Analysts See Multibagger Potential: Nordex, Evotec and Aspermont

Aspermont: Analysts See Potential for Significant Gains

"Buy" recommendation for Aspermont. GBC Research believes the technology company is on the right track in its transition from a specialized publisher to a scalable provider of data and analytics for the global commodities industry. In the third quarter of 2025/26, the Australian company's revenue rose 25% to a quarterly record of AUD 4.50 million. At the same time, adjusted EBITDA reached break-even, after the company incurred a loss of AUD 0.60 million in the same quarter of the previous year. In addition to the stable subscription business, advertising, Nexus projects, and events contributed to the growth. However, the quarter also benefited from the earlier-than-planned scheduling of an event. After nine months, revenue stood at AUD 11.90 million, up 18% from the prior-year period.

Analysts view the Mining IQ platform as a key growth driver. In their view, a project with Rio Tinto valued at AUD 0.55 million underscores the potential to develop long-term customer relationships with recurring revenue from individual data contracts. Aspermont's annual recurring revenue has now exceeded AUD 11 million. Additional major client contracts point to further growth.

GBC expects revenue to rise significantly and earnings to improve sustainably by the 2027/28 fiscal year. For 2025/26, analysts still anticipate modest revenue growth from AUD 15.41 million to AUD 16.10 million. EBITDA is expected to remain negative at -AUD 0.69 million, while net income should already be positive at AUD 0.30 million. Starting next year, revenue and profit are expected to grow more significantly. For 2026/27, GBC forecasts revenue of AUD 19.00 million, EBITDA of AUD 1.77 million, and net income of AUD 0.71 million. In fiscal year 2027/28, revenue is expected to rise to AUD 21.30 million, EBITDA to AUD 2.93 million, and net income to AUD 1.82 million. These expectations are based on additional corporate clients, growing data and analytics revenue, and economies of scale on the existing platform.

Analysts reaffirm their "Buy" recommendation. The price target is set at AUD 5.20 or EUR 3.15. Aspermont shares are currently trading at around EUR 0.675.

Nordex: US Business Gains Increasing Importance

Following a positive impression at the Future of Energy Conference, mwb research has confirmed its "Buy" recommendation for Nordex. However, with a price target of EUR 44, the upside potential is limited, as Nordex shares are currently trading at EUR 40.

Following its operational turnaround, the wind turbine manufacturer is now focusing on profitable growth and rising cash flows. In the first half of 2026, revenue increased by 15%, while the EBITDA margin climbed to 9.4% and reached 10.3% in the second quarter. The US business opens up additional prospects. Since re-entering the market, Nordex has secured orders totalling approximately 1.3 GW, broadening its international revenue base.

Analysts expect Nordex to see steady growth in revenue and profit in the coming years. Revenue is projected to rise from EUR 8.80 billion in 2026 to EUR 9.86 billion in 2027 and on to EUR 10.84 billion in 2028. For EBITDA, they forecast an increase over the same period from EUR 889 million to EUR 995 million and then to EUR 1.12 billion. Additional orders from the US, higher production volumes, and efficiency gains are expected to support this trend. The high-margin service business is also likely to contribute increasingly to earnings. From the analysts' perspective, the expansion of the US business will be particularly crucial for further growth beyond the current European market cycle.

With net liquidity of approximately EUR 1.9 billion at mid-year, Nordex plans to return at least EUR 50 million annually starting in 2027 through dividends or share buybacks. The fact that analysts view the upside potential as limited stems from the fact that many operational successes are already priced into the stock. As the European market may be approaching a cyclical peak, developments in the US are gaining importance. According to mwb analysts, Nordex would need to achieve further substantial business successes there to drive significantly higher share prices.

Evotec: Stock Market Ignores Positive News

Analysts are currently taking a cautious stance on Evotec. The same applies to investors. The German biotech company's stock has nearly halved in value this year. In recent days, it has even slipped below EUR 3. At the end of 2024, the stock was still trading above EUR 10.

Following numerous disappointments, the stock market is currently ignoring the company's announcements entirely. Most recently, Evotec's subsidiary Just - Evotec Biologics has advanced the antibody cocktail JST-018 into the first clinical trial in humans. Developed on behalf of the US Department of Defense, the candidate is intended to provide prophylactic protection against orthopoxviruses, which include the pathogens that cause smallpox and mpox. The focus is on potentially protecting military personnel at increased risk from biological threats.

Just – Evotec Biologics handled all development steps, from antibody selection and preclinical work to regulatory submission and manufacturing of the trial material, at its Redmond site.

With the launch of the Phase I trial, the company has reached a major milestone in the contract awarded in 2023. At the same time, according to Evotec, the project demonstrates the capabilities of its integrated development and production platform to rapidly advance antibody candidates into clinical trials using continuous manufacturing processes. This is already the second project in the US Department of Defense's antibody program. Since 2022, the subsidiary has also been supporting the development of antibodies against the plague. Together, the two contracts have a potential total value of up to USD 123.9 million.

Aspermont is a big data provider operating in a highly interesting niche. The company currently has a market capitalization of around AUD 15 million. Given GBC's earnings forecasts of AUD 0.7 million for the coming year and AUD 1.8 million for 2027/2028, this appears anything but expensive. At Evotec, much of the negative sentiment already appears to be priced in. The stock could gradually become interesting for buyers. Nordex, meanwhile, has already performed very strongly, and the industry is cyclical.