SHAKE-UP at Gerresheimer! BUYING OPPORTUNITY at TKMS and Kobo Resources!

TKMS: Analysts see the share price at EUR 100 and above

TKMS shares celebrated a strong market debut and stabilized around EUR 80. "Too cheap," say analysts at mwb research. An insider also took action at this level last week. CEO Oliver Burkhard purchased TKMS shares worth EUR 295,000 at a price of EUR 80.40. He clearly sees this level as an attractive entry point.

mwb has issued a fair value of EUR 100. In their latest update, analysts cite the Canadian submarine tender as a key price driver. Canada plans to replace its aging Victoria class with up to twelve conventional, Arctic-capable submarines. The project has an estimated volume of EUR 13 billion. According to mwb, Thyssenkrupp Marine Systems (TKMS) has the edge over its remaining competitor, Hanwha Ocean from South Korea. The Type 212CD, jointly developed by Germany and Norway, is the only fully Arctic-proven design with hydrogen fuel cell AIP and NATO standardization. Hanwha's KSS-III design, on the other hand, is an untested blue-water model with no export customers and high certification risks. In addition, TKMS offers political proximity to NATO partners, a proven supply chain, and a proven offset model with local value creation – all factors that carry more weight for Ottawa in a security-sensitive project than pure cost considerations.

Financially, mwb research expects TKMS to grow its revenue from EUR 2.15 billion in the current year to EUR 2.67 billion by 2027, with an EBITDA margin of over 10%. A contract award in Canada would increase the fair value by EUR 15 to 20 per share.

Kobo Resources: Convincing drill results point to potential takeover?

Kobo Resources is still a hidden gem in the gold sector, with shares recently listed on the Frankfurt Stock Exchange. Once the gold price resumes its upward momentum, the Company could quickly attract broader attention. Kobo is active in Côte d'Ivoire, one of Africa's most stable countries, where the government actively encourages international mining partnerships and the establishment of new gold projects.

Kobo's Kossou Gold Project is located in the Birimian Belt, about 40 km from the capital, Yamoussoukro. Notably, Kobo is considered a potential takeover candidate, as a producing mine owned by Perseus Mining lies just a few kilometers away. A successful takeover could take place as early as next year if the initial resource estimate is convincing.

An extensive drilling program is currently underway for the resource estimate. The latest data has again been convincing. The Road Cut Zone has confirmed several wide gold intersections, including 10.0 m at 2.50 g/t Au. The Jagger Zone has even delivered high-grade near-surface intersections of up to 17.30 g/t Au. Overall, the new drilling has outlined promising results for gold deposits near surface and at depth. Kobo is confident that the growing gold system with significant potential will continue.

Kobo is currently conducting an extensive drilling program to support its resource estimate. Recent results have been particularly encouraging. The Road Cut Zone confirmed multiple wide gold intersections, including 10.0 meters at 2.50 g/t Au. The Jagger Zone produced high-grade near-surface intersections reaching up to 17.30 g/t Au. Overall, the drilling has highlighted promising deposits both near the surface and at depth. Kobo remains confident that the expanding gold system offers substantial growth potential.

https://youtu.be/JIVd5kOYalI?si=gSnd9A0AWMXXrAq2

Gerresheimer: Management change fails to inspire investors

While Kobo Resources may benefit from rising gold prices and TKMS appears to be in solid shape, Gerresheimer remains under heavy pressure. The share price has lost around 60% of its value in the current year and is currently trading at its lowest level since 2011.

Even the recent management reshuffle has failed to trigger a recovery. Gerresheimer's supervisory board has appointed Uwe Röhrhoff as interim CEO, effective November 1, 2025. He succeeds Dietmar Siemssen, who stepped down by mutual agreement on October 31. Röhrhoff is a familiar face - he spent 26 years at the Company, including 7 years as CEO before his departure in 2017. With his appointment, Gerresheimer states that it has now completed the restructuring of its management board. In September, a new CFO was appointed, and on November 1, Achim Schalk took up his new position as another member of the Management Board.

The reasons for the share price slump and the leadership changes are clear. Gerresheimer recently had to cut its full-year forecast and dividend, a move that shook investor confidence. In addition, a planned acquisition reportedly fell through, and BaFin has initiated a review of the Company's balance sheet.

Investors continue to give Gerresheimer the cold shoulder, and this is unlikely to change in the short term. In contrast, there are good reasons why the gold price and defense stocks could soon end their breather. Kobo Resources and TKMS are well-positioned to benefit from this development.