On Holding (NYSE:ONON) is a stock I’m quite excited about in my SIPP and ISA portfolios. Well, I would have to be to have it in both of them!

Yet, despite my enthusiasm, this growth stock hasn’t done much growing since I first invested last year. In fact, it’s now down 7% in total after falling 25% year to date.

But if Wall Street forecasts are anything to go by, my patience could be rewarded handsomely by this time next year. That’s because the average 12-month target is just under $53 — roughly 51% above the current level.

Why might On stock be undervalued at $34?

Initially sceptical

Confession: when I first started looking at the Swiss running shoe company last summer, I wasn’t entirely convinced.

That’s because there have been a handful of new kids on the block in the global premium athleisure market over the last decade or so. And after being popular for a few years, these brands have faded, resulting in very poor stock market returns.

Here are three that spring to mind (five-year performance):

• Under Armour: −71%
• Lululemon Athletica: −69%
• Smartbird (formerly Allbirds): −99%

Differentiating factors

So, what makes On potentially different? Well, Lululemon and Allbirds started with a single lifestyle angle (premium yoga pants and environmentally friendly footwear, respectively). But when fashion tastes shifted, they struggled to pivot.

Fist and foremost though, On has established itself as a hardcore performance running brand, building credibility with professional marathoners. And runners tend to be loyal to quality gear that protects their feet and joints.  

As for Under Armour, it started selling products at a discount to boost quarterly sales targets, which damged its premium brand image. But On manages its wholesale partnerships like a luxury brand by limiting which retailers can stock the shoes.

It very rarely does discounts, which has led to an industry-leading gross margin (64.2% in Q1, despite tariff pressures). 

Third, founder-led On stands out from the crowd in terms of innovation, as evidenced by the following two patented technologies: 

• CloudTec: the cloud styles on the trainer soles are a patented cushioning system to reduce muscle fatigue and boost performance.
• LightSpray: a robotic upper-manufacturing arm sprays a single continuous filament onto a sole inside three minutes, eliminating seams and waste.

The advanced engineering and serious attention to detail makes me believe this is not a flash-in-the-pan brand.

Finally, there’s China, where Western brands like Nike are struggling badly due to the popularity of domestic rivals. Yet in Q1, China helped On’s Asia Pacific sales rocket 61.4% on a constant currency basis, making up more than 20% of total global sales.

What about valaution?

As mentioned though, the company charges full whack for its premium products. So any further deterioration in consumer spending power, including potential AI-related job losses, is a risk to growth moving forward. Tariffs also add uncertainty.

For me, though, the company’s guidance for at least 23% full-year sales growth even in a challenging environment is impressive. And its apparel business is only just getting started, with a multi-year growth runway ahead.

Finally, the icing on the cake is that the shares can currently be picked up for a very reasonable 21 times forward earnings.

At this price, I think the stock is worth considering as part of a diversified SIPP/ISA.

Should you invest £5,000 in On Holding right now?

When investing expert Mark Rogers and his team have a stock tip, it can pay to listen. After all, the flagship Twelfth Magpie Share Advisor newsletter he has run for nearly a decade has provided thousands of paying members with top stock recommendations from the UK and US markets.

And right now, Mark thinks there are 6 standout stocks that investors should consider buying. Want to see if On Holding made the list?

Ben McPoland owns shares in On Holding.

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Premium content from Share Advisor UK

Some growth stories build quietly over years. Others detonate. This one has surged 105% in just three months, and we believe the rally has further to run, because the single most powerful tailwind in technology today is pouring fuel directly onto its fire.

That’s why we’ve just recommended the one stock we think is best positioned to profit from the explosion in corporate data and the AI revolution feeding off it.

So, what makes this latest Share Advisor stock pick so exciting?

1. The business runs a cloud-native platform that sits above every major cloud provider, enabling nearly 14,000 customers (including 813 of the Forbes Global 2000) to unlock and analyse their data wherever it lives, free from any single ecosystem’s lock-in.
2. Its consumption-based model means revenue grows as customers use it more, and they do: a net revenue retention rate of 126% shows existing clients spent 26% more than they did a year ago, while sales growth recently re-accelerated to 34%, the fastest in over two years.
3. It is tapping into a market it estimates at roughly $350bn, meaning that despite its scale, it has captured only about 1% of its opportunity – a runway that AI is widening by the day.

