Scale Market Report: Finally, price gains again
Things are going well for the two scale newcomers Pfisterer and Innoscripta – especially for Pfisterer. The share price has almost doubled since the IPO. There are also many other encouraging developments.
16 July 2025. FRANKFURT (Börse Frankfurt). The scale segment is also benefiting from the continued positive mood on the stock markets, despite customs announcements. On Wednesday morning, the Scale All-Share Index stood at 1,306 points, well above the 1,245 points recorded a month ago. Since the beginning of the year, this represents an increase of 17 percent. The difficult phase for the micro-cap segment that began in 2022 seems to be over.
Things are going well for the two Scale newcomers Pfisterer (DE000PFSE212) and Innoscripta (DE000A40QVM8). Power grid equipment supplier Pfisterer (DE000PFSE212) went public in mid-May at an issue price of €27, and the share now costs €51.50. After a mixed start on the stock market on May 23, Munich-based software provider Innoscripta (DE000A40QVM8) also saw a significant upturn after a mixed start on the stock market on May 23. With an issue price of €120, the share came under pressure on its first day of trading and fell below €86 in June. It is now back at €107. The company specializes in software for research and development projects, with documentation that complies with tax regulations.
Popular newcomers to the stock market.
The top performers in terms of turnover in the Scale segment of the German Stock Exchange in June were the two newcomers Pfisterer and Innoscripta, with trading volumes of €32 million and €17 million respectively. They were followed by the usual top performers 2G Energy, Steyr Motors, and Deutsche Rohstoff. Since the beginning of the year, 2G, Mensch und Maschine, Deutsche Rohstoff, the Verve Group (now listed in the General Standard), and The Platform Group have recorded the highest sales.
Steyr: Hype over, but share price still quadrupled
Austrian engine manufacturer Steyr Motors (AT0000A3FW25) is on the rise again. The company, which is benefiting from the defense boom, has now secured additional orders from Dutch vehicle manufacturer Defenture and announced a new record order backlog on Wednesday. The share is currently trading at 63 euros, up from 49 euros a month ago. Although it is still a long way off the March high of 430 euros, the share price has quadrupled since the beginning of the year.
In terms of 12-month price performance, Daldrup & Söhne (DE0007830572) is currently in the best position with a price increase of 75 percent since July 2024. 2G Energy (DE000A0HL8N9), Swissnet (CH0451123589), Exasol (DE000A0LR9G9) and the JDC Group (DE000A0B9N37) have also performed well since last summer, with price gains of between 29 and 45 percent.
Deutsche Rohstoff near all-time high
The share price of Deutsche Rohstoff AG (DE000A0XYG76), an oil and gas producer primarily active in the US, has risen significantly since April. At €41.25, the share price is now approaching its all-time high of over €44 from April 2024 – despite the recent decline in oil prices. The research firms First Berlin and mwb research recommend buying the stock with price targets of €48 and €53, respectively. Kepler Chevreux, however, advises reducing holdings and sets a target price of only €34.
Is Veganz undervalued?
Things are also looking good for the Veganz Group (“Vegan Delights from Berlin”). Its share price (DE000A3E5ED2), which was still at €5 at the beginning of the year, rose to over €18 in June and is now still at €15.20. mwb research considers this far too low and has set a target price of 25 euros. The capital increase will pave the way for significant and profitable growth, it says. However, the recommendation is “Speculative Buy.”
Bad news comes from EV Digital Invest (DE000A3DD6W5): The crowd investing platform, a licensing partner of Engel & Völkers, has filed an application with the Charlottenburg Local Court to open insolvency proceedings under its own administration.
Further recommendations for scale stocks
| Analyst Firm/Bank | Scale companies | Recommendation | Target price in euros | Current price in euros |
|---|---|---|---|---|
| BankM | JDC Group | Buy | 31.32 | 25.70 |
| NuWays | Cantourage | Buy | 13.00 | 4.26 |
| Montega | Cantourage | Buy | 13.00 | 4.26 |
| SMC-Research | Pyrum | Speculative Buy | 53.00 | 29.00 |
| SMC-Research | Pyramid | Hold | 1.60 | 0.84 |
| SMC-Research | Noratis | Hold | 1.75 | 1.16 |
By Anna-Maria Borse © 16 July 2025, Deutsche Börse AG
About the Author
Anna-Maria Borse is a financial and business editor specializing in financial markets/stock exchanges and economic issues.
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