MTU Aero Engines (MTU) will release Q3 2025 numbers on 23 October 2025. The company reported impressive revenue and adjusted (adj.) EBIT momentum in H1 registering 21% yoy and 40% yoy increases, respectively, led by strong traction in both commercial MRO and commercial OEM segments. After an over proportionate contribution from the sale of lease and spare engines in H1, growth is expected to normalize in Q3 on increasing output of installed engines. Consensus estimates revenue growth to moderate to +12% yoy in Q3 (vs +17% yoy in Q2) and the adj. EBIT margin to hover c.14.3% (Q2: 17.4%), which broadly reflect mwb est. of 11% growth and c.14.5% adj. EBIT margin. The steady MRO capacity expansion, GTF ramp-up, large aircraft backlogs, and encouraging aftermarket demand place MTU in a favorable spot to achieve its long-term targets. However, FX risk and US trade tariff risks remains an overhang. We slightly revise our long-term estimates and reiterate HOLD at a revised PT of EUR 375.00 (old: EUR 370.00). The full update can be downloaded under https://research-hub.de/companies/mtu-aero-engines-ag

Cicor delivered a solid third quarter and confirmed its full-year guidance. Reported sales increased 33% yoy to CHF 160.1m, mainly driven by acquisitions, while organic growth declined slightly by 1.1%, reflecting temporary Medtech destocking and the Ulm site closure. Order intake reached CHF 174.5m (book-to-bill 1.09), supported by Aerospace & Defence projects. Management reiterated FY25 guidance (sales CHF 620-650m; EBITDA CHF 62-70m). Integration of Éolane, Mercury, Mades and Profectus is progressing according to plan. Following minor model adjustments, our DCF-based fair value remains unchanged at CHF 207. At a current share price of around CHF 186 (intraday), we maintain our BUY rating. The full update can be downloaded under https://research-hub.de/companies/cicor-technologies-ltd

Company Name: Advanced Blockchain AG ISIN: DE000A0M93V6   Reason for the research: Research Report (Anno) Recommendation: Buy Target price: 3.79 EUR Last rating change: Analyst: Matthias Greiffenberger, Cosmin Filker The parent company Advanced Blockchain AG generated revenues of €226k (previous year: €105k), more than [ … ]

Multitude AG is expected to continue its solid execution in Q3 25, maintaining the profitable growth trajectory seen in previous quarters. Based on mwb estimates, Q3 top line should reach EUR 59.5m and net profit EUR 5.5m, bringing 9M totals to around EUR 170m and EUR 19.7m, respectively—well on track to meet FY targets of EUR 24–26m. Despite selective loan loss provisions and upfront product expenses, profitability remains robust, supported by lower funding costs. The upcoming CMD on 13 November should reaffirm strategic continuity and with improving asset quality, scalable digital infrastructure, and a valuation of only 7x PER in 26E, we maintain our BUY rating and confirm the PT of EUR 12.80. The full update can be downloaded under https://research-hub.de/companies/multitude-ag

Company Name: MWB AG ISIN: DE000A4032H1   Reason for the research: Update Recommendation: HOLD from: 15.10.2025 Target price: EUR 63.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch H1 EBITDA grew by 47% yoy to € 0.072m on the back of higher sales but with a lower margin (0.98% margin; -0 [ … ]

Siltronic’s sharp two-month rally has brought the stock close to our EUR 57.50 fair value, prompting a downgrade from BUY to HOLD. The surge was largely sentiment-driven, spurred by early signs of recovery in the memory market after Samsung’s and SK Hynix’s HBM announcements. With memory still representing about 37% of Siltronic’s wafer mix, hopes for faster inventory drawdowns have lifted the sector but now fundamentals must catch up. Despite still undemanding valuation levels, the risk-reward has turned more balanced as near-term weakness persist. Further upside will depend on tangible evidence of recovery, particularly declining power and memory inventories, renewed momentum in lagging end-markets such as automotive and industrial, and visible improvement in underlying fundamentals. The full update can be downloaded under https://research-hub.de/companies/siltronic-ag

Photon Energy’s September figures showed a 7.4% yoy decline in proprietary electricity generation to 13.6 GWh, mainly due to unusually cloudy weather across Central Europe and continued temporary plant shutdowns in Romania, compounded by the sale of Australian assets. Despite sequentially higher realized prices, the average electricity sale price fell 3.6% mom to EUR 161/MWh due to a less favorable country mix, as higher-priced markets saw sharper output drops. Year-to-date generation was broadly flat at 123.5 GWh (-0.7% yoy) but below internal targets. With Romania’s licensing delays weighing on high-margin IPP earnings and leverage metrics, the short-term picture remains challenging; however, long-term opportunities in demand response, capacity markets, and emerging technologies support a Spec. BUY rating and a EUR 1.00 price target. The full update can be downloaded under https://research-hub.de/companies/photon-energy-nv

Südzucker (SZU) announced expectations of a strong improvement in Q3 FY26 (ending 30 November), indicating potential stabilization after several weak quarters. The company reaffirmed its FY26 guidance, projecting revenue of EUR 8.3-8.7bn, EBITDA of EUR 470-570m, and operating profit of EUR 100-200m. We expect Q3 revenues to increase by roughly 10% yoy, driven by recovering volumes and pricing in the core sugar segment, supported by reduced sugar acreage in the new sugar year (September to December) in the main European market. EBITDA is estimated to rise to around EUR 155m (Q3 FY25: EUR 82m), with a margin of approximately 6% (up 250bps yoy). If confirmed post-quarter, this would mark an important operational inflection point for SZU. As we have already factored an operational turnaround into our model, we maintain our estimates and will continue to monitor both the strength and durability of the recovery. Accordingly, we reiterate our HOLD rating with a EUR 9.50 price target. The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag

Company Name: Verve Group SE ISIN: SE0018538068   Reason for the research: Research study (Note) Recommendation: BUY Target price: 7.95 EUR Last rating change: Analyst: Marcel Goldmann, Cosmin Filker In addition to a strong start to the year, the first half of 2025 was also marked by challenges in the second quarter, with delays [ … ]

SBO has completed the acquisition of UK-based 3T Additive Manufacturing, strengthening its Precision Technology division and expanding exposure to structurally growing industries such as aerospace and semiconductors. The oilfield environment remains subdued, with Brent around USD 63/bbl and E&Ps maintaining tight Capex discipline; a recovery is unlikely before mid-2026. At the same time, record US geothermal lease prices highlight emerging subsurface-drilling demand beyond oil & gas, validating SBO’s diversification strategy. With strong finances, high technological depth, and an expanding non-cyclical footprint, SBO remains a long-term quality play poised to benefit once industry momentum returns. BUY, PT EUR 40.00. The full update can be downloaded under https://research-hub.de/companies/sbo-ag