Almonty Industries on the Verge of a Revaluation
The global tungsten market is currently undergoing a historic upheaval. Chinese export restrictions, geopolitical tensions, and rapidly rising demand from defence, AI, semiconductors, and aviation are driving prices of this strategic metal to record levels. In Rotterdam, over USD 3,000 per MTU is now being paid—a multiple of the price level just a few years ago. It is precisely in this environment that Almonty Industries is increasingly coming into focus for investors.
The company delivered a breakthrough in operating performance in the first quarter of 2026. Revenue surged by 221% to CAD 25.4 million, even though the flagship Sangdong project in South Korea contributed virtually nothing to earnings. At the same time, adjusted EBITDA turned from a loss of USD 2.4 million in the previous year to a profit of USD 6.1 million. Operating cash flow also moved into the black at USD 9.7 million, following a previous loss of USD 4.4 million.
However, the coming quarter is likely to be particularly exciting for investors. With the official commissioning of the Sangdong mine in March, the real growth spurt is now set to begin. The project is one of the largest and highest-grade tungsten deposits outside of China and could play a key role in supplying Western industries in the future. At the same time, the US is tightening its raw materials strategy and aims to largely exclude Chinese tungsten from military applications starting in 2027.
Bank of America’s forecasts provide additional upside potential. Analysts expect revenue to jump from CAD 33 million in 2025 to around CAD 670 million this year. Revenues are projected to reach CAD 1.32 billion by 2027. EBITDA is even forecast to rise to CAD 1.21 billion. At the same time, analysts continue to anticipate conservative tungsten prices despite the massive price rally. This could create additional upside potential if the shortage persists.
Siemens Energy – Surprises Again
The Munich-based energy group did not disappoint and delivered impressive financial results for the past quarter. Driven by the global expansion of data centers, the ongoing electrification of industry, and the rise of electric mobility, revenue rose to EUR 10.3 billion. The bottom line was a net profit of EUR 835 million. Particularly noteworthy is the volume of newly signed contracts, which reached a historic high of EUR 17.7 billion. Another positive factor is that the formerly crisis-stricken wind energy division is gradually moving out of the red. Due to this flourishing development, management has significantly raised its expectations for the full year 2026. The company is now targeting revenue growth of 14% to 16%, as well as annual profit of EUR 4 billion. Shareholders are set to benefit from this upswing through accelerated buyback programs, which will distribute a total of up to EUR 3.6 billion to investors in the current year.
Despite these excellent fundamentals, the stock market initially reacted with noticeable price declines on the trading day. The company’s shares fell by about 5% to just under EUR 170 following the announcement. This seemingly contradictory market movement stems primarily from classic profit-taking. Since management had already outlined the key figures in broad terms the previous month, the positive news had long since been factored into the share prices.
Renowned financial institutions such as Goldman Sachs immediately renewed their “Buy” recommendations and set higher price targets, in this case from EUR 185 to 212. Analysts speculate that the revised medium-term targets to be presented soon will once again spark investors’ imagination. Following the successful restructuring, observers continue to rate the energy equipment supplier as an extremely attractive long-term investment.
Deutsche Telekom – Strong Numbers and Push into the Defence Sector
The Bonn-based telecommunications giant is also in extremely robust financial shape in the spring of 2026. Thanks to its consistently strong North American business and an unexpectedly strong domestic market, the group recorded solid growth at the start of the year. While revenue rose to nearly EUR 30 billion, operating profit increased accordingly. A nominal decline in net profit was solely attributable to the absence of one-off effects from the previous year. Strategically, the overseas market remains essential, and senior management continues to evaluate far-reaching options there, which could even include significant industry consolidation in the future.
In parallel with its traditional core business, the DAX-listed group is making an ambitious foray into the security and defence sector. Senior management identifies significant expansion opportunities in this area. At the heart of this new strategic direction is a recently agreed collaboration with Düsseldorf-based defence specialist Rheinmetall.
Together, the companies are working on an advanced digital protective shield concept. This innovative system aims to effectively shield critical facilities and urban areas against drone threats and acts of sabotage. The division of responsibilities is clearly defined. While the defence partner supplies highly sensitive detectors and hardware, the telecommunications provider provides the essential, tap-proof data infrastructure.
Buoyed by strong business performance, Group management recently slightly raised its expectations for full-year 2026. Higher figures are now anticipated for both operating profit and cash generation. Stock market experts view these results positively. Analysts at the US bank JPMorgan reaffirmed their “Overweight” rating for the stock and maintained the target price at EUR 40. For the financial professionals, current business performance was exactly in line with their model projections. Markets had already anticipated the more optimistic annual outlook, as the company’s US divisions had signalled it.
Almonty Industries could be poised for a massive revaluation thanks to the Sangdong mine and skyrocketing tungsten prices, especially as Western industries are desperately seeking alternatives to China. Siemens Energy is simultaneously benefiting from the global boom in data centers, electrification, and energy grids and remains a favourite of many analysts despite short-term profit-taking. Deutsche Telekom is not only impressing with strong figures but is also increasingly positioning itself as a strategic infrastructure partner for the digital future through collaborations in the security and defence sectors.
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”) may hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a “Transaction”). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company.
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