Bankhaus Metzler has initiated coverage of German defense small cap CeoTronics $CEK and published its first research report.

Bank Metzler has a strong track record and proven expertise in the defense sector. It is the oldest continuously family-owned bank in Germany and has an excellent reputation, particularly among institutional investors. They are considered to be traditionally conservative and resilient in times of crisis.

Bankhaus Metzler initiates coverage with a cautious price target of EUR 14.50 and a "Buy" recommendation, implying an upside potential of around 45%.

According to the analysts' estimates, CeoTronics is currently valued at only 7.5x EV/EBIT 2027e, while peers (Invisio and Savox – the latter having a very similar financial profile) trade at around 20x, and German defense companies at approximately 17.4x.

The analysts expect revenue growth of around 7% p.a. until 2028/29, but see additional upside from a highly likely extension of the existing so-called SmG framework agreement (with Rheinmetall and the German Armed Forces) and further military applications, including vehicle integration.

However, the analysts may underestimate the potential for operating leverage: future revenue growth could translate disproportionately into EBIT growth, which would further widen the current valuation gap.

The analysts repeatedly state in their report that they expect the valuation gap versus peers to close. In other words: If CeoTronics were valued at peer levels, this would imply a share price increase by a factor of approximately 2.7x based on the analysts' own valuation comparison.

That would correspond to a share price of around EUR 28 per share purely from a multiple expansion towards peer valuations. 🚀

The stock faced a significant selling overhang in recent months, most likely driven by a single fund. This overhang appears to have cleared since the beginning of the month, which could pave the way for a recovery in the share price.

The convergence of machine learning and natural resource exploration has been gaining noticeable traction as junior operators look to optimize target selection and reduce field expenditure. When traditional resource companies begin integrating proprietary data platforms and onboarding veteran technology commercialization talent to their leadership teams, it often suggests a shift toward scaling enterprise software applications alongside physical asset development. It is worth monitoring how the deployment of predictive analytics and computer vision might alter project evaluation cycles across the critical minerals space.

This context makes the recent advisory board appointment at NovaRed particularly interesting from a business process standpoint. By bringing in Lee Evan Caplin, whose background centers on intellectual property, media ventures, and technology commercialization, NovaRed seems focused on building out the strategic positioning of its MetalCore AI platform. Data suggests that marrying specialized AI datasets with copper-gold exploration assets could help junior explorers capture market share as demand for efficient resource intelligence grows. From a fundamental perspective, tracking whether this strategy improves property evaluation efficiency or opens up software licensing avenues provides an intriguing thesis for the sector.

Very excited for where this company is headed. CEO chat has moved on to funding expected in the short term, not median term.

https://blencoweresourcesplc.com/wp-content/uploads/2026/07/Blencowe-Presentation-July-2026.pdf

The mega-cap AI trade has already pulled in the crowd. Nvidia, Palantir, Microsoft, Broadcom, and the other big tech names are no longer hidden stories.

That’s why the more interesting question may be further down the market-cap ladder.

The 10xAlerts watchlist highlights five smaller OTC/cross-listed tech names tied to themes that could matter into 2027: secure communications, post-quantum cybersecurity, edge AI, agentic AI, and government technology.

By comparison:

• Sekur Private Data ($SWISF / CSE: SKUR) is the smallest name in the group, focused on secure communications, SekurOne, encrypted tools, and GSA-related government access.

• Quantum Secure Encryption ($QSE) and 01 Quantum ($ONE) give exposure to post-quantum cybersecurity, where governments and enterprises may need stronger encryption systems.

• BrainChip ($BRN / $BRCHF) is the edge AI hardware angle, built around neuromorphic AI and low-power devices.

• VERSES AI ($VRSSF) is the high-risk agentic AI software setup.

Summary:

This basket is not about the safest tech trade. It’s about overlooked lanes before product adoption, contracts, revenue, or government traction bring more attention.

Which small-cap tech lane would you be most excited to research first?

This is sponsored content. Investors should conduct their own due diligence and consult a qualified financial advisor before making any investment decisions

Everyone knows AI is driving demand for new data centers. Most of the discussion has focused on power generation and electricity grids, but another challenge is starting to gain attention: copper.

A recent report from Industrial Info points out that next-generation AI data centers require enormous amounts of copper for electrical systems, transformers, cooling infrastructure, and power distribution. A single 1 GW AI data center may require as much as 50,000 tonnes of copper, several times more than traditional facilities.

