Viscom Between an Order Boom and a Half-Year Loss: Will the Turnaround Succeed Now?
The shares of Viscom (WKN: 784686 | ISIN: DE0007846867 | Ticker: V6C) are currently trading at around EUR 5.46, with a market capitalization of just under EUR 50 million. Since the start of the year, the stock has gained about 24%; on a 52-week basis, the price gain is around 21%. However, this makes Viscom one of the smallest publicly traded technology companies in Germany. Viscom develops automated optical and X-ray inspection systems for the electronics industry. These systems check printed circuit boards, semiconductors, battery cells, and electronic assemblies for manufacturing defects, for example. Key future markets include AI hardware, electromobility, aerospace, and security technology.
The half-year results published on August 12 paint a mixed picture. Order intake rose by 30.2% year-over-year to EUR 55.7 million. The order backlog increased by as much as 62.2% to EUR 38 million and has nearly doubled compared to the end of 2025. A key driver was a major order for battery cell inspection, although the majority of this order will not be recognized as revenue until 2027. The recovery has not yet fully translated into revenue. Revenue fell by 6% to EUR 36.9 million in the first half of the year. However, the second quarter showed positive development. Quarterly revenue reached EUR 22.6 million, up 15.8% from the prior-year period and 57.3% higher than the weak first quarter.
Half-year EBIT deteriorated from a slightly positive EUR 52,000 to a loss of EUR 2.5 million. This corresponds to an EBIT margin of minus 6.9%. In the second quarter, however, Viscom returned to profitability with an operating profit of EUR 1.46 million. This could be an early sign of an operational turnaround. For 2026, management continues to expect revenue of EUR 80 to 90 million and order intake of EUR 90 to 100 million. The EBIT margin is expected to range between 2% and 5%. This would result in an operating profit of between EUR 1.6 and 4.5 million. Demand is growing particularly strongly in North America and Asia, while customers in Europe remain cautious about investing.
Although the very low market capitalization offers above-average price potential, it also increases risk. Even small orders or disappointing results can trigger sharp price movements. In addition, trading volume is low, meaning that larger orders can significantly influence the price. From a technical analysis perspective, the long-term picture has improved. At EUR 5.52, the share is trading well above the 200-day moving average of around EUR 4.80. The range between EUR 5 and EUR 5.20 forms an initial support level. Below that level, the 200-day moving average would come back into focus. On the upside, resistance levels are at around EUR 5.80 to 6, as well as at the year-to-date high between EUR 6.70 and 6.80. The strong order backlog points to a further recovery, but a sustainable turnaround must first be confirmed by revenue and profit figures.
dynaCERT Drives Emissions Reduction in Heavy-Duty Transportation in Southeast Asia
Shares of the Canadian cleantech company dynaCERT (WKN: A1KBAV | ISIN: CA26780A1084 | Ticker Symbol: DMJ) are currently trading at around EUR 0.07 (CAD 0.105) and have a market capitalization of just over EUR 36 million (CAD 53.4 million). Over the past six months, the stock has gained about 27%, while on a 52-week basis, it has posted a loss of just under 17%. The global logistics market faces significant cost and regulatory pressures stemming from stricter climate regulations and geopolitical risks. In this environment, the Canadian company is pursuing a two-pronged strategy: hardware solutions combined with telematics software. According to the company, HydraGEN™, a retrofittable injection system for diesel engines, and HydraLytica, a telemetry and emissions monitoring platform, enable significant fuel and CO₂ savings. Initial pilot installations in high-growth regions such as Vietnam demonstrate how early efficiency gains translate into cost savings and potential revenue from emissions credits in practice. These pilot projects serve as the foundation for recurring orders and referral business.
