Strong tailwind for defense stocks – New buy signals for Antimony Resources, Hensoldt, and Steyr?

Antimony Resources – Resource estimate in focus

It is not only sentiment that currently favors investments in defense stocks and commodity stocks that are essential to industry. The trend of rising defense spending around the globe to unprecedented levels has become established. New conflicts, such as the one currently unfolding in South America, underscore these developments. Critical raw materials that will be of great importance for defense and high tech, among other things, are desperately sought after by governments and companies.

China's global dominance in terms of deposits and processing capacities, combined with export restrictions, poses enormous challenges for the Western world. Security of supply and resilient supply chains are at the top of the agenda. The critical raw material antimony, which has received far too little attention to date, is also becoming increasingly important. This plays into the hands of Canadian company Antimony Resources.

Antimony is used in flame retardants, electronics, batteries, and alloys, among other things, and is also used in ammunition and semiconductors. Antimony Resources has a valuable asset. The Bald Hill project in New Brunswick, Canada, is home to North America's largest antimony deposit, covering an area of 1,100 hectares.

In the past, high mineralization has been proven with antimony grades ranging from 2.76% to 14.91%. Even more decisive for the project's value indication is the data recently published in a NI 43-101-compliant technical report. According to this report, the property contains approximately 2.7 million tons of rock with antimony grades of 3 to 4%. This suggests a deposit of 81,000 to 108,000 tons of pure metal.

The size of the deposit is considerable, even on a global scale. In the course of the ongoing drilling program, existing zones were also extended to the north and south, which could significantly increase the deposit in the future. The Canadians have announced that the first resource estimate will be available in the first quarter of this year. It is very possible that the results will significantly boost the share price.

In order to increase the visibility and liquidity of the share, the Company has already listed on the US OTCQB. A few days ago, the Canadians reported that the first tranche of the current capital increase, with a total volume of CAD 9.5 million, had been closed and new shareholders from the US had been acquired. Antimony Resources is currently valued at around CAD 75 million, with its share price trading at around CAD 0.39.

Hensoldt – Not a "Buy" despite technological leadership?

Hensoldt shares also benefited from the rise in defense stock prices. After reaching a high of EUR 113 at the beginning of the fourth quarter of 2025, the share price corrected to just under EUR 70. At EUR 81, the Company is currently valued at EUR 8.8 billion.

Most analysts rate the stock as a "Hold" at this level, which is understandable given the moderate growth in revenue and profits forecast for the near future. Many defense stocks offer a better risk/reward ratio. Hensoldt is a technology leader in sensor solutions for defense and security applications. In addition, the southern German company is gradually expanding its portfolio in the area of cybersecurity.

Steyr – 50% upside potential

The shares of the Austrian company have been on a rollercoaster ride. At the end of 2025, there was another dip in the share price because major shareholder Mutares completely exited the Company in the course of a second placement. In the long term, however, this is positive for Steyr shareholders, as a takeover by one of the larger players seems realistic.

Even though the Company issued a profit warning at the end of last year, its strategic positioning and growth prospects are good. With a current market capitalization of just under EUR 200 million and full order books, the share price of the specialist manufacturer of high-performance diesel engines still has considerable upside potential. NuWays analysts recently confirmed their "Buy" recommendation and price target of EUR 59, representing upside potential of around 50%.

A new round of geopolitical tensions is causing defense stocks to rise, which has also benefited Hensoldt and Steyr shares. According to analysts, Hensoldt is a "Hold", while Steyr is a "Buy" with upside potential of 50%. The potential of Antimony Resources has so far only been partially reflected in the share price. However, the technical report already provided a good indication in the recent past of where the journey could lead. The publication of the first resource estimate, announced for release by the end of March, represents an important milestone and could lead to a revaluation of the stock.