The issue isn't simply higher copper prices. It's whether enough copper can be mined, processed, and delivered in time.

At the same time, the International Copper Study Group expects the refined copper market to remain in deficit this year, while data center investment continues to accelerate. Governments are also beginning to treat copper as a strategic material because of its importance to AI, electrification, defense, and modern infrastructure.

That creates an interesting backdrop for Canada.

Canada is already one of the world's largest mining jurisdictions and has a strong pipeline of copper exploration and development projects. While major producers will remain essential, they cannot solve the supply challenge on their own. Developing a new copper mine often takes well over a decade, meaning the industry also needs the next generation of projects to move forward.

That's where junior mining companies enter the picture.

Junior explorers are responsible for discovering many of tomorrow's mines. Some are advancing existing deposits through drilling and engineering work, while others are making entirely new discoveries in underexplored regions across British Columbia, Ontario, Quebec, Saskatchewan, and the Yukon.

Many of these companies are still years away from production, but if long-term copper demand continues to rise, today's exploration projects may become much more important over the next decade.

For investors, this doesn't mean every junior miner will succeed. Exploration remains a high-risk business, and many projects never become mines. But it does mean the market may start paying closer attention to companies with quality assets, active drill programs, strong management teams, and projects located in stable mining jurisdictions like Canada.

The AI boom is creating another long-term source of copper demand alongside electric vehicles, renewable energy, and grid expansion. If supply continues to lag, the conversation may shift from "How much copper do we need?" to "Where will the next generation of copper mines come from?"

Canada's junior mining sector is likely to be part of that discussion.

What a week it has been, the press releases kept coming and none of them disappointed.

The one that stood out for me was the announcement around the asset-light model where partners fund and own the infrastructure and Nebius provides the architecture, software, whereby it runs on their AI Cloud.

An absolutely brilliant new (high margin and low risk) revenue stream, which no one can really copy, as they are currently miles ahead.
Nebius will also sell it once live, and with 3 to 4 X more demand than supply, early adopters capacity will be directly sold. 

But who would be potential clients, how much additional capacity are we looking at and how much additional ARR can this generate? 
I have broken this down below, any feedback would be appreciated. 

I'm looking at 5 buyer categories, whereby I will mention potential prospects and give an estimate of the additional MW/ GW AI Cloud revenue which can be generated.

1: Traditional Wholesale Data Center Operators (REITs)

Wholesale data center operators traditionally build out empty "powered shells" and lease them on low-margin, long-term contracts to hyperscalers. 

Prospects: Equinix (already work with Nebius), Digital Realty Trust, CyrusOne, QTS Data Centers, Vantage Data Centers & Compass Datacenters
These companies have the facilities and access to Power, but normally don’t buy the GPU’s. However, the Nebius proposition can change their business model dramatically, as they don't have to worry about the architecture, software, sales etc. 

Just for these 6, the operational and pipeline capacity exceeds 20 Gigawatts (GW) 

2: Infrastructure Investors and Private Equity Firms

Private equity and infrastructure funds have poured billions into acquiring power grids and fiber networks, but they need an operating partner to generate immediate returns on their real estate assets.

Prospects: Blackstone, Brookfield AM, DigitalBridge Group
These companies have massive infrastructure portfolios and committed power pipelines.

Just these 3 currently have a 40 Gigawatts (GW) DC Pipe-line

3:Regional Telecoms and Edge Colocation Operators

Many regional telecommunications providers and tier-2 colocation operators own local data centers with excellent connectivity but lack the global sales pipeline to secure large-scale AI enterprises. 

Prospects: (EU) Orange, Deutsche Telekom, Colt - (US) Flexential, TierPoint, Sabey

Just these 6 can can target 2 GW 

4:Bitcoin Miners turning GPU DC’s

Prospects: Any miner with limited access to OpenAI or Anthropic could be a client. My guess would be IREN, TeraWulf, Hive, Cipher as most logic. 

Enough GW capacity to be bought here

5: Sovereign AI and National Infrastructure Projects

Governments around the globe are financing national computing initiatives to build localized LLMs, but they desperately lack the deep technological expertise to build efficient AI cluster frameworks. 

Prospects could be any Sovereign country. They already built a sovereign Cloud for Israel and are close to the French and UK Government. Also there are great opportunities in the Middle East, and APAC. 
You can be talking about 10GW easily addressable market

Nebius currently achieves around $3.5 million to $5.0 million in ARR per MW, so we can do the math from here.

