First Berlin Equity Research has published a research update on Cabka N.V. (ISIN: NL00150000S7). Analyst Ellis Acklin reiterated his BUY rating and decreased the price target from EUR 3.40 to EUR 3.30.

Abstract
Q3 revenue of €42.3m was broadly flat YoY and in line with expectations, while the 9M topline tallied €137.8m (+4.3%). Trading was held back by a brief pause in customer tender activity around renewed Middle East tensions and oil price concerns, but management confirmed that the interruption was short-lived and tender activity has since picked up. No earnings KPIs were published, although CFO commentary indicated that EBITDA performance remained broadly in line with H1 levels, supported by product mix and continued execution. Management reiterated FY26 guidance calling for revenue growth and a higher EBITDA margin and struck a confident tone on Q4. Our €188m FY26 revenue forecast is based on c. 3.5% YoY growth in the December quarter, which looks achievable against the 6% sales growth delivered in H1. We maintain our Buy rating but trim our price target to €3.3 (old: €3.4) after updating our DCF model for the rise in German 10-year bond yields (62% upside).