INDUS has announced the acquisition of an 80% stake in PRO VIDEO Handelsgesellschaft mbH, a German specialist in professional media and audiovisual systems with annual revenues of around EUR 24m. The transaction represents the sixth acquisition in FY25 and further strengthens the Engineering segment, particularly within the Measuring, Surveillance & Media Technology field. PRO VIDEO operates in a structurally growing market driven by digitalization, hybrid working models and increasing system complexity. While the deal is financially immaterial in the short term, it enhances portfolio quality by adding a technology- and service-oriented business with lower cyclicality. We view the acquisition as strategically sound and fully aligned with INDUS’ long-term buy-and-build strategy. BUY with unchanged PT of EUR 35.00. The full update can be downloaded under https://research-hub.de/companies/indus-holding-ag

Recent ACEA data point to a stabilizing European auto market, with registrations rising for a fifth consecutive month in November and EV penetration continuing to increase, signaling an EV-led normalization after a prolonged destocking phase. For Elmos, Europe (~35% of sales) is shifting from a drag to a stabilizing anchor, reducing downside risk and paving the way for a return to growth in 2026. Against this improving fundamental backdrop, the recent share price pullback has reset valuation, leaving Elmos trading at ~13.2× 2026E P/E (mwb est.), well below the peer median of ~19.4×. We view this as an attractive risk-reward despite residual FX and short-cycle ordering volatility and therefore upgrade the shares to BUY, reiterating our EUR 105.00 price target, implying ~15% upside. The full update can be downloaded under https://research-hub.de/companies/elmos-semiconductor-se

Duerr AG has upgraded its FY25 free cash flow guidance to EUR 100-200m from EUR 0-50m and improved its year-end net debt outlook, driven by strong customer prepayments in Q4, deferred cash outflows into FY26 and proceeds from the sale of the Environmental Technology business. While the headline cash improvement meaningfully strengthens the balance sheet and reduces financial risk, the uplift is largely timing-related and does not indicate a structural improvement in underlying profitability or cash conversion. There is no change to operational guidance, and end-market conditions remain mixed, particularly in Automotive and Industrial Automation. As a result, our earnings forecasts and valuation remain unchanged. We reiterate our BUY rating with an unchanged price target of EUR 31.00. The full update can be downloaded under https://research-hub.de/companies/duerr-ag

Recent industry data suggest a roughly 20% decline in driver’s license registrations in Q4, driven by a combination of normal seasonality and the anticipation of regulatory reforms expected in 2026. While this creates short-term headwinds for the industry, it also highlights structural inefficiencies in the fragmented driving school market. With its technology-driven, standardized platform, 123fahrschule is well positioned to benefit once demand normalizes and may gain market share through scale effects and improved capacity utilization. We slightly lower FY26 estimates but see limited impact on valuation and maintain BUY with a PT of EUR 6.00. The full update can be downloaded under https://research-hub.de/companies/123fahrschule-se

Ahead of its fast-track inclusion into the DAX40 on 22 September, GEA’s shares rallied 11%, driven by speculative front-running of index inclusion and strengthened fundamentals following an upgrade to FY25 guidance in July. However, since inclusion, the stock has wiped out these gains as passive buying has faded and investors have reacted to the unexpected departures of the CFO and COO, as well as to broader German industrial weakness and a shift into higher-growth defense and energy sectors. However, the sell-off appears excessive given the continuity of the CEO, the ongoing execution of the planned four-division reorganization, and the clear progress towards the 2030 margin and growth goals. This progress is supported by solid Q3 margins and reaffirmed guidance. The current post-DAX slump provides a good entry point, so we are upgrading to BUY with unchanged estimates and a price target of EUR 68.00. The full update can be downloaded under https://research-hub.de/companies/gea-group-ag

