Massive UNDERVALUATION?! Bayer, SFC Energy, Veganz Group

Veganz Group: Shares massively undervalued?

Veganz Group shares have the potential for strong performance in the coming months. The Company's transformation from a vegan food supplier to a foodtech company is taking shape. mwb research recommends buying the shares, which are trading at around EUR 16, with a price target of EUR 21.50. However, this is likely to be just the beginning, as the forecasts for the coming years have not yet been adjusted. For the coming year, for example, analysts expect revenue of EUR 37.4 million. However, this is likely to be far too low, given the latest company announcement.

The wholly owned subsidiary Mililk FoodTech GmbH is expected to deliver its oat milk, produced using a revolutionary 2D printing process, to the US for the first time in September. The oat milk is delivered to customers in dried slices and then liquefied there. The product is suitable for large customers such as restaurant and coffee house chains, for example, but will also be offered in food retail outlets in the future. According to the Company, the short-term order forecast already amounts to 15 million liters of oat milk. Over the next 18 months, demand in North America and Asia alone is expected to reach 160 million liters. Analysts at mwb estimate revenue per liter at EUR 1. As a reminder, the official revenue estimate for 2026 is currently EUR 37.4 million.

Due to the huge potential overseas, Veganz is looking for a production site in the US. Local production could start as early as the first half of 2026. Oat milk is just the beginning. Mililk's goal is to make plant-based beverages available worldwide efficiently and sustainably. In the past, the management board had repeatedly reported that large investors wanted to invest in Mililk. Now things are becoming more concrete: To accelerate growth, the Company is in final negotiations with strategic investors. Mililk is valued at EUR 80 million. For context: The Veganz Group is valued at less than EUR 40 million, achieved a net profit (EAT) of EUR 23.65 million in the first half of 2025, and has other exciting subsidiaries. This suggests that the stock is massively undervalued.

This undervaluation is also recognized by the future Veganz CEO, Rayan Tegtmeier. In a recent interview with Lyndsay Malchuk, he provides fascinating insights into the expansion strategy.

https://youtu.be/s6kQ9JvjaX8?si=-sWbTgCEovsDtWo4

Bayer: Fitch rubs salt into the wound

Was the Bayer share significantly undervalued at EUR 20? Looking at the share price performance in the current year, it would appear so. After all, despite the lawsuits in the US and a narrow pharmaceutical pipeline, the share price has gained almost 50% in recent months. Investors have largely ignored the legal risks in the US, which remain difficult to assess, and believe in a turnaround in the pharmaceuticals division.

Fitch analysts have confirmed their BBB credit rating with a stable outlook for the DAX-listed company. However, the experts pointed to the high level of debt and legal risks. Shareholders should also take the reference to low cash flow seriously, which is suffering from low margins and high restructuring and legal costs.

Stock analysts have recently been cautious in their comments. Jefferies confirmed its "Hold" recommendation with a price target of EUR 25. At least there are signs that the legal risks surrounding the PCB cases in the US are coming to an end. The latest settlements are covered by existing provisions. However, appeals are still pending in other cases. UBS also sees the fair value of Bayer shares slightly below the current price level. Analysts rate the stock as "Neutral" with a price target of EUR 28.

SFC Energy: Order from Canada

SFC Energy shares are currently working on bottoming out after the crash a few weeks ago. The latest order comes at just the right time to defend the EUR 16 mark. Canadian partner Latium Technologies has placed a follow-up order with SFC Energy for fuel cells and methanol tank cartridges worth CAD 1.2 million.

Latium offers AI-powered solutions with 24/7 live monitoring for industrial and heavy industrial sites such as construction sites, mines, oil and gas production facilities, and pipelines. The devices are powered by solar modules in combination with fuel cells from SFC. Latium President Antonio Pecorilli commented: "Our mission is to redefine safety on construction sites with intelligent, autonomous, and environmentally friendly systems. SFC's EFOY Pro fuel cells are an important part of our hybrid energy concept and enable us to operate without interruption even in the most remote and power-deficient locations. As we expand our AI-driven CCTV solutions in Canada, SFC remains a reliable partner for sustainable energy efficiency."

By reducing its annual forecast, SFC has lost a lot of confidence. It will likely need significantly more orders of this type to get back on track. In contrast, Veganz shares appear to be massively undervalued. The value of the subsidiary Mililk alone significantly exceeds the current market capitalization of the entire group. Bayer has performed strongly in the current year. Perhaps the time has come to take profits.