(•‿-) My Top 25 Stocks for 2026

I am a great friend of a systematic approach. I have developed a system for my investments over the years. Investment decisions should be made without emotions on the basis of facts.

As a rule, I hold stocks for the long term for years. But it also happens that I trade news, for example, and only hold positions for a short time. I would describe myself 90% as an “investor” and only 10% as a “trader”.

I’ve been through a lot of ups and downs in the many years I’ve been on the stock market. It is therefore very important to me that I can react flexibly and at short notice to changes in the markets. I designed my investment portfolio (securities such as shares, ETFs, bonds, without real estate) accordingly.

My investment style is a mixture of value/momentum investor. I attach great importance to valuation, dividends, share buybacks and “skin in the game”. This means that I prefer cheaply valued stocks with a high insider share and high dividend yield. The basic idea is that decision-makers should also bear a personal risk when making decisions that have an impact on others.

Various criteria are included in the standardised valuation of the shares, such as:

• Revenue growth

• EBITDA growth

• Profit growth

• Dividend yield

• FCF-Margin (Free Cash Flow - Margin)

• P/E ratio

• Enterprise value/EBITDA

• Price/book value ratio

• Price potential (derived from the “fair P/E ratio”) and

• Relative Strength

My basic idea when investing is to buy a stock cheaper than it is actually worth. I work with a “fair P/E ratio” (P/E ratio - price-earnings ratio), which is supposed to reflect the fair value of a stock. If a fair P/E ratio of 15 is calculated for a company and is currently trading on the stock exchange for a P/E ratio of 10, then it would be a cheap buy. The bigger the gap between fair and current P/E ratios, the cheaper I am in purchasing! From this “gap” I calculate the potential for future price gains, because sooner and unfortunately sometimes later, the stock market recognizes the “fair P/E ratio”.

The weighting of the “relative strength” increases more and more in the course of the year!

“Let profits run - limit losses”

What stands out about the top 25 stocks:

• The shares come from many different industries.

• From the region, most stocks come from Canada (11 out of 25)

• Most stocks are small or micro caps that “swim completely off the beaten track” and want to be discovered.

• All stocks are cheaply valued and have a high price potential (at least doubling in the next 3 years) or a very high dividend yield.

• 3 of the top 25 stocks were also included in the 2025 vintage, see here.

My top 25 stocks, ranked by weighting for 2026 are:

1. Campine ($CAMB | ISIN: BE0003825420)

Key financial data:

• Market capitalization: approx. EUR 300 million

• Dividend yield: approx. 7% % (basis: own estimate for 2025)

• Target price (3 years): 1,118 EUR (+465% own calculation, antimony boom)

Analysis:

• The business model: Campine is a Belgian industrial specialist that focuses on two niches: fire retardant additives (antimony trioxide) and the recycling of lead (e.g. from car batteries). The company buys industrial waste, recycles it and sells the pure metals or special chemical products back to industry.

• The USP (unique selling point): Campine occupies a critical niche in the circular economy. As one of the few European players that can process and recycle antimony (a strategic metal), the company benefits from EU regulation that promotes independent sources of raw materials in Europe.

• The bull scenario: The demand for refractory materials (for e-car plastics) and recycled lead remains high. Analysts see the stock as fairly valued in December 2025, but with potential through efficiency gains. A P/E ratio of around 5 signals a favorable valuation for a stable payer.

• The risks: Commodity price fluctuations (esp. antimony and lead) have a direct impact on the margin. In addition, the stock is market-tight; low trading volumes can lead to high volatility.

---

2. Victory Square Technologies ($VST. CN, $VSQTF | ISIN: CA92650P1045)

Key financial data:

• Market capitalization: approx. CAD 76 million

• Current dividend yield: 0% (growth focus, occasional spinoff dividends)

• Target price (3 years): CAD 2.85 (+274% own calculation, depending on portfolio development -exit)

Analysis:

• The business model: Victory Square is a “venture builder” that finances, builds and takes startups in the areas of Web3, gaming and digital health to the stock exchange. They generate income through management fees and exits (sale of shares).

• The USP (unique selling point): Victory Square Technologies has a 56.6% stake in Hydreight Technologies. This stake alone is worth much more (approximately CAD 111 million) than the total market capitalization of Victory Square Technologies (CAD 76 million).

