Hochtief rises sharply following takeover report
The shares of Hochtief AG have risen by around 8.4% from their low last week on Thursday, November 5, to EUR 358.60 at last count. This makes Hochtief one of the stronger performers in the DAX. Yet while the shares are now up 9.4% since the start of the year, they have already fallen 35% from their all-time high of EUR 554 in May this year.
After Bloomberg reported a possible full takeover by the Spanish construction group ACS, the ongoing rebound halted the downward momentum. The majority shareholder, ACS, already held around 76% of Hochtief and was considering buying the remaining shares or pursuing a merger, according to the report. Bloomberg cited a stock market listing of the US construction subsidiary Turner in New York as another possibility in such a transaction. An official offer with a price for the outstanding shares had not yet been made on Friday.
Hochtief had already published its nine-month figures on Thursday. Operating group profit rose by around 40% year on year to EUR 752 million, while revenue increased by 14% to EUR 32.05 billion. The order backlog reached a record of around EUR 90 billion, up 29% from the previous year. For the full year, the group confirmed its forecast of operating group profit of EUR 1.025 to 1.1 billion. Turner stood out in the figures. The US subsidiary’s operating pre-tax profit rose by 47% to EUR 891 million on a currency-adjusted basis. Across the group, the order backlog in AI, digitalisation and technology increased by more than 90%. Hochtief reported new orders for data centres in the US, Europe and Asia, among other things. This lent additional weight to Turner’s possible stock market listing.
From a technical analysis perspective, the downtrend visible since the transition from June to July remained intact. During Friday’s trading, the shares had briefly exceeded the 20-day moving average at EUR 373.10 and reached EUR 379.80. By yesterday’s close, they were back below the average. The decisive hurdle for an improved outlook is EUR 393, just above the 50-day moving average at EUR 391. A sustained rise above this level would have been an initial signal that selling pressure on the shares was easing. Above this, the 100-day moving average at EUR 420 and the 200-day moving average at EUR 430 are the next resistance levels. On the downside, Thursday’s low of EUR 331.80 provides a reference point.
HPQ Silicon: Strategic raw materials for defence and energy
The Canadian technology developer HPQ Silicon Inc. is increasingly opening up key markets for critical speciality materials such as high-purity silicon, fumed silica and silicon-based anodes. This positioning is driven by the global realignment of industrial value chains. Western economies in North America and Europe in particular want to rapidly reduce their strategic dependence on Asian sources of supply. By establishing regional production capacity, HPQ is responding to the urgent need for secure supplies of raw materials and intermediate products for core industrial and security-related sectors.
A significant technological milestone for the joint venture, run in equal partnership with PyroGenesis, HPQ Silica Polvere, has been achieved. Its plasma-based reactor enables the direct thermal conversion of quartz into fumed silica. As a result, complex and toxic chlorine-based precursors are eliminated. After the pilot operation produced commercial-quality material, exploratory talks are now underway for production facilities with nominal capacities of between 1,000 and 10,000 tonnes per year. From an operational perspective, this process offers considerable savings in energy use, the enormous logistical effort and the associated risks of handling hazardous chemicals. To make a sustainable transition from technical proof of concept to profitable mass production, management’s primary focus is now on reliable profitability metrics and binding industrial offtake agreements.
Through its strategic 36.8% stake in the French technology specialist Novacium, the company is simultaneously expanding into dynamic future fields of battery technology and hydrogen production. Alongside practical testing of the silicon-rich ENDURA+ cylindrical cells by vehicle manufacturer Aptera Motors, the METAGENE project underlines the technological potential in the dual-use sector. A consortium led by Novacium recently secured around EUR 1.0 million in government funding from the French Defence Innovation Agency (AID) and the Directorate General of Armaments (DGA), bringing the total budget to EUR 1.2 million. The patented process produces green hydrogen at high pressure on a decentralised basis from a solid, non-hazardous fuel without an external electricity supply. The target market would include both civilian and military applications, with a total volume estimated at around USD 500 billion by 2030.
On the capital markets, HPQ Silicon’s current valuation reflects the typical phase before the final commercial breakthrough. While existing intellectual property rights and pilot and validation projects noticeably reduce operational risk, management must plan liquidity use in a disciplined manner. From a technical perspective, the share failed to hold the last support zone at CAD 0.12 and was sold off to as low as CAD 0.085 before the first investors began buying the stock again. They used the favourable risk-reward profile to initiate positions or make additional purchases on the stock exchange. On the downside, CAD 0.065 to 0.07 is now the next support zone, while the next resistance lies around CAD 0.12.
Stabilus loses 12% and lowers its revenue target for 2030
The shares of Stabilus SE fell 11.69% to EUR 14.24 last Friday, November 6, after closing at EUR 16.18 on Thursday. During Friday’s trading, the loss temporarily exceeded 15% at the day’s low of EUR 14.20 before the first buyers returned.
The automotive and industrial supplier had published its preliminary figures for the 2026 financial year, which ended in late September, after the close of trading on Thursday. Revenue fell from EUR 1.30 billion to EUR 1.20 billion, while the adjusted EBIT margin declined from 11.0% to 10.4%. Adjusted free cash flow fell from EUR 119.0 million to EUR 96.1 million. With these figures, Stabilus met the guidance adjusted during the year.
The outlook for 2030 was considerably more cautious. Stabilus lowered its revenue target by around EUR 500 million to EUR 1.5 billion. The group was now targeting an adjusted EBIT margin of 12 to 15%, compared with the previous target of 15%. Stabilus cited lower revenue expectations in the automotive business in China and North America, as well as subdued willingness to invest in vehicle production facilities, as reasons. In addition, there was a non-cash goodwill impairment of around EUR 67 million in the Americas region. According to preliminary figures, reported EBIT for the fourth quarter consequently stood at minus EUR 48.1 million, compared with a profit of EUR 5.5 million in the prior-year quarter. The management board proposed a dividend of EUR 0.22 per share for the past financial year. In the previous year, it had been EUR 0.35. The lower payout was also intended to help reduce debt.
The decline took Stabilus below the trading range in which the share had predominantly traded since early October. As of Tuesday evening, the share price stood at EUR 15.52, below both the 50-day moving average at EUR 15.98 and the 100-day moving average at EUR 15.86. If the recovery that began on Monday continues, these moving averages would form the first resistance zone just below EUR 16. The declining 200-day moving average was most recently at EUR 16.80. On the downside, the next notable low was at EUR 13.18. Stabilus reached this all-time low only in July. The distance to that level was most recently still around 15%. On the corporate side, attention turned to December 7. Stabilus announced that it would publish its final figures for the 2026 financial year on that date.
Conclusion
Hochtief benefited from speculation about a possible full takeover by ACS, while operational progress and a record order backlog of around EUR 90 billion support the share price. HPQ Silicon develops processes for critical materials and benefits through its 36.8% stake in Novacium from advances in battery anodes and decentralised hydrogen production. Following weaker annual figures and an impairment of around EUR 67 million, Stabilus lowered its 2030 revenue target to EUR 1.5 billion, prompting the shares to fall sharply initially before investors began buying the dips again at the start of the week.
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