Share price plunge or new beginning: CSG, Power Metallic Mines, Siemens Energy and Singulus Technologies

CSG plunges more than 20% – Vincorion and Renk also come under pressure

Shares in CSG N. V. plunged 21.58% to EUR 10.54 in Amsterdam this Wednesday, November 11. Yesterday, Thursday, the Czech defence group reached a new all-time low of EUR 10.26. The shares, which have only been listed since January 23, thus moved further away from their issue price of EUR 25. The profit warning also weighed on German defence stocks Vincorion and Renk.

CSG produces ammunition, military vehicles and artillery systems, among other things. For 2026, the group lowered its operating EBIT margin forecast from 24 to 25% to around 21%. The revenue forecast of EUR 7.4 to 7.6 billion remained unchanged. Lower selling prices for standard ammunition weighed on performance, while demand shifted towards products with greater range. At the same time, the lower-margin land systems business gained in importance.

Over the first nine months, revenue rose 6.1% to around EUR 4.76 billion. Operating EBIT, by contrast, increased by just 0.4% to around EUR 1.1 billion. In the third quarter, it fell from EUR 401 to 317 million. Nevertheless, the order backlog reached a new record of EUR 18 billion. Capital tied up also increased: instead of below 20%, CSG now expected net working capital at year-end to be below 35% of revenue. This pushed part of the expected cash release into next year.

From a technical perspective, the all-time low intensified the downtrend. The 20-day moving average at around EUR 14.30 and the 200-day moving average at EUR 19.10 were well above the closing price. The shares would first need to stabilise above the new low. A return above the short-term moving average would be a first step towards a sustainable recovery.

The share price decline at Vincorion SE was therefore not to be viewed as an isolated event either. The shares fell 8.08% to EUR 16.72 on Xetra. CSG's warning fuelled doubts as to whether high defence spending automatically meant margins would continue to rise. Yet Vincorion's business performed strongly: the manufacturer of power and drive systems for military vehicles and air defence increased quarterly revenue by around 40% to EUR 87.5 million. Adjusted EBIT rose to EUR 17.9 million. The corresponding margin fell slightly from 20.8% to 20.5%. The annual forecast, which had already been raised, remained unchanged. 

Renk Group fell by almost 5% at its lowest point to EUR 33.20. The transmission manufacturer for tanks and other military platforms therefore fell below its October low of EUR 33.49. The downtrend in place since the start of the year had intensified since August; the intervening sideways phase in October did not bring a lasting reversal. 

Below the support zone between EUR 33.50 and 33.60, attention turns to the region around EUR 31, where Renk last traded in April 2025. On the upside, the 20-day moving average at approximately EUR 36.50 formed an initial hurdle. Only a sustained return above EUR 40 would brighten the technical picture. The 200-day moving average was significantly higher at around EUR 47.50.

Power Metallic: High ore grades impress

Power Metallic Mines is developing its flagship Nisk project in Québec and aims to turn it into a future mine. Numerous major investors have invested in the polymetallic deposit, where vast copper and nickel mineralisation has been found, in recent quarters. These include resource billionaires such as Rob McEwen, Robert Friedland, Gina Rinehart and Eric Sprott. They are clearly betting on a copper shortage over the next 10 years, as electrification and power grid expansion consume enormous quantities of this resource that existing mines can no longer supply. 

The preliminary economic assessment (PEA) is intended to confirm the economic viability of the deposits in the first half of 2027. It will determine mining, processing, infrastructure, and capital and operating costs. The resource estimate completed on June 19, 2026, reports around 4.75 million tonnes at approximately 3.9% copper equivalent (CuEq) for the Lion zone. Of this, 4.145 million tonnes are in the indicated category, and 0.601 million tonnes are inferred. The indicated category, and thus the portion with a higher level of confidence, accounts for around 87%. Based on current knowledge, approximately 406 million pounds of CuEq are expected from this, which includes not only copper but also other extractable resources such as nickel, gold, silver, etc. In the Nisk Main zone, 4.72 million tonnes of nickel-copper resources are assumed.

