SUSS MicroTec’s Capital Market Day 2025 sharpened a compelling multi-year value story, pairing a clearer strategic focus with a credible path toward its 2030 ambitions. Having already exceeded its prior plan a year early, the company enters the next cycle from a position of strength, underpinned by leading market shares, a streamlined portfolio, and a more scalable operating model. The upcoming 2026–27 product refresh marks the next inflection point, supported by expanded manufacturing flexibility, a deeper technology roadmap, and a services business set to become a meaningful margin engine. While 2026 will be a transition year, visibility beyond that is improving as new platforms ramp and sector tailwinds, from AI-enabled advanced packaging to rising cleanliness standards, gain momentum. With disciplined investment, strong cash-generation potential, and targeted M&A providing further optionality, we raise our PT to EUR 56.00 from 48.00 and reiterate BUY, balancing the attractive long-term setup with normal execution and cycle risks. The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se

NORMA Group is a global player in engineered and standardized joining technology. It delivers clamps, connectors, and fluid systems through advanced manufacturing. After divesting its Water Management (WM) unit, the group will operate 19 sites. Its remaining portfolio serves automotive and industrial clients worldwide. NORMA stands out with high-quality, application-specific solutions. Mobility & New Energy (MNE) drives innovation for vehicles, with a growing focus on lightweight plastic components. Industry Applications (IA) remains the main focus, providing durable, tailored solutions for machinery, industrial sectors and energy storage systems. Structural trends such as electrification, emissions regulation, and infrastructure expansion support long-term growth. The WM divestment boosts liquidity, supports debt reduction, funds special shareholder returns and creates M&A opportunities for IA. We initiate coverage with a BUY rating and a PT of EUR 20.00, implying 51% upside potential. The full update can be downloaded under https://research-hub.de/companies/norma-group-se

Multitude’s strategy update confirms its structural potential and supports our BUY rating. On its Capital Markets Day, the company presented a clear mid-term outlook targeting net profit growth of roughly 20% p.a. through 2028. Key elements include a shift toward fee-based revenues, greater scalability, and a three-pillar growth model built on organic expansion, partnerships, and selective M&A. Automation and AI are expected to materially improve operational efficiency. Given the management’s strong track record, we largely anticipate the new net-profit guidance. Reflecting higher earnings expectations, we raise our price target to EUR 14.40 (before EUR 13.20) and reiterate our BUY recommendation. The full update can be downloaded under https://research-hub.de/companies/multitude-ag

Siemens Energy (SE) reported strong set of results in Q4 FY 25 and the company reached (or exceeded) all its FY 25 targets. Revenues grew 9.7% yoy on a comparable basis (comp.) to EUR 10.43bn in Q4, surpassing consensus by 2%, while order intake at EUR 14.21bn (-2.5% yoy; book-to-bill at a high 1.36x) beat market expectations by a stellar 13%, taking the order backlog to EUR 138bn. Profit before special items (ex-SI) came in at EUR 471m (vs EUR 83m loss in Q4 FY 2024), with margin improvement witnessed across segments on higher volumes and a better order mix. Management is optimistic of its healthy business momentum to continue. For FY 26, SE targets to achieve 11%-13% comp. yoy growth in revenues, reach a profit ex-SI margin of 9%-11%, and deliver a corresponding low-teens CAGR growth and a margin of 14%-16% by FY 28. We increase our estimates and raise our price target to EUR 75.00 (old: EUR 65.00) given the material margin improvement expected; however, we reiterate our SELL rating, due to the stocks’ rich valuation. The full update can be downloaded under https://research-hub.de/companies/siemens-energy-ag

FCR Immobilien delivered a solid 9M 2025 performance, once again proving the resilience of its retail-focused business model. While rental income softened due to portfolio effects, FFO rose to EUR 5.6m thanks to strict cost discipline and sharply lower financing expenses. Net profit increased slightly, and the balance sheet strengthened with an equity ratio of 34.1% and a notable NAV uplift to EUR 162.8m (EUR ~16.50 per share). Operational KPIs remained strong, with occupancy at 94.2% and a WAULT of 5.9 years, underlining stable cash flows. With a steady dividend and improving financial profile, FCR remains well positioned to meet our FY25 forecasts. The shares continue to trade at a compelling discount to NAV, which is why we reiterate to BUY, PT unchanged at EUR 22.00. The full update can be downloaded under https://research-hub.de/companies/fcr-immobilien-ag

