BUY or SELL? thyssenkrupp nucera, Nordex, and Pure One Under the Microscope

Pure One: Will 2026 be the breakthrough year?

Which will win the race, hydrogen or electric mobility? This debate is likely endless and probably will not have a clear answer for several years. But by then, the biggest returns are likely to be reaped by the winner, especially since both technologies are expected to find their applications.
Therefore, investors should consider betting on both. Pure One offers just that in a single stock. The Australian small-cap is facing an exciting year.

The latest quarterly report demonstrates the company is on the right track. Of particular note is the completion of two hydrogen-powered 32-ton concrete mixer trucks for Heidelberg Materials. These specialized trucks, equipped with a powerful 200-kW fuel cell system, are nearing final acceptance. The German conglomerate will deploy them at its Australian site in Rockingham. If Pure One can demonstrate that hydrogen technology represents a powerful and clean alternative to diesel even in the most demanding sectors of the heavy-duty industry, the potential in Australia alone is enormous.

At the same time, the company is advancing its innovative battery-swapping strategy and preparing for the market launch of the "Alpha Series." This system allows depleted batteries to be swapped out for full ones in just a few minutes, minimizing downtime and maximizing efficiency for logistics and construction companies. With an attractive starting price of around AUD 200,000 for the first vehicles in the series, Pure One considers itself competitive. The first demonstration vehicles are expected in Australia as early as the coming September quarter to showcase the benefits of this flexible solution to potential customers in a practical setting.

And there is even more good news to report. In addition to successful test runs of a hydrogen-powered garbage truck in Byron Bay, Pure One recently delivered a fully electric EV70 minibus to the nonprofit organization SWCT. This wheelchair-accessible bus replaces conventional diesel vehicles and is operated in a nearly CO2-neutral manner thanks to an integrated renewable energy solution. With lower operating costs and annual CO₂ savings of around 15 tons, Pure One demonstrates that environmental sustainability and economic efficiency can go hand in hand.

Pure One shares are also traded on Tradegate in Germany. The market capitalization is under EUR 20 million. If the company achieves a commercial breakthrough this year, the stock appears undervalued.

thyssenkrupp nucera: Buy now?

Is the outlook for thyssenkrupp nucera shares looking up again? The stock has gained over 10% since the profit warning in March and closed at EUR 8.72 on Friday.

Germany's hydrogen hope had lowered its forecast for the 2026 fiscal year. The primary reasons were temporary setbacks in the green hydrogen sector. Higher optimization costs for modules already delivered, the termination of a US pilot project, and accounting effects are therefore weighing on revenue and EBIT in the short term. While the chlor-alkali segment continues to perform solidly and partially offsets the weakness, the company now expects consolidated revenue of EUR 450 to 550 million and EBIT between EUR -80 and -30 million.

Analysts at mwb research still see upside potential for the stock. Despite the short-term adjustments, the experts view the revision as largely technical and project-related and remain committed to the long-term growth story. A new major order from Spain and the expectation of rising service revenues support the positive outlook for the market ramp-up. Thanks to a strong cash position of over EUR 600 million, mwb believes the company is well-equipped to weather the transition year of 2026 and therefore confirms its "Buy" recommendation with a price target of EUR 15.00. For the coming year, analysts expect thyssenkrupp nucera to generate revenue of EUR 659 million. In 2028, this figure is expected to reach EUR 791 million. EBIT is projected to rise from EUR 16 million next year to EUR 40 million in 2028.

Nordex: Sell now?

While thyssenkrupp nucera is struggling with setbacks, business is booming at Nordex. Analysts at mwb research expect the wind turbine specialist to increase its revenue this year from EUR 7.6 billion to EUR 8.8 billion. By 2027, revenue is projected to reach EUR 9.8 billion, before surpassing the EUR 10 billion mark in 2028. Net profit is expected to reach EUR 445 million this year and climb to EUR 602 million by 2028. For context: In 2024, Nordex's net profit was a modest EUR 9 million.

mwb analysts are satisfied with Nordex's start to 2026. The operational improvement is particularly noteworthy. The EBITDA margin rose to 8.2%, attributable to economies of scale, stable pricing, and the growing share of the high-margin service business. Despite negative free cash flow of around EUR 98 million, primarily due to working capital normalization, the order backlog remains extremely robust at EUR 17 billion (roughly twice annual revenue).

Nevertheless, analysts recommend selling Nordex shares. The reason for this lies in the valuation. Following a price increase of around 60% since the start of the year, the stock is trading at a P/E ratio of approximately 24 for 2026. From the analysts' perspective, the positive scenario is thus largely priced in, while the risk-reward ratio appears increasingly unattractive given the cyclical industry risks. They see the fair value of the Nordex share at EUR 40. Currently, the share is trading above EUR 48.

This makes mwb the clear Nordex bear, however. Berenberg, for example, is among the bulls. Following the quarterly results, its analysts once again recommended buying the shares of the wind turbine specialist. They raised the price target from EUR 50 to EUR 57.

Pure One's technology-neutral business model is exciting. Especially since success is expected this year with commercial vehicles powered by fuel cells and batteries. thyssenkrupp nucera has yet to achieve success. Buying the stock is not a priority at this time. Nordex continues to carry momentum, though the mwb analysts are correct in noting that the industry is cyclical.