Electricity as a bottleneck for AI? Different energy sources, different approaches: American Atomics, Nordex, Siemens Energy – Who is ahead?

American Atomics – Strategy and timing open up great potential

Geopolitical tensions and export restrictions have further tightened conditions in many areas of the commodities market. The fact is that the coveted resources and processing capacities are not located in the Western hemisphere. China is the dominant player for most critical commodities. Russia and Kazakhstan are major players in uranium.
The Western world urgently needs new deposits and secure supply chains.

This is where American Atomics comes into play. The Canadians are pursuing an integrated "ore to reactor" approach and have set themselves the goal of mapping the entire fuel supply value chain in North America and leaving a significant footprint. The spectrum thus ranges from exploration and processing to other technological solutions. Further processing generally promises higher margins and reduces dependence on the price of uranium. Plans for the future include the production of highly enriched uranium (HALEU), which is currently difficult to obtain in the West.

The North American region is advantageous as a field of activity for several reasons, combining mining history, legal certainty, access to subsidies and investors, and large sales markets. American Atomics' flagship project, "Big Indian," is located in the historic Lisbon Valley in the US state of Utah. The large property has potential due to the previously little-explored area on the east side of the valley. Its geographical proximity to a region that has historically supplied 78 million pounds of triuranium dioxide (U₃O₈) is advantageous.

American Atomics also has two other projects, the Nuvemco project in the US state of Colorado and the Kenora project in the Canadian province of Ontario. In addition, it is planning to build a processing plant together with its partner CVMR.

American Atomics' strategic and geographic approach combines many advantages and addresses a large market. In contrast, its current market capitalization is only around CAD 21 million. Further project progress is likely to give the stock a significant positive boost.

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Nordex – Operational tailwind, sluggish share price in the new year?

Shareholders can look back on an impressive year. The shares of the North German wind turbine manufacturer have more than doubled this year, rising from EUR 12 to EUR 28. This comes as no surprise, as business is booming, with the group reporting new orders from around the globe every few days. As an established player, Nordex has so far installed around 60 GW worldwide in over 40 countries.

Analysts expect revenue of EUR 7.5 billion in the current year, which is expected to rise by 10% next year. On the earnings side, experts predict a significantly stronger performance overall, with net income increasing from EUR 234 million to EUR 298 million. This would reduce the P/E ratio from the current 29 to 23 in 2026, with a current market capitalization of EUR 6.8 billion. Analysts at Metzler, Citigroup, and Jeffries recently set price targets of EUR 30 and EUR 31, respectively, which signals only moderate upside potential for the stock in the new year.

Siemens Energy – Full of praise

Siemens Energy shares are also expected to be top performers in 2025. The Germans are benefiting from important structural and ongoing demand trends in the areas of AI data centers, energy security, and electrification. Despite the stock's strong performance, currently trading at EUR 120, which reflects a valuation of around EUR 104 billion, analysts continue to be full of praise. US analysts at JPMorgan and Bank of America are particularly bullish, with price targets of EUR 160 and EUR 170, respectively.

Due to the good order situation, the group significantly raised its medium-term targets last month, with the prospect of an increase in the operating margin to 14-16% by 2028 being particularly well received by the stock market. Shareholders are also benefiting from the recently launched EUR 6 billion share buyback program and the prospect of rising dividends.

Energy is becoming a key area of interest in light of AI and electromobility. Nordex has had a very good run, but the growth potential is now priced in. Analysts are continuing to raise their price targets for Siemens Energy. American Atomics is a very exciting stock. Strategically and at the right time, the Company is providing a convincing response to important challenges. With its integrated "ore to reactor" approach, the Company stands to make a significant contribution to fuel supply in North America in the future. This is offset by a moderate company valuation of CAD 21 million.