dynaCERT: France delivers the next signal
A new truck is expensive. For many haulage companies, this means their existing fleets will have to keep running for years to come. Construction machinery, port vehicles and generators in many parts of the world are also still powered by diesel. dynaCERT is targeting this vast installed base. The Canadian company has developed retrofit technology designed to reduce fuel consumption and emissions from existing engines. For operators, what matters is how quickly the investment pays for itself.
At the centre of the offering is HydraGEN™. The system generates hydrogen and oxygen through electrolysis during operation. These gases are fed into the engine via the air intake and are intended to improve combustion. No hydrogen refuelling station is required. Diesel remains the primary fuel. The fuel savings depend on the engine and operating conditions. For vehicles with high annual mileage, even small improvements in fuel consumption can add up to substantial amounts.
The general operating permit issued by the Federal Motor Transport Authority for such systems facilitates access to the German market. HydraLytica™, the proprietary telematics software platform, also records operating and fuel consumption data, allowing the benefits to be documented. The data could also enable revenue from carbon credits. A methodology developed with dynaCERT’s involvement has been recognised by Verra. However, individual projects still require evidence and verification before tradable credits can be issued.
The latest sales progress comes from France. On October 6, dynaCERT reported that its partner IPMD had received a repeat order from an existing customer in September. This is encouraging: anyone ordering additional units appears to see a benefit. However, neither the number of units nor the order value was disclosed.
IPMD serves road transport, port operations and industrial applications. At the 24 Heures Camions in Le Mans, the partners presented HydraGEN™ directly to drivers and fleet managers. Such contacts are intended to help dispel reservations and attract further customers.
Vietnam remains a second important focus. In June, dynaCERT reported an initial series order from a logistics company following successful tests. Systems were also installed on trucks and container-handling equipment belonging to an international port operator. August brought progress with a recycling company in the Hanoi area, as well as preparations for tests at an oil and gas group involving fire engines, forklift trucks and mobile cranes.
If the technology proves itself, these references could help convince other fleet operators. According to the company, discussions have also taken place in Cambodia, Indonesia and Japan. This opens up expansion opportunities, but does not yet represent an order backlog. CEO Kevin Unrath must turn these contacts into paying customers. Larger follow-on orders would provide the most convincing evidence of progress.
In the second quarter of 2026, revenue rose from just under CAD 56,000 to around CAD 169,000. However, first-half revenue of CAD 207,000 was below the previous year’s figure of just over CAD 355,000. The net loss was CAD 3.81 million, while operating cash outflow was CAD 3.61 million. Unit sales therefore still need to grow significantly to cover costs.
Financing of CAD 5 million bolstered cash reserves at the end of June. The convertible securities have a two-year term and pay 6% interest, supplemented by warrants. At the half-year end, cash holdings exceeded CAD 5 million. In October, the company also announced plans to extend an older convertible bond of CAD 1 million until October 9, 2027, subject to stock exchange approval.
The share currently trades around CAD 0.09. The CAD 0.75 price target published by GBC Research in 2025 shows the potential that successfully building up sales could inspire. However, this older model valuation still needs to be backed up by operational performance. Rising unit sales and declining financing requirements are what matter for a re-rating. dynaCERT remains a speculative opportunity with considerable share price upside. If wider fleet deployment succeeds, the Canadian small-cap is likely to attract significantly more investor attention here in Germany too.
Daimler Truck: America drives profits into high gear
Daimler Truck has a broad international presence with brands such as Mercedes-Benz Trucks and Freightliner. North America is particularly important. Revenue there rose by 43% in the third quarter, while adjusted operating profit jumped by 169% to EUR 691 million. The adjusted return on sales improved from 6.4 to 12.1%.
The figures presented on November 6 show a strong recovery. Revenue in the industrial business grew by 20% to EUR 11.6 billion. Adjusted Group EBIT rose by 73% to EUR 1.124 billion. For the full year, management confirmed an adjusted return on sales in the industrial business of 7 to 9%.
Free cash inflow from the industrial business reached EUR 974 million, also supported by the partial sale of the stake in Archion. This effect cannot be repeated at will. In addition, adjusted Group EBIT after nine months was still 10% below the previous year. The weakness at the start of the year has not yet been fully offset.