Pyramid AG delivered a solid top-line performance in Q3, with 9M revenues reaching EUR 57.7m, driven by continued strength in AKHET servers and POLYTOUCH kiosk solutions. Profitability, however, remained subdued due to weak utilisation in China and ongoing losses in the US and Korea, resulting in Q3 EBITDA of EUR 0.1m. Management reaffirmed its FY25 guidance of EUR 75m revenue and EUR 3.0–3.5m EBITDA, though margin recovery is progressing slowly. The balance sheet remains stretched, with net debt of EUR 12.4m and leverage of around 3.6x based on FY25 EBITDA forecasts. Nonetheless, the multi-year outlook is supported by the >EUR 100m AI-server contract, which provides strong visibility and underpins the Group’s medium-term growth trajectory. We reiterate our BUY rating with unchanged PT of EUR 1.50. The full update can be downloaded under https://research-hub.de/companies/pyramid-ag

The Platform Group (TPG) introduced its Vision 2030, outlining ambitious targets for scale, profitability, and portfolio expansion. The company aims for EUR ≥4.5bn GMV and EUR ≥3bn revenue by 2030, building on a solid FY26 outlook (EUR >1.0bn revenue, EUR ≥1.7bn GMV). The implied ~30% revenue CAGR appears demanding but achievable with supportive M&As in larger sizes compared to historic transactions. However, we do not model inorganic growth due to uncertainty and executions risk. Key strategic levers include partner expansion to >40,000, vertical growth to >50 sectors, entering new markets (e.g., the US) and a stronger B2B focus. Margin ambitions (>10% EBITDA) could be supported by AI-driven efficiencies, portfolio streamlining, and scale benefits. As most of these targets are reflected in our current model assumptions, we reiterate our BUY rating and the EUR 19.50 target price. The full update can be downloaded under https://research-hub.de/companies/the-platform-group-ag

Bechtle’s Q3 2025 numbers were a reasonable one. Revenues were up 5% yoy to EUR 1.59bn (2% ahead of consensus and mwb est.), while business volumes rose 8% yoy to EUR 2.05bn. Both were led by strong international business momentum, which more than compensated for the weaker development in Germany (on restrained SME spending). Meanwhile, Q3 marked a turnaround on profitability front, with EBT improving a mild 2% yoy to EUR 80.5m (hitting our estimates of EUR 80m), aided by robust performance towards the latter part of the quarter. Management expects a solid Q4 outcome and as such, reaffirmed its FY25 guidance, expecting business volumes of 0% to +5% yoy, revenue growth of -3% to +3% yoy, and EBT development of -5% to +5% yoy, which seems achievable, given Q4 has generated up to 40% of the annual EBT historically. Despite the clouded near-term, its long-term growth prospects are solid. Therefore, we maintain our BUY rating with a slightly higher PT of EUR 48.00 (old: EUR 47.00). The full update can be downloaded under https://research-hub.de/companies/bechtle-ag

Nagarro reported a strong Q3 with clear improvements in underlying growth and profitability. Revenue rose 4.8% yoy reported and 9.4% in constant currency, supported by strong momentum in Consulting and Automotive & Manufacturing. Organic growth and sequential trends also strengthened. Normalized cost dynamics led to a 160-bps gross-margin expansion and a 17.3% adjusted EBITDA margin, well above the full-year target range (13.5-14.5%). With strong Q3 execution and typical seasonal strength ahead, management confirmed its FY25 guidance. Although sector visibility remains constrained, operational trends have improved. Solid cash generation, and a resilient business mix support a constructive outlook. We fine-tune our estimates and raise our PT to EUR 92.00 (old: EUR 90.00). BUY. The full update can be downloaded under https://research-hub.de/companies/nagarro-se

ProSiebenSat.1 (PSM) reported weak set of numbers in Q3 2025. As the markets had expected, revenues declined 7% yoy (-2% yoy organic) to EUR 820m, reflecting persistent softness in the DACH advertising market amid the current macro uncertainties. This was further weighed down by the absence of contribution from Verivox following its deconsolidation in Q1. As a result, adjusted (adj.) EBITDA slumped by 27% yoy to EUR 76m in Q3, falling 10% short of market expectations. For FY25, management maintained its revenue guidance of EUR 3.65bn-3.80bn; however, it narrowed its adj. EBITDA forecast to EUR 420m-450m (from EUR 420m–470m) as the high-margin TV advertising business remains under pressure. We lower our adj. EBITDA FY25 estimate while maintaining forecasts for subsequent years. We maintain our price target of EUR 6.60; however, we upgrade the rating to BUY from HOLD following the recent drop in the share price. The full update can be downloaded under https://research-hub.de/companies/prosiebensat-1-media-se