• The bull scenario: Hydreight signals aggressive expansion, see stock 3) in the digital health sector. Successful exits could drive up NAV (net asset value).

• The risks: The model is extremely cyclical and depends on the development of Hydreight. In bear markets for tech/crypto, the value of the holdings collapses. In addition, the liquidity of the stock is low.

---

3. Hydreight Technologies ($NURS. V, $HYDTF | ISIN: CA44877L1013)

Key financial data:

• Market capitalization: approx. CAD 210 million

• Current dividend yield: 0%

• Target price (3 years): CAD 14.60 (+233% own calculation, based on US expansion)

Analysis:

• The business model: Hydreight offers a mobile health platform (”Uber for nurses”) that enables nurses in the USA to offer medical services (IV Drips, Botox, laboratory tests) on the go. Hydreight provides the app, legal coverage and pharmacy logistics.

• The USP (unique selling point): The proprietary app and the network of over 1,000 doctors who legally approve the treatments form a strong moat in the USA, where telemedicine and home care are booming.

• The bull scenario: Q3 2025 was the fourth profitable quarter in a row with a 132% jump in revenue. With an expected 1.3 million orders in 2025 as a whole, the model scales exponentially, without high fixed costs of its own (gig economy model). For 2026, I expect an increase in sales of about 250%!

• The risks: Regulatory changes in the U.S. healthcare system could jeopardize the business model. In addition, there is a risk that competitors will push into the market with more capital.

---

4. Digital Net ($VRL | As of DE000A2BPK34)

Key financial data:

• Market capitalization: approx. EUR 37 million

• Current dividend yield: 0%

• Target price (3 years): EUR 36.4 (+111% own calculation, driven by AI payment solutions)

Analysis:

• The business model: The German payment service provider develops payment platforms for digital content and is increasingly using AI for fraud detection and process optimization.

• The USP (unique selling point): net digital is deeply integrated into the infrastructure of telecommunications providers (”carrier billing”). These interfaces are difficult to replicate and provide stable cash flow.

• The bull scenario: The company has significantly raised its forecast for 2025 (revenue ~EUR 34 million, EBITDA ~EUR 3.7 million). The doubling of sales in the first half of the year shows that the economies of scale are now taking effect.

• The risks: dependence on a few major customers in the telecommunications sector. Technological change in the payment sector requires constant investment.

---

5. GoldMoney ($XAU:CA, $XAUMF | ISIN: CA38149Q1046)

Key financial data:

• Market capitalization: approx. CAD 126 million

• Current dividend yield: 0% (focus on buybacks)

• Target price (3 years): CAD 30.7 (201% own calculation, strongly correlates with gold price)

Analysis:

• The business model: GoldMoney stores precious metals (gold, silver, platinum) for customers in high-security vaults worldwide and enables trading and payments with them. The company also owns a portfolio of real estate and jewellery brands (Mene).

• The USP (unique selling proposition): One of the few companies that combines physical precious metal custody with modern fintech technology, without the risks of a mining company (no exploration risks).

• The bull scenario: In an environment of geopolitical uncertainty at the end of 2025, investors are fleeing into gold. The stock is technically showing an upward trend. Rising gold prices directly increase assets under management and thus fee income.

• The risks: A falling gold price directly affects the core business. In addition, the conglomerate of jewelry, real estate and crypto is too complex for some investors (”conglomerate discount”).

---

6. BQE Water ($BQE:CA, $BTQNF | ISIN: CA0556402059

Key financial data:

• Market capitalization: approx. CAD 83 million

• Current dividend yield: 0%

• Target price (3 years): CAD 158 (149% own calculation, growth due to increasing environmental regulations)

Analysis:

• The business model: BQE Water purifies mine water in the mining industry. They remove toxic metals (such as selenium) and enable mine operators to comply with strict environmental regulations.

• The USP (unique selling point): Patented technologies (Selenium-IX) that can not only clean, but also recover valuable metals. They often act as a technical partner with long-term service contracts, not just as a plant manufacturer.

• The bull scenario: Q3 2025 showed solid profits ($2.8 million net income). The trend towards “green mining” is irreversible; Mines no longer get an operating license without such water solutions. The recurring revenue model is growing.

