TeamViewer after the shock! Aixtron not good enough? NU E POWER wants to monetise!

NU E Power: CEO announces focus on monetisation

NU E Power aims to benefit from rising electricity demand. At the International Investment Forum (IIF), CEO Broderick Gunning outlined the Canadian energy developer's business model. The company secures land at an early stage in regions expected to experience strong future energy demand and advances projects through the permitting process until they are ready for construction. The focus is on decentralised energy solutions for data centres and other large industrial consumers. In particular, the company is pursuing a combination of natural gas, solar energy and battery storage.

Within two to three years, the projects are expected to have progressed sufficiently to begin supplying electricity. They can then either be sold in full to infrastructure investors or monetised gradually through the sale of individual stakes. NU E Power intends to retain a 5% to 15% interest in selected projects over the long term. With operating lives of 15 to 25 years and recurring cash flows, this approach could enable the company to establish a predictable revenue stream alongside its project development business.

NU E Power's project portfolio currently comprises a total net capacity of 613.94 MW. Activities in the Canadian province of Alberta are particularly well advanced. The company has operated the Lethbridge One solar plant since December 2024. The project has a gross capacity of 8.75 MWac, of which 2.19 MWac is attributable to NU E Power. A further 503.5 MWac gross is under development. This includes Lethbridge Two (12.5 MWac gross; 6.25 MWac net), Lethbridge Three (155 MWac gross; 77.50 MWac net) and Hanna (336 MWac gross; 168.00 MWac net). NU E Power holds a 50% economic interest in these projects. The two Lethbridge projects have already received regulatory approval. The company is now in talks with potential electricity offtakers, including operators of AI data centres and large industrial customers. It is offering long-term power purchase agreements for solar energy as well as hybrid supply solutions using natural gas and battery storage. However, no contracts have yet been concluded. NU E Power is also developing a project in Regina, Saskatchewan. The company has signed a non-binding letter of intent (LOI) to acquire a plot of land adjacent to a planned Bell Canada data centre. However, the property is currently neither zoned for industrial use nor developed.

NU E Power has completed two capital increases totalling around CAD 5.66 million in the current year. Over the next 12 months, CEO Gunning intends to place greater emphasis on the economic assessment and monetisation of the company's projects. A detailed development plan is to be published as early as the end of November. For the first time, this is to include specific economic assessments of individual projects at different stages of development, together with potential future revenue streams. Management also aims to provide institutional investors with a more detailed basis for assessing the company's project portfolio.

Aixtron: Results celebrated only briefly

Aixtron's shares have fallen sharply since the summer. By the end of October, the share price had more than halved to below EUR 30. A company announcement then provided positive momentum. However, the momentum is fading again. 

Aixtron said that it is increasingly benefiting from the global expansion of AI infrastructure. The semiconductor equipment manufacturer recorded a 122% increase in order intake to EUR 274.9 million in the third quarter of 2026. Demand for equipment used to manufacture optical components needed for high-speed communication in AI data centres was particularly strong. Optoelectronics accounted for around 68% of equipment order intake. A recovery is also emerging in power electronics. Initial orders for capacity expansions in GaN and SiC applications indicate that customers' willingness to invest is rising again. Overall, the equipment order backlog increased to EUR 549.4 million, 92% above the previous year's figure. The orders secure capacity utilisation well into 2027. 

Aixtron also impressed with its third-quarter revenue and earnings. Revenue rose 54% year on year to EUR 183.6 million. The improvement in profitability was even more pronounced. Thanks to a favourable product and regional mix, as well as better capacity utilisation, the gross margin increased from 39% to 48%. Operating profit (EBIT) jumped from EUR 15.4 million to EUR 56.7 million. The EBIT margin thus reached 31%, compared with 13% in the same quarter of the previous year. On the bottom line, Aixtron earned EUR 35.4 million, up 172% from a year earlier. 

Aixtron confirmed its guidance for full-year 2026. Revenue is still expected to reach EUR 560 million, with a range of EUR 30 million either side, alongside an EBIT margin of 17% to 20%. This means the company would have to generate revenue of between EUR 171.9 million and EUR 231.9 million in the final quarter. Production has already ramped up steadily over the year and is set to increase further by year-end. The new production site in Penang, Malaysia, is also progressing as planned. Management is decidedly optimistic about 2027. CEO Felix Grawert expects strong growth, driven primarily by optoelectronics. Power electronics could provide additional momentum. Based on the current sales pipeline, Aixtron expects to maintain order intake at its high level over the coming quarters or even increase it further.

TeamViewer: After the shock 

In recent months, it looked as though TeamViewer could become an AI winner. But that hope was dashed this week, at least for now. The software company's shares have since lost more than 25% of their value following a profit warning. mwb research subsequently downgraded the shares from Buy to Hold and lowered the price target from EUR 8.90 to 7.00. The analysts are increasingly critical of the growth prospects. In particular, increasing competitive pressure from AI-based applications could weigh on the business model. At the same time, TeamViewer has so far been unable to establish its higher-value software solutions among customers quickly enough. This is fuelling doubts as to whether the company can return to a sustainable growth trajectory in the short term.

mwb research continues to view TeamViewer's high profitability and strong cash flow positively. Progress with the new TeamViewer ONE platform also offers reason for optimism. However, the analysts see significant risks in marketing new, higher-value solutions. So far, customers have shown only limited willingness to use such offerings. 

For the next two years, the analysts expect only moderate revenue growth at TeamViewer. Following an expected decline of 1.1% to EUR 739 million in the current year, revenue is projected to rise by 1.6% to EUR 750 million in 2027 and by a further 1.5% to EUR 762 million in 2028. Profitability, by contrast, is showing signs of a downward trend. EBITDA is expected to fall from EUR 313 million in 2026 to EUR 307 million in 2027 and EUR 301 million in 2028. Net profit is expected to improve from EUR 124 million in the current year to EUR 130 million in 2027, then stagnate at that level in 2028. Analysts therefore expect neither significant growth acceleration nor sustained improvement in operating profitability for the time being.

Conclusion

NU E Power is still in the early stages of interesting developments. Energy will undoubtedly remain a key factor in AI's success. At TeamViewer, disillusionment has returned for now. There is no compelling reason to buy the shares. Aixtron has attracted renewed attention following its recent share price decline.