Black Week sales, Bitcoin flop, DAX steady – another interest rate cut? Almonty, Rheinmetall, thyssenkrupp, and TKMS

Almonty Industries – Hub for Western tungsten supply

The correction appears to be over! The share price, which had dipped below EUR 5, is now back at EUR 5.40 – only quick investors can enjoy lower entry prices. Almonty Industries remains a pawn in geopolitical tensions, as the sharp swings in commodity prices in recent months have left deep scars in many investors' portfolios, but at the same time have brought the strategic importance of tungsten back into the spotlight.

While the stock market was at times nervous about an escalation between the US administration and China and paid scarcity prices for critical metals, perceptions have now shifted: it is not short-term headlines, but reliable data on integration into Western supply chains that are becoming the real benchmark for valuation. This is precisely where Almonty comes in with its portfolio, as tungsten and molybdenum are considered rare, security-relevant raw materials that are indispensable for defense, aerospace, semiconductors, and AI infrastructure. Wherever tungsten is needed for armor, precision tools, or high-performance electronics, potential industrial customers are ready to sign long-term off-take agreements. This is driven by political pressure in the US and Europe to become less dependent on Chinese supplies.

Almonty is underpinning this strategic status with a clear growth story: a large-scale drill program is underway at the Panasqueira mine in Portugal, preparing for expansion to the new "Level 4" production level and set to increase both annual production volume and mine life. Around 14,000 meters of drilling within twelve months and an investment volume in the low single-digit million range are intended to update the resource model, define new mineralization zones, and secure production planning for years to come. At the same time, the Company is pushing ahead with the completion of the Sangdong mine in South Korea, one of the largest and highest-grade tungsten projects in the world, which, once fully operational, could account for a large part of non-Chinese tungsten production and thus become the Group's primary source of cash flow.

With its recent entry into the US market through the complete acquisition of the Gentung Browns Lake project in Montana, Almonty is now also establishing a presence in the most important Western defense and high-tech location. The project, located in a historic tungsten district, offers proven resources, an underground deposit in skarn rock, high metallurgical yields, and existing infrastructure, which significantly reduces development risks. Based on current planning, Almonty aims to have Gentung Browns Lake ready for production in the second half of 2026, with an expected output of around 140,000 MTU of tungsten oxide per year and exclusive rights along the entire project corridor. In combination with the ramp-up phase of Sangdong and the gradual expansion of Panasqueira, this will create a transcontinental production triangle between Europe, Asia, and North America from 2026 onwards, which will be able to serve both defense contracts and high-tech demand. On this basis, research houses see Almonty in a clear growth phase and already expect strong growth in revenue and earnings for 2026, as initial volumes from Sangdong and possible advance payments from Montana could be included in the figures, while higher tungsten prices will leverage margins. Oppenheim Research rates the stock as a "Buy" with a price target of USD 12, while Sphene Capital believes it could well reach CAD 13.50 in 36 months. So the story continues!

Listen to charismatic CEO Lewis Black at the upcoming International Investment Forum (www.ii-forum.com) on December 3 at 4:00 p.m. CET for the latest updates.

Rheinmetall – Peace talks please citizens, but not defense investors

We have often discussed the temporary overvaluation of Rheinmetall. The stock market has now converted this into a 30% correction. Of course, the figures now look more relaxed again. The 2026 P/E ratio has fallen from 5.2 to 3.9, and the P/E ratio from 42 to 34. Some say it is still too high, while others say it is significantly lower and once again has potential. Since the peace talks between the US, Russia, and Ukraine still have a glimmer of hope for success, the green flag for reinvestments may not be far off. If a ceasefire is reached, Rheinmetall's share price could be expected to reach around EUR 1,200, which would then be a "conviction buy" for us, as per Goldman Sachs. So take your time and watch for a while; nothing is going to run away here. Even if Rheinmetall actually manages to meet its current revenue estimates logistically, the 2028 figures are already priced in today. However, due to the time lag in research analyses, the 12-month consensus target price reached a new all-time high of EUR 2,238 this week. Flip a coin to decide whether EUR 1,477 is attractive enough for a (re)purchase.

thyssenkrupp and TKMS – Hand in hand downwards

Industrial giant thyssenkrupp pulled off a real coup in October with the spin-off of its TKMS shares. This has eased the burden on the group's balance sheet, and pre-financing of revenue is no longer a drain on the weak cash reserves in Duisburg. Even though the group is coming out on top, shareholders have earned nothing. Shortly before the spin-off, the thyssenkrupp share price reached over EUR 12. However, the price fell by around EUR 4, while the new TKMS share quickly dropped back to its issue price after initial euphoria of over EUR 100. Nevertheless, three out of four experts on the LSEG platform consider the new marine stock to be worth buying. The 12-month price target is set at an average of EUR 86, which represents a 33% upside from today's price of EUR 64.

The stock market is gearing up for the end of the year. This is leading to profit-taking in sectors that have performed well, but also to increases in sectors with good medium-term prospects. Almonty will start operations at the Sangdong mine in 2026, and thyssenkrupp can finally breathe a sigh of relief after the placement of its marine subsidiary TKMS. Rheinmetall has gained 2,000% in three years and must first grow into its current valuation. Defense investors should therefore not expect too much momentum here; rather, further consolidation is likely if the topic of "peace" comes to the fore. But Rheinmetall is clearly the new favorite stock of Germans and, after 25 years of disarmament, represents a 180-degree shift in mindset.