Circus SE plans to begin large-scale European production of its autonomous defense robotic kitchen, CA-M, in 2026, adding a 4,000-unit annual capacity to its existing 6,000-unit Asian facility and potentially generating up to an additional EUR 1bn in annual equipment revenue. The expansion supports Europe’s “Readiness 2030 / ReArm Europe” initiative and leverages the proven CA-1 platform and AI core technology, with first defense-sector agreements expected in 2025. Management remains upbeat following strong customer interest. With estimates unchanged, we reaffirm our BUY rating and EUR 50.00 price target, viewing upcoming defense contracts and further client wins as key re-rating catalysts. The full update can be downloaded under https://research-hub.de/companies/circus-se

Pyramid AG lowered its FY25 guidance due to project postponements and weaker performance at Faytech. Sales are now expected at EUR 75–77m (prev. EUR 88–92m) and EBITDA at EUR 3.0–3.5m (prev. EUR 4.7–5.5m), representing a mid-point downgrade of c.16%. Despite this short-term adjustment, the company announced a multi-year AI-optimzed server framework contract worth over EUR 100m with a long-standing German customer — the largest in its history — positioning Pyramid as a key domestic provider of AI-capable server and storage systems. The order will mainly contribute from 2026–2028 and supports a stronger multi-year outlook. We incorporate the revised guidance into our model and reiterate our BUY rating and price target of EUR 1.50, as the changes have only marginal long-term implications for our investment case. The full update can be downloaded under https://research-hub.de/companies/pyramid-ag

mwb research hosted a well-attended roundtable with TIN INN CEO Nico Sauerland, highlighting the company’s distinctive blue ocean strategy targeting underserved medium-sized German cities. With a vertically integrated, modular hotel model built from shipping containers, TIN INN achieves strong profitability even at small scale — hotels reach break-even within two months and deliver EBITDA margins above 30%. H1 25 metrics confirmed solid traction, with occupancy at 72%. Expansion momentum remains high, with 7 hotels operating, 5 under construction, and over 20 in the pipeline, aiming for >50 by 2028. Capital remains the main constraint, and management is evaluating a bond issue. With guidance confirmed (FY25E output EUR 14m; EBITDA EUR 4.1m), we lower the risk premium, increasing our PT to EUR 12.25 (old: EUR 10.70) and reiterate HOLD. A recording of the event can be viewed here: https://research-hub.de/events/video/2025-10-16-15-00/TIW-GR. The full update can be downloaded under https://research-hub.de/companies/tin-inn-holding-ag

Nemetschek (NEM) continues to strengthen its position as a leading construction and architecture software provider, expanding its AI capabilities through the US acquisition of Firmus AI. The move enhances Bluebeam’s platform with intelligent design analysis tools, underlining Nemetschek’s long-term AI-first strategy. With the ongoing shift to subscription and SaaS improving revenue visibility, momentum is expected to continue in H2 25 as construction activity stabilizes. Ahead of Q3 results on November 4, we expect sales of EUR 299m, EBITDA of EUR 91m, and EPS of EUR 0.47, slightly above consensus. We reiterate our EUR 125.00 price target and upgrade to BUY. The full update can be downloaded under https://research-hub.de/companies/nemetschek-se

tonies will release its Q3 revenues on 13 November, with the quarter shaped by the launch of the Toniebox 2 (TB2) in Europe, the UK, France, ANZ (mid-September), and North America (early October). While retail sales effects were still limited, initial channel loading likely drove a strong revenue uptick — we expect sales to rise 42% yoy to EUR 136m, with growth of ~34% in DACH, ~41% in the US, and ~65% in RoW. Early TB2 reviews are highly positive, highlighting new interactive features, improved sound, and lifestyle functions. We maintain our FY25 estimates and confirm our BUY rating and EUR 11.70 PT. The full update can be downloaded under https://research-hub.de/companies/tonies-se