• The risks: project delays for mine customers. Since BQE depends on the activity of the mines, a commodity bear market can delay new projects.

---

7. Warsaw Stock Exchange ($GPW | ISIN: PLGPW0000017)

Key financial data:

• Market capitalization: approx. PLN 2.67 billion

• Current dividend yield: 5% (Pays reliably)

· Target price (3 years): PLN 192 (203% own calculation, takeover fantasy)

Analysis:

• The business model: GPW operates the largest stock exchange in Central and Eastern Europe. Revenue comes from trading commissions, listing fees, and the sale of market data.

• The USP (unique selling point): monopoly position in Poland and the hub for the entire CEE region. High barriers to entry for competitors due to regulation and network effects.

• The bull scenario: Poland’s economy continues to grow strongly in 2026. The dividend yield of almost 5% is attractive in a falling interest rate environment. New listings from the tech sector are stimulating business. Acquired by Euronext.

• The risks: State influence (Poland holds shares) can lead to political decisions that are not always in the interest of the minority shareholders. Dependence on trading volume.

---

8. Alphamin Resources ($AFM | ISIN: MU0456S00006)

Key financial data:

• Market capitalization: approx. CAD 1.5 billion

• Current dividend yield: approx. 13% (variable depending on the tin price)

• Target price (3 years): CAD 2.80 (203% own calculation, tin price)

Analysis:

• The business model: Alphamin operates the Mpama North Mine in the DR Congo, one of the highest-grade tin mines in the world. Tin is essential for solder joints in any electronics.

• The USP (unique selling point): The ore grade is many times higher than that of the competition, which allows for extremely low production costs. Even with falling tin prices, Alphamin remains profitable.

• The bull scenario: In October 2025, the production forecast was raised to 18,000+ tonnes. Q3 EBITDA was a strong USD 96 million. The commissioning of the Mpama South extension is driving volume. Tin is “the oil of technology”.

• The risks: Country risk DR Congo (political instability, logistics). Cluster risk, as only one main asset exists.

---

9. MTI Wireless Edge ($MWE | ISIN: IL0010958762)

Key financial data:

• Market capitalization: approx. 38 million GBP

• Current dividend yield: approx. 6.0%

• Target price (3 years): 1.12 GBP (96% own calculation)

Analysis:

• The business model: The Israeli company has three divisions: antennas (military/civilian), water management controllers (Mottech) and distribution systems.

• The USP (unique selling point): The military expertise in antennas secures stable government contracts, while the water division (irrigation control) serves a secular growth trend (climate change/water scarcity).

• The bull scenario: High dividend of 6% makes the stock a basic investment. The defense sector is booming worldwide, which supports the antenna division. The balance sheet is debt-free and cash-strong.

• The risks: Geopolitical situation in Israel. Currency fluctuations (shekel/dollar/pound).

---

10. Flow Traders ($FLOW | ISIN: BMG3602E1084)

Key financial data:

• Market capitalization: approx. EUR 1,000 million

• Current dividend yield: 0%

• Target price (3 years): 90 EUR (271% own calculation, hedge against market crash)

Analysis:

• The business model: A Dutch high-frequency trader and market maker specializing in ETPs (Exchange Traded Products). You earn on the spread between the buy and sell price.

• The USP (unique selling point): Flow Traders benefits from volatility. When the markets crash (”fear”), spreads widen and trading volume increases – Flow then earns the most. It is a perfect hedge for the portfolio.

• The bull scenario: As soon as uncertainty (interest rates, politics, war) returns, profits explode.

• The risks: Long phases of low volatility (sideways markets) put massive pressure on margins. Regulation of high-frequency trading.

---

11. CeoTronics ($CEK | As of DE0005407407)

Key financial data:

• Market capitalization: approx. EUR 105 million

• Current dividend yield: approx. 1.5%

· Target price (3 years): EUR 25.2 (93% own calculation, upgrade, Rheinmetall Partner)

Analysis:

• The business model: production of audio and video systems for demanding environments (police, military, fire brigade). Headsets, radios, noise protection.

• The USP (unique selling point): Certified supplier for authorities (NATO, Bundeswehr). The products are deeply integrated into the equipment and are not easily replaceable.

