Scale Market Report: “Small Beats Big”

Micro-cap companies in the Scale segment are increasingly outperforming the DAX, MDAX, and SDAX, at least as measured by the Scale All Share Index. Among the key drivers are Pfisterer, Deutsche Rohstoff, and 2G Energy—and, more recently, Cantourage. 

May 15, 2026. FRANKFURT (Deutsche Börse). The Scale segment for small-cap stocks continues to rise. The Scale All Share index recently climbed to 1,648 points—its highest level since 2022. This represents a 20 percent increase since the start of the year. The DAX, by contrast, has moved more or less sideways during this period, while the MDAX and SDAX have risen by 3 percent and 5 percent, respectively.

One driver is power grid equipment supplier Pfisterer (DE000PFSE212). The stock is trading at 110.60 euros on Friday morning, a new record high. At the start of the year, it was still at 75 euros, and at 27 euros during its IPO a year ago. The research firm GBC recently raised its price target from 85 to 110 euros and recommended buying the stock. Another driver: 2G Energy (DE000A0HL8N9), the manufacturer of sustainable power plants, combined heat and power plants, and heat pumps. In March, the stock was still trading around 31 euros; now it’s nearly 58 euros. Things are also going well for Deutsche Rohstoff AG (DE000A0XYG76). At the start of the year, the stock was trading below 50 euros; it recently peaked at 102 euros and is now at 94.50 euros. The company is benefiting from the rapid rise in oil prices and has also expanded significantly.

Cantourage Bounces Back from Lows

Cantourage (DE000A3DSV01), the medical cannabis provider, has also rebounded significantly. The stock is now trading at €5.66 after hitting a low of €2 in November. The first-quarter figures released this week were well received by the market: Cantourage increased revenue by 11 percent and improved its EBITDA margin to 10.6 percent. The research firms NuWays and Montega recommend buying the stock. NuWays sets a price target of €10, while Montega sets one of €9. For Montega, Cantourage’s long-term investment story remains intact. The stock is significantly undervalued for a high-growth platform company. Cantourage went public in November 2022, with an initial share price of 6.48 euros.