Underrated stocks? A look at the growth drivers of Novo Nordisk, Planethic Group, and Puma

Novo Nordisk – Why the downturn seems exaggerated

The mood surrounding Novo Nordisk could hardly be worse. Once the shining star of the market, the Danish pharmaceutical giant is now in the midst of a profound crisis of confidence. Its share price has lost some of its momentum, and the latest quarterly figures gave little cause for celebration. Revenue is no longer really picking up, profit forecasts have had to be revised downwards several times, and then there is also a massive restructuring program weighing on operating margins. So, at first glance, the situation looks pretty sobering. However, if you take a closer look, you will discover some rays of hope.

If the current special effects are ignored, it becomes clear that the operating business is quite robust. However, this is currently obscured by the high restructuring costs. Without these special charges, profit growth would be in the low double-digit range, a figure that is completely lost in the current market panic. This "smoothed" view shows that the fundamental profitability of the business model with its leading cardio-metabolic therapies is far from as weak as the share price suggests. Another factor of uncertainty appears to be resolving itself. Like its industry peers, Novo Nordisk has reached an agreement with the US government that minimizes tariff risks for the coming years.

Although the agreement provides for lower prices for blockbusters such as Ozempic, it secures the Company access to the vast US market. This legal certainty will reduce profit margins, but on the other hand, it will attract many new customers who previously could not afford the drug. In addition, the decision not to pursue the expensive acquisition of Metsera shows that management is not willing to pay any price, but is making economic calculations. The stock's valuation already reflects an extreme negative scenario. For investors, this story could be a classic turnaround candidate whose potential is not yet recognized by the market. The stock has formed a double bottom at EUR 39.20 and is currently available for EUR 42.98.

Planethic Group – From niche player to tech pioneer

The Planethic Group has undergone a remarkable transformation. The former Veganz Group has evolved into a food tech holding company focused squarely on technology and profitable growth areas. Under new management, unprofitable operations have been divested, and the structure reorganized into a lean holding company with agile subsidiaries. The Company is repositioning itself with a fundamental change in strategy. The focus is consistently on scalable technologies that promise high margins. Beyond plant-based milk alternatives, the Company's processes can be applied to a wide range of products, including dietary supplements and protein shakes. This shift positions Planethic as a compelling turnaround candidate.

The driving force behind this transformation is Mililk - an innovative 2D printing technology for food. It enables beverages such as milk alternatives to be printed into a light, shelf-stable powder that can be reconstituted with water on site. For Planethic's customers, the biggest advantage is the significant reduction in logistics and storage costs. By developing concentrates that weigh and take up only a fraction of the weight and volume of liquids, these costs can be reduced by up to 90%. This is the door opener for gastronomic and commercial customers. This target group can reduce its own goods purchasing costs by around 30% through the use of Mililk. In a competitive market, this is a decisive competitive advantage.

To leverage this potential, Planethic is pursuing a targeted financing strategy. For the global rollout of production facilities, management is relying on a mix of equity, subsidies, and potential subordinated loans. The equity base has already been strengthened. With non-binding preliminary agreements for more than 300 million liters in the bag, which are to be converted into fixed long-term contracts once the first factory is operational, the Company is demonstrating that it can scale demand. If Planethic succeeds in bridging the gap from vision to profitable mass production, little stands in the way of a genuine turnaround. The stock has recently come under heavy pressure and is currently trading at EUR 7.08.

Puma – The painful reset for the turnaround

Puma's current figures are not very encouraging. In the third quarter, revenue slumped by 15%, and a hefty profit turned into a net loss of over EUR 60 million. The reasons lie in strategic legacy issues: a brand perceived as too commercial, overstocked inventories at retail partners, and a sales force that was too reliant on discounts. This deliberate reset, while painful in the short term, is intended to lay the foundation for a healthier future. Management is taking a transparent and proactive approach, addressing structural problems head-on rather than concealing them.

This course is being driven by a comprehensive package of measures. Puma is refocusing on its sporting DNA with an emphasis on soccer, running, and training. At the same time, the cost structure is being radically streamlined, with the elimination of around 900 jobs by the end of 2026 being only the most visible part of this. Another clever move is the switch to a licensing model for socks and underwear in North America. This reduces operational complexity and ensures more transparent finances.

For investors, Puma is thus a classic turnaround candidate. The market is already valuing the stock in crisis mode, while the Company is setting the course for recovery. Management has declared 2026 to be a transition year in which the turnaround will not yet be successful. A recovery is expected from 2027 onwards. Investors, therefore, need to be patient. However, if the strategic realignment and strict cost-cutting measures bear fruit, the Company could ultimately emerge from the crisis stronger than before. It remains a risk – but one that could pay off for investors with strong nerves. The share price is currently EUR 16.765.

Even in turbulent times, undervalued stocks offer strategic opportunities. Despite the current downturn in sentiment, Novo Nordisk has a robust foundation in its adjusted operations that does not justify the extreme negative valuation. With its scalable Mililk printing technology for liquid foods, Planethic Group has opened up an enormous growth window in a profitable future market. Puma, on the other hand, is undergoing a painful but necessary reset that will strengthen the brand in the long term by focusing on its sporting DNA and cost discipline. For investors with patience and foresight, these turnaround candidates offer considerable potential.