As our Senior Investment Analyst, Ian Pierce, puts it:

Of course, there is risk.

This is a punchy valuation, and the company remains loss-making due to heavy spending on stock-based compensation and aggressive hiring. Not to mention that deep-pocketed competitors could build rival platforms.

This is very much a high-conviction growth holding, and investors should be comfortable with heightened volatility in exchange for what we believe is a compelling long-term opportunity.

Of course, fast-growing stocks on rich valuations aren’t for everyone, and we respect that.

For some, the absence of profits and the prospect of sharp swings will always be a step too far. But for those who believe that the businesses powering the AI age, with sticky customers and enormous untapped markets, are where real long-term wealth is built, this company sits firmly on the right side of that argument.

Our Top Growth Stock Recommendation

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The S&P 500 might be trading near an all-time high, but there are still bargains to be found in the US blue-chip index. In particular, there are some world-class firms that have sold off due to lingering concerns about AI disruption.

One of them is the world’s largest online travel agency. Here’s why I think the stock could be a steal at today’s price.

A dominant platform

The company I’m talking about will be familiar to most readers: Booking Holdings (NASDAQ:BKNG). As well as the eponymous Booking platform, it owns Priceline, Agoda, (a leader in Asia), KAYAK, and OpenTable (online restaurant reservations).

Last year, the tech firm booked more than 1.2bn room nights, an incredible number that was 8% higher than the year before. Revenue increased 13% to just shy of $27bn, while adjusted EBITDA jumped 20% to $9.9bn.

Net income did fall 8% to $5.4bn, but some of that was accounting-related noise (impairments). Even so, that was good for a net margin of 20%, which shows how uber-profitable this asset-light booking platform is.

From roughly $9.1bn in free cash flow, the firm returned $8.2bn to shareholders via share buybacks and dividends. And since 2022, Booking has reduced its share count by a whopping 22%.

Our data, deep industry knowledge, and relationships with millions of partners on the ground remain a critical differentiator to propel future growth…The long-term drivers of our industry remain compelling.
CEO Glenn Fogel

Q1 was also strong, with gross bookings growing 8%, revenue up 10%, and room nights rising 6% (all at constant currency).

But why is the stock struggling?

Despite this solid performance, Booking stock is down 21% since August and 14% year to date.

The reason appears to be twofold. First, there’s the conflict in the Middle East, which impacted gross bookings growth in Q1 and will do so again in Q2. Any resumption of the war is a major near-term risk.

Second, some investors worry that AI agents pose an existential threat. Why? Well, if they can simply compare prices across the web and automatically book the cheapest option, the consumer no longer needs to visit apps like Booking. 

While I don’t want to minimise this theoretical AI risk, it’s worth noting that agents aren’t really being used by consumers yet. Moreover, Genuis Level 2 and Level 3 travellers represent over 30% of Booking’s active users and they habitually use the app.

For the record, I’m a loyal customer. In April, I booked a hotel in Poland, then last week a couple of nights in York. Both times I got discounts through the Genuis loyalty programme.

Finally, Booking is rolling out AI features itself. For example, you can ask a bot to plan a trip through natural language rather than manually toggling a load of filters.

The stock looks on sale

For me, Booking remains one of the highest-quality ways to ride the long-term rise of international travel. The Middle East situation should be a distant memory for investors in five years’ time, while I think the stickiness of the loyalty programme is underappreciated.

Currently, the stock’s trading at just 17.5 times forward earnings — near the cheapest it has been in around a decade. As such, I think investors should consider checking out Booking on the dip.

Should you invest £5,000 in Booking Holdings right now?

When investing expert Mark Rogers and his team have a stock tip, it can pay to listen. After all, the flagship Twelfth Magpie Share Advisor newsletter he has run for nearly a decade has provided thousands of paying members with top stock recommendations from the UK and US markets.

And right now, Mark thinks there are 6 standout stocks that investors should consider buying. Want to see if Booking Holdings made the list?

Ben McPoland has no position in any of the companies mentioned.

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One of my goals is to eventually turn my ISA investments into a reliable second income. Currently, my portfolio is in a growth phase, so I’m reinvesting dividends and focusing on earnings and dividend growth. But one day, I’ll switch my strategy to maximise dividends and passive income.

