Aumovio Stock Rises: CFO Steps Down, Will the Turnaround Succeed?
**Aumovio’s stock showed renewed strength midweek. On Wednesday, October 7, the stock rose by as much as 7% at one point and closed up about 3.5%. The former Continental automotive division announced a surprising change in its finance department. For investors, the stock’s performance raises hopes for an operational recovery, while the change in the finance department raises questions about the continuity of corporate leadership.
Chief Financial Officer Jutta Dönges is stepping down at the end of today and will leave the company on October 31. The company says the separation is by mutual agreement. Dönges intends to pursue new professional opportunities. A permanent successor is being sought. Until then, CEO Philipp von Hirschheydt will also assume responsibility for the finance division. No later than November 1, Supervisory Board member Claus Bauer, formerly CFO of the Schaeffler Group, will take over the finance role on an interim basis. For the duration of this assignment, he will step down from the Audit Committee.
This personnel change comes at a time when the supplier must solidify its economic independence. Since the spin-off in September 2025, the focus has been on cost discipline, portfolio adjustments, and improving profitability. The product portfolio ranges from sensors and displays to braking systems, software, and driver assistance solutions. These technologies open up growth opportunities but do not shield the company from lower production volumes and price pressure in the automotive industry. The key factor remains how quickly orders translate into profitable series revenue.
The half-year results highlight these challenges. Adjusted revenue fell by 8.9% to EUR 8.6 billion. Adjusted EBIT fell from EUR 260 million to EUR 157 million, and the corresponding margin from 2.7% to 1.8%. The settlement with BMW regarding a long-standing legal dispute had a significant impact on earnings. Excluding its accounting effects, the adjusted EBIT margin in the second quarter would have been 3.5% instead of the reported 1.2%.
For the full year, the forecast adjusted in August remains in effect: adjusted revenue of EUR 17.0 to 17.5 billion, an adjusted EBIT margin of 3.0 to 4.0%, and normalized free cash flow of EUR 500 to 700 million. Net liquidity of EUR 1.2 billion at the end of the first half of the year provides financial flexibility. Nevertheless, achieving these targets will require a significant improvement in earnings in the second half of the year.
On October 5, Bernstein reaffirmed its “Outperform” rating with a price target of EUR 54.00. Analyst Harry Martin noted the reaffirmation of the annual targets at a company event and anticipated cost improvements in the fourth quarter. The quarterly results on November 5 will show whether the operating performance justifies this confidence and whether the Group can indeed stay on its announced recovery path.
From a technical analysis perspective, the next hurdle is the EUR 38 to 39 range. A sustained breakout above EUR 39 would be a positive signal. Below EUR 35, however, the technical picture would darken significantly, as this level has held as support on multiple occasions in recent months. A lasting revaluation will require convincing margins and reliable cash flows going forward.
Almonty: Tungsten Platform Gains Strategic Depth
Tungsten is classified as a security-critical industrial metal because it is required for defense, toolmaking, electronics, and specialty alloys. Western industry depends heavily on China for processing and intermediate products, while governments increasingly link procurement regulations to verifiable origin and resilient supply chains. Almonty Industries is positioning itself as a Western supplier, with production, development, and processing projects in South Korea, Europe, Rwanda, and the US. With the final operational certification of the processing plant in Sangdong, Phase I of the expansion has transitioned to commercial operation. For the company, this marked the transition from a project-driven valuation to that of an operational producer.
Sangdong forms the economic core of this operation. The long-term offtake agreement with Global Tungsten & Powders, a company of the Plansee Group, covers 4,410,000 metric ton units (MTU) of tungsten concentrate over 21 years. Once production is fully ramped up, the company plans to deliver at least 210,000 MTU annually. According to the company, this would mean that more than 90% of Phase I production would be contractually committed. This structure reduces sales risk and supports planning for capacity utilization, revenues, and financing. At the same time, Almonty remains exposed to price volatility: Sphene Capital estimated the European price for ammonium paratungstate (APT) in mid-September at an average of approximately USD 2,950 per MTU, down from approximately USD 3,125 in July.
