Cancom’s final Q2 results were broadly in line with the weak prelims announced earlier. Revenues were down marginally by 0.4% yoy to EUR 393.2m, impacted by the macro-uncertainty-driven negative customer sentiment towards IT investments. EBITDA fell sharply by 37.6% yoy to EUR 15.7 (margin: -2.4ppt yoy to 4.0%), which included EUR 4.0m in restructuring charges. Management kept its recently cut FY25 guidance unchanged, expecting revenues of EUR 1,650m-1,750m and EBITDA of EUR 100m-110m, declines of c. 2% and 7%, respectively, at the mid-points. This removes any earlier expectations for a full turnaround in H2. Following the conference call, it remains unclear how Cancom plans to achieve an EBITDA of EUR >64m in H2 in order to reach the lower end of its forecast, apart from referencing historic records and the seasonality (stronger H2). With mentioned and ongoing headwinds, we consider the targets to be ambitious. Despite initial signs of macro improvement, as confirmed by peers, even minor setbacks are likely to result in missed targets. With further reduced estimates, remains a HOLD with a reduced PT of EUR 23.50 (old EUR 25.00). The full update can be downloaded under https://research-hub.de/companies/cancom-se

tk nucera reported Q3/9M FY25 results in line with preliminary figures. Q3 sales declined, though gross margins improved due to a more profitable project mix. Sales dropped for both Green Hydrogen (gH2) and Chlor-Alkali (CA). EBIT in gH2 improved, whereas CA profitability declined. Over the first nine months, sales still grew, and EBIT turned positive. Free cash flow improved to EUR 15m from EUR –57m a year ago, underlining the company’s ability to generate cash even in a challenging market. Order intake over the first nine months remained weak, with a book-to-bill of just 0.36x, but the active project pipeline of EUR 11bn provides potential for a new wave of orders. With strong liquidity and a favorable strategic position in the emerging green hydrogen market, tk nucera is well positioned for long-term growth. Regardless, a significant re-rating depends on improved order visibility, as growth remains key. Therefore, we maintain our BUY rating and a PT of EUR 12.00. The full update can be downloaded under https://research-hub.de/companies/thyssenkrupp-nucera-ag-co-kgaa

TUI's fiscal Q3 25 results revealed an unexpected improvement in margins, with underlying EBIT increasing by 38% yoy, primarily due to robust performances in its Hotels & Resorts and Cruises divisions, as well as a late Easter in its Markets & Airlines division. Although revenue was in line with expectations, free cash flow decreased yoy and was slightly below mwb estimates. Based on the strong overall FQ3 results, TUI increased its FY25 underlying EBIT guidance by 150 basis points (midpoint) to a 9–11% increase. Although summer bookings are slightly down, the fact that average selling prices are higher is a positive sign. Continued operational improvements and financial deleveraging at the company support our BUY rating, with an unchanged price target of EUR 16.00. The full update can be downloaded under https://research-hub.de/companies/tui-ag

Following a meeting with Hensoldt, we have raised our growth assumptions, driven by stronger prospects in air defense, and land vehicle systems. We now project a revenue CAGR of ~10.7% for 2025–2033 (prev. ~8.3%) and expect improved capital efficiency with PPE turns rising from ~5 to ~7 by 2030 due to a shift toward soft-ware-defined solutions. Valuation, however, remains stretched versus peers, with weaker topline growth (10% vs. Rheinmetall’s 17%), lower margins, and delivery risks from political order timing and capacity constraints. As a result, we raise our price target to EUR 70.00 (prev. EUR 55.00) but maintain our SELL rating. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

Ceconomy delivered a solid Q3, with adjusted EBIT improving to EUR -31m from EUR -51m a year ago and gross margin up 80bp to 18.2%. Sales rose 5.1% on an FX/portfolio-adjusted basis (+4.4% lfl) but fell 2.3% reported due to currency and hyperinflation effects. Regional performance was mixed, but profitability improved across all segments. Marketplace GMV surged ~90% yoy for the third straight quarter, while Retail Media posted strong double-digit income growth. Free cash flow improved EUR 126m yoy. The JD.com transaction timeline remains unchanged, with closing expected in H1 2026. Our rating stays SELL, anchored to the takeover price (EUR 4.60). The full update can be downloaded under https://research-hub.de/companies/ceconomy-ag

