RENK’s CMD 2025 reaffirmed a solid long-term outlook but also highlighted that consensus could be too optimistic. The 2030 revenue guidance of 2.8–3.2bn (without M&A) looks realistic, yet the market already prices in the top end. Our 3bn estimate reflects the structural shift toward more Boxer tanks, where RENK captures only 1/15 of tracked-vehicle value, and keeps us slightly more cautious than consensus. We now also expect the cycle to peak ~2030, followed by a natural dip until aftermarket acceleration from 2035 onward. MRO remains the long-term cash engine, generating 3–4x of original sales revenues and pushing aftermarket to >50% of sales. The >20% margin ambition is credible given scaling effects and operational improvements. The sector’s pullback on Ukraine headlines does not change RENK’s fundamentals and could even boost Ukrainian localisation later on. With today’s share reaction, valuation has normalised into fair territory. We cut our target price to EUR 55.00 (from 58.00) to reflect a 2030–2035 revenue dip before aftermarket ramps. HOLD. The full update can be downloaded under https://research-hub.de/companies/renk-ag

Rational’s Capital Market Day in Wittenheim put iVario firmly in the spotlight, underscoring its role as the company’s next major growth engine as the site ramps toward 75,000 units of annual capacity. With only 8% penetration in the 1.6m relevant-kitchen market and 50% market share, around 92% of kitchens still rely on traditional equipment, highlighting a vast substitution runway. CMD demonstrations reinforced iVario’s competitive edge across core industry challenges, from food consistency and labor scarcity to rising hygiene and energy demands, supported by AXA study results. Combined with its ability to replace multiple appliances and deliver strong ROI, iVario is increasingly emerging as a second structural growth pillar alongside iCombi. We reiterate our BUY rating and EUR 800.00 price target, supported by Rational’s durable moat, scaling capacity and multi-year earnings compounding potential. The full update can be downloaded under https://research-hub.de/companies/rational-ag

Photon Energy posted Q3 25 revenues of EUR 24.3m (+6.2% yoy), with strong growth in Technology and New Energy offsetting a sharp drop in Engineering and weaker Electricity Generation due to TSO-mandated shutdowns and regulatory changes in Romania. EBITDA rose to EUR 4.5m (+18% yoy), boosted by a EUR 1.4m one-off, while underlying performance was weaker due to unfavorable mix and an impairment charge. The adjusted equity ratio remains covenant-compliant at 25.6%. Q4 should benefit from the planned sale of the Domanowo project and delayed Polish capacity payments. Management maintains FY25 guidance (EUR 100–110m revenue, now expected at the lower end, EUR 9m EBITDA), implying a strong Q4. Long-term opportunities in emerging technologies remain attractive, and we confirm our Spec. BUY rating with a EUR 1.00 price target. The full update can be downloaded under https://research-hub.de/companies/photon-energy-nv

At an mwb research roundtable, CEO Moritz Schildt and Investment Analyst Marcus Wodausch provided details on the planned issue of up to 250,000 preferred shares. The issue price is EUR 10.00 (EUR 9.50 for early subscribers until Dec. 15), which would increase assets under management to around EUR 12m. The preferred shares offer a target annual dividend of EUR 1.00 (10% yield) with priority and cumulative distribution. The issue will be conducted entirely digitally as eWpG securities, with subsequent trading on a DLT trading platform planned from Q4 2026. The capital is to be invested in high-yield crypto assets and DeFi protocols with returns of 8-14% in order to cover the dividend on a sustainable basis. Strategically, coinIX is positioning itself as a "crypto treasury" modeled on Strategy (formerly MicroStrategy), which should enable a broader investor base, economies of scale, and potential NAV appreciation. A recording of the roundtable is available here: https://research-hub.de/videos. With updated data, we arrive at a new PT of EUR 2.40 (previously: EUR 3.00) and reaffirm our BUY rating. The full update can be downloaded under https://research-hub.de/companies/coinix-gmbh-co-kgaa

