Is the Stock Market Too Pessimistic Here? Lahontan Gold, Aixtron and TeamViewer Under the Microscope

Lahontan Gold: Historical waste rock as a short-term share price catalyst?

Lahontan Gold is in the midst of a groundbreaking transformation process. The company plans to gradually bring the past-producing Santa Fe mine in Nevada back into production from 2027. The 28.3 km² property in the well-known Walker Lane produced around 359,000 ounces of gold and 702,000 ounces of silver between 1988 and 1995. Historical production and existing infrastructure give the site a clear head start over a completely undeveloped project.

The resource estimate comprises 1.195 million ounces of gold equivalent in the indicated category and a further 1.190 million ounces in the inferred category. The preliminary economic assessment (PEA) presented in mid-October makes the potential more tangible. It models 11 years of active operations with average annual production of approximately 91,900 ounces of gold equivalent. Assuming precious metal prices of USD 3,600 per ounce of gold and USD 49 per ounce of silver, this yields an after-tax net present value (NPV) of USD 820 million. Estimated all-in sustaining costs (AISC) are USD 2,250 per ounce of gold. The company estimates an investment of USD 172 million, including a 20% contingency.

The current news flow should also be viewed positively. Lahontan aims to extract additional value from historical waste rock. The company plans to investigate a roughly 9-million-tonne stockpile at the Santa Fe project with up to 100 drill holes. The material comes from the former open-pit mine and was considered uneconomic at the cut-off grade of around 0.55 g/t gold at the time. The aim now is to assess whether the precious metals it contains can be recovered economically through heap leaching.

According to the PEA, the stockpile must be moved anyway to access the underlying resources. Additional recovery could therefore noticeably improve the project's economics. The resource could also increase further. Excellent drilling results at the West Santa Fe satellite stood out repeatedly in recent months. The company intends to present an initial resource estimate for this area in early 2027.

Project progress and the share price have been diverging recently. This may be due to the fall in the gold price to around USD 4,000 or to expectations of further dilution through capital increases. However, Lahontan has already communicated plans to cover the required amounts of up to USD 172 million with around 80% debt financing. This is good news for investors. The shares are currently trading at around CAD 0.26. This values the company at just CAD 112 million or USD 79 million, compared with a project value of USD 820 million.

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Aixtron: An order that sends a signal?

Aixtron manufactures the production equipment used to make key semiconductor layers for lasers and photodetectors. The more AI data centres rely on optical data transmission, the greater the long-term demand for the corresponding production equipment could become. In its latest announcement dated November 12, 2026, US semiconductor company Aeluma confirms the purchase of a G10-AsP system to expand its production capacity for lasers and photodetectors for optical data transmission in AI data centres. The system supports wafers with diameters of 150 and 200 millimetres and enables more efficient industrial manufacturing of photonic components.

For Aixtron, the order is a strategic success, as the company strengthens its position in this rapidly growing future market and establishes its technology for new manufacturing processes. In the third quarter, orders at group level rose by 122% to EUR 274.9 million. The equipment order backlog reached EUR 549.4 million. The shares have recently demonstrated relative strength compared with other AI stocks. Analysts credit the shares with upside potential of a good 40%.

TeamViewer: An excessive share price slump?

TeamViewer ONE is the company's central software platform for the remote maintenance, monitoring and management of digital workplaces and IT infrastructure. In addition, the company offers DEX (Digital Employee Experience) solutions that identify IT problems in the workplace at an early stage and resolve them as automatically as possible. The aim is to increase employee productivity and reduce IT downtime.

At the beginning of the month, the company lowered its full-year revenue outlook when presenting its third-quarter results. A slight currency-adjusted decline of -2% to -1% is now forecast for 2026, compared with 0% to 3% previously. Project delays involving major customers in the fourth quarter, traditionally the strongest period, made this step necessary.

However, the operating margin target of around 43% was maintained. Nevertheless, the share price fell sharply. The shares are currently trading at just under EUR 5, valuing the company at around EUR 800 million. Deutsche Bank lowered its price target to EUR 6.50.

Strategically, continued development into a comprehensive IT management platform is intended to unlock higher revenue per customer, long-term customer relationships and additional growth potential among small and medium-sized enterprises and international corporations. Management remained optimistic for 2027 and sees accelerating growth, particularly among large customers. After numerous disappointments, the company must finally deliver next year.

Conclusion

Lahontan Gold offers considerable potential when comparing the project value and market capitalisation. The dilution risks are therefore adequately compensated for. Continued positive news flow will sooner or later have to be reflected in the share price as well. Aixtron benefits from long-term AI trends; analysts remain bullish. TeamViewer must finally deliver in the coming year.