AUTO1’s has released its H1 report, confirming the solid Q2 performance reported at the end of July, with strong volume growth, improving profitability, and no material change to the outlook. Cash generation and capital efficiency remain healthy, supported by lower inventory and continued expansion of captive finance without excessive capital requirements. For H2, management is consciously balancing growth and profitability, with the new trading and inventory system expected to support faster turns and sequential GPU improvement. We fine-tune our estimates following the H1 disclosures, while the overall investment case remains unchanged. We maintain our EUR 35.00 price target and BUY rating. The full update can be downloaded under https://research-hub.de/companies/auto1-group-se

Company Name: Cantourage Group SE ISIN: DE000A3DSV01   Reason for the research: Update Recommendation: Kaufen from: 03.09.2026 Target price: €11 Target price on sight of: 12 Monate Last rating change: - Analyst: Ellis Acklin First Berlin Equity Research hat ein Research Update zu Cantourage Group SE (ISIN: DE000A3DSV01) ver [ … ]

Schloss Wachenheim’s preliminary FY 2025/26 results missed guidance and our expectations, as already weaker revenue quality after 9M deteriorated further in Q4, driven by a challenging consumer environment in the mid-price segment. FY revenues rose only 0.3% to EUR 448.9m, while EBIT of c. EUR 27.6m fell short of the guided EUR 30-33m range. We reduce our PT to EUR 19.00 from EUR 20.00 but reiterate BUY, supported by SWA’s entry-price/private-label strength, de-alcoholized growth and regional diversification The full update can be downloaded under https://research-hub.de/companies/schloss-wachenheim-ag

Company Name: NanoRepro AG ISIN: DE0006577109   Reason for the research: Update Recommendation: BUY Target price: EUR 4.4 Target price on sight of: 12 months Last rating change: Analyst: Sarah Hellemann Nutritional elixirs as third consolidated pillar for NanoRepro On Tuesday, NanoRepro announced it acquired the remaining 67% of  [ … ]

Bayer’s Crop Science update strengthens confidence in the recovery, with execution on costs, portfolio simplification and working capital providing a more tangible path to higher margins and cash generation. Growth should also become broader over time as Corn expands, Soy benefits from new launches and licensing remains a relatively stable earnings contributor. The pipeline adds further upside, although much of the larger commercial opportunity sits beyond 2029, while the dedicated Ruveon structure should help contain volatility in U.S. glyphosate and sharpen focus on the core portfolio. Overall, the division’s medium-term delivery looks increasingly credible, supporting our positive investment case, BUY rating and price target of EUR 65.00. The full update can be downloaded under https://research-hub.de/companies/bayer-ag

cyan AG’s H1 2026 prelims point to slower-than-expected revenue monetization, with sales up 11% yoy to EUR 4.9m. EBITDA remained positive at EUR 0.2m despite the ongoing personnel build-up, supporting our view that the core business continues to scale. With EUR 4.9m in revenues already achieved, the lower end of FY26 guidance (EUR 10.2-11.5m) appears well supported, while reaching the upper end would require a marked acceleration in H2. We therefore move our FY26 revenue estimate closer to the midpoint of guidance and fine-tune FY27+ assumptions. BUY, PT EUR 4.00. The full update can be downloaded under https://research-hub.de/companies/cyan-ag

With BASF shares now around our EUR 55.00 fair value, the valuation gap that supported our BUY case has largely closed, while the Q2 supply-dislocation benefits are beginning to fade and further upside increasingly requires a sustained recovery in underlying volumes. Structural self-help remains a clear support, with cost savings, CoreShift, Ludwigshafen restructuring and lower capital intensity improving earnings resilience, but we see these measures as underpinning the current earnings base rather than driving another re-rating. Cash conversion remains the main near-term weak spot despite expected H2 improvement, while the EUR 1.0bn buyback and planned deleveraging provide support. With the positives now largely reflected in the share price, we downgrade BASF to HOLD from BUY, with our EUR 55.00 target implying approximately 8x 2027E EV/adjusted EBITDA. The full update can be downloaded under https://research-hub.de/companies/basf-se

After an 11% share price fall, the risk to miss market expectations on revenue which we flagged is better reflected in the price, and at 15.8x EV/EBITDA and 32x P/E on FY26E, going to 5x and 12x on FY30E, the stock is no longer a SELL in our view. News flow should turn positive at the end of the month with a first Arminius round of EUR ~12.4bn with first advance payments indicated for end of December, which should push FY26 CCR well above consensus and guidance. However, that is rather timing than cash quality and it worsens the 2027 base. Our reading of the published procurement list points to a total programme well below prior expectations, and the firm order fleet sits in the command and Skyranger variants, where press reports have now flagged a documented capability and contractor performance problem. Upgrade to HOLD, PT EUR 1,050. The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Cancom’s investment case has shifted from growth recovery toward margin recovery. Already published in mid-August, H1 26 results showed revenues declining 3.5% yoy, lagging the German IT market and peers and raising questions around relative commercial momentum. However, EBITDA rose 34% yoy to EUR 49.2m, or c.21% adjusted for prior-year restructuring charges, with Germany’s margin improving from 2.7% to 6.1%. The recovery therefore appears increasingly credible despite weak topline trends. A new buyback of up to 5% of share capital supports shareholder returns. Cash conversion and International remain key risks. We maintain our EUR 25.50 price target and upgrade from HOLD to BUY. The full update can be downloaded under https://research-hub.de/companies/cancom-se

Following significant downward pressure from ongoing structural headwinds at its Frankfurt hub, including capacity cuts by primary carrier Lufthansa and high location costs, Fraport's share price has now fallen to our target price. Operational focus now shifts from completed Terminal 3 capital expenditures to managing excess capacity and high fixed costs, which keep net leverage elevated despite strong international concession earnings. However, with current valuations fully pricing in these domestic constraints, a robust earnings floor provided by international assets, and a balanced risk/reward profile, we upgrade our rating from SELL to HOLD, maintaining our EUR 62.00 price target and estimates. The full update can be downloaded under https://research-hub.de/companies/fraport-ag