PNE Plummets by Nearly 20%: Is a Complete Sell-Off Now Imminent?
PNE shares (WKN: A0JBPG | ISIN: DE000A0JBPG2 | Ticker: PNE3) are experiencing one of the sharpest price drops on the German stock market. Since August 10, the stock has at times lost around 20% and is now trading at just over EUR 8. Since the beginning of the year, it has fallen by approximately 22%, and over the past 12 months, the stock has lost nearly half its value. As a result, its market capitalization has fallen to around EUR 610 million.
PNE, headquartered in Cuxhaven, is a project developer and operator in the renewable energy sector. The company primarily plans, finances, builds, and sells wind farms and photovoltaic systems. In addition, PNE operates its own power generation facilities and offers technical and commercial services throughout the entire project lifecycle. Battery storage is also part of its future growth strategy. This means that PNE generates revenue not only from project sales but increasingly also from recurring income from power generation and services.
However, the current drop in the share price is not directly related to an operating profit warning. The trigger was an ad hoc announcement regarding the ongoing sale process. PNE is seeking an investor who could acquire up to 100% of the shares. Market interest so far, however, indicates that potential buyers apparently want to pay less than the most recent price quoted on the stock exchange. Therefore, it is currently unclear whether a transaction will take place at all—and under what terms.
This is hitting investors particularly hard because the share price had already factored in a significant takeover premium. Morgan Stanley holds a 50.06% stake in PNE and has been trying to sell its stake for some time. In June, reports of a potential enterprise value of more than EUR 1 billion had sparked renewed optimism. At that time, the stock temporarily rose to EUR 11.86. Now, concerns are growing that the sale could fail again or take place only at a disappointing price.
From a technical analysis perspective, this has caused the picture to deteriorate significantly. The stock was unable to hold the EUR 10 mark and fell well below the 200-day moving average at approximately EUR 9.70. The key factor now is the support zone between EUR 7.22 and EUR 8. This area already marked critical lows back in March. If this range holds, a technical rebound would be possible following the extreme sell-off. Below EUR 7.22, however, another Sell signal would emerge. For a sustained recovery, PNE would first need to reclaim the 200-day moving average and then the EUR 10 mark.
Operationally, the start of the year was stable. In the first quarter, revenue rose from EUR 27.9 to 56.2 million, and normalized EBITDA increased from EUR 3.6 to 17.9 million. The project pipeline stood at 21.7 GW as of the end of March. Management has so far confirmed its forecast for 2026 of normalized EBITDA between EUR 110 and 140 million. The half-year results will be released today, Thursday. These should reveal whether the share price drop is primarily due to exaggerated disappointment over the sale process or whether additional operational risks exist.
Almonty Industries: Record Figures and Strategic Market Power
Global supply chain risks have become significantly more visible again in recent quarters due to the escalations in the Gulf region. Among those benefiting from this was the tungsten producer Almonty Industries, which is critical to Western economies (WKN: A414Q8 | ISIN: CA0203987072 | Ticker Symbol: ALI1). In July 2026, the company reached a historic milestone with the scheduled ramp-up of production at the Sangdong Mine in South Korea, which is set to significantly reduce the West’s dependence on tungsten supplies from China. The Sangdong Mine is known for its vast ore reserves, which Almonty has now converted into highly profitable cash flows with the expansion of Production Phase 1. Due to the prevailing supply shortages of technology metals such as tungsten, the market price for ammonium paratungstate has recently risen to an average of USD 3,075 per MTU.
The fundamental strength of this realignment is already reflected in the Q2 2026 results, which show revenue growth of 498% to CAD 43.0 million. At the same time, the company reported a net profit of CAD 181.8 million, compared to a loss of CAD 59.2 million in the same quarter of the previous year, and increased its operating mining profit to CAD 26.1 million. The extension of the offtake agreement with Global Tungsten & Powders to 21 years also provides long-term planning certainty. As a result, the guaranteed minimum offtake increases by 40%, while a new pricing formula with an annual premium of 6.3% will generate approximately USD 30 million in additional revenue.
