For years, hydrogen stocks were considered the promise of the future. The hype was followed by a hangover. Valuations have fallen sharply, and after a phase of exaggerated expectations, the focus is now shifting to robust business models and industrial scaling. dynaCERT stands out with its innovative bridge technology that meets high environmental standards. Its ready-to-use solutions for reducing emissions are convincing more and more customers from industry. As an established player, Ballard Power is driving the further development of fuel cells in heavy-duty transport. Volkswagen is taking a different approach. A few days ago, the automaker published key data for the past fiscal year, which came as a positive surprise.
time to read: 4 minutes
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Author:
Carsten Mainitz
ISIN:
DYNACERT INC. | CA26780A1084 , BALLARD PWR SYS | CA0585861085 , VOLKSWAGEN AG VZO O.N. | DE0007664039
Table of contents:
"[...] dynaCERT's HydraGEN™ device offers a retrofit solution for diesel engines designed to protect the environment while providing economic benefits. [...]" Bernd Krueper, President & Director, dynaCERT Inc.
Author
Carsten Mainitz
The native Rhineland-Palatinate has been a passionate market participant for more than 25 years. After studying business administration in Mannheim, he worked as a journalist, in equity sales and many years in equity research.
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dynaCERT – Bridge technology is becoming increasingly popular
Over the past six months, the Canadian company's shares have halved in value. However, this price trend is diametrically opposed to the Company's operational and strategic successes. The Canadian company's trump card is an innovative proprietary bridge technology that offers many advantages and is increasingly establishing itself on the market.
Based on the Company's proprietary HydraGEN™ technology, small amounts of hydrogen and oxygen are generated "on demand" by electrolysis and mixed into the air intake of engines, significantly reducing consumption and emissions. Internationally, dynaCERT is steadily expanding its business and is also putting out feelers in the promising Asian market of Vietnam. Last year also saw strong demand from Mexico, one of the world's largest truck markets. The Company is steadily expanding its strong position in the North American freight forwarding and mining sectors, as well as in Australia. In Europe, dynaCERT took a groundbreaking step by equipping all cranes and logistics vehicles in the French port of Rochefort-Tonnay-Charente with its proprietary solutions. This could serve as a blueprint for further expansion.
However, the real value driver for the stock lies in the accelerated expansion of the business model. In addition to the HydraGEN™ hardware, the Company also offers the cloud-based HydraLytica™ platform for capturing real-time data. The potential conversion of emission savings directly into CO2 certificates represents a second highly scalable revenue stream.
The Canadians have already achieved a decisive milestone, as the dynaCERT methodology has been recognized and certified by the Verified Carbon Standard Association (Verra). Verra is the world's largest provider of CO2 offset standards.
To finance further growth, a convertible bond in the amount of CAD 2 million with a two-year term and an interest rate of 5% was issued last December. At a price of CAD 0.09, the current market capitalization is only CAD 46 million, which does not reflect the Company's potential. Analysts at the research firm GBC agree. The experts have set a price target of CAD 0.75 for the stock, certifying its potential for multiplication.
Ballard Power Systems – Time to deliver
The Canadian pioneer has been developing PEM fuel cells for decades and focused early on buses, trucks, trains, and ships. Technologically, Ballard Power is considered one of the leading companies in industry in terms of efficiency and long service life. The Company also has a strong international footprint in pilot projects.
The current year could mark a decisive phase. After a long period of high expectations, government-funded demonstration projects, and fluctuating order intake, Ballard Power must now deliver and prove its transition from the development to the scaling phase.
Strategically, the Canadians are focusing on partnerships with vehicle manufacturers and transport companies, particularly in Europe, North America, and China. Nevertheless, market penetration stands and falls with political conditions, including subsidy programs, CO2 regulation, and the expansion of hydrogen infrastructure.
Ballard is currently valued at CAD 1.1 billion at a share price of around CAD 3.60. Analysts expect revenue of CAD 161 million in the current fiscal year, up from CAD 134 million in the previous year. The bottom line is that the Company is expected to reduce its loss to CAD 101 million, down from CAD 134 million previously. Due to the high valuation ratios, the majority of analysts consider the stock to be too expensive.
This suggests that experts do not trust the significance of the most recently published quarterly data. In November, the Canadians reported significantly stronger revenue and order intake growth for the third quarter, as well as a larger reduction in quarterly losses than market participants had expected. At the same time, however, the Company acknowledged that orders could be delayed in the short term.
Volkswagen – EUR 100 mark exceeded, higher dividend ahead?
Most recently, automotive stocks have trended higher following Trump's de-escalation in the Greenland dispute. Nevertheless, significant uncertainty remains regarding the US president's policy stance. According to Handelsblatt, Group CEO Oliver Blume recently issued a clear rejection of the previously considered construction of an Audi plant in the United States, citing the high tariff burden.
At the end of the trading week, market participants were also encouraged by preliminary key figures for the past fiscal year. VW increased its net cash flow by a surprisingly strong EUR 6 billion. The group itself had predicted a value of zero, while market estimates were just under EUR 1 billion. The better-than-expected net cash flow has two main positive effects. On the one hand, net liquidity improved to EUR 34 billion at the end of December 2025, and on the other hand, the dividend due in the summer could now be slightly higher.
The share price exceeded the EUR 100 mark. However, the latest ratings paint a mixed picture. While US investment bank Goldman Sachs rates the stock as "Neutral" with a price target of EUR 106, experts at RBC and Jefferies rate VW shares as a "Buy" with price targets of EUR 135 and EUR 140, respectively. The group recently demonstrated its strong position in Europe with its published sales figures. VW grew particularly strongly in the electric vehicle and plug-in hybrid segments.
dynaCERT is benefiting from the global transition to lower-emission transport and industrial processes. The Canadian company is scoring points with its innovative bridge technology. The expansion of the business model offers enormous leverage in the future. Analysts attest to the stock's potential for multiplication. Ballard is on the right track, as shown by its most recently published quarterly data. VW was able to increase its net cash flow by a surprisingly large amount, which increases financial flexibility and leaves room for dividend increases.
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