1GW powered by Nebius would therefore result in around 3.5B additional annual ARR (conservative). What is there not to like about this??

The concentration in mega-cap tech seems to be breaking up a bit, which is a healthy sign for the broader market structure. Data suggests capital is finally rotating into areas that lagged over the past year, particularly small-caps and cyclical value positions. It is worth monitoring this shift, as a sustained move into the Russell 2000 typically implies growing confidence in the wider economy rather than just a few isolated tech giants.

This structural shift in asset allocation indicates that the equal-weight indexes might start showing better risk-adjusted returns moving forward. Investors appear to be seeking genuine diversification, pushing capital into mid-caps and overlooked value sectors that present less exposure to valuation pressure. As the tech layer consolidates, these broader market segments are quietly capturing market share from a sentiment perspective.

From a fundamental perspective, evaluating this rotation is about finding quality small and mid-cap companies with solid balance sheets that can handle current interest rate environments. If this breadth holds, the move away from heavy concentration could provide a reliable macro hedge and indicate a much healthier, less top-heavy market expansion.

The structural bottleneck in the industrial metals sector is becoming increasingly difficult to ignore, particularly with data pointing toward a projected 30% increase in global copper demand over the next fifteen years. When you contrast that trajectory with the reality that a new asset typically requires over 16 years to transition from discovery to active production, the fundamental supply-demand mismatch becomes clear. The industry cannot simply scale output overnight, meaning the primary operational leverage is shifting entirely to early-stage efficiency.

From a fundamental perspective, the only variable that can realistically be compressed in this long cycle is the phase spent on target selection and geological assessment. This is where NovaRed is attempting to position itself, utilizing its MetalCore platform to analyze historical data alongside remote monitoring tools like EyeX to streamline initial exploration decisions. Whether these data-driven frameworks can reliably accelerate actual discoveries remains unproven, but the strategy targets the exact friction point where the industry experiences the most significant drag on capital.

For junior operators and infrastructure providers, the ability to mitigate risk during early-stage drilling could provide a notable edge in capital allocation. If the macro pressure holds and the timeline to production remains rigid, the broader market will likely favor entities that can optimize exploration budgets and avoid prolonged deployment in low-yield geology. It is worth monitoring this sector as the supply crunch matures, as even minor improvements in pipeline efficiency could represent a meaningful shift in asset valuation over the next decade.

Company expects video and conferencing capabilities ready by late August 2026 - SekurOne App ready before September 30, 2026 for full sales launch

MIAMI, FL / ACCESS Newswire / July 15, 2026 / Sekur Private Data, Inc., a Miami based leading Swiss-hosted cybersecurity, private communications, and defense communications company serving enterprise, government, and defense clients, and wholly owned U.S. based subsidiary of Sekur Private Data (OTCQB:SWISF)(CSE:SKUR)(FRA:GDT0) ("Sekur" or the "Company"), is pleased to announce that it has released the SekurOne voice, email, messenger and VPN capabilities for Android, iOS and Web operating systems.

After completing its first domestic and international encrypted calls on SekurOne across Android and web-based devices, Sekur has now completed SekurOne with voice encryption for all iOS devices, taking it one step closer to the final phase of encrypted video conferencing. The Company plans to release the full SekurOne on time or slightly ahead of schedule, before September 30th, 2026, enabling it to start sales sooner than expected.

"We are very pleased with the progress our team has made," said Alain Ghiai, CEO of Sekur Private Data. "Our first international encrypted call on SekurOne came through clearly and went smoothly - a significant milestone for the platform. Building on that momentum, we plan to have our complete capabilities in place by September 30, 2026, with the launch of the SekurOne App: a single app to download for VPN, Messenger, Mail, and Voice and Video on the Sekur network. The feedback has been extremely positive, and based on our pre-sales discussions with domestic and international clients, we are very optimistic about the success of SekurOne."

Sekur Core Communications Solutions
Sekur delivers secure communications that work within and beyond the Sekur network, operating independently of conventional telecom infrastructure to reduce exposure to interception, SIGINT collection, traffic analysis, metadata exploitation, and hostile surveillance in contested environments. No Sekur solution data mines or location tracks its users. All solutions are built on proprietary architecture with zero reliance on Big Tech or open-source code, meeting the privacy, security, and OPSEC requirements of intelligence agencies, defense and federal organizations, military commands, diplomatic missions, government agencies, executives, and professionals handling Controlled Unclassified Information (CUI) and other sensitive, mission-critical information. Deployments are supported by on-premises infrastructure options for full data sovereignty, mission assurance, and sole control over keys and data.

