We expect Viscom's Q3 results to confirm the ongoing recovery, with order intake of around EUR 22m, sales of EUR 23m and EBIT of EUR 1.5-2.0m, broadly sustaining the profitability achieved in Q2. However, the EUR 4m Q1 loss continues to weigh on fullyear earnings, and even our revised 2% FY26 EBIT margin assumption requires a further improvement in Q4, leaving limited scope for the upper end of management's guidance. Encouragingly, demand is recovering across core industrial and automotive applications, particularly in Asia and North America, while AI-related inspection and the sizeable battery-cell contract provide additional growth opportunities beyond 2026. With the backlog supporting near-term revenue visibility, the key question is whether improving volumes can translate into stronger margins. At 7.4x 2027E EV/EBITDA, we believe the valuation does not fully reflect the medium-term earnings recovery potential. We reiterate BUY with a EUR 8.00 price target. The full update can be downloaded under https://research-hub.de/companies/viscom-se

Fresenius Medical Care (FME) reaffirmed its FY26 guidance, although fading TDAPA benefits, weak US treatment volumes and restructuring charges could pressure H2 earnings. We cut our FY26 revenue estimate by 2.5% to EUR 19.04bn and EBIT by 10.7% to EUR 1.66bn. Ongoing share buybacks, which reduced outstanding shares by 7.1% YTD, should partly offset earnings pressure at the EPS level. Despite near-term challenges, operational efficiencies and cash generation remain supportive. Following a 16% share price decline since August, valuation appears increasingly attractive. Reflecting the lower share count and updated valuation assumptions, we raise our price target to EUR 46.00 from EUR 44.00 and upgrade our rating from HOLD to BUY. The full update can be downloaded under https://research-hub.de/companies/fresenius-medical-care-ag

BENO is strengthening its funding base for the next phase of portfolio expansion. The company plans to raise up to EUR 4.4m through a rights issue at EUR 6.50 per share, with proceeds earmarked for acquisitions. Separately, five property financings totalling c. EUR 28m over the past twelve months generated c. EUR 16m of additional free liquidity. Part of this has already funded the repayment of a EUR 10m bond and further growth, while management sees the remaining liquidity supporting investments and acquisitions of c. EUR 25-30m. Together, these measures improve BENO’s capacity to pursue opportunities in the fragmented German light-industrial and warehouse market. We view the developments positively, although the proposed c. 20% increase in the share count raises the importance of disciplined capital deployment. We reiterate our BUY rating with unchanged PT of EUR 14.00, seeing significant upside potential. The full update can be downloaded under https://research-hub.de/companies/beno-holding-ag

We expect Brenntag's Q3 operating EBITDA to decline c.17% sequentially to EUR 385m as exceptional pricing benefits gradually fade, while underlying volumes remain broadly stable. Ongoing cost savings and improving commercial execution, particularly in Specialties, should partly cushion the decline, although higher operating costs remain an offset. Meanwhile, the expected reversal of Q2's price-driven working-capital build should support an FCF recovery in H2. Looking into Q4, a strengthening US dollar could provide a tailwind, partly offsetting pricing normalization. At c.7x 2027E EV/operating EBITDA, valuation remains below our c.8x fair multiple, but a rerating from here would require clearer evidence of volume acceleration and structural margin gains. We maintain our EUR 65.00 price target and HOLD rating. The full update can be downloaded under https://research-hub.de/companies/brenntag-se

LM PAY reported final FY25 and final H1 26 figures. FY25 EBIT rose 77.4% yoy to PLN 12.4m, although financing costs and taxes resulted in a PLN 1.3m net loss. H1 26 EBIT nearly doubled to PLN 7.8m, benefiting from a PLN 1.9m one-off gain. Adjusted EBIT reached c. PLN 5.9m, confirming operating leverage. However, financial expenses surged 53.2%, limiting net profit to PLN 0.5m. Given H1 revenue growth of just 14.2% and ambitious management expectations for H2, we lower our estimates. We reiterate BUY with a revised EUR 56.00 price target (previously EUR 59.00). The full update can be downloaded under https://research-hub.de/companies/lm-pay-sa

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