Siemens Energy, TKMS, and Almonty Industries! Profits surge, forecasts raised, target prices raised!

Almonty Industries: Is the rising price target just the beginning?

Almonty Industries shares are clearly among the current high flyers. The stock has gained around 60% on the Nasdaq in the early part of the year. And there still appear to be investors who jump in at every sign of weakness. Wednesday was a good example of this: Within minutes of the market opening, the share price plummeted by around 10%. At the end of the trading day, the tungsten share closed at USD 14.25, up 0.5%. This is what relative strength looks like.

Why are more and more investors getting involved with Almonty? Tungsten is critical for key industries such as defense, aerospace, and technology. At the same time, supply is scarce and dominated by China. It is not without reason that Almonty's CEO has repeatedly called tungsten "the real rare earth." In the US, for example, the import quota is 100%. Until 2025, there were virtually no well-known Western producers. This is currently changing with the commissioning of the Sangdong mine in South Korea by Almonty. And with their tungsten mine in Portugal, which is currently being expanded, and what is probably the largest tungsten mine outside China, which is also extremely high-grade, Almonty's importance in the global tungsten market is far from over. Another mine is scheduled to go into operation in the US later this year. And now the key point: during the development of Sangdong in 2024/2025, the spot price for tungsten was between USD 200 and USD 300 per MTU. The company could have earned well at these prices. Currently, the market price is USD 1,200 per MTU.

What this means for Almonty's margin is reflected in the share price performance and in analyst estimates projecting net margins of 50%. Given its significantly lower market capitalization relative to MP Materials, the stock does not appear overvalued. Analysts have been slow to respond to the increasingly critical situation in the tungsten market. Most recently, analysts at DA Davidson raised their price target for Almonty shares from USD 12 to USD 18. This may only mark the beginning of further upward revisions. In many cases, experts have based their calculations on price assumptions between USD 400 and USD 600 per MTU.

Note: Almonty CEO Lewis Black has regularly shared exciting insights at the International Investment Forum. He may do so again on February 25, 2026. Register here for free.

Siemens Energy: In the midst of the AI boom

Business at Siemens Energy continues to boom in the 2025/2026 fiscal year. Revenue and profits are rising significantly, and order intake shows no signs of slowing. Following the publication, the share price hit an all-time high, prompting analysts to raise their price targets.

Siemens Energy increased its revenue in the first quarter of fiscal year 2025/2026 by 12.8% to around EUR 9.7 billion. Adjusted operating profit more than doubled from EUR 481 million to EUR 1.16 billion. Accordingly, the margin rose from 6.6% to 12%. The energy technology group thus slightly exceeded its own margin expectation of 9% to 11%. As expected, the money is being earned in the gas and grid business. The wind power subsidiary Siemens Gamesa was at least able to reduce its losses. Overall, Siemens Energy generated a net profit of EUR 746 million, more than three times as much as in the same period last year.

There is no sign of a slowdown in business. The Gas Service division achieved a new order record in the reporting quarter. A total of 102 gas turbines were ordered, and 12 GW of capacity was newly reserved. Forty percent of the orders came from the US, where gas turbines are currently the preferred option for data center operators to quickly ensure a stable energy supply. The network technology business is also being driven by the AI boom in the US. As a result, several large orders worth several hundred million euros have been secured.

Following the quarterly report, Siemens Energy's share price shot up to over EUR 163, a new all-time high. This means that the security has already gained around 33% in value in 2026. Not quite as much as Almonty shares, but still impressive.

In addition to investors, analysts were also enthusiastic. JPMorgan, for example, raised its price target from EUR 160 to EUR 200. Analysts at the largest US bank praised the margin development and raised their earnings estimates.

TKMS: Analyst sees problems in the details

Business at TKMS is not booming as strongly as at Almonty and Siemens Energy, but at least the forecast for the current 2025/2026 fiscal year has been raised.

The stock market newcomer reports continued positive order momentum. Among other things, the company is delighted with the largest torpedo order in the group's history for the German Navy. At EUR 18.7 billion, the order backlog is at a record level (September 30, 2025: EUR 18.2 billion). This does not yet include the latest order for two additional Class 212CD submarines from Norway.

This means that the Group's operating business is also slowly picking up speed. TKMS has therefore raised its revenue forecast for the current fiscal year to +2% to +5%. Previously, the forecast was 1% to +2%. The adjusted EBIT margin is expected to rise to 6%, approaching the medium-term target of 7%.

TKMS CEO Oliver Burkhard expressed confidence: "TKMS remains on track for success. Our order backlog has reached a new high. In view of current geopolitical developments, our customers continue to have a high demand for advanced maritime capabilities. As the only fully integrated maritime systems provider in Europe, we are ideally positioned to meet demand in all areas of our industry. This is evident not only in the ongoing campaigns in Canada and India, but also in the order extension from Norway in the 212CD program and the recently concluded preliminary agreement for the MEKO® A-200 frigates."

Following the announcement, the share price fell by 2.60% and closed at EUR 92.30. In an initial reaction, analysts assessed the figures very differently, citing widely varying price targets. Bernstein Research notes that margins in submarine shipbuilding are declining due to higher research expenditures. This is one reason why analysts see the fair value at only EUR 67. Why they still rate the stock as "Market Perform" is not entirely plausible. In contrast, the cautious price reaction surprised analysts at mwb research. Their price target for TKMS shares remains at EUR 125.

Further price target increases by analysts are likely to follow for Almonty. This is because the studies are based on prices for the critical raw material that are too old. The stock shines even on days when the Nasdaq is weak. This suggests that prices will continue to rise. There is also much to suggest that the rally will continue at Siemens Energy. However, the company is heavily dependent on the AI boom in the US and cannot afford to make any mistakes in the wind business. The order intake at TKMS is certainly encouraging, but the marine business is extremely complex. TKMS shareholders must not forget this.