200% opportunity NOW: How Novo Nordisk, Dryden Gold, and Puma could boost your portfolio

Novo Nordisk – Why the slump seems exaggerated

Last week, Novo Nordisk reported a stable second quarter. Revenue of DKK 24.2 billion represents an increase of 16% compared to the previous year, and profits also rose by 25%. Despite this robust result, the share price continued to slide, driven by the reduced annual forecast, which now predicts revenue growth of 8-14% instead of 13-21%, and the change of CEO. Market share losses for key products, such as Wegovy, to competitor Eli Lilly and illegal generic drugs were additional burdens. But that is only half the story.

People are forgetting how profitable Novo is. Operating profit shot up 86% in the first half of the year, and net profit almost doubled. Wegovy grew by 67% in Q2 alone, exceeding expectations. The long-term potential is crucial. Obesity affects around 40% of US adults, and less than 1% are treated with medication globally. Novo dominates this growth market with its established products and an advanced pipeline, including products such as CagriSema and Amycretin. Lilly's setback with the weak study results for Orforglipron plays into Novo Nordisk's hands.

Novo is currently trading at a price-to-earnings ratio (P/E) of around 12 for 2026, well below its three-year average of around 34. In comparison, its competitor Eli Lilly is valued at a P/E ratio of over 22 for the same period. Even with moderate assumptions of 8-10% growth, the valuation appears overly conservative. Even a return to the historical average P/E ratio of 20 would mean significant upside potential based on conservative earnings forecasts. Although high capital expenditure on production capacity is weighing on cash flow in the short term, it will secure market penetration in the long term. The profitable market leader on its growth path is currently available for EUR 42.52.

Dryden Gold – Three reasons to pay attention

Canadian exploration company Dryden Gold has significantly expanded its current capital measure. Instead of the originally planned amount, up to CAD 7.8 million will now flow into the coffers through the sale of various types of shares. The high demand underscores the market's interest. Major shareholder Centerra Gold is also securing its 9.9% stake once again through a top-up right. The fresh capital will flow directly into additional drilling in northwestern Ontario and cover operating costs. For investors, the successful capital measure signals clear confidence in the project.

Current drilling results from the flagship Gold Rock project confirm the potential. Several high-grade gold discoveries, including 15.3 g/t over 1.45 m and 5.36 g/t over 5 m, reveal a complex system of repeating structures. These are not isolated but extend for approximately 1 km between the Jubilee and Laurentian target areas. Visible gold was even drilled at a depth of 238 m. The combination of high grades and wide distribution is architecturally similar to productive systems such as Red Lake.

Dryden strategically controls a consolidated land package of approximately 70,000 ha in an established mining region of Ontario. Proximity to the Trans-Canada Highway and existing infrastructure keep exploration costs unusually low. Partnerships with First Nations minimize operational risks. With the current funding, the fully financed exploration program can progress rapidly and deliver further results in the near term. For investors, this is not a hype-driven story, but a methodical exploration with clear leverage points such as new zones, depth extensions, and confirmed repeatability of high-grade structures. Analysts at Couloir Capital have issued a price target of CAD 0.65. The stock is currently trading at CAD 0.205, offering more than 100% upside potential.

Puma – Responds with personnel changes

Puma has responded to its recent disappointing quarterly figures. The new key managers are addressing core problems: Former Adidas CIO Andreas Hubert is taking over as COO of the supply chain, bringing with him 12 years of expertise in Asia. This should be crucial for the "nextlevel" cost-cutting program. Basketball Vice President Archie McEachern, a former Nike manager, is to reposition the lucrative US streetwear division. At the same time, CEO Arthur Höld is demonstrating his confidence in the turnaround by purchasing over EUR 100,000 worth of shares and another EUR 110,000 worth of derivatives on Puma. These targeted appointments directly address the sore points of margin pressure and innovation gaps.

The direct-to-consumer (DTC) segment, which is already growing at double-digit rates, up 9.2% in the second quarter with online sales up 19.4%, is becoming a margin lever. Every percentage point increase in the DTC share from the current 31% boosts profitability without wholesale discounts. At the same time, the Company is pushing ahead with its premium strategy. Speedcat sneakers featuring K-pop star Rosé are already achieving high sales figures in Asia and Europe. If Puma manages to increase its DTC share to 40%, roughly the same level as Nike, and anchor its premium positioning in running/basketball, EBIT margins of 8–10% are entirely realistic.

The stock is trading at a value of 5.3x EV/EBITDA, compared to around 14x for Adidas and approximately 24x for Nike. Even with moderate assumptions such as a slight recovery in sales in 2026 and a margin of 7%, a re-rating to 8–10x EV/EBITDA appears plausible. That alone implies significant upside potential. The free cash flow yield of a good 13% also offers flexibility. With declining inventory costs and reduced capital expenditures now at EUR 250 million, Puma could either reduce its debt or buy back shares. The share is currently available for EUR 17.255, which is below the price paid by the Management Board.

Market volatility in 2025 is opening up selective opportunities for bold investors. Despite short-term setbacks and a valuation correction, Novo Nordisk offers massive long-term growth potential in the profitable obesity market at a favorable P/E ratio. Dryden Gold impresses with strong drilling results, a strategic project location, and fresh capital, which will enable accelerated exploration with significant upside potential relative to the current price. Puma is setting clear levers for a higher-margin recovery with new personnel and a focus on DTC growth and a premium strategy, with the stock appearing extremely undervalued. Diversified, all three offer interesting opportunities, albeit with varying degrees of risk.