Rheinmetall’s CMD 2025 underlined our bullish case. Management raised the bar with a 2030 revenue ambition of EUR 50bn (incl. ~EUR 1bn p.a. M&A), underpinned by >20% EBIT margins and >50% cash conversion, turning the story into a scale backed cash compounder. The group’s multi domain footprint across land, air, space and nascent naval, combined with deeper software defined defence capabilities, supports above sector growth and structurally higher visibility versus peers, including similarly valued Hensoldt. With the equity story intact with solid margins Rheinmetall remains, alongside TKMS, our top pick in German defense. PT unchanged at EUR 2,400. BUY. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Rheinmetall’s CMD unveiled them as a new competitor for Hensoldt. Beyond the stronger financials, where we now expect RHM to reach ~30% annual growth and ~22% margins by 2030 versus Hensoldt’s 14% and 17% (mwb est.), the strategic shift is more relevant. Rheinmetall is moving into software, sensors and space, directly entering Hensoldt’s core domains with a EUR 10bn digital ambition that is not reflected in Hensoldt´s current valuations. This puts structural pressure on Hensoldt’s long-term growth narrative. With limited software contribution, high hardware dependence beyond 2030 and a 2026 P/E of ~42 that already sits above Rheinmetall, the valuation looks stretched. The positive share reaction after RHM’s CMD appears misplaced. We lower long-term revenues, cut our PT to EUR 65.00 (prev. 69.00) and maintain SELL. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

Performance One (PO1) is advancing its transition toward a streamlined investment holding structure. Shareholders approved key strategic steps at the August AGM, and further measures, including the carve-out of the Digital Services unit and a proposed rebranding to POB AG, will be voted on in December. Separating the EUR 10m Digital Services business aims to improve operational independence and position the unit for a potential sale, a step that could act as a major value catalyst. With FY25 guidance of EUR 9.0-9.5m in revenue and EUR 0.4-0.7m in EBITDA, current valuation looks undemanding. We maintain estimates, the PT (EUR 4.70) and our BUY rating. The full update can be downloaded under https://research-hub.de/companies/performance-one-ag

KWS’s Capital Markets Day in Einbeck this week offered an engaging, in-depth view of the company’s operational strengths, strategic priorities, and R&D leadership. Participants experienced the business firsthand through a sugar beet and R&D tour, highlighting its breeding expertise and non-GMO innovation culture. Following the divestment of its North and South American corn units, KWS can now fully focus on the promising Vegetables segment, leveraging its premium seed portfolio in the coming years to meet rising global demand. The CMD reinforced our confidence in KWS’s investment case, emphasizing its strong market position, robust R&D capabilities, and resilient business model. We therefore maintain our BUY rating with a PT of EUR 83.00. The full update can be downloaded under https://research-hub.de/companies/kws-saat-se-co-kgaa

CHAPTERS presented at our recent “mwb inspired” conference, highlighting continued operational momentum and rapid portfolio expansion. The group has grown from 48 to around 60 operating companies since late 2024, with pro-forma run-rate metrics rising from EUR 125m/30m EBITDA to roughly EUR 175m/45m. Deal sizes have increased, with EUR 2-5m EBITDA targets now more frequent, while acquisition multiples remain stable at ~6.5×. Despite a ~20% sentiment-driven multiple compression across compounder peers, our SOTP valuation remains intact and indicates substantial upside. We reiterate our BUY rating and EUR 48.00 price target. The full update can be downloaded under https://research-hub.de/companies/chapters-group-ag

Drägerwerk’s (Dräger) medium-term outlook strengthens as one-offs fade and operational visibility improves. FY25 will be impacted by the absence of EUR 30m in FY24 disposal gains and external burdens, including c. EUR 22m in tariffs and similar FX effects, leaving reported margins broadly stable despite an underlying EBIT swing of around EUR 70m after 9M 25. Beyond FY25, normalizing conditions, easing FDA-related risks and potential margin improvement in the medical division support Dräger’s path toward its 10% EBIT margin ambition by 2030. With improved confidence in FY26 and FY27 and recent share price weakness, we upgrade the stock from HOLD to BUY with an unchanged price target of EUR 76.00. The full update can be downloaded under https://research-hub.de/companies/draegerwerk-ag-co-kgaa