Dermapharm Holding SE (DMP) posted preliminary Q2 sales of EUR 272.1m, down 2.8% yoy, mainly due to the realignment of the Parallel Import business and Arkopharma restructuring. EBITDA rose 6.1% yoy to EUR 64.8m, lifting the margin to 23.8%, supported by cost control, improved product mix, and strong Branded Pharmaceuticals growth. Arkopharma and Other Healthcare Products delivered modest gains but faced currency headwinds. Management reaffirmed FY25 guidance (sales EUR 1.16–1.20bn; adj. EBITDA EUR 322–332m). With c.48% of sales and 45% of EBITDA targets reached mid-year, DMP appears on track. With no changes to our assumptions, we confirm the DCF-based price target of EUR 45.00. The rating remains BUY. The full update can be downloaded under https://research-hub.de/companies/dermapharm-holding-se

Circus has received NATO Support and Procurement Agency certification, making it the first NATO-approved provider of fully automated robotics solutions for tactical troop nutrition. The approval enables participation in defense procurement and direct contract awards across NATO member states. For this purpose, Circus is introducing the CA-M, a mobile, autonomous field kitchen in a 20-foot container capable of preparing over 1,000 fresh meals per load, reducing personnel needs in hostile environments. While initial defense orders may be small, the sector’s high-margin potential positions Circus for significant profitability alongside its civil SaaS-driven business. With NATO approval unlocking a lucrative new market, we reiterate our BUY rating with a EUR 70.00 price target. The full update can be downloaded under https://research-hub.de/companies/circus-se

TIN INN has opened its sixth hotel in North Rhine-Westphalia. All of the modules were produced at the company's Wassenberg factory using recycled containers. The company has building permits for four more locations, which it expects to open by Q4 2025. This will bring the total number of hotels to 10, which is slightly below our previous estimate of 12. Although we are lowering our FY25 projections, our medium-term targets remain intact, supported by a pipeline of over 35 sites in Germany and Austria, as well as scalable production capacity of up to 30 hotels per year. The company’s “blue ocean” strategy targets small- to mid-sized cities that have been underserved, filling a gap left by the decline of traditional inns. Through its fully automated, environmentally friendly, low-staff hotels, TIN INN appeals to business and leisure travelers alike. Improved rollout visibility has led to a reduction in the WACC from 11% to 10%, raising the DCF-based fair value to EUR 10.70 (from EUR 9.10). Following a 36% increase in the share price since the direct listing in May, we are adjusting our rating from BUY to HOLD. The stock should remain on the radar of growth-oriented investors looking for a unique and highly promising business model with disruptive potential. The full update can be downloaded under https://research-hub.de/companies/tin-inn-holding-ag

INDUS Holding AG (“INDUS”) reported Q2 2025 results showing a small top-line beat but material margin pressure across segments. While revenue exceeded expectations, profitability fell short, and free cash flow disappointed. Nevertheless, order momentum remains solid, which is why management confirmed its FY25 guidance. While M&A execution continues and health order momentum keeps up, we reiterate our BUY rating with unchanged PT of EUR 33.00 offering a decent 40% upside potential. The full update can be downloaded under https://research-hub.de/companies/indus-holding-ag

Bechtle AG reported Q2 2025 results broadly in line with consensus. As anticipated, Q2 recovered modestly compared to Q1, underpinned by seasonal tailwinds, growth in Benelux countries and the UK, and a pick-up in demand from public-sector clients in Germany. Business volumes grew 5.1% yoy to EUR 1.9bn and revenues increased 0.8% yoy to EUR 1.5bn. EBIT, though down 19.3% yoy to EUR 68m, having recovered 19.6% qoq. Management expects public-sector business to witness stronger growth in the second half of the year. Consequently, it reaffirmed its FY25 guidance. The H1 print and confirmed FY25 targets indicate that Bechtle would require material recovery, particularly on the profitability front, in H2. Despite initial signs of recovery, we anticipate continued headwinds in the short term and have adjusted our estimates accordingly. However, this has no material impact on our DCF-based price target of EUR 46.00. It remains a BUY, based on the expected mid-term margin normalization. The full update can be downloaded under https://research-hub.de/companies/bechtle-ag