|
Original-Research: SFC Energy AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to SFC Energy AG
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 meldete starke Halbjahreszahlen mit einem Umsatzwachstum von 24% J/J und einem bereinigten EBIT (AEBIT), das sich auf €9,6 Mio. mehr als verdoppelte. Wie erwartet wurde das zweite Quartal durch Einschränkungen bei der MEA-Produktion belastet, die zu einem langsamen Wachstum (+4%) und niedrigeren Ergebnissen J/J führten. Dennoch ist SFC bei der MEA-Kapazitätserweiterung auf einem guten Weg. Das Unternehmen hat die Produktion im Zweischichtbetrieb aufgenommen und wird voraussichtlich bis Ende August die volle Kapazität erreichen. Wir erwarten daher eine Rückkehr zu höheren Wachstumsraten in Q3 und Q4. SFC hat ihre Guidance für 2024 bekräftigt, und wir glauben, dass das Unternehmen seine Ziele und unsere Prognosen gut erreichen wird, da das AEBIT im ersten Halbjahr bereits 65% des oberen Randes der AEBIT-Guidance für das Gesamtjahr von €14,7 Mio. beträgt. Ein aktualisiertes DCF-Modell führt zu einem unveränderten Kursziel von €34. Wir bekräftigen 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 reported strong H1 figures with 24% y/y top line growth and adjusted EBIT (AEBIT) more than doubling to €9.6m. As expected, the second quarter was burdened by MEA production limitations resulting in slow growth (+4%) and lower earnings y/y. Nevertheless, SFC is well on track with its MEA capacity expansion. The company has started two-shift production and looks set to reach full capacity by the end of August. We thus expect a return to stronger growth rates in Q3 and Q4. SFC has reiterated 2024 guidance and we believe that the company will easily reach its targets and our forecasts, as H1 AEBIT amounts to 65% of the upper end of full-year AEBIT guidance of €14.7m. 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/30583.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
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||||||
1972547 21.08.2024 CET/CEST
P R O D U C T S U G G E S T I O N S
The information presented here has been provided by our content partner EQS-Group. The originator of the news is the respective issuer, the company relating to the news, a publication service provider (press or information agency) which uses the distribution service of EQS to transmit company news to shareholders, investors, investors or interested parties. The original publications and other company-relevant information can be found at eqs-news.com.
The information you can access does not constitute investment advice. The presentation of our cooperation partners, where the implementation of investment decisions would be possible depending on the individual risk profile, is solely at the discretion of the person using the service. We only present companies of which we are convinced that the range of services and customer service will satisfy discerning investors.
If you are considering leverage products, familiarise yourself with the typical characteristics of the financial instruments beforehand. Take the time to determine the risk content of the planned investment before making an investment decision. Bear in mind that a total loss cannot be ruled out with leverage products.
For newcomers to the subject, we offer various options in both the training and the tools section, through which you can train theoretical knowledge and practical experience and thus improve your skills. The offer ranges from participation in webinars to personal mentoring. The range is continuously being expanded.
1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.
