Scale Market Report: Price drivers: defense, power grid, and battery components

The big momentum has disappeared, but since the beginning of the year, the scale segment has still been able to score higher price gains than the DAX & Co. Among the big winners are Steyr Motors, Pfisterer, IBU-tec, and Daldrup & Söhne.

17. November 2025. FRANKFURT (Deutsche Börse). The mood has also cooled somewhat in the small-cap segment. The Scale All-Share Index has recently lost ground. However, there continue to be highly diverse developments behind this. For example, the share price of Steyr Motors (AT0000A3FW25) has more than tripled since the beginning of the year, while that of stock market newcomer Pfisterer (DE000PFSE212) has more than doubled since its IPO in May. In contrast, the share price of real estate developer Noratis (DE000A2E4MK4), which is facing restructuring, has lost over 80 percent since the beginning of the year.

The Scale All-Share stood at 1,349 points on Monday afternoon, after reaching a three-year high of just under 1,430 points in October. Since the beginning of the year, it has gained 21 percent. This puts it ahead of the DAX, MDAX, and SDAX indices, which have gained 19 percent, 14 percent, and 17 percent this year.

“New dimensions for IBU-tec sales and earnings in just a few years”

One driver is Daldrup & Söhne (DE0007830572), the drilling technology company from Ascheberg in the Münsterland region. At the end of August, it reported a record order backlog. The share is now trading at €16.70, up from €9 at the end of 2024.

IBU-tec advanced materials (DE000A0XYHT5) also made a big leap upwards in mid-October. The share price of the company, which produces cathode material for batteries, reached €26.80 and is currently back at €18.70. However, this is still almost triple the €6.58 at the beginning of the year. The research firm Montega has initiated coverage of IBU-tec and recommends buying the stock, with a price target of €21. Montega highlights IBU-tec's “outstanding position as the only European manufacturer of LFP (lithium iron phosphate) batteries.” It says that sales and earnings will reach new heights in a few years. 

Share price doubles for “Germany's most unusual hotel chain”

The share price of hotel operator Tin Inn (DE000A40ZTT8) has risen from €6.90 at its IPO in May to €14.20 today. The company – described by FAZ as “Germany's most unusual hotel chain” – manufactures and operates hotels from recycled shipping containers. There are currently six of them, located in smaller towns such as Erkelenz and Montabaur. Now, the planned expansion is to be accelerated and a secured corporate bond issued.

Nürnberger shares jump ahead of takeover

A takeover bid is behind the sharp rise in the share price of Nürnberger Beteiligungsgesellschaft (DE0008435967). After suffering heavy losses, the company went in search of a new owner and awarded the contract to the Austrian Vienna Insurance Group (VIG). The latter has undertaken to make a voluntary public purchase offer to all Nürnberger shareholders at a price of €120 – a significant premium over the approximately €65 before the offer.