Plug Power poised for a 250% rally? Buy TKMS and Rio Tinto partner Aspermont shares?

Aspermont: Are the shares a bargain?

Is Aspermont's share price far too low? Looking at the performance in the fourth quarter of the 2024/2025 financial year (ending September 30), this question must be asked, and the answer can really only be yes. The Company may combine the megatrends of artificial intelligence and natural resources in a truly unique way.

Before we get to the operating figures, it is worth noting that Aspermont is currently valued at less than EUR 15 million. Annual recurring revenue (ARR) increased to USD 11.2 million, while quarterly revenue from continuing operations rose by 5% year-on-year to USD 4.7 million. On an annualized basis, revenue already exceeds the Company's market capitalization. In the fourth quarter of 2025, Aspermont generated positive EBITDA of USD 0.4 million. In addition, the B2B media and data specialist strengthened its balance sheet through a capital increase and had a net cash position of USD 2.9 million at the end of the quarter. Operationally, a 20% increase in visitor numbers at the "Future of Mining Australia" conference and continued progress in the events and media segments added further momentum. However, Aspermont's future earnings power lies in its rapidly expanding data and AI platform.

Management is placing particular emphasis on expanding the Data SaaS business around the new Mining IQ platform. With the launch of version 1 and the first major order from Rio Tinto for the digitization of archive data and the development of an AI-based search and data solution, Aspermont sees its strategy confirmed. The raw materials group will have exclusive use of Mining IQ for several months and will pay USD 550,000 for this. Mining IQ will then be opened up to all raw materials companies and generate recurring revenue. The average revenue per customer is to be increased through upselling and price optimization. The goal remains a growth-oriented but disciplined course with positive operating cash flow and sufficient financial leeway to scale the data and AI business.

This means that Aspermont's transformation story remains intact, and the stock is attractive for investors.

Plug Power: Realistic price target?

Plug Power's stock has fallen sharply in recent weeks. From over USD 4 at the beginning of October, it fell to below USD 2 in less than two months. The stock is thus living up to its reputation of not being for the faint of heart. Is a new rally on the horizon?

According to analysts at H.C. Wainwright, Plug Power shares are far too cheap. This is despite the Company's market capitalization of almost USD 3 billion, the threat of dilution from convertible bonds or other capital measures, and a business model that is far from profitable. This does not seem to bother the analysts, who have renewed their "Buy" recommendation. Their price target is USD 7, which is more than 250% above the current price level. The analysts point to the project pipeline of around 8 GW. They also view Plug Power's new focus on large customers such as Amazon and Floor & Decor positively. This is in line with the recent acquisition of the US space agency NASA as a customer. In November 2025, NASA awarded new, fixed-price supply contracts for liquid hydrogen. The main beneficiary is Air Products, which is expected to supply the majority of the approximately 16,700 tons by 2030. The order volume for Plug Power is only USD 2.8 million. But at least it is a start.

TKMS: Buy after the correction?

TKMS shares were among yesterday's winners. The manufacturer of submarines and naval vessels benefited from a "Buy" recommendation by Deutsche Bank. Following the slide in the share price, analysts have abandoned their "Hold" recommendation. The price target has been raised from EUR 75 to EUR 80. Analysts currently see an attractive entry opportunity. They believe the starting position is good, the order backlog is robust, and the outlook for profitability and cash flow is positive.

Since its celebrated initial listing, the marine subsidiary of thyssenkrupp has corrected sharply. The initial price of TKMS shares when they were launched on the stock market on October 20, 2025, was EUR 60. In the days that followed, it briefly rose above the EUR 100 mark. Then the correction in defense stocks set in, and with the latest discussions about peace in Ukraine, it fell below EUR 60 on Monday. Yesterday, however, TKMS shares were trading at EUR 62 again. As a result, there is still 29% upside potential to Deutsche Bank's price target.

Only true optimists are likely to believe in Plug Power's price target of USD 7. The market is simply too challenging for companies such as the Americans, or for thyssenkrupp nucera and Nel ASA. In contrast, Aspermont appears to be a real bargain. The growth story is gaining momentum, and even today the stock does not look expensive based on revenue and EBITDA. TKMS is probably not overvalued at the moment, but its upside potential also seems limited.