CECONOMY closed FY 2024/25 with a strong operational finish, confirming the positive trajectory seen in the preliminary results. Group sales rose to EUR 23.1bn with positive like-for-like growth, while gross margin improved to 18.0% (adjusted: 18.3%), supported by higher-margin businesses such as Services & Solutions, Retail Media and Marketplace. Adjusted EBIT increased to EUR 378m, while reported EBIT was impacted by non-recurring items, mainly related to Poland and JD.com transaction costs. Cash generation strengthened materially, with lease-adjusted free cash flow reaching EUR 337m. Management guides for moderate sales growth and adjusted EBIT of around EUR 500m in FY 2025/26, driven by incremental higher-margin contributions, in line with its multi-year plan. The full update can be downloaded under https://research-hub.de/companies/ceconomy-ag

Heidelberger Druckmaschinen (Heidelberg) has signed a non-binding MoU with Ondas Autonomous Systems to explore a cooperation in autonomous defense technologies in Europe, focusing on counter-UAV and ISR solutions. The initiative is consistent with Heidelberg’s previously communicated strategy to selectively diversify into defense-related markets by leveraging its core competencies in industrial engineering, automation and high-volume manufacturing. Compared with earlier defense announcements, the MoU adds greater clarity on application areas and underlines Heidelberg’s role as an industrialization and localization partner rather than a defense prime. While there is no immediate financial impact, the cooperation provides medium-term optionality amid a generational European defense modernization cycle. We reiterate our BUY rating and PT of EUR 2.80. The full update can be downloaded under https://research-hub.de/companies/heidelberger-druckmaschinen-ag

Rheinmetall announced the expected disposal of its civil Power Systems division, and at the same time lowered its 2025 guidance. Defense-driven sales growth for 2025 is now guided at 30% to 35% (down from the 35% to 40% implied at the CMD) while long-term 2030 targets remain unchanged as of now, with margins above 20% and cash conversion above 50%. The stock traded higher in the morning, suggesting investors focused on the disposal headline and largely overlooked the softer near-term guidance. We adjust our sales assumptions accordingly and factor in slightly lower long-term revenues, based on previously non-public information of KNDS, which leads us to assume a modestly lower post-2030 market share for Rheinmetall, as the competitive strength of KNDS becomes more visible with their IPO. BUY, PT down to EUR 2,200 (prev. EUR 2,400). The full update can be downloaded under https://research-hub.de/companies/rheinmetall-ag

Enapter is leveraging a franchise-like distribution strategy, forming exclusive partnerships in key countries to enter new markets as the hydrogen sector gains momentum without taking on full risk. Early 2024 saw major deals, including US distribution with CleanH2 Inc and a joint venture in China with Wolong Electric Group for distribution and production outsourcing, such as container assembly. Last week, Enapter announced its expansion into Ukraine and Israel through an exclusive reseller agreement with ProLubric GmbH. This provides immediate market access supported by national hydrogen plans, strong infrastructure, and targeted funding. By outsourcing sales to experienced partners, Enapter can focus on its core strength, developing and producing AEM stacks and software. Coupled with the recently fully closed EUR 12m capital raise, these strategic moves reinforce our Spec. BUY with a EUR 3.30 PT. The full update can be downloaded under https://research-hub.de/companies/enapter-ag

Suedzucker has published a first outlook for FY27 (1 March 2026 to 28 February 2027). The short-term rebound in the sugar market now appears increasingly unlikely, despite early optimism at the start of the new sugar year, which began in mid-September and runs through the end of December. Persistent oversupply from strong harvests continues to weigh on the market, while pricing and demand show only limited improvement. Reflecting these challenges, the company expects group revenues for FY27 to decline slightly, with EBITDA projected at EUR 480–680m. Earnings growth is anticipated from CropEnergies, supported by higher ethanol premiums and lower raw material costs, as well as from the special products segment. We have lowered our estimates for FY27 and beyond, now anticipating a more gradual recovery over the coming years. Given the ongoing weakness in the sugar segment, we downgrade our rating from HOLD to SELL and revise our price target to EUR 8.50, down from EUR 9.50. The full update can be downloaded under https://research-hub.de/companies/suedzucker-ag