Will new Trump tariffs slow down the stock market boom? Keep an eye on Plug Power, dynaCERT, and Nordex

Nordex – Is growth really that high?

In the German Greentech industry, Nordex has been on a noticeable upward trend over the last two years. Not only is its operating business flourishing, but its share price has also risen from below EUR 10 in 2024 to EUR 33 today. But is a P/E ratio of over 20 still justified after a 300% rise in the share price? Analysts on the LSEG platform have their doubts, with only Metzler and mwb research predicting prices above the high of EUR 35 and EUR 36, respectively, over the next 12 months. Nordex management has emphasized that results are expected to continue rising slightly after 2025, and that the 8% EBITDA margin will already be achieved or slightly exceeded with the 2025 figures. For 2026, the decisive factor will be order intake, which already stood at around 2.2 GW in Q3, accompanied by a record order book of over EUR 9 billion. By way of comparison, revenues have increased from EUR 6.5 billion in 2023 to just under EUR 8 billion, while EBIT has risen somewhat disproportionately to around EUR 417 million. Analyst consensus sees EBIT doubling again to around EUR 874 million by 2029. The distant 2029 P/E ratio then falls to a favorable 12.8 – why the stock market is already pricing in the growth of the next four years remains unclear in our view. Based on the current price of EUR 32.30, Nordex shares are therefore a clear sell candidate. The 2025 annual figures are scheduled to be published on February 26.

dynaCERT – Cleantech stock with leverage on regulation and emissions markets

The equity story of dynaCERT has not yet been fully understood, even though the Company is on the verge of an international breakthrough after years of costly development. This is because dynaCERT is positioning itself as a pragmatic beneficiary of the global transition to lower-emission transport and industrial processes. While many competitors are focusing on future hydrogen infrastructure, the Company's HydraGEN™ technology addresses the huge stock of diesel engines that will remain in use for decades to come. The system generates hydrogen on demand, improving combustion and leading to measurable savings in fuel consumption and a reduction in CO₂ emissions. The key to its economic appeal is not only the sale of hardware, but also the possibility of converting the emission savings into tradable CO₂ certificates via the recognized VERRA standards. This is transforming dynaCERT from a pure technology provider to a model with potentially recurring revenue streams.

Financially, dynaCERT has recently secured its ability to act by successfully placing financing of CAD 2 million. The funds will be used specifically for the distribution of HydraGEN systems in industries such as transportation, mining, and oil and gas, while also strengthening working capital. With its own production capacity of up to 36,000 units per year, the Company is operationally prepared for growth. The cloud-based data platform HydraLytica also creates the basis for the transparent recording and monetization of emission savings. For investors, the stock offers access to a technological pioneer with tangible revenue leverage in the transportation, raw materials extraction, and infrastructure development segments. Based on a market capitalization of only CAD 48 million, dynaCERT is currently trading below the level of investments made over the past ten years. The stock has high liquidity on both the German and Canadian stock exchanges. With a price target of CAD 0.75, research firm GBC signals a possible upside that, based on the current price of CAD 0.09, implies a potential increase of around eightfold. Speculatively very interesting!

Plug Power – Between bottoming out and political headwinds

The American electrolyser market leader, Plug Power, is a prime example of the extreme cycles in the Greentech sector and, after a spectacular rise through 2021, has undergone an equally drastic correction of over 90%. The massive revaluation of the stock resulted from repeatedly lowered forecasts, high capital requirements, and an increasingly difficult political environment in the US. However, several capital measures at low share prices have recently provided financial stabilization and noticeably reduced selling pressure. After all, the Company is generating smaller but strategically relevant orders in the US, for example, from government research institutions, which provide basic capacity utilization and references. These projects show that Plug Power continues to be taken seriously as a supplier despite political uncertainties.

From a technical perspective, the first signs of a bottoming out process are emerging in the range between USD 0.75 and USD 1.50, even though volatility remains high. Fundamentally, there is at least a slight improvement, as the revenue base continues to grow and significantly higher revenues are expected again in the medium term. Nevertheless, the road to profitability remains long and rocky, as positive results only appear realistic towards the end of the decade. Analysts are correspondingly cautious, although a small group of six experts has recently retaken a positive stance. Although the price targets of USD 2.65 are only a stone's throw above the current level, there have been hardly any advocates for buying PLUG shares in the last two years. However, there are also voices such as BMO Capital, which rate Plug Power as "Underperform" and announce a price target of USD 1.30. Only suitable for risk-aware investors!

After an extensive correction in the Greentech sector, there is now room again for high-growth technology and sustainability stocks. Nordex has demonstrated how a functioning business model can affect the share price. After many years of adjustment, Plug Power and dynaCERT are on the verge of an operational turnaround. If there are quick success stories, there will likely be no stopping the share prices. Due to the high volatility of the sector, investors should at least take a risk-conscious approach.