Original-Research: 2G Energy AG (von First Berlin Equity Research GmbH): Buy

Original-Research: 2G Energy AG - von First Berlin Equity Research GmbH

Einstufung von First Berlin Equity Research GmbH zu 2G Energy AG

Unternehmen: 2G Energy AG
ISIN: DE000A0HL8N9

Anlass der Studie: Update
Empfehlung: Buy
seit: 03.04.2023
Kursziel: 31,00 Euro
Kursziel auf Sicht von: 12 Monate
Letzte Ratingänderung: 06.09.2022: Hochstufung von Hinzufügen auf Kaufen Analyst: Dr. Karsten von Blumenthal

First Berlin recommendation:
2G Energy has confirmed 2022 revenue of €313m (+17% y/y) as already reported in February. Total output increased even further (26% y/y) to €339m, demonstrating strong production performance. The EBIT margin is 7.0%, in line with consensus estimates and slightly below our forecast of 7.3%. The company has confirmed 2023 sales guidance of €310m - €350m at an EBIT margin of 6.5% - 8.5%. The previous FB estimate is at the upper end of the guidance. Given the high material cost ratio in 2022 and the high backlog of nearly completed CHP plants at the end of 2022, which will be sold in 2023 and have a high material cost ratio compared to service, we lower our 2023 EBIT margin estimate from 8.5% to 8.0% but maintain our revenue forecast of €345m. The high order backlog (€177m), as well as the better-than-expected gas supply in winter and the end of the taxation of so-called windfall profits planned for June should provide sufficient momentum for increasing demand and CHP plant sales. An updated DCF model yields an unchanged €31 price target. We confirm our Buy recommendation. Analyst: Dr Karsten von Blumenthal. This is an abbreviated summary. The full text of this story (including disclosure) is attached as a pdf document. For previous reports on this or other companies covered by First Berlin contact Gaurav Tiwari directly (g.tiwari@firstberlin.com).

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/26677.pdf

Kontakt für Rückfragen
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

-------------------übermittelt durch die EQS Group AG.-------------------

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.