17/03/25 09:43:40

Scale market report: Steyr share price goes through the roof

Too many scale companies with share price losses - the Scale Index is barely making any headway and is lagging well behind the DAX, MDAX & Co. However, some stocks are developing rapidly, most recently engine manufacturer Steyr in particular.


17. March, 2025 FRANKFURT (Börse Frankfurt). The Scale segment is not really benefiting from the positive sentiment on the German stock market. On Monday morning, the Scale All Share Index stood at 1,133 points - the same level as a month ago and barely above the level at the end of 2024. By contrast, the DAX has risen by 16 per cent and the MDAX and SDAX by around 14 per cent each. The share prices of too many Scale members are not bouncing. On the other hand, there are also many winners. Conspicuous this time: the Austrian engine manufacturer Steyr Motors (AT0000A3FW25). It is benefiting from the armaments boom, as Steyr produces engines primarily for military applications.

A far-reaching framework agreement was recently concluded with a Rheinmetall subsidiary. “We at Steyr Motors AG are pleased to contribute our technological capabilities to this pioneering project and to work together with our customer on forward-looking solutions for the defense industry,” explained Steyr CEO Julian Cassutti when presenting the plans. The share price, which stood at EUR 14 in mid-February, is now EUR 141 - a tenfold increase. The investment company Mutares (<DE000A0SMSH2>), itself a former Scale member, had floated the company on the stock exchange at the end of October 2024 at a price of EUR 14 per share, but still holds a large stake. 

Verve Group with share price tripling

Advertising software provider Verve Group (SE0018538068) is once again the best performer over a twelve-month period. The share price has almost tripled since March 2024. Apontis Pharma (DE000A3CMGM5), Swissnet (CH0451123589), Cyan (DE000A2E4SV8) and MPC Capital (DE000A1TNWJ4) have also performed very well, with share price gains of between 50 and 92 percent. However, Apontis is about to be delisted following its takeover by the Czech generics manufacturer Zentiva. 

2G: Political and regulatory uncertainty soon to be over?

The combined heat and power plant and heat pump manufacturer 2G Energy (DE000A0HL8N9) has been very volatile this year. At the beginning of the year, the share price jumped above EUR 26, but then fell to EUR 21 and is now back at EUR 26. At the end of February, the company announced that, according to preliminary figures, it would have generated consolidated sales of around 376 million in 2024 - an increase of 3% compared to 2023.

“After 2G had grown by 17% in each of the two previous years, growth in 2024 was comparatively weak, as the German business recorded an unexpectedly sharp slump,” explains the analyst firm First Berlin. The reason: major political and regulatory uncertainty regarding CHP (combined heat and power) subsidies. “However, with the extension of the CHP Act and the prospect of a stable new German government from Easter, nothing now stands in the way of a revival of the German market.” First Berlin continues to recommend buying and has a target price of EUR 35. SMC Research also recommends buying the share, with a target price of EUR 35. 

Mensch und Maschine in the lead. 

The most traded Scale share on the marketplaces of Deutsche Börse in February was Mensch und Maschine with a turnover of 21.2 million euros. It was followed by 2G Energy with 10.7 million euros, Datagroup with 8.4 million euros, the Verve Group with 6.6 million euros, Deutsche Rohstoff with 5.6 million euros and - for the first time among the stocks with the highest turnover - Steyr Motors with 3.8 million euros.

Deutsche Rohstoff at a discount to peer group

The Deutsche Rohstoff share (DE000A0XYG76) continues to move with the oil price. After a significant rise until February, it has therefore recently fallen. The share is currently trading at EUR 36.60, still more than at the end of the year, but well below the all-time high of over EUR 44 just under a year ago. The preliminary Group figures for 2024 confirmed the sales record. The analyst firm MWB Research continues to recommend buying with a price target of 53 euros. “Overall, the preliminary figures for 2024 are solid,” write the analysts. The significant discount at which the share is trading compared to the peer group also speaks in favor of a recommendation. 

“Risks for Cantourage business model limited”

The fact that the partial liberalization of cannabis may be reversed with the now likely grand coalition under Chancellor Merz is a recurring theme with regard to cannabis manufacturer Cantourage (DE000A3DSV01). The company recently reported a very successful fourth quarter of 2024.

“After the record fourth quarter, Cantourage is now likely on track for another record quarter,” comments analyst firm NuWays. NuWays believes that a complete return to the “old” model in Germany is unlikely. “Importantly, Cantourage is only active in the medical sector, so we believe the risks to its business model are limited.” The recommendation is “buy”, the target price is 12.50 euros. Montega also recommends “buy” and has a target price of 12 euros. The share is currently trading at 4.50 euros. 

Further recommendations for scale shares

Analysis company/bankScale CompanyRecommendationTarget Price in EuroCurrent Share Price in Euro
NuWaysNabaltecBuy25.0014.30
MontegaMPCBuy7.005.10
First BerlinVerve GroupBuy6.003.45
GBCVerve GroupBuy8.303.45
First BerlinThe Platform GroupBuy17.008.52
BankMDatronBuy12.696.90
NuWaysSwissnetBuy20.006.70
First BerlinSwissnetBuy18.506.70
GBCMensch und MaschineBuy65.0051.10
MontegaNynomicBuy26.0014.60
NuWaysNynomicBuy34.5014.60
NuWaysLaiqonBuy7.404.32

By Anna-Maria Borse © 17. March 2025, Deutsche Börse AG

Anna-Maria Borse is a financial and business editor specializing in the financial market/stock exchange and economic topics.

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