EDAG’s Q3 26 prelim results highlight persistent market headwinds, with revenue down 8.7% yoy to EUR 164.4m, while adj. EBIT improved to EUR 4.5m, lifting the margin by 100bps yoy to 2.7%. Continued automotive customer restraint, lower project call-offs and a shift towards in-house engineering prompted management to cut FY26 revenue guidance to a decline of up to c. 10%, while maintaining its adj. EBIT margin guidance of up to c. 3%. We lower FY26E revenue estimates but leave profitability forecasts unchanged. While 2026 remains a transition year, we expect a stronger recovery from 2027 onwards, driven by a potential rebound in automotive demand, growing Defence exposure and the full benefits of cost reductions. We reiterate BUY with a EUR 4.00 PT. The full update can be downloaded under https://research-hub.de/companies/edag-engineering-group-ag

Beiersdorf's Q3 results show early signs of stabilisation, with NIVEA's organic sales decline moderating to 4.9% and positive sell-out trends suggesting improving underlying demand. Meanwhile, Derma and La Prairie accelerated to double-digit and high-single-digit growth, respectively, partly offsetting continued weakness at NIVEA and tesa. Despite the latter's disappointing performance, management confirmed FY26 guidance. We see encouraging progress in NIVEA's turnaround, with a return to sustainable growth in 2027 remaining the main catalyst for gradual margin recovery. PT of EUR 95.00 unchanged. Today´s 4% selloff seems overdone. BUY. The full update can be downloaded under https://research-hub.de/companies/beiersdorf-ag

CECONOMY's preliminary FY 2025/26 results exceeded expectations, with adjusted EBIT rising 27% to EUR 515m, surpassing the EUR 500m target originally set at its 2023 CMD. The improvement reflects a shift towards higher-margin businesses, which remains central to management's new ambition of EUR 800m adjusted EBIT by FY 2028/29. Meanwhile, the proposed JD.com takeover has cleared its final national regulatory hurdle following Austria's conditional approval. EU clearance remains outstanding but is expected before the cut-off date. With transaction risk declining and the share price reflecting this progress, we maintain our SELL rating and EUR 4.60 price target. The full update can be downloaded under https://research-hub.de/companies/ceconomy-ag

Driven by higher WTI benchmark prices and strong operational performance across its US assets, Deutsche Rohstoff has upgraded its FY 26 guidance to revenue of EUR 340 to 360m and EBITDA of EUR 420 to 440m. Operational execution remains encouraging, driving record Q3 revenue of ~EUR 110m (+130% yoy) and keeping full-year production on track to exceed 19,000 BOEPD for the first time. Supported by well-productivity gains and an expanded drilling campaign higher WTI forward curve prices lead to an upgraded price target from EUR 128.00 to EUR 136.00 and a reiterated BUY rating, even after accounting for the valuation drag from Almonty's recent share price pullback. The full update can be downloaded under https://research-hub.de/companies/deutsche-rohstoff-ag

SUSS has lowered its FY26 sales and EBIT margin guidance, reflecting temporary disruptions from its planned production relocation, restructuring costs and ongoing component shortages. While supply-related delivery delays are expected to extend into FY27, adding uncertainty around backlog conversion, underlying demand remains robust, with strong Q3 order intake pushing the order book to a new record high. We have lowered our FY26 estimates while raising FY27/28 sales forecasts, albeit with a more cautious margin trajectory to reflect ongoing execution risks. Following the c.10% share price decline, SUSS trades at less than 8x 2027E EV/EBIT on our revised estimates, leaving the valuation attractive despite near-term uncertainties. We reiterate BUY with an unchanged EUR 110.00 price target. The full update can be downloaded under https://research-hub.de/companies/suss-microtec-se