The valuation remains attractive. Based on consensus analyst estimates, the share trades at around nine times expected 2027 earnings and is valued significantly more cheaply than its competitors, which have a median P/E ratio of 14.5. The expected dividend yield is just over 4%. This provides a good starting point for a further recovery. The economic cycle and trade conflicts remain risks. Daimler Truck is worth a look as a cyclical addition to a portfolio. Many analysts are also confident. There are currently 13 Buy recommendations compared with 5 Hold ratings and 2 Sell recommendations. The average analyst price target is around EUR 50, still offering almost 20% share price upside.
Siemens Energy: Record year with a substantial extra boost
Electricity demand from data centres and grid expansion are currently providing Siemens Energy with full order books. The group benefits directly through gas turbines, generators and grid technology. Added to this is Siemens Gamesa’s wind business.
The annual results published on November 11 provide new arguments in favour of the shares. In the 2026 financial year ended in late September, revenue rose by 15.5% on a comparable basis to EUR 44.2 billion. The profit margin before special items reached 12.4%. Siemens Gamesa just broke even on this earnings basis. The order backlog grew to EUR 164 billion, thereby creating a solid foundation for the coming years.
For 2027, the company expects comparable revenue growth of 14 to 16% and a profit margin before special items in the same range. Shareholders are set to benefit from a dividend increased to EUR 2.30 and additional buybacks of up to EUR 9 billion by the end of 2030. By then, the management board aims to achieve a margin of 20 to 22%. This sets the bar high.
Following the recent share price gains to over EUR 130, the shares trade at around 26 times expected earnings for the current year, according to analysts’ estimates. For 2027, the estimated P/E ratio is 18. The stock market is therefore pricing in strong growth. Delayed major projects or new problems at Gamesa could weigh on the shares. The growth story is convincing, but pullbacks offer better opportunities for new positions. Analysts also see further potential for Siemens Energy. On average, the experts put the fair value at EUR 191 – that is 44% above the current share price. Overall, there are currently 23 Buy recommendations against 5 Hold ratings and 2 Sell recommendations.
Conclusion
dynaCERT offers the greatest upside potential. Larger follow-up orders could trigger a re-rating. For investors, however, the stock also carries the highest risk of the three companies presented. Daimler Truck combines a business recovery with a moderate valuation and a decent dividend payout. Siemens Energy impresses with its growth, but commands a higher price.
Conflict of interest
Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as “Relevant Persons”) currently hold or hold shares or other financial instruments of the aforementioned companies and speculate on their price developments. In this respect, they intend to sell or acquire shares or other financial instruments of the companies (hereinafter each referred to as a “Transaction”). Transactions may thereby influence the respective price of the shares or other financial instruments of the Company.
In this respect, there is a concrete conflict of interest in the reporting on the companies.
In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual relationships.
For this reason, there is also a concrete conflict of interest.
The above information on existing conflicts of interest applies to all types and forms of publication used by Apaton Finance GmbH for publications on companies.
Risk notice
Apaton Finance GmbH offers editors, agencies and companies the opportunity to publish commentaries, interviews, summaries, news and the like on news.financial. These contents are exclusively for the information of the readers and do not represent any call to action or recommendations, neither explicitly nor implicitly they are to be understood as an assurance of possible price developments. The contents do not replace individual expert investment advice and do not constitute an offer to sell the discussed share(s) or other financial instruments, nor an invitation to buy or sell such.
The content is expressly not a financial analysis, but a journalistic or advertising text. Readers or users who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. No contractual relationship is established between Apaton Finance GmbH and its readers or the users of its offers, as our information only refers to the company and not to the investment decision of the reader or user.
The acquisition of financial instruments involves high risks, which can lead to the total loss of the invested capital. The information published by Apaton Finance GmbH and its authors is based on careful research. Nevertheless, no liability is assumed for financial losses or a content-related guarantee for the topicality, correctness, appropriateness and completeness of the content provided here. Please also note our Terms of use.
Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. For full disclaimer information, please click here.