According to a company press release from last week, the next pilot project is already underway. The client is a company in the waste and recycling industry in the Hanoi region that operates its own truck fleet. The installation of the HydraGEN™ units is expected to be completed as early as next week. Immediately afterward, the installers will install the next HydraGEN™ units in a selection of fire trucks, forklifts, and mobile cranes at a leading Vietnamese oil and natural gas company. HydraLytica has been deployed and put into operation at the port facilities of one of the world’s leading logistics companies. The goal is to collect and analyze engine-related data in order to monitor detailed fuel consumption and emission levels across the customer’s entire fleet.
Market development in Vietnam is currently progressing rapidly for dynaCERT, and the country is emerging as one of the company’s most important markets. Its presence across various industrial sectors is increasing brand awareness locally, and discussions are already underway in other Asian countries such as Indonesia, Cambodia, and Japan. The Vietnamese market alone, with more than 3.5 million diesel commercial vehicles, is of great interest to dynaCERT.
Bernd Krueper, President and Director of dynaCERT, explains: “We currently have several projects running in parallel across various industries, each of which provides valuable operational data and demonstrates the versatility of HydraGEN™ technology under real-world conditions. As more and more of our units are put into service, awareness in the market is growing, and with it, the commercial interest and commitment of organizations in both Vietnam and neighboring countries. From our perspective, Vietnam will develop into an important reference market for dynaCERT’s further expansion in Southeast Asia.”
TKMS Between an Order Boom and a High Valuation: Will it now break through the EUR 100 mark?
TKMS shares (WKN: TKMS00 | ISIN: DE000TKMS001 | Ticker: TKMS) are currently trading at around EUR 102.00 and have a market capitalization of approximately EUR 6 billion. Since the start of the year, the stock has gained about 51%. It is still trading below its all-time high of around EUR 106.60. TKMS is Germany’s leading naval shipbuilder and primarily produces conventional submarines, frigates, and corvettes. Through its subsidiary Atlas Elektronik, the group also offers sonar systems, sensors, torpedoes, and mine countermeasures technology. The former parent company, thyssenkrupp, continues to hold 51% of the shares.
In the first nine months of fiscal year 2025/26, TKMS increased revenue by 19% to EUR 1.89 billion. Adjusted EBIT rose by 13% to EUR 110 million, exceeding market expectations of around EUR 101 million. However, due to higher administrative expenses, the adjusted EBIT margin declined slightly to 5.8%. The new full-year forecast was particularly positive. TKMS now expects revenue growth of 10 to 12%. Previously, management had projected growth of only 2 to 5%. The adjusted EBIT margin is expected to reach up to 6.5%. The main growth drivers are the surface vessel business and Atlas Elektronik. Rising European defense spending is also providing a tailwind.
At EUR 20.1 billion, the order backlog remains exceptionally high. At the end of March, however, it stood at EUR 20.6 billion. In September 2025, the figure was EUR 18.2 billion. This ensures capacity utilization for several years to come. New orders fell from EUR 8.6 billion to EUR 3.6 billion compared to the strong same period last year. This is mainly due to the fact that several particularly large submarine orders were booked in the previous year. Potential major projects in Canada and India offer additional opportunities. Risks include long project durations, potential delays, and cost overruns. Political decisions can also influence the timing of new orders. Furthermore, following the significant rise in the share price, much of the future growth appears to be already factored into the valuation.
From a technical analysis perspective, the stock remains in a clear uptrend. The price of EUR 102.00 is well above the 200-day moving average, which currently stands at around EUR 81.60. Thus, the long-term chart picture remains bullish. On the downside, the zone between EUR 90 and 92 represents the first level of support.
If the price falls below that, the EUR 85 level would become more important. From a long-term perspective, the 200-day moving average at EUR 81.60 should hold at the very latest. Following the sharp price jump, short-term profit-taking remains possible; however, from a fundamental perspective, the high order backlog continues to bode well for TKMS.
Viscom shows strong potential for an operational turnaround thanks to a record order backlog in future-oriented markets. dynaCERT is tapping into the fast-growing Vietnamese market with efficiency-enhancing hardware and software solutions for diesel engines. TKMS is posting double-digit profitable revenue growth driven by high global defense spending and long-term full capacity utilization.
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