Now, an investor with £20,000 isn’t starting with a life-changing sum of money. But thanks to the power of compounding, and dividend growth, that sole initial ISA could potentially become a portfolio capable of generating £12,000 a year in passive income. So what’s the catch?

Well, it won’t happen overnight. But for investors willing to think long term, the numbers can be surprisingly compelling.

How to target a five-figure second income

Let’s start with a simple example. Suppose an investor places £20,000 into a Stocks and Shares ISA invested in quality FTSE 100 and international dividend-paying shares. If that portfolio generates an average total return of 9% and all dividends are reinvested, the pot could grow substantially over time.

After 10 years, it could be worth around £47,347. And after 25 years, the same investment could be worth roughly £172,462.

Now let’s assume the investor shifts towards a portfolio focused on earning passive income from dividends. In this example, we can assume the portfolio yields around 7%.

At that point, a portfolio worth £172,170 could potentially generate around £12,072 a year in dividend income. That’s just over our £12k target.

Of course, real-world returns will vary and there are no guarantees. But this example demonstrates the extraordinary impact that time and compounding can have on a relatively modest starting investment.

Here’s how to reach the goal much faster

Even more surprising is the effect of regularly adding investments over time. Now assume our investor adds £5,000 every year to their ISA. Notice how the magic of compounding can really amplify returns over time.

The result is that it should be possible to reach a £12k second income much faster than with a one-off investment. In this case, in around 10 to 15 years.

But which type of company could help drive those returns?

Could Aviva help accelerate the journey?

One company that regularly attracts the attention of income investors is Aviva (LSE:AV.). This business generates substantial cash flows from a wide range of financial products and services.

What I find particularly attractive about Aviva is its combination of defensive characteristics and income potential. Its insurance business helps create relatively predictable earnings across economic cycles. Meanwhile, its growing wealth and retirement businesses offer exposure to long-term demographic trends.

Bear in mind that Aviva isn’t immune to a prolonged economic downturn. And unexpected increases in insurance claims could also reduce profitability and future dividend growth.

Aviva currently offers a 6.5% dividend yield. That’s more than double the 3% that the FTSE 100 offers. It also has a long history of both paying and growing its shareholder payouts.

And just like Aviva, the Footsie holds many others that offer a powerful combination of compounding and growing dividend income. And I’ll be keeping my eye on each and every one of them.

Should you invest £5,000 in Aviva Plc right now?

When investing expert Mark Rogers and his team have a stock tip, it can pay to listen. After all, the flagship Twelfth Magpie Share Advisor newsletter he has run for nearly a decade has provided thousands of paying members with top stock recommendations from the UK and US markets.

And right now, Mark thinks there are 6 standout stocks that investors should consider buying. Want to see if Aviva Plc made the list?

Harshil Patel does not own any positions in any of the companies mentioned.

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Arguably the greatest benefit of the Stocks and Shares ISA is that you don’t have to pay tax on returns. Anything generated in these accounts, including income, is protected from the clutches of the tax collector.

Here, I want to highlight a ultra-high-yield REIT that I think can help build wealth over time.

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions.

Investing in GPs’ landlord

Primary Health Properties (LSE:PHP) is the UK’s largest listed healthcare real estate investment trust (REIT). Its £6bn portfolio contains 1,142 assets, primarily consisting of GP surgeries, medical centres, and private hospitals.

There are a number of things to like about this REIT from an investment perspective:

• Long lease terms (the weighted average unexpired lease term is 10.8 years)
• High 99% occupancy rate
• 76% of rent is government-backed income (with an 80%-90% target)
• 30 years of consecutive dividend growth
• Massive forward dividend yield of 7.9%

Last year, Primary Health generated 3% rental growth and a 4% increase in earnings per share. In the first quarter of this year, rent reviews delivered an extra £3m of income (3.4% on an annualised basis).

Meanwhile, management is confident of delivering £9m of annualised cost synergies following the acquisition of Assura last year. The enlarged portfolio is performing well, with private hospitals (+3.7%) and Ireland (+4.4%) the standout performers during the quarter.

Is there a catch?

Now, the biggest risk here is a high loan-to-value ratio (57% at the end of December). This elevated leverage is well above the company’s preferred 40%–50% target range.

Moreover, if interest rates stay higher for longer (or rise), the cost of refinancing existing debt becomes more expensive. This could put pressure on the REIT’s ability to grow dividends. 

