Discount hunt: TUI, Veganz Group, and Super Micro Computer as underrated cash generators

TUI – Why the recovery is picking up speed

TUI's latest quarterly figures show encouraging signs despite seasonal distortions. Revenue rose slightly to EUR 3.7 billion, driven by robust travel demand. Operating profit improved to EUR 14 million after adjusting for the Easter effect. The profitable core areas of Hotels & Resorts and Cruises are performing well, despite external challenges such as route changes in Asia. The cruise division in particular shone with a record EBIT increase of 17%, fueled by new ships and strong bookings. TUI Musement also grew significantly with an EBIT jump of 27%. This is more than just a seasonal effect.

TUI is making clever use of its integrated structure. The growing fleet of high-quality cruise ships and the asset-light model for hotels, which applies to 86% of the more than 70 planned new openings, are easing the burden on the balance sheet and increasing margins. At the same time, the Company is pushing ahead with digitalization. App sales exploded by 40%, which reduces distribution costs and offers upselling potential. This more direct customer contact is crucial to turning around the loss-making development in the highly competitive "Markets + Airline" segment. The recent successful placement of a EUR 250 million promissory note on favorable terms underscores the growing confidence of the capital market.

Three factors point to continued momentum. First, TUI is focusing precisely on profitable vacation experiences with structural growth, as cruises and adventure travel are booming in the long term. Second, efficiency measures such as digital sales and dynamic package deals are only now taking full effect. Third, the strengthened financial position provides breathing space to invest in growth instead of just paying off debt. The confirmation of the annual forecast, which envisages EBIT growth of 7-10%, is not an empty promise but is based on these fundamentals. There is more transformation here than many people think. The share, which is currently trading at EUR 7.976, is on track to reach its annual high from February.

Veganz Group – Why the share could get back on track despite a change in leadership

The departure of founder Jan Bredack as CEO of the Veganz Group initially caused uncertainty among investors, which was also reflected in the falling share price. However, the change at the top could prove to be a smart move. Rayan Tegtmeier, an experienced finance and operations strategist whose expertise in scaling and international expansion is a perfect fit for the Company, is taking over. His focus is on profitable growth and efficient capital utilization. This realignment comes at the right time, as Veganz has already made the fundamental adjustments for the future. This can be seen in the preliminary half-year figures, which show an after-tax profit of EUR 23.65 million. The complete figures will be presented on September 25.

The greatest potential for the future lies in the patented innovation "Mililk." This revolutionary 2D printing technology for liquids, such as plant-based milk alternatives, scores with several cost advantages. These include, above all, the extremely long shelf life, the drastically reduced logistics costs of up to 90%, and the minimal packaging requirements. Demand, especially from the US, is enormous, with an order for 30 million liters already signed. Together with industry partners like Lassonde and Jindilli Beverages, both of which have strong ties to major foodservice chains like McDonald's, Veganz is rolling out the technology globally. The planned 60 million liter plant in the US, set to begin construction in 2026, signals the Company's intent to conquer the American market next. Scalability in this billion-dollar market is affordable at EUR 2 million for around 20 million liters of production.

The current valuation outlook is exciting. With a market capitalization of around EUR 34.8 million and a current share price of EUR 17.15, the proceeds from the sale of the subsidiary OrbiFarm for EUR 30 million plus earn-out cover almost the entire current stock market value. The core operating business with its innovative brands – Veganz, Mililk, Peas on Earth, Happy Cheeze – and the valuable patents are effectively included in the deal at no cost. There is a significant gap between the stock market valuation and the fundamental potential of the individual components. Tegtmeier's task now is to make these hidden values visible. In their latest study, analysts at mwb Research set a target price of EUR 21.50, but some aspects were not yet known at that time. The target price is likely to be higher in an update.

Super Micro Computer – On track for AI boom despite current dip

Super Micro Computer (SMCI) posted strong growth in the past quarter with revenue of USD 5.8 billion, up 25% on the previous quarter. However, the market reacted with disappointment, mainly due to shrinking profit margins. These fell below 10%, driven by product mix shifts toward large customers, higher component costs, and timing effects. Earnings per share fell well short of expectations. In the short term, this combination of robust top-line growth and weak profitability is weighing on sentiment. However, management sees these effects as temporary.

Where does this confidence come from? Two strengths stand out. First, the unique speed. SMCI delivers optimized servers, especially for AI workloads, significantly faster than many competitors. This "time-to-online" is crucial for customers. Second, the DCBBS concept (Data Center Building Block Solutions). Here, the Company acts not only as a hardware supplier but as a holistic partner. It delivers complete, preconfigured rack solutions including cooling and power supply. This shortens construction times for AI data centers from years to months. This high level of integration creates added value and is a key driver for future margin expansion.

The ambitious revenue target of at least USD 33 billion for 2026 underscores the Company's confidence in its business model - representing growth of over 50%. This momentum is driven by sustained AI demand, the growing number of large-scale customers, and the global production strategy. Locations in the US, Taiwan, Malaysia, and the Netherlands enable flexible deliveries and mitigate tariff risks. While current margins remain a challenge, the strategic focus on value-added, integrated solutions and global scaling offers clear prospects for more sustainable profitability growth. The market is currently still very cautious in its assessment of this potential. The share price is currently trading at USD 46.79.

Despite recent price setbacks, TUI, Veganz Group, and Super Micro Computer offer compelling opportunities for strategic investors. TUI is driving its recovery forward with profitable core areas such as cruises, digital transformation, and a stronger balance sheet. Veganz Group has considerable potential that is underestimated by the market thanks to its patented Mililk technology and an operating core business whose value significantly exceeds its current market capitalization. Despite short-term margin pressure, Super Micro Computer remains a structural AI winner whose unique delivery speed and integrated DCBBS solutions support ambitious growth visions.