies/wacker-chemie-ag

Company Name: MPH Health Care AG ISIN: DE000A289V03   Reason for the research: Sechsmonatsbericht Recommendation: Kaufen from: 21.09.2026 Target price: €40 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu MPH Health Care AG (ISIN: DE000A2 [ … ]

Kontron’s CMD made the medium-term growth story more tangible. Management showcased Edge AI and Physical AI as an increasingly important strategic layer across its hardware, connectivity and software stack, while the deeper Ennoconn/Foxconn partnership adds technology access, manufacturing scale, broader sales channels and supply-chain benefits. The main growth pillars, namely Transportation, Software (KontronOS), Defense, Physical AI and 5G NADs, provide the main route towards the 2030 ambitions. With a clearer route towards the 2030 ambitions, improving earnings visibility and several potential growth avenues beyond the currently quantified initiatives, we continue to view Kontron as attractively positioned for sustained profitable growth. BUY. Our EUR 35.00 PT remains unchanged. The full update can be downloaded under https://research-hub.de/companies/kontron-ag

Enapter’s preliminary H1 26 figures show a sharp increase in activity, with revenue almost doubling to EUR 10.8m and EBITDA improving to EUR -4.5m. However, the uplift largely reflects execution of the EUR 36m order book at year-end 2025 rather than stronger underlying demand. EBIT was hit by a EUR 19.8m non-cash impairment on the Saerbeck Campus following the agreement with Patrimonium, while a further EUR 17m impairment on Clean H2 receivables from unpaid licence fees under the former US distribution agreement will weigh on H2 26. This underlines why the previously announced strategic reset is critical to put Enapter on a solid footing. The new model is leaner, more asset-light and increasingly China-focused, with Runqing supporting stack production. Enapter also plans a EUR 10–12m capital increase in H2 26. With critical financial details for the new model still undisclosed, we no longer consider our current estimates sufficiently reliable and put our rating and PT under review. The full update can be downloaded under https://research-hub.de/companies/enapter-ag

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