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: 12.04.2024
Target price: 34,00 Euro
Target price on sight of: 12 Monate
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 hat ihren Geschäftsbericht 2023 veröffentlicht und die vorläufigen
Zahlen bestätigt. Im Jahr 2023 verzeichnete das Unternehmen starkes
Wachstum (+39% J/J) und eine deutlich verbesserte Rentabilität. Das
bereinigte EBIT hat sich auf €9,7 Mio. mehr als verdreifacht und die Marge
stieg von 3,7% auf 8,2%. SFC bekräftigt die Prognose für 2024 (Umsatz von
€142 Mio. bis €154 Mio. / Umsatzwachstum von ca. 20% bis 30% J/J und
bereinigtes EBITDA zwischen €17,5 Mio. und €22,4 Mio., ein Plus von 15% bis
47% gegenüber 2023). Im Jahr 2023 hat SFC seine internationale Präsenz und
seine Position in der Wertschöpfungskette weiter ausgebaut. Aufgrund der
hervorragenden Wettbewerbsposition im Direktmethanol-Brennstoffzellenmarkt
und der Entwicklung innovativer Energielösungen auf Basis von
Wasserstoff-Brennstoffzellen erwarten wir, dass SFC ihren profitablen
Wachstumskurs auch in den kommenden Jahren fortsetzen wird. Eine hohe
Netto-Cash-Position (€43,5 Mio.) bietet ausreichend Spielraum zur
Finanzierung des organischen und externen Wachstums. Wir bestätigen unsere
Kaufempfehlung bei einem unveränderten Kursziel von €34.
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.
SFC has published its 2023 annual report and confirmed preliminary figures. In 2023, the company showed strong growth (+39% y/y) and significantly improved profitability. Adjusted EBIT more than tripled to €9.7m and the margin widened from 3.7% to 8.2%. SFC reiterated 2024 guidance (sales of €142m - €154m / sales growth of ca. 20% to 30% y/y, and adjusted EBITDA between €17.5m and €22.4m, a plus of between 15% and 47% compared to the 2023 figure). In 2023, SFC broadened its international footprint and its position on the value chain. Given its outstanding competitive position on the direct methanol fuel-cell market and the development of innovative hydrogen fuel-cell-based energy solutions, we expect SFC to continue on its profitable growth trajectory in the coming years. A high net cash position (€43.5m) offers sufficient leeway for financing organic and external growth. We confirm our Buy recommendation at an unchanged €34 price target.
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/29403.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
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