After the euphoria came the sobering reality. Following the stock market rally since November, sparked by the re-election of Donald Trump as the new US president, we are now witnessing a direct destruction of capital. Since the Republican’s inauguration, the US market has officially lost US$10 trillion. It remains to be seen to what extent the strategy of punitive tariffs, the opening of trade disputes, and the disruption of supply chains will continue to shake the markets. In particular, companies that serve markets outside the US and can produce their raw materials domestically are likely to benefit the most.
Porr AG – Unjustified sell-off
The panic on the stock markets, triggered by the announcement of the US punitive tariffs, sent investors into fear and panic in the second half of the week. Companies across the board lost double-digit market value regardless of whether they were affected by the tariffs or not, as in the case of the Austrian construction group Porr AG. As the company announced at the MKK – Munich Capital Market Conference, 45.8 per cent of the projects are in the domestic market of Austria, 23.2 per cent in Germany, 14.3 per cent in Poland and 7.4 per cent in emerging Romania, the country that made the biggest leap in terms of growth last year. The remaining percentage points are shared by the Czech Republic and Slovenia.
The Viennese company, which operates as a “one-stop shop” and has an annual turnover of €6.2 billion, recorded an EBIT margin of 2.6 per cent last year, which is expected to rise to 2.8 per cent in the coming year and up to 4.0 per cent by 2030. Porr’s order backlog currently stands at €8.5 billion,** which does not yet take into account the German government’s infrastructure program worth €500 billion. This is likely to be reflected in the already bulging order books in 2026. The specialist construction company, the second largest in the Alpine country after STRABAG, is expected to get a piece of the action, given that around 14,000 bridges in Germany are currently considered dilapidated – a medium-sized bridge costs around €100 million, according to industry experts.
In their latest study, the analysts at Berenberg set a target price of €37.50 with a “Buy” recommendation. The experts estimate earnings per share of €3.21 for 2026.
Globex Mining – All in one basket
The trade war between the US and the rest of the world threatens to escalate. In response to US President Trump’s tariffs on imports from China, Beijing responded with counter-tariffs, particularly on fossil fuels and selected raw materials. This puts global supply chains under pressure and leads to significantly higher prices due to the shortage of supply. Profiteers of this chess game are undoubtedly companies like Globex Mining (TSX:GMX), which could supply the home markets with the necessary materials.
Over the last three decades, Globex, originally listed on the Montreal Stock Exchange in January 1988 and moved to the TSX in 1995, has built one of the largest and most diversified portfolios of mineral rights in North America, with 255 projects. Valued at C$70.13 million, CEO Jack Stoch manages not only 128 precious metal projects but also properties with base metals, rare earths, industrial minerals, and specialty metals.
Globex generates cash flow from 106 companies through licensing agreements with project partners who make regular royalty payments. The company also holds liquid assets and marketable securities worth over C$25 million.
As recently as mid-March, the purchase of three gold royalties from IAMGOLD Corp. was announced. Each is a 1 per cent net smelter royalty on the Porcupine West, Eldrich, and Rouyn-Merger gold mines in Quebec, all of which are 100 pere cent owned by Globex. All three properties have significant historical intersections of gold mineralization. The purchase price is approximately US$350,000.
The Globex share has lost significant value in recent days following a strong rally driven by rising precious metals prices. It is currently trading at C$1.25. Due to the panic on global stock markets, this may present a renewed buying opportunity, with the 200-day moving average providing support at C$1.21.
Strategy – Buy signal during panic mode
While the markets suffered across the board, with oil and energy stocks in particular losing double digits, crypto stocks saw a turnaround in late trading on Friday. Among the coins, XRP and Solana in particular, but also Bitcoin, started a reversal and ended Friday’s trading well in the black. The primary winner among crypto stocks was once again the Bitcoin hodler Strategy, which turned around after hitting a daily low of US$265.30 and ended the day with a gain of over 4 per cent at US$293.61.
If the cryptos start the week on a friendly note, Strategy could break the downward trend that has been in place since the end of November at around US$321 and generate a fresh buy signal that could even impulsively push the stock above the US$400 mark.
According to company founder Michael Saylor, Bitcoin is set to multiply in value in the near future. Despite the turmoil caused by Trump’s announcement that he would impose punitive tariffs, Strategy added another 22,048 Bitcoin to its portfolio for US$1.92 billion at an average price of US$86,969 per unit. In total, the company now holds around 528,000 Bitcoins, which were purchased for US$35.63 billion at an average price of US$67,458 per Bitcoin.
Donald Trump is shaking up the stock market, sending even companies unaffected by the punitive tariffs into a downward spiral. The construction group Porr has zero projects in the US and is trading at a price-to-earnings ratio of 7. Strategy was bought out on Friday and is defying the sharp correction. Globex Mining owns promising properties that are likely to significantly exceed the C\company’s intrinsic value.
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