Buy
Original-Research: SFC Energy AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to SFC Energy AG
Company Name: SFC Energy AG
ISIN: DE0007568578
Reason for the research: Update
Recommendation: Buy
from: 26.02.2024
Target price: 34,00 Euro
Target price on sight of: 12 Monaten
Last rating change: 16.2.2021: Hochstufung von Hinzufügen auf Kaufen
Analyst: Dr. Karsten von Blumenthal
First Berlin Equity Research hat ein Research Update zu SFC Energy AG (ISIN: DE0007568578) veröffentlicht. Analyst Dr. Karsten von Blumenthal bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 34,00.
Zusammenfassung:
SFC Energy erwartet für 2024 ein starkes Umsatzwachstum von ca. 20 % bis 30
% im Vergleich zum Vorjahr (Umsatz von €142 Mio. bis €154 Mio.). Das
bereinigte EBITDA soll zwischen €17,5 Mio. und €22,4 Mio. liegen, ein Plus
von 15 % bis 47 % gegenüber 2023. Dieser Ausblick entspricht unserer
Prognose. Wir erwarten ein starkes und profitables Wachstum durch die
regionale Expansion (insbesondere Nordamerika und Asien) und die
marktführende Position von SFC im Direkt-Methanol-Brennstoffzellengeschäft.
SFC bietet ausgereifte Industrieprodukte an und verfügt über ein
etabliertes globales Vertriebsnetz. Die vorläufigen Zahlen für 2023 liegen
leicht über den bisher berichteten Zahlen. Der Umsatz stieg auf €118,1 Mio.
(+39% ggü. Vorjahr), das bereinigte EBITDA betrug €15,2 Mio. (+86% ggü.
Vorjahr, Marge: 12,8%), und das bereinigte EBIT konnte auf €9,7 Mio.
(Marge: 8,2%) mehr als verdreifacht werden. Ein aktualisiertes DCF-Modell
führt zu einem unveränderten Kursziel von €34. Wir bestätigen unsere
Kaufempfehlung.
First Berlin Equity Research has published a research update on SFC Energy AG (ISIN: DE0007568578). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 34.00 price target.
Abstract:
SFC Energy is guiding towards strong sales growth of ca. 20% to 30% y/y
(sales of €142m - €154m) in 2024. Adjusted EBITDA is forecasted to reach
between €17.5m and €22.4m, a plus of between 15% and 47% compared to the
2023 figure. Guidance is in line with our forecast. We expect strong and
profitable growth thanks to regional expansion (in particular North America
and Asia) and SFC's market leading position in the direct methanol fuel
cell business. SFC is offering mature industrial products and has an
established global marketing network. Preliminary 2023 figures were
slightly above the previously reported figures. Sales rose to €118.1m (+39%
y/y), adjusted EBITDA amounted to €15.2m (+86% y/y, margin: 12.8%), and
adjusted EBIT more than tripled to €9.7m (margin: 8.2%). An updated DCF
model yields an unchanged €34 price target. We confirm our Buy
recommendation.
Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse.
You can download the research here:
http://www.more-ir.de/d/28973.pdf
Contact for questions
First Berlin Equity Research GmbH
Herr Gaurav Tiwari
Tel.: +49 (0)30 809 39 686
web: www.firstberlin.com
E-Mail: g.tiwari@firstberlin.com
-------------------transmitted by EQS Group AG.-------------------
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