Is It Time to Sell Gerresheimer? Aerospace and Gold Contenders Step Into the Spotlight: OHB and Lahontan Gold in Focus

Lahontan Gold: Riding the Gold Rally to Become a Gold Producer

The gold price is surging again. Within a few weeks, it shot up from USD 4,000 per ounce to over USD 4,600. Although this level could not be sustained, the pullback to the current USD 4,430 is healthy, and the upward trend remains intact. Experts at UBS and Morgan Stanley expect the precious metal to return to over USD 5,000 next year. Amid this gold rally, a US exploration company is taking the final steps toward becoming a gold producer. The share price should benefit massively from this.

Lahontan Gold is rapidly advancing the recommissioning of its Santa Fe gold project in Nevada. According to CEO Kimberly Ann, the focus is clearly on developing the project toward production as swiftly as possible. The company is working in parallel on permits, technical studies, exploration and the establishment of a mine development team. The aim is to secure the necessary permits next year and commence construction of the mine. With more than USD 12 million in cash, Lahontan considers itself well positioned financially to fund ongoing work and further drilling.

The new mineral resource estimate for Santa Fe has recently provided a boost. The resource has increased by 22% across the project to around 2.4 million ounces of gold equivalent. From the management's perspective, the potential is therefore far from being exhausted. A large proportion of this year's drilling has not yet been included in the current resource estimate. Around 140 to 150 drill holes are currently being analyzed in the laboratory, meaning that further results in the coming months could lead to additional resource growth.

Lahontan sees further opportunities at West Santa Fe, as well as in historic tailings piles and other exploration targets. West Santa Fe is not yet included in the resource estimate and is set to be integrated into the overall picture following further drilling. Four historic heap leach areas also appear promising. Around 110 drill holes have been completed there. According to historical data, this already crushed material could contain around 200,000 ounces of gold. Should the ongoing investigations confirm this, these resources could be incorporated into a future mine plan at a relatively low cost.

The next milestone is the revised preliminary economic assessment (PEA). Given the current gold price, the project's viability should open up further upside potential for the share price. In terms of production volume, Lahontan is currently planning for around 80,000 to 100,000 ounces of gold per year. Kimberly Ann aims to bring a suitably sized mine into production as quickly as possible. This would then enable further exploration and resource expansion to be financed from the company's own cash flow. In any case, the timing for buying the share could hardly be better at present.

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Gerresheimer: Sell After a 50% Rise?

Gerresheimer's share price has surged by more than 50% on the stock market in recent months. The share is currently trading at over EUR 27. On the multi-year chart, this surge is barely noticeable. In September 2024, the share price was still above EUR 100. Subsequently, several profit warnings, falling margins and the sharp rise in debt following the Bormioli takeover led to a decline in the share price. Subsequently, BaFin investigations into possible incorrect revenue recognition, further downward revisions to forecasts and management changes led to a further loss of confidence.

In the view of mwb research, investors should sell the shares following the price rise. Gerresheimer has resumed its regular financial reporting, with preliminary figures for the first quarter of 2026. However, according to the analysts, the operational picture remains disappointing. Whilst revenue of EUR 524 million was around 3.6% above the consensus and slightly higher than the previous year's figure, adjusted EBITDA fell from EUR 81 million to EUR 66 million, falling short of market expectations by around 20%.

The planned sales of Centor and Primary Packaging Plastics to Apax for a combined total of EUR 1.5 billion, as well as preparations for the divestment of Moulded Glass, are fundamentally transforming Gerresheimer, in the analysts' view. In total, business divisions generating annual revenue of around EUR 1.3 billion, or approximately 56% of 2025 revenue, are therefore up for sale. This is likely to significantly ease the balance sheet and reduce the debt-to-EBITDA ratio to below 3x following completion of the transactions. At the same time, according to mwb, investors still lack a robust basis for valuing the remaining group. Gerresheimer has not published the EBITDA contributions of the divested divisions, nor the expected net proceeds, nor a pro forma income statement for "the new Gerresheimer".

Due to the far-reaching restructuring of the group, mwb is switching its valuation approach from a DCF model to a preliminary sum-of-the-parts valuation. For Centor and PPP, the agreed enterprise value of EUR 1.5 billion applies; Moulded Glass is valued at around EUR 0.3 billion, and the remaining business at around EUR 0.85 billion. After deducting net financial debt, the equity value is around EUR 700 million, or approximately EUR 20 per share. Consequently, mwb is raising its price target from EUR 12.50 to EUR 20 while maintaining its "Sell" rating. While the analysts see a significantly improved balance sheet outlook, they do not see a convincing equity story. Earnings growth is weak, transparency is low, the BaFin investigation is ongoing, and final Q1 figures are not expected until September.

OHB: Is the Share Price Set to Surge Now?

Is OHB's share price set to surge again? The Bremen-based company is regarded as Germany's great hope in the space sector. The company is one of Europe's leading providers of satellites, space systems and technological solutions for institutional and commercial clients. By May, the share price had soared from around EUR 120 to over EUR 600. Then a sharp correction set in, and the share is currently trading at around EUR 200. This gives the company a market capitalization of around EUR 4.25 billion. After its inclusion in the SDAX in mid-August helped drive the share price higher, perhaps a contract worth billions will do the trick.

OHB has received a contract from SES worth just under EUR 1 billion to develop and construct 18 satellite platforms for the European satellite communications system IRIS². The satellites form a central component of the MEO segment of the planned European multi-orbit constellation, which is to consist of a total of 348 satellites in low and medium Earth orbits. Within the SpaceRISE consortium, SES is responsible for the MEO component. Alongside the Luxembourg-based company, Eutelsat and Hispasat are also members of the consortium. The contract is the first major order under the IRIS concession and follows the start of the implementation phase in early August 2026.

For OHB, the contract is of particular strategic importance, as it enables the company to further strengthen its position in Europe's flagship programs. Following on from Galileo and Copernicus, OHB will now also make a significant contribution to IRIS. The 18 MEO satellites are each expected to weigh around 2.6 tonnes and achieve a maximum power output of approximately 15 kilowatts. IRIS is intended to reduce Europe's dependence on secure satellite communications, make critical infrastructure more resilient and provide sovereign communication services to both public and private users. The launch of the first satellites is scheduled for 2029, with the first services due to be rolled out from 2030.

Gerresheimer is working on a decisive breakthrough. Whether this will succeed and what will remain of the group, however, is not yet clear. What is clear is that the gold price is set to rise again. With the focus on the start of production and further resource potential, the timing for buying Lahontan Gold shares could hardly be better. OHB is likely to continue to benefit from the massive investments in European space activities.