Of interest in the Lion zone are the laboratory tests, which achieved a copper recovery of 98.3 to 98.9%, and concentrates with more than 25% copper in the samples examined. This already points to technically promising processing of the raw materials from the existing ore. Around 59% of the Lion tonnage falls within the modelled open-pit area. Additional prospects were provided by drill hole PML-26-125, among others. At a vertical depth of almost 800 m, 5.7 m grading 14.0% copper equivalent were recorded. The interval lies below the existing resource and supports the assumption of an extension of the deposits at depth. According to the company, the PEA and accompanying environmental, technical and dialogue programmes are fully funded into 2027 by the ample cash available. The second environmental field study is planned for 2027.

For the analysts at GBC AG, the ongoing improvement measures at Power Metallic, particularly in the Lion and Tiger zones, warranted an upgrade to their valuation estimate. This was raised from CAD 570 million to CAD 660 million. The analysts maintain their price target of CAD 3.00 (around EUR 1.86) with a Buy rating.

Siemens Energy jumps over 10% – Singulus and Adesso also in demand

The shares of Siemens Energy AG jumped by over 12.2% from the start of the week to EUR 134.58. This put the energy technology group, with a market capitalisation of over EUR 111 billion, at the top of the DAX gainers list. The benchmark index also reached a new high of 27,004 points. Outside the DAX, Singulus and Adesso also attracted attention with sharp share price jumps.

In the past financial year 2026, Siemens Energy's revenue rose by 15.5% on a comparable basis to EUR 44.2 billion. The profit margin before special items improved from 6.0% to 12.4%, while net profit increased from EUR 1.7 billion to EUR 4.1 billion. The previously loss-making wind business, Siemens Gamesa, broke even. The order backlog climbed to a record EUR 164 billion.

For 2027, the group projected comparable revenue growth and a profit margin before special items of 14 to 16%. By 2030, the margin was expected to rise to 20 to 22%. In addition, there was a proposed dividend of EUR 2.30 per share and additional share buybacks of up to EUR 9 billion. Rising electricity demand, new data centres and grid expansion support the growth prospects.

From a technical perspective, the share price jump initially remained a recovery within the downtrend that has been in place since August. Following the slump in mid-October, Siemens Energy had lost the repeatedly confirmed support zone around EUR 135. Previously, it had held repeatedly in March, June, July and September. On November 5, an annual low of around EUR 111 followed. Despite this weakness, the stock is up about 8% since the start of the year and around 23% over 52 weeks.

The former support at EUR 135 and the 50-day moving average around EUR 136 now stand out as resistance levels. Above the high of October 29 at EUR 137.70, the stock could head towards the EUR 140 mark. Above that lie the 100-day moving average at EUR 144 to 145 and the 200-day moving average at EUR 153.70. Initially, the price should hold above EUR 130. Another failure between EUR 135 and EUR 137.70, however, would signal downside risks.

However, arguably the most spectacular share price jump was achieved by Singulus Technologies. The stock has gained 100% since Tuesday despite profit-taking already underway and, at EUR 25.40, is trading at twice its level at the start of the week. The machinery manufacturer develops equipment for solar cells and the semiconductor industry. The catalyst was a SpaceX order worth more than EUR 60 million for a solar cell production line. Delivery was scheduled for the first half of 2027. Further lines were reportedly planned; however, only the first has been contractually agreed so far. Relative to expected annual revenue of around EUR 83 million, the order carried considerable weight.

Conclusion

CSG lost more than 20% of its market value after lowering its margin forecast despite a record order backlog, dragging other defence stocks down with it. Power Metallic Mines is advancing the Nisk project with high metal grades, and the PEA planned for 2027 is intended to clarify its economic potential. Siemens Energy gained over 10% following strong annual results, while record orders, higher margin targets and planned share buybacks support investor expectations.