There are years on the stock market that are remembered for decades. 2025 was one such year. It was the year the old economy made its comeback. Who would have thought 12 months ago that a former DAX turnaround candidate would outperform tech stocks? Or that a major German bank would suddenly be viewed as a highly attractive core investment? The scoreboard does not lie: the big tankers delivered. However, stock market history rarely repeats itself exactly. While many blue chips are now trading at high valuations and no longer offer much upside potential, experienced investors are already positioning themselves for the next cycle. A presentation at the International Investment Forum (IIF) on Wednesday provided a decisive clue as to where the momentum may shift in 2026.
Siemens Energy: The world needs power grids
It is arguably the most impressive resurrection in recent German economic history. By 2025, Siemens Energy has finally transformed itself from a problem child to a model student. The stock, which had long suffered from the quality issues of its wind power subsidiary Gamesa, has known only one direction in the last twelve months: steeply upward. But investors need to understand what is really driving this boom in order to assess the potential for 2026. It is not primarily wind power, which is slowly stabilizing. The real turbocharger is the Grid Technologies division. The global economy is currently undergoing an unprecedented wave of electrification. Whether it is artificial intelligence, whose data centers consume as much electricity as entire small towns, or widespread e-mobility, electricity has to get from A to B. Siemens Energy supplies the transformers and high-voltage technology for this.
The figures speak for themselves. The order backlog has stabilized at a record level of over EUR 120 billion. Mathematically, this corresponds to almost three years of full capacity utilization. Margins in the grid business are in double digits and extremely robust. The problem for newcomers to the stock is that the stock market has now understood this story and priced it in. With a valuation that has raised the P/E ratio above the historical average, Siemens Energy is now a “Hold” candidate. The Company will have to deliver in 2026 just to maintain its share price. That is not a good starting position for investors.
Deutsche Bank: Interest rate turnaround mastered, confidence regained
A similar picture can be seen in Frankfurt. In 2025, Deutsche Bank proved that its “global house bank” strategy is working. For years, the institution was criticized for its high costs and dependence on volatile investment banking. In 2025, it showed a different face: that of a money machine. In the third quarter of 2025, the bank delivered results that surprised even optimists. Pre-tax profit stabilized at around EUR 2.4 billion. The composition of this income is particularly noteworthy. Although the ECB’s slight interest rate reversal put some pressure on net interest income, the bank was able to compensate for this with a flourishing commission business in asset management and payment transactions. In addition, a massive share buyback program is supporting the share price. CEO Christian Sewing has kept his promise to return capital to shareholders. What does this mean for 2026? Deutsche Bank is now a classic “yield play.” Investors are buying the stock for the dividend and stability, not for explosive growth. In an environment where loan defaults could rise slightly due to the weakening economy, the upside potential is limited.
Almonty Industries: The real revolution is yet to come
Anyone looking for outperformance in 2026 will have to leave the well-trodden paths of the DAX and look to where operational milestones are imminent. This is where Almonty Industries, the only Western tungsten producer that can deliver in the short term, comes into focus. CEO Lewis Black’s appearance yesterday at the International Investment Forum (IIF) was remarkable – not because of loud announcements, but because of his demonstrative calm. Black appeared deeply relaxed and spoke of looking forward to a “quiet Christmas.” Observers interpreted this positively: the biggest risks of the construction phase could be behind the Company.
Almonty’s flagship Sangdong Mine in South Korea is the most important tungsten project in the Western world. It is home to one of the largest deposits outside China with extremely high grades averaging 0.44% WO3, more than double the industry average. Black confirmed on Wednesday that construction of the processing plant is “substantially complete.” What investors can expect in 2026 is the most exciting moment in a mine’s life cycle: commissioning. In the coming weeks, the mills will be started up, the rock crushed, and the first concentrate produced. Once cash flow starts flowing, the basis for valuation will change fundamentally – Black pointed out on Wednesday that the sharp rise in tungsten prices has long since exceeded any mine calculations. The return on the project is likely to be enormous. Added to this is the mine’s lifespan of over 90 years. According to the CEO, there is still upside potential here as well: At the IIF, Black doubted that his grandchildren would live to see the end of Sangdong’s operating life. This shows that value is being created here for generations to come.
What many investors overlook: Sangdong is not just tungsten. The deposit contains significant amounts of molybdenum. At current price levels, this by-product is a huge lever. Almonty plans to use the proceeds from molybdenum sales to further reduce the already low mining costs for tungsten. Sangdong could thus become one of the cheapest producers worldwide, based on already very competitive costs. As if the start of production in Korea were not enough, Almonty (TSX:AII) recently secured a strategic position in the US with the acquisition of the Gentung Browns Lake project in Montana. Given that the Pentagon classifies tungsten as a critical defense material and wants to end its dependence on China, this deal is a forward-thinking move. Almonty could start operating the first commercial tungsten mine in the US in a decade, as early as the second half of 2026.
Coupled with the unique technology that makes Almonty the world’s most sought-after partner in tungsten mining, the Company is perfectly positioned for further growth. As the founder and long-standing CEO is also a major shareholder and is in the same boat as all other shareholders, Almonty is likely to continue to focus on shareholder value. The situation is different for other stocks, such as Siemens Energy or Deutsche Bank. Almonty has everything it takes to continue to surprise in 2026.
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