Deutsche Rohstoff reported a solid sequential recovery in Q3 production, up 6% qoq to 13,600 BOEPD, driven by the ramp-up of four Niobrara wells brought online late in Q2. Despite slightly lower WTI prices, the higher oil share (65%) and lower capex per well (USD 9m) should support Q3 profitability. Q4 looks to be strong, supported by six additional wells coming online and hedges covering ~45% of oil output at USD 68/bbl. On the back of this development, Deutsche Rohstoff is confirming its FY25 guidance (sales EUR 170–190m; EBITDA EUR 115–135m). Strategic expansion continues with new acreage in Ohio and additional Powder River Basin investments. Following a 23% rise in Almonty’s share price since our last update 6 days ago, we increase our PT for Deutsche Rohstoff to EUR 68.50 (prior EUR 62.00) and confirm our BUY rating. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

MHP Hotel AG delivered another strong quarter, with Q3 KPIs nearly matching last year’s exceptional levels despite the absence of one-off event boosts. Occupancy reached 81% (82% in 2024), and ADR remained stable at EUR 227, resulting in an adjusted RevPAR of EUR 185 (-2% yoy), outperforming the broader German market. Revenue rose 2% yoy, bringing 9M growth to 8%, and management confirmed FY25 guidance of EUR 180m revenue and EUR 15m EBITDA. The Q4 outlook implies a strong contribution from the new Conrad hotel in Q4, underscoring solid execution and premium-segment resilience. We confirm our BUY rating and PT of EUR 3.20. The full update can be downloaded under https://research-hub.de/companies/mhp-hotel-ag

Daimler Truck (DTG) reported a 15% yoy and 8% qoq decline in unit sales to 98,009 vehicles in Q3 2025. As expected, Trucks North America (TNA) continued to reel under tariff and trade war uncertainties and volumes in this region slumped 39% yoy to 30,225 (-22% qoq) during the quarter. Trucks Asia and Daimler Buses reported a 8% yoy and 4% yoy decline in volumes, respectively. After benefitting from catch-up effects in Q2, Mercedes-Benz Trucks (Europe) could not regain momentum in Q3 and reported 8% yoy and 3% qoq growth in unit sales. Following the muted Q3 unit sales numbers and potential impact from the proposed 25% Section 232 tariff by the US government on the overall demand sentiment, we expect full-year results to hover in the lower half of the guidance range. We slightly lower our estimates for 2025 and 2026 but upgrade our rating from SELL to HOLD, maintaining our price target of EUR 34.00. We await further details on margin development and the potential impact of US tariffs with the detailed Q3 results scheduled for 7 November 2025. The full update can be downloaded under https://research-hub.de/companies/daimler-truck-holding-ag

Traton reported unit sales of 71,400 vehicles in Q3 2025, a steep 16% yoy and 11% qoq decline, and took the 9M volumes to 224,500 units (-9% yoy). Brand performances were divergent in Q3 – Scania’s volumes fell marginally by 1% yoy as higher deliveries in Europe were offset by macro challenges and high channel inventory in Brazil. International Motors reported a steep 57% yoy decline on a high base (due to a one-off). Volkswagen Truck & Bus posted a 4% yoy dip, due to a slowdown in the Brazilian market. MAN was the only outlier with a 24% yoy increase in unit sales, supported by high buses and TGE van sales and despite broader weakness in the European trucks market. The overall demand environment remains fragile and the proposed 25% Section 232 tariffs by the US on truck imports have further added to uncertainties. We reduce our estimates to reflect the exacerbated market challenges and continue to expect a gradual recovery only in the coming years. We maintain our SELL rating and price target of EUR 23.00. The full update can be downloaded under https://research-hub.de/companies/traton-se

Drägerwerk (Dräger) delivered a solid Q3 25, marking its strongest quarter this year with revenues up 7.6% yoy to EUR 833m and an EBIT margin of 6.8%. Both Medical and Safety divisions contributed to growth, supported by higher volumes and improved cost efficiency. Order intake rose 4.9% yoy to EUR 856m, providing strong visibility into Q4. Management raised its FY25 guidance to 3–5% sales growth and a 4.5–6.5% EBIT margin. With FY25E sales of EUR 3.475bn and EBIT of EUR 181m (mwb est.), Dräger remains on track but fairly valued at current levels. We confirm our HOLD rating and the price target of EUR 72.00. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa