First Berlin Equity Research GmbH: 2G Energy AG | Rating: 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
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