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 36.00 price target.

Abstract
SFC Energy has reported H1 figures and held a conference call. The company has not only delivered strong revenue and adjusted EBITDA growth (+50% and +135% respectively). It has also delivered on the strategic side: 1) successful regional expansion (India); 2) further product development (next-generation hydrogen fuel cell, cloud capabilities); and 3) technology expansion: takeover of Johnson Matthey’s direct methanol MEA technology in the UK. An increased order backlog (€86m, +16%) and strong demand dynamics bode well for H2. SFC has raised guidance to the upper half of prior guidance. We largely stick to our forecasts (adjusted EBITDA now €12.6m). An updated DCF model yields an unchanged €36 price target. The stock remains a clear Buy.