Formycon's FYB206 has become the first publicly disclosed Keytruda biosimilar accepted for FDA review, marking an important regulatory milestone and triggering a payment from US partner Zydus. The achievement strengthens Formycon's first-mover position and provides greater visibility on FY26 guidance, although FYB202's expected H2 recovery remains a key uncertainty. Beyond the near-term financial impact, FYB206 remains Formycon's key pipeline asset and a major driver of future growth. We reiterate BUY and our EUR 38.00 PT. For more insights into Formycon’s FYB206 opportunity, join our virtual roundtable with CEO Stefan Glombitza and CFO Enno Spillner on 21 October. Registration: https://research-hub.de/events/registration/2026-10-21-10-00/FYB-GR The full update can be downloaded under https://research-hub.de/companies/formycon-ag

Fraport reported a 1.6% yoy increase in Frankfurt passenger numbers in September, though YTD traffic remains more than 12% below 2019 levels. While international assets delivered robust growth and geographic diversification, a cautious stance is warranted due to excess capacity and fixed costs following the Terminal 3 opening. We maintain our EUR 62.00 price target and HOLD rating. The full update can be downloaded under https://research-hub.de/companies/fraport-ag

We expect AIXTRON's Q3 results to mark a further step in the photonics-driven earnings recovery, with order intake rising to EUR 220–230m, revenue reaching EUR 180m and EBIT margin improving to around 26%. Beyond the quarter, the focus shifts to 2027, where sustained quarterly bookings above EUR 200m imply annual revenue potential of at least EUR 800m, even without a recovery in power electronics. While AI-driven optical connectivity demand remains strong, scaling the supply chain to convert orders into shipments will be the key execution challenge. A recovery in SiC and GaN could provide additional earnings upside from 2028. At around 19x 2027E EV/EBIT, the valuation already reflects meaningful earnings growth, but we still see further earnings potential not yet fully reflected in the share price. We therefore reiterate our BUY rating and adjust our estimates, resulting in a new price target of EUR 43.00 from EUR 40.00. The full update can be downloaded under https://research-hub.de/companies/aixtron-se

Traton reported solid Q3 26 unit sales, rising 10% yoy to 78.9k vehicles, in line with consensus expectations. The rebound was primarily driven by strong US demand and catch-up effects following postponed customer purchases. International Motors led growth with a 48% yoy increase, while Scania and Volkswagen Truck & Bus also recorded gains. MAN remained slightly weaker. Nevertheless, 9M 26 unit sales increased by only 3% yoy, highlighting the still gradual and uneven recovery. We expect Q3 revenue of around EUR 11.8bn, up 13% yoy, and adjusted EBIT of EUR 820m, implying a margin of 6.9%, up 50bps yoy. While ageing US truck fleets support replacement demand, macro uncertainty and geopolitical tensions remain risks. Chinese competition in electric trucks and potential further Volkswagen stake sales could weigh on Traton's valuation. We maintain our SELL rating with a PT of EUR 23.00. The full update can be downloaded under https://research-hub.de/companies/traton-se

Nordex continues to benefit from strong global demand, with Q3 order intake surging 29.5% yoy to 2.81 GW, driven by Türkiye, Germany and the US. Although order growth over 9M 26 was more moderate than in the prior year, stable pricing and a broader geographic footprint offer promising prospects. We expect a strong Q3, with revenue rising 27% yoy to EUR 2.17bn and EBITDA reaching EUR 230m, implying a 10.6% margin. Nordex’s substantial order backlog provides strong revenue visibility and supports further margin expansion through higher capacity utilization and economies of scale. We consider FY26 guidance of EUR 8.2–9.0bn in revenue and an 8–11% EBITDA margin very likely to be achieved, with our estimates in the upper third of both ranges. Looking ahead, the key question is whether international markets can offset a potential slowdown in Europe from 2027. We remain positive on the near-term outlook but cautious about the cycle’s longevity, reiterating our BUY rating with a PT of EUR 44.00. The full update can be downloaded under https://research-hub.de/companies/nordex-se