• The bull scenario: Record sales in the financial year (€55.8 million) and an order backlog of over €60 million secure capacity utilization well into 2026. The Bundeswehr’s special fund flows directly into orders for CeoTronics.

• The risks: dependence on public tenders. Delays in the award of contracts due to bureaucracy.

---

12. Electrovaya ($ELVA | ISIN: CA28617B6061)

Key financial data:

• Market capitalization: approx. USD 326 million

• Current dividend yield: 0%

· Target price (3 years): 10.00 USD (51% own calculation, own battery technology)

Analysis:

• The business model: Development and production of lithium-ion batteries, specializing in heavy-duty applications (forklifts, robots, buses) with its own “Infinity” technology.

• The USP (unique selling point): Focus on durability and safety (ceramic separators). The batteries last longer than those of the competition, which is crucial in 24/7 industrial use.

• The bull scenario: FY 2025 was the first profitable year ($3.3 million net profit) with 43% revenue growth ($63.8 million). The new Gigafactory in Jamestown (USA) is financed by government loans and multiplies capacity for 2026.

• The risks: Execution risk in the construction of the Gigafactory. Strong competition from Asia (CATL, BYD), even if Electrovaya serves niches.

---

13. Birchtech ($BCHT | ISIN: US59833H1014)

Key financial data:

• Market capitalization: approx. 80 million USD

• Current dividend yield: 0%

· Target price (3 years): $2.1 (158% own calculation, patents)

Analysis:

• The business model: Formerly “Midwest Energy Emissions”. The company supplies mercury capture technologies in coal-fired power plants and is expanding into water treatment.

• The USP (unique selling point): Patented chemical processes (SEA technology) that help power plants meet strict EPA requirements without disrupting operations.

• The bull scenario: Birchtech receives around US$ 78 million (MCap 80 million) in patent infringement proceedings against large energy companies. The company is debt-free and profitable. Entering the water market diversifies the business away from coal.

• The risks: In the long term, coal is a dying market (”sunset industry”). Success depends on how quickly Birchtech can scale its water business.

---

14. METALS X ($MLX | ISIN: AU000000MLX7)

Key financial data:

• Market capitalization: approx. A$944 million

• Current dividend yield: approx. 0% (reinvestment)

• Target price (3 years): AUD 2.13 (99% own calculation, tin price)

Analysis:

• The business model: Australia’s largest tin producer (50% stake in the Renison mine in Tasmania).

• The USP (Unique Selling Point): Renison is one of the few large, long-lived tin mines in a politically stable Tier 1 region (Australia).

• The bull scenario: As with Alphamin, the tin demand for AI hardware and electronics is driving the price. The outlook for 2025 and 2026 is stable. The Company is using the cash flow for exploration to extend the life of the mine.

• The risks: Operational risks in underground mining. Cost inflation in Australia (wages, energy).

---

15. Kontron ($KTN | ISIN: AT0000A0E9W5)

Key financial data:

• Market capitalization: approx. EUR 1.4 billion

• Current dividend yield: approx. 3.3%

• Target price (3 years): 29.8 EUR (30% own calculation, IoT fantasy)

Analysis:

• The business model: Austrian IoT (Internet of Things) specialist. Kontron supplies hardware and software for networked machines, trains and medical devices.

• The USP (unique selling point): After the sale of the IT services division, Kontron is a pure IoT player with higher margins. Strong proprietary operating system (KontronOS).

• The bull scenario: The forecast for 2025 (sales approx. EUR 2 billion, EBITDA >EUR 220 million) was confirmed. The order backlog already covers a large part of the turnover for 2026. The stock is considered a valuation bargain in the tech sector.

• The risks: cyclical dependence of industrial customers in the DACH region. Integration risks in smaller acquisitions.

---

16. Viromed Medical ($VMED | ISIN: DE000A3MQR65)

Key financial data:

• Market capitalization: approx. EUR 72 million

• Current dividend yield: 0%

• Target price (3 years): 16.7 EUR (328% own calculation, cold plasma technology fantasy, razor-and-blade business model)

Analysis:

• The business model: medical technology with a focus on cold plasma therapy (wound healing) and the sale of medical devices.

• The USP (unique selling point): Cold plasma technology has the potential to revolutionize the treatment of chronic wounds.

