Scale market report: No small-cap frenzy like in the USA

Apontis Pharma: all dressed up for the takeover

However, Apontis Pharma could now be taken over, hence the recent jump in the share price. On 24 October, the Czech generics manufacturer Zentiva submitted a takeover bid for the Monheim-based single-pill provider for 10 euros per share. The Management Board and Supervisory Board of Apontis recommend acceptance. The price offered is an attractive premium of around 53 percent compared to the closing price on October 15 and 38 percent compared to the volume-weighted average price of the last three months.

The downer: the takeover would probably lead to the end of Apontis Pharma's stock market listing. Other Scale members had already been taken over, specifically POS system provider Vectron (DE000A0KEXC7) and investor communications provider EQS Group.

Formycon now in the Prime Standard - newcomer Steyr Motors

Biosimilar developer Formycon (DE000A1EWVY8) has also left the Scale segment and has been listed in the Prime Standard of the Frankfurt Stock Exchange since Tuesday of this week. On the other hand, there has been an addition: the Austrian company Steyr Motors (AT0000A3FW25) has been a new member of the Scale segment since October 30. The investment company Mutares (<DE000A0SMSH2>), itself a former Scale member and now listed in the Prime Standard, had placed a total of 1.1 million shares in Steyr. Steyr produces high-performance engines, primarily for military purposes. At 15.90 euros, the first price was above the issue price of 14 euros; the share currently costs 13.50 euros. Hauck Aufhäuser Investment Banking advises to buy and gives a target price of 30 euros. Steyr Motors is well positioned to benefit significantly from the current defense cycle, they say.

Good and not so good quarterly reports

Numerous Scale members also presented their figures for the third quarter, some good, some not so good. The figures for oil company Deutsche Rohstoff AG (DE000A0XYG76), for example, were good. “Turnover and EBITDA mark record figures, which the Group has not yet been able to achieve at this level in the company's history after nine months,” it said. However, after a sharp rise in the share price in the first quarter, it has fallen back to the level at the beginning of the year due to the fall in the oil price.

Cantourage: stock market remains skeptical

The provider of medical cannabis Cantourage (DE000A3DSV01) also presented pleasing figures. Both turnover and EBITDA climbed to record levels in the third quarter. “Cantourage is on an excellent economic path: we started 2019 with sales of around 0.5 million euros, and we now expect sales of at least 40 million euros and EBITDA of over 2 million euros for 2024,” explained CEO Philip Schetter. The main driver was the expansion of processing capacities in Germany and Portugal following the partial legalization of cannabis in April, which made it possible to meet demand.

However, the share with the ticker symbol HIGH is still not performing well. After the initial listing of 6.48 euros two years ago and the subsequent increase to more than three times that price, Cantourage is currently trading at 4.42 euros. Two analyst firms consider this to be far too low: NuWays and Montega recently confirmed their buy recommendation for Cantourage shares, with price targets of 10 and 11 euros respectively. 

By Anna-Maria Borse © 15 November 2024, Deutsche Börse AG