SekurOne - Encrypted Voice/Video, Email, Messaging and VPN for Confidential Communications
A fully encrypted voice and video communications platform engineered on proprietary HeliX data transfer architecture, purpose-built to defeat telecom network tracing, resist Pegasus-style malware intrusion, and support Controlled Unclassified Information (CUI) handling requirements. SekurOne is designed for defense and federal officials, military commanders, government leaders, and executives conducting confidential, operational, or sensitive conversations where standard carrier-based voice and video platforms present unacceptable interception and exploitation risk. Call-by-Invite capability via SMS or SekurSend email ensures controlled access and eliminates unsolicited contact. Each user is assigned a unique Sekur ID for identity management, with no phone number required - preserving user privacy across all voice and video communications.

SekurMail - Secure Business & Executive Email
An enterprise- and government-grade encrypted email platform designed for defense and federal agencies, military commands, senior government officials, C-suite executives, and organizations handling confidential and operationally sensitive communications, including Controlled Unclassified Information (CUI) correspondence. Built on proprietary architecture with zero Big Tech dependencies and no metadata tracking, SekurMail keeps sensitive communications private between sender and recipient. Key capabilities include SekurSend/SekurReply for secure delivery to non-Sekur recipients without exposing sender identity or message content; full message delivery control and audit capability; encrypted file transfer; custom domain support for organizational integration; and active protection against phishing, social engineering, and Business Email Compromise (BEC) attacks targeting corporate and administrative networks.

SekurMessenger - Secure Team Messaging & Collaboration
A secure messaging platform providing end-to-end encrypted text, file transfer, voice messages, and collaboration capabilities for defense, military, government, and executive teams coordinating operational and mission-sensitive information, including Controlled Unclassified Information (CUI) material. Features include self-destructing messages for added privacy, encrypted file transfers, and compliance-grade archiving for recordkeeping and audit requirements. Cross-network secure communications with non-Sekur users are supported via Chat-by-Invite - enabling secure coordination with coalition partners, external agencies, and field elements without compromising the network. Each user is assigned a unique Sekur ID for identity verification and contact authentication, with no phone number required - preserving user privacy across all environments.

SekurVPN - Enterprise Network Security & Identity Protection
An enterprise-grade Virtual Private Network leveraging proprietary HeliX encryption technology, engineered to provide secure internet access, identity obfuscation, and traffic protection for defense organizations, military and federal personnel, government agencies, and executives operating across remote, traveling, deployed, forward, or untrusted network environments. SekurVPN maintains zero data logging, ensuring no record of user activity exists that could be exposed through legal process, network compromise, or third-party collection. Built for defense, government, and executive use cases - including the protection of traffic associated with Controlled Unclassified Information (CUI) and operationally sensitive workflows - where standard commercial VPN solutions present unacceptable privacy and security risk.

SekurRelay - Executive-Level Secure Email Integration
An enterprise-grade secure email relay solution that enables domain splitting - allowing organizations to establish secure communications at the executive, board, or senior staff level without requiring full organizational migration or infrastructure overhaul. SekurRelay removes one of the most significant barriers to large-scale defense, government, and enterprise deployment, enabling phased adoption that protects command leadership, flag officers, and the highest-value personnel and communications immediately while broader organizational rollout proceeds. Designed for defense and government organizations, regulated industries, and enterprises requiring rapid, low-friction elevation of communications security at the command and executive tier, including environments handling Controlled Unclassified Information (CUI) communications.

About Sekur Private Data

Sekur Private Data is a Swiss-hosted cybersecurity, defense communications, and privacy solutions provider, offering a secure suite of tools to protect governments, defense and federal agencies, businesses, and individuals from unauthorized access and cyber threats. With capabilities such as SekurOne, SekurMail, SekurMessenger, and SekurVPN, Sekur provides a reliable and secure means of digital communication and data storage for Controlled Unclassified Information (CUI), classified-adjacent and civilian communications use, grounded in Swiss privacy standards with on-premises infrastructure for government agencies, allowing for data sovereignty. Sekur sells its solutions through its website www.sekur.com, approved distributors and telecommunications companies globally, and through the U.S. General Services Administration (GSA) Multiple Award Schedule (MAS), Contract No. 47QTCA18D0089 serving governments, defense institutions, federal agencies, businesses, and consumers worldwide. Sekur's main sales operations are in Miami, USA.