The share price is down 38% over five years, reflecting how higher rates have negatively impacted REIT valuations.

However, Primary Health has been working on establishing a new vehicle for its private hospital portfolio. In April, it said it was on track to “deliver a transaction that will reduce our gearing and act as an alternative source of capital and growth for the future“. 

Today (24 June), it confirmed that it was in advanced discussions with an investor about using its private hospital portfolio to seed a new joint venture. The stock rose 4.1% to 95p on the back of this news.

A very attractive dividend yield

As mentioned, the prospective dividend yield currently stands at around 7.9%. Were someone to invest their entire £20,000 ISA allowance into the stock, they could expect to receive roughly £1,580 a year in passive income.

Of course, it wouldn’t be wise to own just one stock. But I do think Primary Health is well worth considering as a core holding in a diversified income portfolio.

Looking ahead, management is confident that targeted disposals and joint ventures will help reduce leverage and create growth opportunities. One is the government’s plan to roll out 250 Neighbourhood Health Centres by 2035.

A combination of high occupancy rates, low tenant risk, massive yield, and the prospect of a strengthened balance sheet moving forward make this a dividend stock worth considering.

Should you invest £5,000 in Primary Health Properties Plc right now?

When investing expert Mark Rogers and his team have a stock tip, it can pay to listen. After all, the flagship Twelfth Magpie Share Advisor newsletter he has run for nearly a decade has provided thousands of paying members with top stock recommendations from the UK and US markets.

And right now, Mark thinks there are 6 standout stocks that investors should consider buying. Want to see if Primary Health Properties Plc made the list?

Ben McPoland has no position in any of the companies mentioned.

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A lot has been made of the IPO from Space Exploration Technologies. Indeed, the current price of SpaceX shares means the company has a whopping $2.05trn market cap. However, after some thought, I’ve decided the company is overvalued; there are other options available. Here’s one that looks appealing to me.

To infinity and beyond

I’m talking about AST SpaceMobile (NASDAQ:ASTS). To be clear, AST isn’t trying to launch more rockets or sell satellite dishes. Instead, it wants to turn ordinary smartphones into satellite-connected devices. The company is building a constellation of large low Earth orbit satellites designed to beam cellular broadband directly to smartphones. This will allow people to connect where traditional signal towers cannot reach.

So it is still a space-sector stock, but in some ways a bit lower-risk than SpaceX and other peers. AST has signed agreements with major telecom operators already, with pending revenue-sharing deals set to offer customers coverage in rural and remote locations.

Q1 2026 results showed modest revenue of $14.73m, but maintained its full-year revenue guidance of between $150m and $200m. With the target of approximately 45 satellites in orbit by the end of 2026, things are starting to get exciting.

The relative appeal

Don’t get me wrong, space as a sector is high risk. However, what I like about AST is the size of the opportunity. Billions of people still experience unreliable mobile coverage. If AST can make satellite connectivity seamless, the addressable market could be enormous.

When I compare it to SpaceX’s Starlink, there’s a clear difference. SpaceX’s Starlink is a phenomenal business, but AST is targeting existing cellular networks rather than trying to replace them. Starlink generally requires dedicated hardware, while AST will connect phones that people already own. That could make adoption much easier if the technology works at scale.

Further, with a market cap of just over $28bn, it has the legs to move much higher than SpaceX.

Valid concerns

AST is still a long way from proving it can become a highly profitable company. Building and launching satellites is extremely expensive, and the company will need billions in capital before the network is fully deployed.

Further, the stock is up 37% in the past year, but down 39% in the past month. It’s a highly volatile stock, which might put off some investors. However, for those who want exposure to this sector and are happy with the risk level, I think it’s a more appealing purchase to consider than SpaceX right now. I believe it has more scope to rally as the space theme takes off, and huge potential to connect with existing providers at a rapid rate. That’s why I’m seriously thinking about buying a small amount of stock.

Should you invest £5,000 in AST SpaceMobile right now?

When investing expert Mark Rogers and his team have a stock tip, it can pay to listen. After all, the flagship Twelfth Magpie Share Advisor newsletter he has run for nearly a decade has provided thousands of paying members with top stock recommendations from the UK and US markets.

And right now, Mark thinks there are 6 standout stocks that investors should consider buying. Want to see if AST SpaceMobile made the list?

