Analysts Raise Estimates for Nordex, Renk Shares Climb, and NSJ Antimony Enters the Antimony Market

NSJ Antimony: New player in the exciting antimony market

Antimony catapulted itself onto investors' radar in 2025 with a spectacular price rally. After the subsequent consolidation, the market is gaining momentum again. The critical raw material is of great importance to the defence industry. It is needed for ammunition, night-vision devices and military communications equipment, among other things. It also has applications in flame retardants, batteries and semiconductors. Given the high dependence on China and its export restrictions, Western countries are increasingly seeking alternative sources of supply. As Reuters reported on October 14, 2026, the EU is seeking closer cooperation with Vietnam to secure supplies of critical raw materials such as antimony. Financial support for mining and raw materials processing there is also being considered. There is movement in Canada too. In New Brunswick, Avenir Minerals, a subsidiary of mining group Agnico Eagle Mines, was selected to negotiate exclusive exploration rights at the historic Lake George mine. It was once home to North America's largest primary antimony mine. NSJ Antimony could also benefit from the growing interest in the region. The exploration company is developing its Antimony 2.0 project just around 15 km from Lake George and is currently valued at a modest CAD 18 million. 

The Canadian exploration company focuses on discovering and developing new antimony deposits in North America. Its current focus is the Antimony 2.0 project in New Brunswick. NSJ has secured an option to acquire full ownership of a project area covering around 35 km². The company also wholly owns an additional 24 km² of adjoining land. In total, NSJ holds more than 57 km² of land in a historically significant antimony region. According to management, the area shows geological similarities to the former Lake George mine. The infrastructure conditions are also favourable. The project is located just around 25 km from the provincial capital, Fredericton, and is easily accessible by road. Power supply is also available nearby.

NSJ Antimony has already carried out extensive preliminary exploration work. This includes collecting and analysing soil samples as well as various geophysical surveys. Among other things, a high-resolution aeromagnetic survey and induced polarisation measurements were conducted. Promising drilling targets were identified on this basis. A drilling programme totalling 3,000 m is now underway to investigate three target areas. The focus is on identifying potential antimony mineralisation and determining its extent.

Nordex: Analysts raise estimates

Nordex exceeded analysts' expectations with its preliminary third-quarter figures published on Thursday evening. After shares gained over 12% in their initial reaction on Friday, they are consolidating somewhat this week. However, analysts see further upside potential. Analysts at mwb research particularly praised the operating profit development. The wind turbine manufacturer improved its EBITDA margin by 4.7 percentage points to 12.7%. This was driven primarily by higher margins in the service business and smoother project execution. Nordex has raised its guidance for 2026 on the back of structural margin improvements. According to mwb, the wind turbine manufacturer is increasingly benefiting from economies of scale as order volumes rise and capacity utilisation improves. The growing number of installed turbines is also strengthening the high-margin service business.

In response, analysts have raised their short- and medium-term estimates. Revenue is expected to rise 16.5% to EUR 8.8 billion in the current 2026 financial year. For 2027, the analysts forecast revenue of EUR 9.86 billion and for 2028 EUR 10.84 billion. Profitability is expected to develop even more dynamically. EBITDA is expected to increase from EUR 631 million in 2025 to EUR 1.06 billion in the current year. Analysts expect EUR 1.21 billion in 2027 and around EUR 1.36 billion in 2028. For net profit, analysts expect an increase from EUR 274 million last year to EUR 595 million in 2026. Over the next two years, net profit is expected to rise to EUR 691 million and EUR 794 million, respectively. Nordex currently has a market capitalisation of EUR 9.15 billion.  

Against this backdrop, the price target for Nordex shares was raised from EUR 44 to EUR 47. The Buy recommendation was reaffirmed. Strong order intake, persistently high demand in Europe and additional market opportunities in North America support further growth. mwb research now sees Nordex in a significantly more stable earnings position than in previous years. Nevertheless, the analysts urge caution. The wind energy industry remains cyclical. If demand weakens after a period of strong capacity expansion, declining utilisation and lost economies of scale could weigh on margins. The growing service business could cushion such fluctuations, but it is unlikely to offset them fully. The long-term estimates therefore remain unchanged.

Renk: Shares firmer recently

Renk shares gained almost 10% over the past few trading days. Nevertheless, the year-to-date loss stands at over 30%. Defence stocks have noticeably lost momentum. Revenues are rising, but not as quickly as shareholders had hoped. Moreover, there are growing doubts that the defence boom will last long enough to justify the high valuations.  

Whether these doubts are justified will likely become clear only in two or three years. So far, Renk, for example, can point to a full order book. This was recently bolstered by another order. The Augsburg-based drive technology specialist has agreed with KNDS to extend an existing supply contract by around EUR 130 million. The order covers HSWL-354 transmissions, including the associated control units and gear selectors. The components are intended for the LEOPARD 2 main battle tank and other vehicles in the LEOPARD 2 family. Deliveries are scheduled to begin in 2029 and be completed by 2032. With the order extension, Renk benefits from the expansion of tank fleets in Germany and other NATO countries. KNDS describes Renk as a strategic partner that plays an important role, particularly in ramping up production.

In June 2026, Renk began production of the 4,000th HSWL-354 transmission. The hydromechanical transmission, reversing, and steering systems are central to the LEOPARD 2 and have proven themselves in service with numerous armed forces. According to KNDS, around 3,300 main battle tanks and other vehicles in the LEOPARD 2 family are currently in service with the armed forces of 23 countries. The collaboration between Renk and KNDS goes beyond a pure supplier relationship. The Franco-German defence group currently holds a 10.03% stake in Renk, making it one of the company's largest shareholders.

Conclusion

The antimony market is picking up momentum again. NSJ Antimony could also benefit from this trend as a new player. Upcoming drilling results are likely to further raise investor awareness of the exploration company, which trades at less than CAD 20 million. Nordex has delivered a positive surprise with its figures. The valuation no longer appears too high. Defence stocks continue to lack momentum. This also applies to Renk.