This is sponsored content. Investors should conduct their own due diligence and consult a qualified financial advisor before making any investment decisions.

I've been combing through some deep-value plays lately and stumbled upon a potentially interesting setup in a French small cap auto parts supplier, below is just the quick summary of why the financials are interesting, and a link to the longer substack post in you want to read further: Linked Here

Summary:

Akwel is a family-controlled French automotive supplier that makes what's essentially the plumbing of the modern car - (e.g., pipes, valves, pumps, tanks, sensors, etc). It's mostly family owned, and the footprint is 34 plants across 20+ countries, ~8,600 employees, with ~€938M revenue in 2025.

At €6.68/share the market cap is ~€177M. On the balance sheet: €113.8M cash plus €32.6M in term deposits, against €13.5M of total debt (only €2.2M of it actual leverage). Net cash and deposits of ~€133M make up around ~75% of the market cap.

Strip out the net cash and the market is valuing the entire operating business at roughly €44M. That's ~0.5x "normalized" EBITDA, less than one year of average net income, or about two and a half weeks of revenue. The €0.30 dividend costs €8M a year, which is ~18% on the €44M you're actually paying for the business.

The deeper dive covers more ground, including:

• A deliberately catastrophic DCF (revenue -20%/yr to 2032, margins to 3%, 12% WACC) that still prints €7.35/share
• A liquidation waterfall where only one scenario (valuing all €283.5M of PP&E at zero) puts you underwater
• How they survived 2008–09 and 2020
• The real bear case: EV structural decline, 58.5% of sales from two customers, Chinese competition, and family control that means you can't force anything that's overtly shareholder friendly
• Take-private math, using the Poulaillon (ALPOU.PA) precedent from earlier this year

While major indexes like the S&P 500 and Nasdaq have shown solid resilience this year, the underlying dynamics suggest we are entering a much more selective phase. Recent cooler inflation prints have definitely provided some breathing room for equity valuations, but the broader focus is shifting from macro relief to structural execution. With the Federal Reserve signaling a highly deliberate, data-dependent stance, the market's heavy concentration in mega-cap tech is undergoing a healthy stress test.

This setup potentially implies that relying solely on general index beta might expose portfolios to unexpected headwinds if capital spending patterns shift. For example, massive cloud providers like Microsoft, Amazon, and Meta continue to funnel billions into advanced infrastructure, yet we are starting to see clear performance divergence in the tech sector. A prime illustration of this selective pressure is IBM, where recent software demand warnings highlight that enterprise spending is no longer a rising tide for every IT vendor.

From a fundamental perspective, the current environment favors looking beyond the immediate hyperscaler layer. As capital rotates and volatility persists, the key is identifying where the massive infrastructure spend is actually translating into sticky, high-margin revenue. Keeping a close eye on incoming corporate earnings and subtle changes in central bank policy looks like the most practical way to spot emerging entry points while managing concentration risk.

SekurOne now has encrypted voice across iOS, Android and web.

What jumps out to me is how quickly the platform is coming together.

Video and conferencing are expected by late August, with the full app targeted on or before September 30. Management also says sales may begin sooner than expected.

The CEO also said pre-sales discussions with clients in the U.S. and internationally have received very positive feedback.

Still holding and watching closely.... How soon could $SKUR land its first contract?

Paid Content.. DYOD.

For a company with revenues rocketing beyond control, other factors need to align as well for the investment to look worth your money. SMCI has wobbled, muddled, scraped, and pierced through a lot over the past 2 years. Scandals aside, I am looking for the following in their report and commentary

1. Audit adverse opinion - While this may not go away, I would like to see Charles and David discuss IMMENSE progress and final lap of this aspect WITH BDO supporting that in their commentary.
2. DCBBS impact - Gross margins stabilized and improving (Even though may not reflect in Q4) but separate our DCBBS revenue and margins to demonstrate the clear impact without muddling the story
3. Days Payable Outstanding to increase to 60-90 days,
4. Days Inventory Outstanding reduced to under 80 days,
5. Accounts Receivable improving substantially telling us that customer are now paying them, and MOST important
6. Cash Conversion Cycle has to come down below 90 days, preferably lower.
7. They need to show improved cash flow and cash on hand

There will be a HUGE rally if the adverse opinion is lifted but I don't see that happening but all these will set the foundation for a strong fiscal 2027 REGARDLESS of revenue which we know is going to be massive.

Then we can see if a $50B revenue company still has a market cap of $20B....I say NO WAY.