Jon Smith has no positions in the shares mentioned.

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In other words, there could be far juicier wealth-building opportunities elsewhere. Here’s a FTSE 100 stock tipped to generate much higher returns than Rolls-Royce by mid-2027.

Defence powerhouse

Staying in the FTSE 100, I want to highlight BAE Systems (LSE:BA.). Shares of the defence powerhouse have slumped 23% since March and, as I write, currently sit just under 1,800p.

Yet the average 12-month price target is 2,353p, implying a 31% potential gain. And the minimum estimate among analysts covering BAE is 2,050p, which is 14.5% higher.

The most bullish, Morgan Stanley, sees a road to 2,662p — almost 50% more!

None of these targets may be realised, of course, but the stock does look better value than it has done for a while. It’s trading on a forward price-to-earnings (P/E) ratio of 20.5, which is significantly lower than Rolls-Royce (34.5).

Why’s the stock down?

Some of BAE’s decline probably relates to reports that Moscow might (finally) be ready to end the dreadful war in Ukraine. This would presumably reduce the need for continuous munitions replenishment.

However, I don’t think this welcome development would change the long-term investment case for BAE. It’s largest market is the US, where Donald Trump has called for a colossal $1.5trn defence budget.

Meanwhile, the US is reducing its military presence in Europe. According to Der Spiegel, Washington is also cutting assets it would commit to the NATO alliance in crisis scenarios, including fighter jets, submarines, warships, and bomber aircraft.

Given this backdrop, it’s very likely that Europe will continue re-arming. And reports say that Andy Burnham, the UK’s ‘Prime Minister-in-waiting’, will boost defence spending above what Keir Starmer had planned.

Finally, oil-rich Gulf states are raising military spending in the wake of the Iran war. Saudi Arabia, which accounts for around 10% of BAE’s revenue, hiked defence spending by 26% in the first quarter after Iran launched strikes around the Gulf.

Therefore, while a stabilisation of the geopolitical environment is a risk, all evidence points towards elevated defence budgets over the medium term.

Around the world, security threats continue to grow, leading governments to increase defence spending…[This] provides a supportive backdrop for growth over the medium term. We expect significant opportunities across our business, including space systems, missile and air defence systems, drones and counter drone technology, electronic warfare, combat aircraft, combat vehicles, frigates and submarines.
BAE Systems, May 2026.

Massive backlog

BAE’s order backlog has swelled to £83.6bn across its operating segments. Due to the nature of these multi-year (often multi-decade) programmes, the company enjoys strong earnings visibility.

In 2026, management sees underlying profits rising as much as 11%. And it expects free cash flow to be above £6bn between 2026 and 2028, which will support 9%–12% dividend growth, according to forecasts.

BAE has increased its payout for 22 straight years. Right now, the stock is offering a well-covered 2.3% forward yield.

Adding all this up, I think BAE is worth considering buying on this dip. I expect it to be trading higher in a couple of years’ time, so plan to keep holding my shares.

Should you invest £5,000 in BAE Systems right now?

When investing expert Mark Rogers and his team have a stock tip, it can pay to listen. After all, the flagship Twelfth Magpie Share Advisor newsletter he has run for nearly a decade has provided thousands of paying members with top stock recommendations from the UK and US markets.

And right now, Mark thinks there are 6 standout stocks that investors should consider buying. Want to see if BAE Systems made the list?

Ben McPoland owns shares in BAE Systems and Rolls-Royce.

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The resignation of UK Prime Minister Kier Starmer on Monday (22 June) means that Andy Burnham is in prime position to take over the role in July. Of course, we’ll have to wait and see if any other contenders come forward, but I believe he’s the overwhelming favourite.

When it comes to how the market could react, the FTSE 250 is likely going to be more volatile. But why?

Mapping out scenarios

To be clear, I don’t believe we’ll see much initial reaction when/if Burnham gets confirmed as PM. I think most of this has already been factored into the stock market. However, the real move will come when he lays out his policy plans.

For the FTSE 250, the reaction will likely be high, as it’s home to more domestic companies that just trade in the UK than the FTSE 100. If investors conclude Burnham means higher business taxes, more regulation, rent controls and higher wage pressure (to name just a few points), stocks could fall. That would matter particularly for property stocks, as well as consumer discretionary firms such as pubs and retailers.

