Fraport’s September traffic rose 2.2% yoy to around 6.0m passengers at Frankfurt airport, but the gap to 2019 levels widened to 11%, highlighting persistent demand weakness at its core hub. International assets continued to perform solidly, led by strong gains in Ljubljana and Bulgaria, while Brazil’s almost 100% increase reflected one-off effects. The company confirmed that Frankfurt’s new Terminal 3 will open in April 2026, temporarily offsetting capacity constraints during T2’s five-year refurbishment. While operational progress is reassuring, the EUR 4bn T3 investment risks long-term underutilization, with full capacity utilization unlikely to be reached before the mid-2040s at current growth rates. SELL, PT EUR 62.00. The full update can be downloaded under https://research-hub.de/companies/fraport-ag

Gerresheimer’s full Q3 25 report confirmed the steep downturn already visible in preliminary figures. Revenue rose 12% yoy to EUR 560.7m, but organic sales declined 1.2%, while cosmetics demand weakened further. EBIT dropped to EUR 7.4m (margin 1.3%), weighed by higher costs and restructuring charges, resulting in EPS of EUR -0.37. Following a third guidance cut within twelve months, management now expects FY25 revenue to fall 2-4% and adjusted EBITDA margin to narrow to 18.5-19%. With a prolonged restructuring ahead, rising leverage, and overly optimistic consensus forecasts, we lower our PT to EUR 31.00 and reiterate HOLD. The full update can be downloaded under https://research-hub.de/companies/gerresheimer-ag

Company Name: Energiekontor AG ISIN: DE0005313506   Reason for the research: Update Recommendation: Buy from: 13.10.2025 Target price: 93,00 Euro Target price on sight of: 12 Monate Last rating change: 18.10.2022: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal First Berlin Equity Research hat ein  [ … ]

CHAPTERS Group’s H1 2025 report shows strong top-line and cash flow performance despite heavy accounting effects. Revenues rose 42% yoy to EUR 70.9m, or EUR 84.5m pro forma, with adjusted EBITDA of EUR 19.3m (+41% yoy). The reported loss of EUR 17.8m reflects M&A-related PPA and goodwill amortisation (EUR 15.9m), and share-based payments (EUR 11.1m). Operating cash flow nearly doubled to EUR 15.7m, funding record M&A activity including Expatrio and Peak Mobility. The portfolio grew from 48 at year-end 24 to 55 companies in H1, and 61 thereafter. With leverage rising and bond funding secured, CHAPTERS remains on a disciplined growth path. BUY, PT EUR 48.00 after minor finetuning. The full update can be downloaded under https://research-hub.de/companies/chapters-group-ag

BASF delivers a landmark value unlock with the sale of its Coatings division to Carlyle and QIA for EUR 7.7bn, implying a rich 13x 2024 EV/EBITDA multiple versus the Group’s 2025 7x average. The deal, including EUR 5.8bn in cash proceeds and a retained 40% stake, validates BASF’s “Winning Ways” portfolio strategy and highlights the hidden value within its diversified portfolio. Beyond the sizeable book gain and balance-sheet relief, the transaction reduces exposure to cyclical auto markets while retaining upside in a newly independent global coatings leader. With further portfolio catalysts (e.g., potential Ag Solutions IPO) on the horizon, we reiterate our BUY rating and 52.00 price target, viewing BASF as a compelling contrarian recovery play backed by tangible execution. The full update can be downloaded under https://research-hub.de/companies/basf-se

Company Name: Scandinavian Astor Group AB ISIN: SE0019175274   Reason for the research: Update Recommendation: BUY from: 13.10.2025 Target price: SEK 56.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch Assuming 10-20% of the SEK 3.5bn anti-drone allocation flows into jammer procurement, the im [ … ]

Germany’s potential EUR 9bn Skyranger 30 procurement (according to the Handelsblatt) marks a major boost for the defence sector and could deliver roughly EUR 720m in radar orders to Hensoldt, reinforcing its role in short-range air defence (mwb est.). Additional tailwinds stem from 20 new Eurofighter jets equipped with Hensoldt’s ECRS Mk1 radar, adding another EUR 180m to the order book, while the up-coming F127 frigate program could open further upside (mwb est.). However, delays in flagship programs such as MGCS and FCAS have cooled sentiment and shifted key catalysts further out to 2026. With consensus already embedding an ambitious ~18.5% CAGR (mwb: 17%) to 2030 and the stock trading just 8% below its all-time high, valuation looks still stretched at current levels. The recent contract momentum supports near-term visibility but offers limited incremental upside. In our view, risk/reward remains skewed to the downside, and we reiterate our SELL rating with a EUR 70.00 price target. The full update can be downloaded under https://research-hub.de/companies/hensoldt-ag

Germany plans to purchase 600 Skyranger 30 short-range air-defence systems from Rheinmetall in a EUR 9bn deal. The contract includes both the Skyranger turret and the Boxer vehicle, jointly produced with KNDS. RENK, which supplies the Boxer transmission, is expected to benefit indirectly once Rheinmetall and KNDS secure the primary order. However, the impact remains limited, as the estimated order value for RENK is only around EUR 30m. This underscores the potential risk of shifting from tracked to wheeled platforms, where RENK’s content and pricing power are lower. While a potential Israel–Hamas ceasefire could ease export restrictions and unlock a small share of sales, the overall near-term catalyst from this potential order remains weak, supporting our SELL rating and EUR 65.00 target price. The full update can be downloaded under https://research-hub.de/companies/renk-ag

We met the newly completed management team of Ernst Russ AG, including Dr Christopher Eilers (Co-CEO & CFO) and Joseph Schuchmann (Co-CEO & CCO), who outlined a clear roadmap focused on disciplined growth, portfolio diversification, and structural simplification. The management has voiced their intention to diversify into other strategic shipping segments to improve resilience through cycles. A key highlight is Ernst Russ’s re-entry into the newbuild market through two jointly secured shipbuilding slots with long term charters attached in Asia—its first controlled newbuild exposure in years. Parallel efforts to buy out minorities and streamline the balance sheet enhance transparency and capital flexibility. With strong liquidity and stable charter coverage, we reiterate BUY, PT EUR 11.00. The full update can be downloaded under https://research-hub.de/companies/ernst-russ-ag

With Q3 results due on 6 November, SUSS MicroTec enters Q3 in consolidation mode after a record H1, with order intake expected to stabilize around Q2 levels of roughly EUR 80m and sales to decline sequentially, reflecting a normalization consistent with full-year guidance. Similarly, margins expected to remain resilient to a slight decline, weighed down by lower utilization, yet supported by cost discipline and early efficiency gains from the new Taiwan site. Beneath the surface, the first signs of a rebound in memory are emerging as Samsung, SK Hynix, and AMD ramp HBM programs, setting the stage for renewed tool demand into 2026. With valuation still priced for a cyclical trough, we see mounting potential for a gradual re-rating and reiterate our BUY rating and EUR 56.00 price target with additional potential catalysts ahead at the upcoming Capital Markets Day in November. The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se