After the price corrections: Is now the time for Novo Nordisk, Almonty Industries, and Puma?

Novo Nordisk – Why Novo Nordisk deserves attention now

The Danish pharmaceutical company Novo Nordisk delivered robust growth in the first half of 2025. Group-wide revenue rose by 18% adjusted for currency effects to just under DKK 155 billion, while operating profit increased by as much as 29%. This boost was largely driven by the obesity drug business, which grew by 58%. Despite these strong figures, management has revised its expectations for the full year slightly downward, mainly due to increased competition and slower market expansion.

In addition to its solid financials, recent clinical data highlights the Company's scientific leadership. According to the landmark STEER study, semaglutide, the active ingredient in Wegovy®, has been shown to be significantly superior to Eli Lilly's tirzepatide. In people who are overweight and already have heart problems, semaglutide reduced the risk of heart attack, stroke, or death by a full 57%. Such a clear advantage in terms of heart protection could become the decisive factor in the competition among weight loss drugs.

Another positive sign is the recent FDA approval of Wegovy® for the treatment of MASH, an advanced form of fatty liver disease. This opens up an entirely new billion-dollar market for Novo Nordisk, while simultaneously consolidating the active ingredient semaglutide as a versatile therapeutic platform. For investors interested in long-term growth in a structurally expanding market, Novo Nordisk offers a compelling combination of financial strength and scientific innovation. The stock is currently trading at EUR 49.49.

Almonty Industries – Strategic leverage in the tight tungsten market

Driven by China's strict export restrictions, the global tungsten market remains extremely tight. Prices for concentrates and downstream products, such as ammonium paratungstate, reached new highs in July and remain at a high, volatile level. These political measures are exacerbating an already tense situation. Environmental regulations, extreme weather conditions, and safety inspections have resulted in production losses in key mining areas, including Jiangxi and Hunan. Mine operators are also holding back their stocks, which is further increasing pressure on supply chains. This structural shortage is unlikely to be resolved in the short term, especially since tungsten mining has significantly higher barriers to entry than gold production, for example.

In this environment, Almonty Industries is one of the few pure tungsten players outside China to come into focus. The Company not only owns the Panasqueira mine in Portugal, but is also about to commission its flagship Sangdong project in South Korea. In the long term, this is expected to supply a significant portion of non-Chinese production. The geopolitical environment is providing decisive tailwinds. The US classifies tungsten as a critical mineral, and the US Department of Defense will ban purchases from China and Russia starting in 2027. Almonty is positioning itself in this gap as a reliable partner from a friendly country.

For investors, Almonty combines several attractive elements. There is an existing cash flow-generating asset, as well as a world-class project that is about to commence production. The NASDAQ listing raised USD 90 million and strengthened the balance sheet. This will allow plans for the mining of the additional molybdenum deposit and the construction of a tungsten oxide plant to proceed. The planned entry into downstream processing would further secure margins. Purchase agreements with minimum price guarantees are in place for both raw materials. Almonty offers direct leverage to a market driven by structural scarcity and strategic demand that goes far beyond purely cyclical industry trends. The stock is currently trading at USD 4.45.

Puma – Between upheaval and opportunity

The rumor mill is in full swing! The Pinault family, the largest single shareholder with a 29% stake, is reportedly considering selling its stake in Puma. Bloomberg reports talks with potential buyers, mainly from Asia. These speculations recently caused the share price to jump by up to 20%. For investors, this is ambiguous. A sale at a normal premium could temporarily boost the share price. However, if this does not happen, there is a risk of a return to the status quo, as Puma's business has been characterized by operational difficulties and a significant decline in share value over the past two years.

The management board is currently fighting back against the crisis. The new management team led by CEO Arthur Hoeld is pushing ahead with the "nextlevel" restructuring program, which involves significant one-time costs. The latest quarterly figures underscore the urgency. Currency-adjusted revenue declined, the EBIT margin slipped into negative territory, and a net loss of EUR 247 million weighed on the balance sheet. The only positive signals are coming from the direct-to-consumer segment, especially e-commerce, which is growing at double-digit rates.

Despite the acute difficulties, Puma offers long-term opportunities. The strategic focus on the brand, expansion into emerging markets, and the consistent expansion of the high-margin direct business are solid levers. This is complemented by an ambitious efficiency program, designed to increase profitability. Combined with the possibility of a strategic investor who could bring a breath of fresh air, the current valuation appears to be worth considering for risk-conscious investors. The share is currently trading at EUR 21.33.

In volatile phases, strategic investments in companies with fundamental strengths are a good option. Novo Nordisk scores with robust pharmaceutical innovation and the development of new billion-dollar markets. Almonty Industries, as a rare tungsten producer outside China, benefits from geopolitical tensions and structural scarcity. Puma, on the other hand, remains a speculative bet on successful restructuring or a takeover. For long-term investors, Novo and Almonty may offer the more interesting opportunities, while Puma carries significantly higher risks but also has the potential for a turnaround.