Following the collision of Mein Schiff 3 with the container ship MSC Victorine in Bremerhaven, which forced the cancellation of a 20-day Canary Islands voyage for drydock repairs, the net financial impact on TUI AG is expected to be minimal. Gross operational sales disruption at the TUI Cruises joint-venture level is estimated at EUR 10m - 12m due to refunds and lost onboard revenue. However, standard maritime insurance coverage is anticipated to absorb the bulk of the losses. Furthermore, because TUI Cruises is accounted for via the equity method (50% stake), the net unrecovered impact on TUI’s underlying EBIT is only EUR 3m to EUR 5m (mwb est). Consequently, this minor operational incident does not alter the investment thesis. BUY, price target EUR 13.50. The full update can be downloaded under https://research-hub.de/companies/tui-ag

Cancom has lowered its FY26 revenue guidance following weaker-than-expected Q3 sales, confirming the persistent top-line challenges highlighted in our previous updates. Preliminary Q3 revenues declined 2.8% yoy to EUR 412m, while EBITDA fell 11.1% to EUR 24.1m yoy. Management now expects FY26 revenues of EUR 1.65-1.75bn, down from EUR 1.75-1.85bn, citing continued customer reluctance to invest and project delays, particularly in Workplace. Importantly, EBITDA and EBITA guidance remain unchanged, suggesting that management still expects a meaningful Q4 recovery. While the revenue warning reinforces concerns about CANCOM's commercial momentum, the profitability outlook provides some reassurance. We lower our revenue and medium-term earnings estimates and reduce our price target to EUR 24.50 from EUR 25.50. HOLD. The full update can be downloaded under https://research-hub.de/companies/cancom-se

Heading into the Q3 trading statement on 12 November, tonies is expected to post revenue of EUR 175m (+24% yoy), with North America continuing to lead expansion alongside strong growth in RoW and steady performance in DACH. Category growth should be predominantly driven by Tonie Figurines (+29% yoy), supported by expanding active users and high-profile license additions (e.g., Pokémon, Ms. Rachel, Bluey), while Tonieboxes are projected at +12% yoy against a tough baseline following last year's TB2 launch. Achieving these figures leaves full-year targets well within reach, requiring c. 8% group and c. 20% US growth in Q4, however against strong comps. We confirm our BUY rating with a target price of EUR 17.25, noting that potential supply from the cashless exercise of 16.4m expiring warrants in November 26 (yielding c. 3m shares at current prices) could create an attractive buying opportunity. The full update can be downloaded under https://research-hub.de/companies/tonies-se

Our recent fireside chat with Formycon’s CEO Stefan Glombitza and CFO Enno Spillner highlighted FYB206's substantial long-term potential, supported by Keytruda's sizeable reference market and favourable US oncology reimbursement dynamics. Management provided further insights into the regulatory process and potential first-mover advantages. The discussion also highlighted the newly announced FYB286 as a capitalefficient addition to Formycon's pipeline, combining externally financed development with ongoing service income and future revenue participation. Meanwhile, commercial progress across FYB201-203 remains in focus ahead of Q3 results on 12 November. We reiterate BUY with an unchanged EUR 38.00 PT. To view the recording, visit: https://research-hub.de/videos The full update can be downloaded under https://research-hub.de/companies/formycon-ag

BASF CEO Markus Kamieth has provided a more concrete industrial rationale for a potential Evonik acquisition, particularly through feedstock, procurement and infrastructure synergies linked to BASF’s Verbund network. While the strategic logic is increasingly convincing, we question whether greater integration could ultimately reinforce BASF’s exposure to structurally high-cost European production rather than improve its long-term competitiveness. Employment commitments, a reportedly higher acquisition offer and the absence of quantified synergies add to execution and valuation uncertainties. Moreover, a sizeable cash-funded acquisition could weigh on BASF’s balance-sheet improvement and limit flexibility for future shareholder distributions. We reiterate HOLD with a EUR 55.00 price target. BASF will be participating in our “Chemicals & Beyond” conference on 8 December. Please register under: https://mwbresearch.clickmeeting.com/basf-chemicals-and-beyond The full update can be downloaded under https://research-hub.de/companies/basf-se