Scale Market Report: “Oil Price Winner Leaves Everyone in the Dust”

The Scale segment is outperforming the DAX and other major indices. Among the key drivers is Deutsche Rohstoff AG, which is benefiting significantly from rising oil prices. Other stocks are also posting strong gains.

April 15, 2026. FRANKFURT (Deutsche Börse). The small-cap segment continues its strong run. Currently at 1,463 points, the Scale All Share has gained 6.5 percent since the start of the year—unlike the DAX and MDAX, which are still in negative territory. The SDAX is also underperforming, with a modest gain of 2 percent. The Scale Index has thus reached its highest level since the summer of 2022. However, extremely strong price performance in the segment continues to be offset by heavy losses in individual stocks.

“Deutsche Rohstoff’s Weak Price Performance as a Buying Opportunity”

Deutsche Rohstoff AG (DE000A0XYG76) continues to climb to new heights. The share price peaked at 102 euros; on Wednesday morning, it stood at 95 euros, compared to under 50 euros at the end of 2025. This is due to the rapid rise in oil prices, but also to the oil producer’s strong expansion in the U.S. market. At the beginning of the month, Deutsche Rohstoff already significantly raised its profit forecast for this year: Instead of €115 to €135 million in EBITDA, the company now expects around €300 million.

Analysts consider the stock to be far too cheap: MWB Research sets a price target of 129 euros and recommends buying. “Any dip in the share price due to falling oil prices is a compelling buying opportunity,” the firm states. Although First Berlin slightly lowered its price target last week from 139 to 124 euros, it continues to strongly recommend buying.

“All 2G growth drivers intact”

2G Energy (DE000A0HL8N9) is also among the winners. The stock of the manufacturer of sustainable power plants, combined heat and power plants, and heat pumps climbed from 34 to 45 euros this year. The latest catalyst: strong figures for 2025. 2G continued its growth trajectory last year, increasing consolidated revenue by 6 percent to 398 million euros.

With the rise in the share price, the price targets set by various research firms in March have now been exceeded: First Berlin had forecast 44 euros, SMC-Research 42 euros, and Metzler Capital 38.50 euros. According to SMC-Research, the pace of growth is likely to accelerate even more significantly in 2026, partly due to upcoming major contracts for data centers. “We view all growth drivers as intact—data centers, German gas-fired reserve power plant tenders, the German biogas market, Ukraine, and large heat pumps,” First Berlin stated.

mVISE: Still Room for Growth?

Software developer mVISE has also performed very well recently. At the beginning of January, the stock was trading at €4.50; it is now at €7.70. This week, the company announced concrete negotiations regarding investments in three software-focused companies. “The announcement marks a decisive step in mVISE’s transformation from a restructured software developer into an operational ‘buy & build’ platform,” explains NuWays, upgrading the stock to “Buy” with a price target of 10.50 euros.

Ernst Russ with “numbers that catch the eye”

The shipping company Ernst Russ (DE000A161077) has seen at least a slight upward trend since the start of the year. On Wednesday morning, the stock was trading at €7.42, up from €7.04 at the end of 2025. “Ernst Russ AG is delivering 2025 figures that are likely to catch investors’ attention,” writes Nebenwerte Magazin. Despite geopolitical uncertainties and a challenging market environment, Ernst Russ has significantly increased its profits while simultaneously setting the strategic course for further growth. Quirin Bank has raised its price target from 11 to 12.50 euros and recommends buying the stock.