First Berlin Reiterates Buy Rating for SFC Energy AG

First Berlin Equity Research GmbH has published an updated research note on SFC Energy AG, maintaining its BUY recommendation with a target price of EUR 34.00. Analyst Dr. Karsten von Blumenthal highlighted the company's robust H1 performance, showcasing a 24% year-on-year revenue increase and an adjusted EBIT (AEBIT) that more than doubled to €9.6 million.

Despite encountering MEA production limitations in Q2, which resulted in modest 4% growth and lower earnings, SFC Energy AG is on track with its MEA capacity expansion. The company commenced two-shift production and is expected to achieve full capacity by the end of August, setting the stage for accelerated growth in Q3 and Q4.

SFC Energy AG reaffirmed its 2024 guidance, and Dr. von Blumenthal is confident the company will meet its targets, given that H1 AEBIT has already reached 65% of the upper end of the full-year guidance of €14.7 million. An updated DCF model supports the unchanged price target of EUR 34.00, reinforcing the BUY recommendation.