Los Santos in Spain provides additional diversification. Initially, the project has no plans for conventional mining operations; instead, it will involve reprocessing existing tailings. The long-term offtake agreement with Wolfram Bergbau und Hütten, a Sandvik subsidiary, includes a take-or-pay obligation and a USD 3 million prepayment for the offtake rights, subject to certain conditions. Sphene Capital expects tailings processing to begin in the first quarter of 2027, with a seven-year duration and approximately USD 4 million in required investments. It estimates that the tailings contain more than 1,720 metric tons of tungsten trioxide. Using material that has already been mined could reduce time, capital, and permitting risks compared to a complete restart of mining operations; however, this still depends on the actual recovery rates achieved.
In Rwanda, Almonty is pursuing a similar platform model. The company holds a 75% stake in a joint venture, while the government contributes 25% and provides an exploration concession and a processing permit. In addition to long-term exploration, the plan is to consolidate, process, and market ores, pre-concentrates, and tailings from local producers. According to US data cited in the report, Rwanda produced an estimated 1,300 metric tons of tungsten in 2025, giving it a significant but highly fragmented production base. Sphene Capital rates the stock as a “Buy” with a price target of USD 26.40, compared to USD 13.72 as of September 28, 2026. Given project, commodity price, and execution risks, this assessment should currently be viewed as opportunity-oriented.
SUSS MicroTec: Stock Falls 9% Despite Record Orders
The stock of SUSS MicroTec is once again under pressure. On Wednesday, October 7, the stock lost 9.3% and closed at EUR 65.5. Although the semiconductor equipment supplier has a record order backlog, investors are increasingly focusing on the question of when strong demand will translate into higher revenue and profits.
The decline comes amid an already weak trading day for European technology stocks. According to dpa-AFX, profit-taking following the recent industry rally dominated market activity. CMC market expert Andreas Lipkow also pointed to high expectations for Samsung’s and SK Hynix’s upcoming quarterly results. This weighed on sector sentiment but does not fully explain the extent of SUSS’s share price decline.
Operationally, the order book remains strong. In the first half of the year, order intake reached EUR 410.0 million. As of June 30, the order backlog stood at EUR 473.7 million. This includes approximately EUR 220 million for deliveries scheduled for 2027. These orders improve predictability but do not constitute a revenue forecast for the coming year. The key factor remains whether the systems will be delivered on schedule and generate the expected margins. Longer customer lead times can widen the gap between order intake and revenue recognition.
So far, this strength has had only a limited impact on revenue. Half-year revenue fell to EUR 202.8 million from an adjusted prior-year figure of EUR 266.6 million. The EBIT margin stood at 7.0%, though it improved to 9.0% in the second quarter. Free cash flow was positive at EUR 16.4 million. In August, the Executive Board confirmed its full-year outlook with revenue of EUR 425 to 485 million and an EBIT margin of 8 to 10%.
The entry into the wafer cleaning market, announced on October 1, opens up additional growth prospects. With GreenTec Solutions and its first platform, the GT200, SUSS is expanding its offerings for semiconductor manufacturing. The company estimates the addressable market at approximately EUR 5.4 billion. This figure reflects market potential, not orders already secured. SUSS plans a high-volume production platform for 300-mm wafers in 2027. Therefore, customer qualifications, concrete orders, and the profitability of the new business will be key factors in the valuation going forward.
From a technical analysis perspective, the stock remains weak. On the daily chart, it is trading below all moving averages. The 200-day moving average, which stands at around EUR 69.27, was broken to the downside on Wednesday. The short-term SMA lines are also above the current share price. An important support zone could form between EUR 60 and 65. However, if the price were to fall below the psychologically important EUR 60 mark, the chart picture would darken further. Only a sustained breakout above the EUR 70 mark would brighten the chart picture again. Subsequently, the highs in the EUR 75 range could come into focus.
Third-quarter earnings will be released on November 5. They must show whether rising shipments and improved profitability are increasingly translating the strong order backlog into revenue. Only then will hopes for a sustained price recovery gain a more solid foundation.
Aumovio is gaining ground on the stock market despite the departure of its CFO, but it must underpin hopes for a turnaround with better margins and reliable cash flows. Almonty Industries is strengthening its position as a Western tungsten supplier with Sangdong and long-term supply contracts, but remains exposed to commodity price and revenue risks. SUSS MicroTec is losing significant market value despite record orders and must show that rising shipments and new business segments are driving higher revenue and profits.
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