Scale Market Report: A Spanner in the Works

Even the Scale segment cannot escape the general weakness in the stock markets. Most stocks have recently been on a downward trend. Exceptions include Nynomic and Deutsche Rohstoff.
 

September 15, 2026. FRANKFURT (Deutsche Börse). Momentum has also faded in the Scale segment. After reaching a four-year high of 1,756 points in early June, the Scale All Share Index stood at just 1,484 points on Tuesday morning. Only about 30 percent of Scale stocks have gained over the past three months, while about 70 percent have lost ground. The reasons are multifaceted: ranging from general concerns about interest rates and energy prices to declining order intake, as seen at Pfisterer (DE000PFSE212), to doubts about organizational structure and liquidity, as seen at The Platform Group (DE000A40ZW88). Nevertheless, the Scale All Share is still up 8 percent since the start of the year. The DAX and SDAX, by contrast, have gained just under 4 and 5 percent, respectively, while the MDAX has been treading water.

Nynomic’s Stock Price Doubles

Among the index’s key drivers this year is Nynomic (DE000A0MSN11), the German tech group and provider of optical measurement technology with a focus on clean tech, green tech, and life sciences. Since January, the stock price has more than doubled from 10 euros to its current level of 23 euros—even though it remains far below the 2021 highs of over 54 euros.

For the research firm Montega, the stock is still undervalued. The company’s presentation at the Hamburg Investor Days impressively confirmed that Nynomic has not only returned to a growth trajectory from an operational standpoint. Rather, the company is fully benefiting from structural trends such as the expansion of AI data centers and global demand for semiconductors. “The combination of high revenue visibility due to the strong order book and the visible margin improvement underpins the stock’s upside potential,” writes Montega, reaffirming its “Buy” recommendation with a price target of 30 euros. NuWays also advises buying the stock and sets a price target of 28 euros.

Is Deutsche Rohstoff too cheap?

Deutsche Rohstoff (DE000A0XYG76) has long been among the top performers in the Scale segment. Since the beginning of the year, the share price has risen from 49 to 92 euros. The oil producer is benefiting from high oil prices and posting strong results. In the first half of the year, EBITDA rose to 205 million euros, compared to 70.5 million euros in the prior year. First Berlin recommends buying the stock and now even expects it to reach 125 euros (previously 115 euros). The rationale includes, among other things, higher oil price forecasts for the next three years. MWB Research has also upgraded the stock to “Buy,” with a price target of 128 euros.

Pfisterer in the Lead

The revenue leader in the Scale segment in August was Pfisterer (64 million euros), followed by 2G Energy (36 million euros), Deutsche Rohstoff (25 million euros), Innoscripta, and Steyr Motors (15 million euros each). Since the beginning of the year, 2G remains in the lead, followed by Deutsche Rohstoff and Mensch und Maschine.

Defense Stocks Struggling

Defense stocks, on the other hand, are struggling. Stock market newcomer SMAG Mobile Antenna Masts (DE000A42FR12), a manufacturer of radio mast systems, is currently trading at 23.60 euros—well below its July offering price of 46 euros. The Lübeck-based submarine builder Gabler Group (DE000A421RZ9), which went public in March, is also trading below its initial public offering price (44 euros), currently at 42 euros.

The Austrian engine manufacturer Steyr Motors (AT0000A3FW25) was still trading at 36 euros at the beginning of the year. Now it stands at 28 euros. However, the offering price at its initial public offering in October 2024 was only 14 euros. In July, takeover speculation involving the U.S. drone company Red Cat had briefly pushed the share price up to 41 euros. After the takeover fell through, however, the price fell again. “Although Red Cat has withdrawn its preliminary, non-binding offer, the approach itself confirms the strategic value of Steyr Motors,” says NuWays, which continues to recommend buying the stock. The price target is now set at 49 euros instead of 53—still well above the current price.

Many Newcomers

Meanwhile, the wave of companies switching to the Scale segment continues. This is driven by the “Act on the Promotion of Private Investment and the Financial Center,” or the Location Promotion Act for short, which facilitates the segment change. Companies that have already switched to the Scale segment include Cenit AG (DE0005407100), ecotel communication (DE0005854343), FCR Immobilien (DE000A1YC913), PEH Wertpapier AG (DE0006201403), H+R KGAA (DE000A2E4T77), Gateway Real Estate (DE000A0JJTG7), FamiCord (DE000A0BL849), and A.S. Création Tapeten (DE000A1TNNN5), as well as—just today—FRIWO AG (<ISIN: DE0006201106>). Müller Die lila Logistik (DE0006214687), Schweizer Electronic AG (DE0005156236), and InTiCa Systems SE (DE0005874846) have announced the change.

Additional Recommendations for Scale Stocks

By Anna-Maria Borse © September 15, 2026, Deutsche Börse AG