To underpin this rapid expansion financially, management issued an oversubscribed convertible senior notes offering worth USD 800 million in June 2026. This capital injection boosted cash reserves to CAD 1.2 billion, which, among other things, allowed the company to fully repay a KfW loan. This financial strength now enables the parallel development of the Gentung Mine in the US and the mines on the Iberian Peninsula. Almonty’s strong performance was recognized by institutional investors at the end of June with its inclusion in the Russell 1000 and Russell 3000 indices. To further improve efficiency, the Board of Directors has also initiated the delisting from the Australian Securities Exchange (ASX).
Despite these operational advances and the company’s undeniable importance to the defense sector, market observers continue to view the current share price of USD 13.60 as structurally undervalued. Seven analysts have set price targets ranging from USD 23.00 to USD 33.00, with the average price target at USD 26.50. Based on the current level, this therefore represents upside potential of between 69% and 142%. So far, however, the capital market has not adequately priced in either the upcoming second phase of expansion in South Korea or the company’s other assets in the US and Europe. Given the company’s current liquidity, the current share price level—following the price pullbacks of the last four months—presents an attractive contrarian opportunity.
Puma Between Turnaround and Weak Revenue: Will the Key EUR 26 Level Hold Now?
Puma shares (WKN: 696960 | ISIN: DE0006969603 | Ticker: PUM) are currently trading at around EUR 26.60 and have a market capitalization of around EUR 3.9 billion. Since the start of the year, the share has gained about 19%, and on a 52-week basis, it is up by as much as 54%. However, the long-term damage has not yet been repaired, as the stock is trading about 77% lower than its all-time high in November 2021. This sell-off foreshadowed the corporate restructuring that has been underway since 2025. Less attractive wholesale channels are being scaled back, inventory is being reduced, and the product range is being streamlined. At the same time, the company plans to expand its higher-margin business through company-owned stores and online retail.
The Q2 figures released on July 31 show initial progress, but not yet a complete turnaround. Currency-adjusted revenue fell by 9.4% to EUR 1.69 billion. The wholesale business performed particularly poorly, with a 14% decline, as did the EMEA and Americas regions. Asia/Pacific, on the other hand, grew by 8.6%. Models from the Speedcat family, as well as the Running, NITRO, and HYROX segments, provided a boost. The gross profit margin rose from 46.2% to 48.0%. Reported EBIT improved from a loss of EUR 109.1 million to a loss of EUR 53.1 million, and the quarterly loss decreased from EUR 247.1 million to EUR 72.8 million. However, EBIT adjusted for one-time effects deteriorated from minus EUR 24.5 million to minus EUR 41.9 million. Part of the margin improvement also stemmed from customs refunds.
Cash flow provided the strongest signal. Free cash flow rose in Q2 from EUR 94.9 million to EUR 328.8 million. For the first half of the year as a whole, it reached EUR 127.4 million, compared to a loss of EUR 642.8 million in the same period of the previous year. At the same time, inventory fell by 15.3% to EUR 1.82 billion and working capital decreased by 17.2%. This gives Puma financial flexibility and reduces pressure on its balance sheet.
For 2026, management continues to expect a currency-adjusted decline in revenue in the low to mid single-digit percentage range, as well as EBIT between minus EUR 50 and minus EUR 150 million. Puma is not expected to return to sustainable growth until 2027. Anta Sports is providing additional upside potential. The Chinese sporting goods group plans to acquire a 29.06% stake in Puma and could be particularly helpful in expanding the business in China.
From a technical analysis perspective, the share has been consolidating between approximately EUR 26.50 and EUR 30.31 since early June. The range from EUR 26 to EUR 26.50 is now critical and is reinforced by the 100-day moving average at around EUR 26.30. If the price falls below this level, the psychologically important EUR 25 mark will come into focus. Below that, the 200-day moving average at around EUR 23.70 would be the next major support level. The 20- and 50-day moving averages are currently above the share price and are acting as a short-term drag. If, on the other hand, the zone around EUR 26.50 holds, a new attempt to reach EUR 29.50 to EUR 30 remains possible.
Despite solid business performance, PNE shares are plummeting as the wind farm developer’s complete sale threatens to fall through. Tungsten producer Almonty Industries is reporting massive revenue growth thanks to its new mine in South Korea, which can also help secure the tungsten supply for Western industrialized nations. Sportswear manufacturer Puma is struggling with declining revenue as part of its corporate restructuring, but is simultaneously showing significantly improved cash flows.
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