• The bull scenario: After the restructuring, Viromed expects a jump in sales to EUR 8-10 million and a slightly positive result for 2025. In 2026, sales of EUR 56 million are to be achieved.

• The risks: Market acceptance of the new plasma devices. The company is still small and has to pre-finance distribution costs.

---

17. Cyberoo ($CYB | ISIN: IT0005546103)

Key financial data:

• Market capitalization: approx. EUR 60 million

• Current dividend yield: 0%

• Target price (3 years): 3.3 EUR (132% own calculation, Cybersecurity Ex USA)

Analysis:

• The business model: Italian cybersecurity company specializing in MDR (Managed Detection and Response) for medium-sized companies.

• The USP (unique selling proposition): Provides enterprise-level security for organizations that can’t afford their own Security Operations Center (SOC). 24/7 surveillance.

• The bull scenario: H1 2025 showed stable sales (€10.4 million). Profit suffered from investments in the new AI platform “Keatrix”, which, however, lays the foundation for scaling from 2026. The demand for cybersecurity in SMEs is growing at a double-digit rate.

• The risks: Intense competition from large US players. Shortage of skilled workers in Italy in the IT security sector.

---

18. U.C.A. ($UCA | ISIN: DE000A12UK57)

Key financial data:

• Market capitalization: approx. EUR 26 million

• Current dividend yield: approx. 10.5%

• Target price (3 years): 94.6 EUR (126% own calculation, caregiver needs)

Analysis:

• The business model: investment boutique specializing in medium-sized investments (”old economy” meets growth).

• The USP (unique selling point): Experienced management with a nose for undervalued “hidden champions”. The real story lies not in the key figures alone, but in the investments – first and foremost Pflegia GmbH.

• The bull scenario: Pflegia GmbH (57.5% shareholding) – Reverse recruiting platform for nurses grows to become the market leader. The portfolio is performing well, and exits could allow for special dividends.

• The risks: Low transparency in day-to-day business (typical for investment companies). Dependence on German SMEs.

---

19. Pulse Seismic ($PSD:CA $PLSDF | ISIN: CA74586Q1090)

Key financial data:

• Market capitalization: approx. CAD 145 million

• Current dividend yield: approx. 10% (incl. special dividends)

• Target price (3 years): CAD 4.60 (109% own calculation)

Analysis:

• The business model: Pulse owns the largest library of 2D and 3D seismic data in Canada. Oil and gas companies license this data for exploration instead of carrying out expensive new measurements.

• The USP (unique selling point): 100% margin on every additional data sale, as the costs (data acquisition) have long since been written off. “Cash Cow” model.

• The bull scenario: YTD 2025 net income of over $21 million CAD. The company distributes almost all of its free cash flow via regular and special dividends. Debt-free.

• The risks: Dependence on the willingness of the oil industry in Western Canada to invest. Long-term energy transition risk.

---

20. Advanced Metallurgical Group ($AMG | ISIN: NL0000888691)

Key financial data:

• Market capitalization: approx. EUR 992 million

• Current dividend yield: approx. 1.5%

• Target price (3 years): 53.3 EUR (102% own calculation)

Analysis:

• The business model: producer of critical materials (lithium, vanadium, tantalum) and supplier of high-vacuum furnace systems.

• The USP (unique selling point): diversification into commodities. While lithium weakened in 2025, the strong engineering division and vanadium recycling (from oil refinery waste) are supporting the result. Own lithium refinery in Bitterfeld.

• The bull scenario: As soon as the lithium price turns, it acts as a massive lever, as the infrastructure is in place.

• The risks: volatility of commodity prices. Start-up problems with new refinery projects.

---

21. Virtu Financial ($VIRT | ISIN: US9282541013)

Key financial data:

• Market capitalization: approx. $2.9 billion

• Current dividend yield: approx. 2.9%

• Target price (3 years): 65.9 USD (96% own calculation, hedge against market crash)

Analysis:

• The business model: One of the largest electronic market makers in the world. Virtu provides liquidity on global exchanges and profits from every trade.

• The USP (unique selling point): economies of scale and technology. Virtu can trade profitably where others fail. Counterpart to Flow Traders, but more broadly positioned (stocks, crypto, FX).

