Almonty Industries: Price Target Nearly Doubled
Almonty shares have gained over 15% in just a few days, continuing its August comeback. Overall, the price gain in August stands at over 50%. GBC Research sees Almonty Industries at a decisive turning point. There are good reasons for the rally. Tungsten is in short supply in the West and urgently needed due to the ramp-up of weapons production in the US. In addition, Almonty has published strong quarterly results and announced a share buyback program. Subsequently, analysts have nearly doubled the price target.
Analysts at GBC Research have raised their price target for Almonty shares from USD 20.89 to USD 30 (EUR 25.87). On Friday, the share of the leading Western tungsten producer was trading at USD 18.51 on the NASDAQ.
According to GBC Research, with the start of production in Sangdong, the company is evolving into a significantly larger tungsten producer. The mine in South Korea is expected to be among the most significant and longest-lasting tungsten projects outside of China. The expanded offtake agreement with Global Tungsten & Powders, which covers approximately 90% of expected Phase 1 production and simultaneously allows Almonty to benefit from high tungsten prices, provides additional planning certainty. In a second expansion phase, processing capacity could nearly double. In addition, Almonty has further growth opportunities with Panasqueira, the Sangdong molybdenum project, Gentung, and its Spanish projects.
Analysts’ growth forecasts are correspondingly dynamic. GBC expects revenue of USD 365.9 million in 2026, rising to USD 1.32 billion in 2027 and USD 1.49 billion in 2028. Adjusted EBITDA is expected to increase over the same period from USD 329.7 million to USD 1.22 billion, then to USD 1.30 billion. Analysts also anticipate a strong increase in free cash flow, from USD 95.8 million in 2026 to USD 694.9 million in 2027 and USD 958.7 million in 2028. The drivers include the ramp-up of the Sangdong project, additional Phase 2 volumes, and high tungsten prices. According to GBC, the recent financing also strengthens the balance sheet and creates room for further expansion.
In addition, Almonty Industries has approved an extensive share buyback program. Between August 24, 2026, and August 24, 2029, the company may repurchase up to 14.4 million of its own shares, representing approximately 5% of the outstanding shares, for a total of up to USD 300 million. CEO Lewis Black explains the move, stating that, from management’s perspective, the current share price does not adequately reflect the company’s value and assets. In particular, the strategic importance of the large, high-grade tungsten deposits outside of China, as well as the ramp-up of the Sangdong mine, would, in the board’s view, justify a higher valuation.
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BioNTech: Over 25% in One Week
BioNTech shares rose more than 25% last week and closed at over EUR 100. The biotech company’s stock had last reached this price level in January of this year. However, the reason for the surge was not the company’s own performance, but rather a success by its competitor, Moderna.
Merck and Moderna have achieved a significant Phase 3 success with their personalized mRNA cancer therapy, Intismeran Autogene, in combination with KEYTRUDA. In the INTerpath-001 study involving patients with completely resected stage IIB to IV melanoma, the combination achieved both the primary endpoint of recurrence-free survival and the important secondary endpoint of distant metastasis-free survival. Compared to treatment with KEYTRUDA alone, the improvements were statistically significant and clinically relevant. No new safety signals emerged. The study is continuing, in part to collect data on overall survival.
This result is particularly significant for Moderna, as it represents the first positive Phase 3 evidence for both an individualized neoantigen therapy and an mRNA-based cancer therapy. Intismeran is tailored to each patient based on the specific mutations in their tumor and is designed to direct the immune system against cancer cells. The current results build on strong Phase 2b data, in which the combination reduced the risk of relapse or death by 49% and the risk of distant metastases or death by 59% compared to KEYTRUDA alone. Merck and Moderna plan to present the Phase 3 data at an international medical conference and then discuss potential regulatory submissions with the regulatory authorities.
Moderna’s shares more than doubled last week. At a price of USD 145, the company is now valued at around USD 58 billion. BioNTech’s market capitalization stands at around USD 20 billion.
CTS EVENTIM: Back on Track
In recent years, CTS EVENTIM has been a steady performer on the stock market. However, this spring, the company had to lower its forecast, and the stock slipped from EUR 70 to EUR 50. It became clear by last week at the latest that this correction was a bit too steep.
CTS EVENTIM continued to post double-digit growth in the first half of 2026. Consolidated revenue rose by 16.9% to EUR 1.51 billion, while adjusted EBITDA increased by 12.4% to EUR 225.4 million. Earnings per share showed particularly strong growth, rising 34.2% to EUR 1.25. In the ticketing segment, revenue increased by 13.9% to EUR 473.3 million, while adjusted EBITDA rose by 3.4% to EUR 172.5 million. The EBITDA margin remained high at 36.4%, but was pressured by temporary mix effects and costs associated with the Operational Excellence program.
The Live Entertainment segment posted significantly stronger growth. Here, revenue grew by 18.6% to EUR 1.06 billion, while adjusted EBITDA rose by 57.1% to EUR 52.9 million. Growth was driven by a strong international event portfolio featuring tours, concerts, and festivals—particularly in Germany, Italy, and the US—as well as contributions from the venue business. Growth continued in the second quarter as well. The Executive Board therefore confirms its forecast for full-year 2026 and remains optimistic for the remainder of the year.
Analysts expressed satisfaction and generally recommend buying the shares. Jefferies and UBS are particularly bullish, with price targets of EUR 100.
Patience often pays off on the stock market. Almonty is a case in point. The stock is highly volatile, but sooner or later, investors will refocus on the fundamentals. And these are extremely positive. The Western tungsten market is structurally undersupplied, and Almonty is well on its way to becoming a key global player. The story is likely far from over. With CTS EVENTIM as well, sticking with the stock has paid off. The company is one of the two global market leaders in its industry and is likely to continue growing. BioNTech has made a comeback on the stock market, though not due to its own success. Investors will be watching the upcoming study results very closely.
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