Siemens Energy: Did Someone Pull the Plug Here?
The energy sector is back in the spotlight with the Middle East crisis. This applies primarily to hydrogen stocks that have recently performed extremely well, such as Plug Power or Nel ASA. Siemens Energy, the top DAX stock of 2025, has likely overreached. The share had climbed as high as EUR 195, but yesterday it was already struggling to hold the EUR 160 mark. There is no shortage of positive operational news. For instance, the Munich-based company recently acquired the Northern Irish Camlin Group, which brings significant expertise in digital power grids, data analysis, and plant monitoring. With 650 employees, the Camlin Group generated revenue of around EUR 104 million last year and is growing rapidly in the digitalization sector. The acquisition is part of Siemens Energy’s strategy to continuously strengthen and expand its own portfolio. Meanwhile, JPMorgan also confirmed its “Overweight” rating with a price target of EUR 225. A technical “Sell” signal emerged three days ago when the stock fell below the 50-day moving average; now, at EUR 135, the 200-day moving average is in focus. However, since there is no negative news on the operational front, this much-needed consolidation could also come to an end soon.
Poland Deal, Convertible Bond, and Growth Surge: A.H.T. Poised for Operational Revaluation
In the current European energy policy landscape, truly effective strategies for a sustainable transition are needed. Greentech provider A.H.T. Syngas Technology (A.H.T.) is making a name for itself in this regard. While many market participants in the energy transition focus almost exclusively on large-scale hydrogen projects and multi-billion-dollar infrastructure programs, A.H.T. is working on a significantly more pragmatic approach. The company specializes in decentralized energy systems that can utilize biogenic residues, wood waste, sewage sludge, or fermentation residues. These materials are converted on-site into electricity, heat, synthesis gas, and, in the future, potentially hydrogen. Particularly in an environment of rising energy costs and increasing demands for energy security, this primarily local approach is becoming increasingly important, largely independent of fossil fuels.
Technologically, A.H.T. holds a remarkable market position. At the heart of the solution is a patented dual-fire gasification process that produces a particularly clean product gas compared to conventional fixed-bed gasifier systems. The hydrogen content in the produced synthesis gas remains stable at over 40%, while at the same time it can process challenging feedstocks that are difficult for many competitors to utilize. As a result, the company not only covers energy production but also controls key segments of the value chain surrounding decentralized gas production. The ability to produce hydrogen directly from biomass in the future also opens up an additional growth area.
CEO Gero Ferges recently provided more detailed insights at the 19th International Investment Forum.
Operationally, A.H.T. is currently in a decisive phase of transformation. Management is increasingly pursuing the goal of operating its own plants on a long-term basis to build recurring revenue streams. This strategic shift reduces dependence on traditional plant sales while simultaneously improving the predictability of future cash flows. Investment costs per plant range from approximately EUR 1.6 million to EUR 8 million, depending on size, and lay the foundation for scalable contracting models. The growth targets for the coming years are set accordingly high. Following approximately EUR 2.25 million in revenue in 2025, it is expected to rise to more than EUR 9 million in 2026 and grow to around EUR 23 million by 2028. In parallel, the company is planning an operational turnaround. Following an EBITDA loss of around EUR 1.7 million in 2025, the company aims to reach the break-even point in the short term, before expecting sustainably positive results starting in 2027. With the placement of a convertible bond worth EUR 2 million, financing is secured for the time being.
The recently concluded cooperation with the Polish project developer INNOTEC Energy also appears promising. Due to its gradual phase-out of coal-fired power generation, Poland is facing a comprehensive restructuring of its energy supply and simultaneously possesses significant biomass potential. Through the partnership, A.H.T. gains direct access to 17 specific project plans. Potential order intake of over EUR 10 million is already expected from this in the coming months—a figure that carries significant weight given the company’s current size. Buy now!
OHB and SpaceX: Rocket-Like Price Movements on the Horizon
Despite all the doom and gloom, the share price of the Bremen-based satellite specialist OHB exploded by nearly 700% to a whopping EUR 688 this year. But then it all came to an end! Despite SpaceX-fueled speculation, the share price fell back to below EUR 390 in just 8 trading days—a wake-up call for those who had traded without a stop-loss. OHB’s price surge is partly explained by the highly anticipated IPO of Elon Musk’s space venture, SpaceX. Here, valuations of around USD 2 trillion are expected to hit the market in just two weeks. The central mechanism driving the current narrative is less fundamental and more sector-driven. SpaceX is considered a dominant global player in commercial spaceflight, and any expectation of an IPO alters the valuation logic for all competitors. In such phases, investors begin to view publicly traded space companies like OHB as a “listed proxy” for the space ecosystem. This increases demand for stocks that could benefit, at least indirectly, from the structural growth of the space industry. This so-called “listing-comparable effect” often leads to a revaluation of second-tier players, even though their business models correlate only to a limited extent with those of the dominant market leader. The rise in OHB’s share price should therefore be understood more as a reaction to a potential re-rating of the entire space sector and less as a direct anticipation of a SpaceX IPO. A 2026 P/E ratio of 120 and P/S ratio of 6 is, however, a bit too much to swallow even in the current bubble environment. Normalization is underway!
Alternative energies are considered a key lever for permanently mitigating Europe’s energy challenges. They strengthen supply security, reduce dependence on price fluctuations, and simultaneously support the achievement of climate goals. In this environment, companies like Siemens Energy are increasingly coming into focus. A.H.T. Syngas is positioning itself as an interesting player with solutions for converting waste into synthesis gas, acting as a link between the circular economy and energy production. With the SpaceX IPO in mind, the tech sector is gaining noticeable momentum. OHB could well receive another solid boost at lower levels.
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