• The bull scenario: P/E ratio < 7 very low. Q3 2025 exceeded expectations (EPS $1.05). Sales +20%. The aggressive share buyback policy continues to drive up EPS.

• The risks: “Payment for Order Flow” (PFOF) regulatory risks in the USA (SEC). Dependence on market volumes.

---

22. 5N Plus ($VNP | ISIN: CA33833X1015)

Key financial data:

• Market capitalization: approx. CAD 1,100 million

• Current dividend yield: 0%

· Target price (3 years): CAD 23.9 (83% own calculation, rare earths, commodities)

Analysis:

• The business model: production of special semiconductors and high-performance materials (bismuth, tellurium) for space solar cells and medical imaging.

• The USP (unique selling point): World market leader in ultra-pure materials for satellite solar panels. The only Western supplier of certain critical minerals (independence from China).

• The bull scenario: Q3 2025 revenue +33%, EBITDA +86%. Annual forecast raised. The boom in the space sector (satellite constellations) fills the order books.

• The risks: complexity of production. Dependence on a few major customers in the space industry.

---

23. Neo Performance Materials ($NEO:CA $NOPMF | ISIN: CA64046G1063)

Key financial data:

• Market capitalization: approx. CAD 485 million

• Current dividend yield: approx. 2.5%

· Target price (3 years): CAD 20.8 (31% own calculation, rare earths, commodities)

Analysis:

• The business model: Processing rare earths into magnetic powders and magnets (for electric motors).

• The USP (unique selling point): Neo owns the only commercial separation plant for rare earths in Europe (Estonia). Strategically extremely valuable for the European automotive industry.

• The bull scenario: EBITDA guidance for 2025 raised to $64-68 million. The new magnet factory in Estonia is nearing completion and will start delivering sales in 2026.

• The risks: Price volatility for rare earths (NdPr). China dominates the market and can dictate prices.

---

24. Cyviz ($CYVIZ | IS: NO0010015175)

Key financial data:

• Market capitalization: approx. NOK 490 million

• Current dividend yield: 0%

· Target price (3 years): NOK 91.1 (154% own calculation, rare earths, raw materials)

Analysis:

• The business model: high-end technology for control rooms and conference rooms. Customers are Microsoft, Accenture and the US Department of Defense.

• The USP (unique selling point): Standardized, IT-based platform instead of “tinkering solutions”. Enables global management of hundreds of rooms remotely.

• The bull scenario: Strong order intake in Q3 2025 (NOK 242 million). The backlog is growing. The decline in revenue in Q3 was timing-related; the pipeline for 2026 is full, driven by defense orders.

• The risks: “Lumpiness” – Revenue fluctuates strongly between quarters as it depends on major projects. Liquidity of the stock is low.

---

25. Majestic Gold ($MJS:CA $MJGCF | ISIN: CA5609121077)

Key financial data:

• Market capitalization: approx. USD 114 million

• Current dividend yield: 7.3%

· Target price (3 years): $0.28 (157% own calculation, gold).

Analysis:

• The business model: Canadian gold producer that operates the Songjiagou gold mine in China.

• The USP (unique selling point): Extremely low valuation (P/E ratio often below 6). Negative EV/enterprise value due to cash > market capitalization. High dividend yield. The mine is a bulk tonnage operation with stable costs.

• The bull scenario: The company is highly profitable. If the market reduces the “China discount”, a revaluation is due.

• The risks: Geopolitical risk (Canadian company with an asset in China). Difficulties in repatriating profits from China (dividend flow to holding).

---

During the year, the system constantly checks whether there are currently better stocks on the market. The “bottom performer” at that time is then replaced by the new value.

No bells are rung on the stock exchange to exit. (-‿-)

----------------------------------------------------------------------

Disclaimer / Exclusion of liability

All content is for information purposes only and does not constitute investment advice or a solicitation to buy or sell securities or other financial market instruments. Naturally, I endeavor to present the facts to the best of my knowledge and belief, but they may still be partially or completely incorrect.

I therefore accept no liability whatsoever for investment decisions that you make on the basis of the information presented here.

Conflict of interest: At the time of publication, the author of this publication holds shares/securities in the stocks/companies discussed here and intends to sell them depending on the market situation and could benefit in particular from increased trading liquidity. This represents a concrete and clear conflict of interest.