First Berlin Equity Research has published a research update on exceet Group SCA (APEX) (ISIN: LU0472835155). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 9.00 price target.

Abstract
exceet / APEX has published several pieces of positive news in recent months. In June, the company entered into a strategic cooperation with Argo-Anleg in the field of hydrogen storage, which should accelerate the distribution of hydrogen storage solutions. In May, APEX acquired the engineering firm Plant Engineering, expanding its EPC expertise. Also in May, the company was awarded the contract for the planning and construction of a hydrogen train refuelling station by Barnimer Energiebeteiligungsgesellschaft. In April, APEX won the tender from rebus for the construction and long-term supply of two hydrogen filling stations for 52 hydrogen buses. In the first quarter, APEX generated €1.5m in revenue with a decent gross margin (25%). The large order book of almost €21m promises further revenue growth and underpins the €15m revenue guidance for 2023. Although APEX has been very successful in project acquisition and strengthening its resources in recent months, the share price has fallen since the end of May. The current share price weakness is a buying opportunity. The price target remains at €9.