Data, Chips and the Big AI Business: Aspermont, Broadcom and Hewlett Packard in our Stock Check

Aspermont: Hot Stock with Multibagger Potential

The Australian company Aspermont is as yet virtually unknown in Germany. Yet, it boasts almost 200 years of industry expertise in mining and commodities and has access to a treasure trove of historical archive data that competitors would struggle to replicate. Among other things, the media company publishes specialist titles such as Mining Journal and Mining Magazine, which have enjoyed an excellent reputation in the global commodities sector for decades. Aspermont provides the commodities sector with news, analysis, and events, and aims to build a scalable data and intelligence platform in the future, drawing on nearly 190 years of digitized mining history, up-to-date industry data, and information on more than 12,000 projects.

The transformation of its business model from a traditional specialist publisher to a data-driven information platform for the global commodities sector is the catalyst for an exciting stock market story. Rather than simply selling content, the company intends to provide in-depth information in the future to serve as a basis for decision-making by mining companies, investors and governments. A key asset in Aspermont's portfolio is the "Mining IQ" platform, which enables the Australian company to analyze proprietary data and historical archives, as well as to produce market studies and AI-supported analyses. The Mining IQ platform has the potential to be the cornerstone of the next phase of growth.

The latest figures provide initial evidence that the story is also fundamentally sound. In the third quarter of 2025/26, turnover rose by 25% to a record AUD 4.5 million. Normalized EBITDA broke even, having posted a loss of AUD 0.6 million a year earlier. Revenue from subscriptions and data licences increased by 4% to AUD 2.6 million. Revenue from advertising, the digital agency Nexus and events jumped by 73% to AUD 1.9 million.

After nine months, revenue is up 18% to AUD 11.9 million. Annual recurring revenue exceeds AUD 11 million, while average revenue per customer has grown by 17% per annum over 9 years. Furthermore, Aspermont has already reported its 40th consecutive quarter of growing subscription revenue. The fact that subscription revenue has risen consistently over such a long period speaks to strong customer loyalty and creates a solid foundation for the new data products.

Even the mining giant Rio Tinto is working with Aspermont to make historical data sets digitally accessible. Rio Tinto could become a gateway to further major clients for Aspermont. Aspermont is carrying out a contract worth around AUD 550,000 for the mining giant via Mining IQ. Once the historical archive has been made available, Rio Tinto will initially receive six months' access. Should this lead to a permanent subscription, it would serve as a blueprint for other major clients. Applications for assessing political and operational project risks are already available. Further AI products are set to analyze, for example, production volumes, procurement requirements or previously overlooked raw material projects.

However, the company is still in an operational transition phase. It is still posting losses on the balance sheet due to significant investments in the platform, data structure and sales. Yet this is precisely where the opportunity may lie. After all, the cost base is now largely in place. If the company succeeds in scaling up its higher-margin intelligence products, the operational leverage could be considerable. In future, additional revenue should contribute disproportionately to profits.

Another plus point is the balance sheet. Aspermont is virtually debt-free, has improved its liquidity and requires comparatively little capital for growth, as it does not need to build factories or make major capital investments. The business model relies on data, content and platform technology. This significantly reduces the financing risk. Nevertheless, the transformation is not proceeding entirely without hurdles. Comparable growth in recurring revenue currently stands at 7–8%, which is below the target of more than 10%. Furthermore, two Nexus projects, totalling around AUD 1.5 million, have been delayed.

The Augsburg-based research firm GBC Research has therefore lowered its revenue forecast for 2025/26 from AUD 16.9 million to AUD 16.1 million and continues to expect a negative EBITDA for the full year. However, the company aims to achieve sustainably positive operating cash flow in the second half of the 2026/27 financial year. The liquidity buffer is relatively thin; at the end of June, there was only AUD 0.9 million in the company's cash reserves. However, according to GBC's assessment, the company's financial position is more solid than the cash balance alone would suggest.

Aspermont holds 15 million shares in Taiko, representing a stake of around 5% in the company. This holding opens up additional financing options as the existing escrow commitments gradually expire. According to GBC, this gives Aspermont additional flexibility to finance the further expansion of its Data & Intelligence activities without necessarily requiring a capital raising.

At a recent share price of around AUD 1.20, Aspermont is valued at only around AUD 14 million following the share consolidation. GBC estimates the fair value at AUD 5.20, representing a potential return of 330%. That sounds spectacular, but with a small, illiquid stock like Aspermont, a single price target should not be overemphasized. What matters most are new enterprise contracts, rising recurring revenues and the shift to positive cash flow.

If the plan pays off, the small specialist publisher will become a highly valuable data business. A significantly higher valuation on the stock market would then also be justified. The share is currently a speculative addition to a portfolio for risk-tolerant investors, who should limit their buy orders and subsequently protect their holdings with stop-loss orders.