Rubean expects to benefit from Germany's planned introduction of mandatory electronic cash registers for businesses with annual revenues exceeding EUR 100,000. The company estimates that 2.0-2.3m businesses could fall within the scope of the new requirements and highlights that its SoftPOS solution already integrates a certified technical security device (TSE) for fiscalization. In our view, the regulatory initiative provides another potential driver for SoftPOS adoption, particularly among smaller merchants seeking cost-efficient, software-based payment solutions. However, the actual addressable market and revenue potential remain uncertain, while the latest government proposal envisages implementation in 2028. We leave our estimates unchanged and reiterate our BUY rating and EUR 10.00 PT. The full update can be downloaded under https://research-hub.de/companies/rubean-ag

Recent developments and our roundtable at our Defense & Security Conference reinforce secunet's growth prospects, supported by strong defense demand and expanding partnerships with Cloudflare and Bechtle. Most notably, the approved SINA framework agreement, reportedly worth up to EUR 1.7bn, significantly improves medium-term visibility. We raise our 2027/28 revenue and EBIT estimates to reflect additional system deliveries and maintenance revenues, while leaving 2026 unchanged. Our revised forecasts and a modest beta adjustment lift our price target to EUR 240.00 from EUR 210.00. While the market anticipates further upside from the framework, we await greater clarity on future orders and delivery schedules. HOLD. Recordings of all presentations are available here: https://research-hub.de/videos The full update can be downloaded under https://research-hub.de/companies/secunet-security-networks-ag

BENO Holding reported a stable operating performance in H1 ‘26, with its portfolio of 12 light-industrial and warehouse properties maintaining a high occupancy rate of 96%. Annualized net rental income remained broadly stable at EUR 7.33m (H1 ‘25: EUR 7.40m), while the portfolio valuation increased to c. EUR 90m (+2%). Beyond the underlying portfolio performance, BENO made further progress in scaling its digital asset-management platform and improving its capital-market presence. The recently announced acquisition in Roth and two completed refinancing transactions, releasing c. EUR 8m of additional liquidity, should provide further momentum for external growth in H2. We continue to view BENO as well positioned to capitalize on attractive acquisition opportunities in the fragmented German light-industrial market. We reiterate our BUY recommendation with an unchanged PT of EUR 14.00. The full update can be downloaded under https://research-hub.de/companies/beno-holding-ag

MHP Hotel has launched a voluntary share buyback for up to 4.4m shares (c. 9.5% of share capital) at EUR 1.35 per share, running from October 13 to November 2, 2026. Management intends to cancel most repurchased shares, while the four founding shareholders (~75% stake) will not participate, leaving the offer fully open to free-float investors. Supported by strong H1 26 liquidity (c. EUR 10m cash / c. EUR 6m net cash) and an asset-light lease model, the max EUR 5.9m outflow will not compromise expansion plans. Although reducing free float deviates from initial market hopes of higher trading liquidity post-capital measures, the buyback signals management confidence, sets a tax-efficient price floor, and accretively boosts per-share value. Consequently, we confirm our BUY rating and EUR 2.70 target price. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

Daimler Truck delivered a strong Q3, with unit sales rising 26% yoy, supported by a low base in the prior-year quarter and significant catch-up effects in North America, where volumes surged 51% yoy. However, the 8% yoy increase in Group unit sales over 9M 26 puts the quarterly rebound into perspective. We expect Q3 revenue of around EUR 13bn and adj. Group EBIT of EUR 1.2bn, reflecting a stronger operating performance. Our FY26 est. remain at the upper end of management’s guidance, with further catch-up effects expected to support Q4 volumes. Nevertheless, high fuel prices, elevated interest rates and geopolitical uncertainty continue to weigh on demand. From 2027, aggressively priced Chinese electric trucks could intensify competition in Europe and other markets, potentially threatening established manufacturers’ market shares and margins in the medium term. We reiterate our SELL rating with a PT of EUR 33.00. The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag