BioNTech a Takeover Target? What's Happening at CHAR Technologies and Steyr Motors?

CHAR Technologies: A cleantech growth story for around CAD 35 million

Is CHAR Technologies' stock finally ready to take off? The Canadians are clear winners from rising oil and gas prices thanks to their technology. There is also takeover speculation. After years of development work, the company is currently taking a decisive step forward. CEO Andrew White made this clear at the International Investment Forum. With its first facility in Thorold, the technology company is currently making the transition from the pilot phase to commercialization. Commissioning is underway and scheduled for completion by the end of March. Based on four concrete projects, management sees a clear path to project-related revenue of around CAD 130 million and free cash flow of approximately CAD 42 million. What is particularly attractive is that a large portion of the revenue is highly predictable due to long-term, in some cases 20-year, off-take agreements.

Operationally, CHAR Technologies relies on a compelling industrial and decarbonization model. The company processes wood waste and other biomass via high-temperature pyrolysis (HTP) into two valuable products: biochar for the steel industry and bio-natural gas. White emphasized that, particularly in Canada, long-term supply contracts for the gas are possible at attractive prices that are significantly above the level of conventional natural gas. At the same time, CHAR has high-caliber strategic partners in ArcelorMittal, the BMI Group, and regional forestry partners, who secure technology, financing, raw material supply, and market access. White views the fact that ArcelorMittal joined after an intensive technology review and also acts as a customer as strong confirmation of the solution's industrial relevance.

Additional upside potential stems from a second growth area: the destruction of PFAS, the so-called "forever chemicals." According to CHAR, the company has already demonstrated in a commercially operated facility with Synagro Technologies that contaminated biosolids can be effectively treated using its proprietary technology. Given the thousands of affected facilities in the US alone, this could give rise to a high-margin ancillary business.

The next twelve months are likely to be truly exciting. If commercialization proceeds as planned and further projects follow, CHAR could finally emerge as a serious cleantech growth story. For this, the valuation of around CAD 35 million seems anything but high.

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BioNTech: From Biotech Champion to Takeover Target

What long seemed out of the question at BioNTech suddenly no longer appears entirely far-fetched: a takeover. For years, Uğur Şahin and Özlem Türeci had given the impression that they wanted to build BioNTech itself into a global pharmaceutical company. The surprise was all the greater when the founding couple announced last week that they would step down from their operational roles by the end of 2026 at the latest and simultaneously build a new company. The sharp drop in the share price following the announcement highlighted just how closely BioNTech's story is tied to its founders.

It is precisely this situation that is now sparking new speculation. At the end of 2025, BioNTech had over EUR 17.2 billion in cash and cash equivalents. This was recently offset by a market capitalization of just under EUR 20 billion. A buyer would effectively acquire the company's oncology pipeline and mRNA expertise for roughly EUR 3 billion. This appears anything but expensive.

Of course, a takeover would be out of the question without the approval of German billionaire brothers Andreas and Thomas Strüngmann. They hold nearly half of BioNTech's shares. In an interview with the "FAZ," Thomas Strüngmann emphasized that he believes in the BioNTech story and has purchased additional shares. However, he also plans to invest in the couple's new company. It will be interesting to see who replaces the founders on the board. Researchers, or rather, a financier? This could indicate the direction BioNTech will take.

Analysts continue to view the German biotech company's stock positively. Jefferies and Goldman Sachs continue to recommend the stock as a "Buy". However, the price target has been reduced to USD 138 and USD 132, respectively. Deutsche Bank sees the fair value at USD 140 and was the first to raise the possibility of a takeover.

Steyr Motors: Eat or be eaten

With a market capitalization of around EUR 217 million, Steyr Motors could become an attractive target for defense contractors. Accordingly, the strategy of this supplier of specialty engines for military and civilian applications is clear: strong organic and inorganic growth. Most recently, the company confirmed its preliminary results with the final figures for 2025 and simultaneously reaffirmed its outlook for 2026. According to NuWays analysts, this lends additional substance to the company's investment story. Particular emphasis is placed on a new order from KNDS, which is expected to improve revenue visibility. According to NuWays' estimates, the order could increase the order book by approximately EUR 40 million. A fixed minimum volume of 500 auxiliary power units has been agreed upon, primarily for the Leopard 2 and, to a lesser extent, for the Leguan bridge-laying system. Although the framework agreement runs through 2034, the majority of deliveries are expected to take place by 2030. According to the report, 100 units are set to be delivered as early as 2026, which analysts estimate would contribute approximately EUR 8 million in revenue.

From NuWays' perspective, another growth driver remains the business with engines for unmanned surface vessels (USVs). Here, analysts expect further orders as early as the coming weeks. For 2026, NuWays expects Steyr to generate revenue of EUR 10 million in this segment. This would account for approximately 13% of consolidated revenue. A positive factor here is that the USV engines are technologically closely linked to the existing marine business. Rising production volumes should therefore be manageable without major additional investments in production capacity. Additionally, the acquisition of BUKH could broaden the product range and further strengthen the company's positioning in this market segment.

For the 2026 fiscal year, Steyr Motors has confirmed its forecast of EUR 75 million to EUR 95 million in revenue and an EBIT margin of over 15%. According to NuWays, this is based on a secured order backlog of more than EUR 300 million through 2030. Of this, approximately EUR 45 million is expected to contribute to revenue organically in the current year. Including the BUKH acquisition starting in the second quarter, analysts currently expect consolidated revenue of EUR 78 million and an adjusted EBIT margin of 15.7% for 2026. By 2028, analysts believe the company can double its revenue to EUR 156 million. EBIT is then expected to be around EUR 32 million, with earnings per share at EUR 4.41.

Based on this, the NuWays experts have confirmed their "Buy" recommendation for Steyr Motors shares. The price target was raised slightly from EUR 59 to EUR 60. The stock is currently trading at around EUR 42.

CHAR Technologies' stock could achieve a breakthrough this year. Given the technology and strong partners, the stock certainly does not appear expensive. At Steyr Motors, expectations for revenue growth and margins are high. Moreover, momentum in German defense stocks appears to be fading for the time being. Things are likely to remain exciting at BioNTech in the coming months.