15/11/22 10:49:02

Scale market report: Upward in triple steps

The scale segment cannot keep up with the pace of its big brother, the DAX. However, scale newcomer Cantourage is proving to be a high-flyer. This time, the "Three Questions" go to Andreas Tönies from Daldrup & Söhne.


15 November 2022. FRANKFURT (Börse Frankfurt). The growth segment Scale has left the lows behind, but is lagging the DAX in the current year - unlike in previous years. The Scale All Share, which tracks all Scale members, is at 1,284 points on Tuesday morning, up from 1,190 points a month ago. The Scale 30 selection index of the 30 most liquid stocks is currently at 1,144 points, up from 1,033 in mid-October.  

Cantourage - more than threefold increase in share price

In a stock market environment that was not easy for second-line stocks in particular, Cantourage, a new company, ventured onto the trading floor and into the Scale segment last Friday - and with great success. The first price on Friday morning was 6.48 euros, on Tuesday morning it was 23 euros. There had been a private placement for the shares of the provider of medical cannabis beforehand, and the IPO means that around 15 percent of the company's shares are now in free float.

The Berlin-based company, which was founded three years ago, intends to use the new funds to expand its production capacities, tap into additional markets and also make preparations for the upcoming legalization of cannabis as a stimulant in some European countries. At the IPO, Florian Holzapfel, a member of the supervisory board and one of Cantourage's founders, emphasized the potential of medical cannabis and pleaded for responsible use. Cantourage is the 51st company in the Scale segment.

Many share prices still deep in the red

Overall, however, things remain tough for small companies. In terms of performance over a twelve-month period, the color red continues to predominate. The group of top performers continues to be Daldrup & Söhne (DE0007830572) (see Three questions to), Formycon (DE000A1EWVY8), Deutsche Rohstoff (DE000A0XYG76), Ernst Russ AG (DE000A161077) and Publity (DE0006972508) with share price gains of 15 to 61 percent.

Bringing up the rear are Advanced Blockchain AG (DE000A0M93V6), fashionette (DE000A2QEFA1) and Veganz Group (DE000A3E5ED2). However, stocks from the real estate and construction sector such as HELMA Eigenheimbau (DE000A0EQ578) and ERWE Immobilien (<DE000A1X3WX>) are also currently showing signs of weakness.

Recovery at 2G Energy and Cliq

Some scale companies recently convinced with good quarterly figures and gained, such as 2G Energy. 2G Energy shares (DE000A0HL8N9), which are always highly regarded and have strong sales, are now back at 23.50 euros after bottoming out below 19 euros at the end of September. The manufacturer of cogeneration plants that can be converted from gas to hydrogen reported a 50 percent increase in sales for the third quarter. 2G now expects sales of 310 million to 350 million euros in 2023 and up to 390 million euros in 2024.

The analyst firm SMC Research continues to recommend 2G, but has slightly reduced its price target to 32.20 euros. With the sales expected for 2024, 2G will already reach the targets actually envisaged for 2026 in the year after next, explain the analysts. The new price target still signals a high upside potential of around 50 percent after the sharp price correction. First Berlin also remains optimistic: the analysts have slightly raised their forecast for 2022. The company's outlook for 2023 and 2024 shows that 2G should continue to grow dynamically despite the recession. They quote a price target of 31 euros and also reiterate their buy recommendation.

In October, the Deutsche Rohstoff share was the most traded stock in the Scale segment. Formycon, 2G, Cliq Digital and Mensch & Maschine followed in second to fifth place. However, since the beginning of the year, 2G Energy remains the most traded stock, followed by Formycon, Cliq, Deutsche Rohstoff and Mensch & Maschine.

The quarterly figures of the Düsseldorf-based streaming provider Cliq Digital (DE000A0HHJR3) were also well received. Currently, the share price stands at 27 euros, up from 16 euros at the October low. The company, which offers unlimited access to music, audiobooks, games, sports, film and series content, once again posted record results in the third quarter. "With an increase in revenue, profit and cash flow, we enter the fourth quarter with confidence," said board member Ben Bos when presenting the figures. 

Buy recommendations for Blue Cap

There have been two buy recommendations recently for the otherwise less well regarded Blue Cap share. The Munich-based investment company, which specializes in medium-sized companies, supports companies "with clear earnings improvement potential and growth prospects," according to the company. The share price had fallen this year from 31 euros to a low of under 19 euros, and is currently back at 25.60 euros. Blue Cap had reported good figures for the first nine months at the end of October. Although a more moderate development is expected in the fourth quarter, Blue Cap confirmed its forecasts for the full year of 335 to 350 million in sales and an Ebitda margin of 8 to 9 percent.

Warburg Research continues to recommend Buy with a slightly reduced price target of 40 euros. SMC Research also confirms its buy recommendation with a slightly lowered target price of 38 euros. Blue Cap was unfairly punished, it says. The company has vigorously restructured its portfolio over the past two and a half years and is now reaping the rewards.

Further recommendations for scale shares

Analysis house/bank



Target price in Eurocurrent rate in Euro

First Berlin

Deutsche Rohstoff




SMC Research;

RCM Beteiligungs AG

Speculative Buy




Apontis Pharma









SMC Research


Speculative Buy



SMC Research

The Naga Group




SMC Research

artec technologies

Speculative Buy



SMC Research

Mensch & Maschine

Strong Buy




Deutsche Grundstücksauktionen









Three questions to Andreas Tönies, Spokesman of the Board of Daldrup & Söhne

Daldrup & Söhne is one of the clear stock market winners this year and stands out in the Scale segment. How was the share able to resist the general market development?

Climate change and the Ukraine war are making everyone aware of how urgent it is to decarbonize and make our energy supply independent. Likewise, security of supply has come massively to the fore in recent months. Geothermal energy can make a valuable contribution to these challenges - both for private households and as part of municipal and industrial local and district heating projects, as well as for electricity generation.

With the order backlog reached in mid-September 2022, your drilling business is mathematically running at full capacity until well into 2023. So will the positive share price development continue?

Demand for geothermal heat projects in Europe remains brisk. Local authorities, municipal utilities and industrial companies in particular are making efforts to establish and expand energy supplies based on renewable energies. Also due to our companies in the DACH region and the Benelux countries, we continue to be optimistic with regard to the expansion of the order situation despite all the current challenges.

What speaks in favor of the share from an investor's point of view?

Among other things, we are active in the field of renewable energy generation. This makes our share very interesting, particularly in view of the increased demand for security of supply. Although our company is also currently affected by the current high energy prices, our business model has proven resilient despite all the challenges of the past three years. In the medium term, we are in a structural growth market, not only because of the heat turnaround to be implemented.

Daldrup & Söhne AG, founded over 75 years ago, is a specialized provider of drilling and environmental services from Ascheberg in Westphalia. According to its own information, the company is one of the leading ones in Germany. Its activities are divided into the business areas of geothermal energy, raw materials & exploration, water extraction, and environment, development & services.

from: Anna-Maria Borse © 15 November 2022, Deutsche Börse AG


About the author

Anna-Maria Borse is a finance and economics editor specializing in financial markets/stock markets and economic topics. 

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