Hewlett Packard Enterprise: Growth With Bottlenecks

Investors who prefer a more conservative approach may wish to take a closer look at the shares of Hewlett Packard Enterprise (HPE). HPE supplies hardware for AI applications and data centres. In the recently reported third financial quarter, revenue surged by 33.7% to USD 12.21 billion, exceeding analysts' estimates of USD 11.9 billion. Adjusted earnings per share reached USD 1.11, significantly exceeding market expectations of USD 0.93. Management has also raised its revenue growth forecast for 2026 to between 34% and 37%. The previous range had been 29% to 33%. The profit margin was also raised to between USD 3.75 and USD 3.85 per share. HPE also raised the bar for 2027. The group expects revenue to rise by 13–17% next year, along with a profit increase of 16–20%.

Despite strong figures, the share price has recently fallen sharply. This is a classic case of expectations being too high – and evidence of just how nervous investors have become about potential slowdowns in the AI business. The key driver of growth is the seemingly insatiable demand for AI servers and networking technology. According to Chief Financial Officer Marie Myers, orders significantly exceed available supply. But that is precisely where the problem lies. Memory chips, processors and other components remain in short supply. While long-term supply contracts are intended to secure HPE better access to these sought-after components, investors nevertheless fear that shortages and rising purchase prices could weigh on margins and delay the fulfilment of orders.

The expanded partnership with Oracle promises a further boost. The software group plans to use networking technology from HPE's subsidiary, Juniper, in its AI data centres in the future. As a result, the acquisition of Juniper is paying off increasingly: HPE can now offer its customers servers, networks and solutions for hybrid cloud infrastructure, all under one roof.

The market as a whole remains set for growth. The major US technology groups alone plan to invest more than USD 700 billion in AI infrastructure by 2026. Alongside HPE, Dell, Lenovo, Foxconn and Super Micro Computer are also set to benefit from this. Server manufacturers are inundated with orders.

However, following the record-breaking performance of recent quarters, the bar is set extremely high for HPE. The latest share price reaction to the current figures clearly shows that investors are paying attention not only to full order books but increasingly to delivery capacity and margins. Fundamentally, however, HPE has delivered a convincing performance. Long-term investors looking to capitalize on the ongoing expansion of AI data centres can use the sharp share price dip as an entry opportunity to build positions in HPE.

Broadcom: The Better Nvidia?

Investors who believe that Nvidia is the only company making big money from the AI boom should take a look at Broadcom. The US group develops bespoke AI chips and the associated networking technology for heavyweights such as Google, Meta, Microsoft, Anthropic and OpenAI. The major technology groups, in particular, are seeking alternatives to Nvidia to cut costs and limit their dependence on the market leader.

The latest figures show just how dynamic the business is. In the third financial quarter, revenue soared by 86% to just under USD 30 billion. Adjusted operating profit rose by as much as 92% to more than USD 20 billion, while the margin improved to almost 68%. For the final quarter, CEO Hock Tan is already forecasting revenue of just under USD 35 billion – a further increase of 93%.

Even more impressive are the medium-term targets. In the current financial year, AI revenue is set to reach USD 58 billion. Broadcom is already targeting USD 115 billion for 2026/27, rising to USD 230 billion a year later. Tan has also set the bar high for profit: by 2027/28, adjusted earnings are set to rise to USD 30 per share. In the previous financial year, the figure stood at just under USD 7. This forecast exceeded analysts' previous expectations.

Initially, however, this was not enough to spark enthusiasm on the stock market. The share price still fell slightly following the results. Since its record high of USD 495 in early June, the share price has fallen by around a quarter. The reason: the long-term AI targets were largely in line with the high expectations, while the outlook for the final quarter offered no new surprises.

The dip could prove to be an opportunity. In addition to its AI chips, Broadcom has a highly profitable software business and is establishing itself as the key alternative to Nvidia. Analysts, too, remain extremely optimistic: 57 out of 62 experts surveyed by Bloomberg recommend buying the shares. The average price target of just under USD 530 is well above the current level and even exceeds the previous record high. Goldman Sachs and Bernstein raised their targets once again following the results. The valuation remains ambitious, but if Broadcom meets or even exceeds its profit targets, the recent price weakness presents an interesting buying opportunity.

At HPE and Broadcom, the AI boom is already translating into billions in revenue. Aspermont, on the other hand, must first prove that its historical treasure trove of data can be monetized profitably. Broadcom is the quality stock, HPE the more attractively valued infrastructure play, and Aspermont the speculative turnaround opportunity with the potential for significant gains, but also carrying the highest risk of loss.