On the flipside, Burnham’s political brand isn’t purely anti-business. In fact, as Mayor of Greater Manchester, he built credibility in regional development, focusing on transport and infrastructure that helped the local economy.

If he appoints a market-friendly Chancellor and avoids broad-based corporate tax hikes, the FTSE 250 could rally. Again, this is likely more sensitive than the FTSE 100 because we’re talking about a credible domestic growth agenda that would naturally see investors rotate into domestic companies.

One to watch

One company that could do well in the second scenario is Keller Group (LSE:KLR). The stock’s up 80% in the past year, fuelled by record financial results. Back in March, the latest report put the strong numbers down to “sustained improvement in operational and financial performance and the Group’s geographic diversity, sector agility and resilience”.

When looking at the company through a Burnham lens, it could do well with a big push in infrastructure spending. Keller does ground engineering, so it’s the first company in before homebuilders or other contractors take over a site. So if we get a government push in this area, it could win a lot of contracts for foundations and major civil works.

It’s appealing as it’s less dependent on house prices than builders, and also has global revenues. So even if the political angle doesn’t work, it’s not the end of the world.

In terms of risks, it’s true that any infrastructure project takes years to plan, start, and finish. So the boost to Keller Group could take a long time to filter down to profits. Yet even with this point, I still think the company’s in a good spot and could be considered by those who think the new PM could push this agenda point.

Should you invest £5,000 in Keller Group Plc right now?

When investing expert Mark Rogers and his team have a stock tip, it can pay to listen. After all, the flagship Twelfth Magpie Share Advisor newsletter he has run for nearly a decade has provided thousands of paying members with top stock recommendations from the UK and US markets.

And right now, Mark thinks there are 6 standout stocks that investors should consider buying. Want to see if Keller Group Plc made the list?

Jon Smith has no positions in the shares mentioned.

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There has been a significant outflow of companies from the London Stock Exchange in recent years. So much so, the number of delistings has been outpacing new IPOs, creating a worrying trajectory.

And while last year saw a nice uptick of firms going public, things have ground to a halt again in 2026. Only a handful of firms have taken the plunge so far this year (hopefully things pick up in the second half if the Middle East peace deal holds).

In contrast, there is a hive of IPO activity in New York, with SpaceX recently breaking records. OpenAI and Anthropic, the makers of ChatGPT and Claude respectively, are also planning to list across the pond later this year.

I say ‘pond’, but the gulf that now exists between London and New York’s stock exchanges is as oceanic as the Atlantic. Our largest listed firm, HSBC, would only be the 35th biggest stateside.

Admittedly, there’s another UK firm — chip designer Arm Holdings — which is larger than HSBC. But that was acquired by Japan’s Softbank a decade ago, then floated on the Nasdaq in 2023.

Since then, it’s up almost 500%!

Bye-bye

Which brings me on to Ramsdens Holdings (LSE:RFX), which is also up around 500% since hitting a Covid low in March 2020. This includes a 30% jump today (23 June).

Ramsdens is a high street pawnbroker that offers currency exchange services, buys precious metals, and sells jewellery. Admittedly not as sexy as a tech/chip firm, but it’s one I’ve repeatedly highlighted as a hidden gem.

That’s because it’s well-run, consistently profitable, generates strong returns on capital, pays a progressive dividend, and has often looked very undervalued.

And while the high gold price turbocharged H1’s pre-tax profits (up 173%), the rest of its business has also been growing, including its online presence.

Ramsdens was targeting more shop openings (it has 174 today) and management recently struck a bullish tone on the future. Therefore, I was quite sad to see today’s news that it had agreed to be snapped up by US pawnbroker FirstCash.

Last year, this firm acquired Ramsdens’ rival pawnbroker H&T. So, it now has a very large presence across the UK.

To be fair, Ramsden’ ongoing earnings growth was dependent on a high gold price, which isn’t guranteed. So perhaps accepting the offer, which values the pawnbroker at approximately £206m, is the right move.

Is this the next one to disappear in a puff of smoke?

A FTSE 250 firm that looks like a strong acquisition candidate to me is Oxford Nanopore Technologies (LSE:ONT). It’s a healthcare firm that makes gene-sequencing devices.

I think this for a few reasons. First, the stock’s down 81% since listing in 2021, giving us an enterprise value of about £890m.

