Deutsche Bank

Deutsche Bank Distributed on: 13/ August /2026 07:55 AM CET

**For Institutional Use Only**

and For any questions please contact Jenny Voigtlaender Hanswolf Hohn or email (London) or (Frankfurt).

Pub. Target Price Changes Ticker New TP Old TP Chg (%) Date

ABN AMRO [ Hold ] ABNd.AS 12-Aug ▲

Balfour Beatty [ Buy ] BALF.L 12-Aug ▲

Hill & Smith PLC [ Buy ] HILS.L 12-Aug ▲

Hensoldt [ Buy ] HAGG.DE 12-Aug ▲

Jenoptik [ Buy ] JENGn.DE 12-Aug ▲

MTU Aero Engines [ Buy ] MTXGn.DE 12-Aug ▲

CANCOM SE [ Buy ] COKG.DE 12-Aug ▼

Medios [ Buy ] ILM1k.DE 13-Aug ▼

BALFOUR BEATTY (BALF.L) - Powerful momentum; Tgt 990p to 1100p. Last Close 865.5p. Buy.

Jonathan Coubrough: Balfour Beatty has reported an excellent first half and upgraded FY guidance. This has been delivered by power growth ahead of our expectations and an improving US construction contribution. Further, we think the end of the Military Housing monitorship removes a cost overhang and potentially enables the realisation of more value from the portfolio. Reflecting upgraded guidance and our higher profit (EPS +5%) and cash forecasts, we update our SOTP valuation and increase our TP +11% to 1,100p. We expect Balfour Beatty to continue to offer one of the best TSRs in our coverage, forecasting a 9% 3-year PBT cagr in addition to a 7% distribution yield. Buy.

CANCOM SE (COKG.DE) - Q2/26 review - Waiting for customers to click “buy”; Tgt EUR34 to EUR32. Last Close EUR22.55. Buy.

Lars Vom-Cleff: Q2/26 revenue and EBITDA markedly missed consensus; however, recent cost-cutting helped EBITDA rise 42% yoy. FY26 guidance was reiterated, with CANCOM continuing to guide for FY26 revenue/EBITDA/EBITA growth of 5%/17%/35% yoy at the midpoint. H1/26 sales/EBITDA account for 43%/41% of the FY26 guidance at the midpoint, or 44%/45% at the low end, and Q4 is typically the strongest quarter of the year. The guidance remains achievable, in our view - though following today’s reporting we have lowered our FY26 sales and EBITDA forecasts by 5% each. Our forecasts are now at the low end of CANCOM’s revenue (even below) and EBITDA guidance ranges. We continue to expect customer demand for infrastructure solutions, digitalization, AI transformation, and data sovereignty to positively influence CANCOM’s business in the medium term, with demand foremost coming from the public sector. However, in the short term, this will likely be juxtaposed with significant price increases and uncertainties surrounding customers further postponing investment decisions. We use two equally weighted valuation approaches: a three-stage DCF model and an IT service peer group comparison. We reiterate our Buy rating but lower our price target from EUR 34 to EUR 32, due to the negative effect of a higher WACC assumption and our lower forecasts.