SHOCK AND OPPORTUNITY: Nel ASA, K+S, and Bayer Partner MustGrow - Which Stock Stands Out?

MustGrow: When will MustGrow Biologics share price break out?

While farmers are suffering from high fertilizer prices, MustGrow offers an exciting alternative. The company replaces traditional fertilizer with mustard. You read that right—mustard. MustGrow isolates and concentrates the molecules found in wasabi or horseradish ("the kick in the nose") and transforms them into practical applications for farmers. The goal is to naturally increase yields, strengthen soil biology, and reduce the use of synthetic chemicals. MustGrow's organic fertilizer can be integrated into existing agricultural practices without major adjustments. This lowers barriers to market entry and increases the likelihood that farmers will adopt the products.

In the US, arguably the world's most important market, the product TerraSante is already approved in several states. Thanks to this certification, it can be used in both conventional and organic farming.

The market opportunities are enormous. In the US alone, the addressable market is worth around USD 3.5 billion. MustGrow has initially set a target market share of 3%. This would amount to USD 100 million. The company's market capitalization is only around CAD 35 million.

Of course, there is also global potential. To tap into this quickly and without massive costs, MustGrow is relying on strong partners. The collaboration with Bayer is particularly exciting. The Leverkusen-based company not only holds licenses for Europe, Africa, and the Middle East, but is even prepared to invest tens of millions of dollars in registrations itself. This allows MustGrow to receive milestone payments without having to shoulder the initial investments itself. Therefore, it can really only be a matter of time before the stock takes off.

K+S surprises on the upside, but...

While MustGrow offers farmers an opportunity, the fertilizer and salt manufacturer K+S raised its full-year forecast this week following a strong first quarter. EBITDA for the current year is expected to range between EUR 630 million and EUR 730 million. Previously, the group had anticipated EUR 600 million to EUR 700 million.

In the first three months of the year, K+S has already generated EBITDA of EUR 280 million. This clearly exceeded market expectations. Analysts had anticipated an average of EUR 225 million. K+S intends to continue benefiting from high fertilizer prices in the coming months.

The stock reacted to the news with a share price jump of over 8%, climbing above EUR 16. This means the stock has already gained over 27% so far this year. However, analysts believe this marks the peak.

Following the release of the figures, DZ Bank raised its price target for K+S shares from the previous EUR 14.50, but at EUR 15.25, it still sees no further upside potential. The stock is therefore rated "Hold." While analysts praised the figures, they noted that the group's valuation already factored in this positive development.

Jefferies remains particularly pessimistic. Although the group positively surprised the market with its first-quarter figures and full-year outlook, the firm sees no upside potential. Analysts consider K+S shares fairly valued at EUR 11.50. Accordingly, they rate the stock as "Underperform."

Nel ASA Shocks Shareholders

Nel shareholders reacted with shock. The hydrogen specialist's stock has lost over 10% in value this week. And there are good reasons for this. The Norwegian company disappointed with its first-quarter 2026 results. Although the company managed to reduce its losses slightly, that was the extent of the positive news. This is because operating momentum is slowing significantly.

Revenue fell by 13% to NOK 152 million. At the same time, while EBITDA improved from NOK -115 million to NOK -100 million, the loss remains high, and the reduction is slow. The bottom line also shows a high net loss of NOK -144 million.

However, the trend in new business is particularly critical. Order intake plummeted by a drastic 73% to just NOK 85 million. Accordingly, the order backlog also fell significantly by 24% year-over-year. At NOK 1.1 billion, the order backlog is still sufficient, but the trend is clearly negative.

Management does point to a possible recovery in the PEM segment as well as opportunities arising from geopolitical developments and the increasing focus on energy security.
However, concrete momentum has not yet been reflected in the figures. Even smaller follow-up orders after the end of the quarter do nothing to change the weak overall picture.

The shares of MustGrow Biologics appear significantly undervalued when viewed against their revenue potential. As soon as the first meaningful sales figures are delivered, the stock could see a strong breakout. By contrast, for Nel ASA, there are increasing arguments in favor of declining share prices. The sharp drop in order intake is alarming. The company is still valued at over NOK 4 billion. The shares of K+S have already performed strongly. A consolidation would therefore not be surprising.