In today’s world of global private equity and large diagnostic firms, this wouldn’t be a large acquisition. The company has grown revenue at an annualised rate of 28% over the past five years, and ended 2025 with £302.8m in cash.

Unfortunately, Oxford Nanopore is still heavily loss-making, which adds risk and has always put me off. But its proprietary DNA and RNA sequencing technology is considered world-class, so I think vultures will come circling at some point.

Risk-tolerant investors might want to check it out at 115p.

Should you invest £5,000 in Ramsdens Plc right now?

When investing expert Mark Rogers and his team have a stock tip, it can pay to listen. After all, the flagship Twelfth Magpie Share Advisor newsletter he has run for nearly a decade has provided thousands of paying members with top stock recommendations from the UK and US markets.

And right now, Mark thinks there are 6 standout stocks that investors should consider buying. Want to see if Ramsdens Plc made the list?

Ben McPoland owns shares in HSBC.

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Once the IPO countdown ended, it blasted off the launchpad and quickly reached $225, cheered on by enthusiastic crowds of retail investors. Then the stock started falling back to Earth.

Yesterday (22 June), it plummeted 16.4% to $154, bringing the decline to roughly 24% in just three days.

But is this simply my chance to invest in a once-in-a-generation company at a marked-down price to aim for riches?

Beating the rest of the world combined

Let me start with a confession: I’m a bit narked off with SpaceX’s mega-IPO. That’s because I’ve been following the company for over a decade now. I was one of those geeks watching Elon Musk’s early presentations on reusable rockets and plans for a Mars colony.

However, because Musk was able to use his entrepreneurial skills to raise ample capital privately, SpaceX didn’t need to IPO earlier on. So I wasn’t able to invest in the high-risk, high-reward space exploration firm.

Beyond the stellar vision, what I liked was that the company was bringing a modern software and iterative development to rocket engineering. And by manufacturing most of its components in-house, the firm eventually bypassed the high-cost supply chain of the aerospace industry, thereby massively lowering costs and speeding up innovation.

The facts speak for themselves. last year, SpaceX’s Falcon 9 rocket did an incredible 165 missions, up from 26 in 2020.

And according to space industry veteran Christian Keil, it has now launched more satellites than the rest of humanity combined — despite the latter having a 61-year head start!

Starlink is the star

Of course, today’s SpaceX isn’t just a rocket launch provider. It’s also the operator of Starlink, the satellite network that provides reliable, high-speed internet across the globe. 

Last year, this division racked up revenue of $11.4bn, approximatively 50% year-on-year growth, and a $4.4bn operating profit. Starlink recently surpassed 12m active subscribers.

But this figure is set to grow enormously because SpaceX owns the launch capacity. So it can deploy its own satellites at a speed and cost that is impossible for competitors to match.

As such, the company has possibly the strongest competitive advantage I’ve ever seen. I mean, the barriers to entry in space are simply enormous, both in terms of capital and high technological complexity. Then there are myriad regulatory hurdles.

By the time a rival matches Starlink’s near-10,000 satellite mega-constellation, SpaceX could have its gigantic Starship system up and running. And this would be large enough to carry massive payloads, including potentially space-based data centres and cargo to the Moon. 

Is SpaceX a millionaire-maker?

As exciting as this is, I’m put off by SpaceX’s $2trn market cap. At this size, most of the future growth potential already looks priced in, considering that the firm’s revenue was $18.7bn last year. It’s also currently loss-making, which adds risk.

Therefore, unlike an early Tesla or Nvidia, it’s very unlikely SpaceX will turn £10k into £1m from here. The starting valuation is just too large.

That said, if the stock keeps losing altitude and drifts under $100, I’ll become much more interested. After all, this remains a unique company with incredible growth potential.

Should you invest £5,000 in Space Exploration Technologies Corp. - Class A right now?

When investing expert Mark Rogers and his team have a stock tip, it can pay to listen. After all, the flagship Twelfth Magpie Share Advisor newsletter he has run for nearly a decade has provided thousands of paying members with top stock recommendations from the UK and US markets.

And right now, Mark thinks there are 6 standout stocks that investors should consider buying. Want to see if Space Exploration Technologies Corp. - Class A made the list?

Ben McPoland owns shares in Nvidia.

The post Could investing £10,000 in SpaceX stock make me a millionaire? appeared first on The Twelfth Magpie.

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