First Berlin Equity Research has published a research update on H2 Core AG (ISIN: DE000A0H1GY2). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 4.10 price target.

Abstract
Having raised gross funds of €0.7m in its recent capital increase, H2 Core has published 2024 guidance (sales: €12.8m – €13.8m, EBIT: €-0.6m to €0.0m). Our forecast is within the guided range. The proceeds from the capital increase fell short of our expectation (FBe: €4.0m), but were the final part of a multi-stage financing which raised a total of €5.2m. We therefore assume that sufficient funds are available to finance the strong growth in the current year. The production of the 50 AEM Flex 120 electrolysers, equipped with Enapter stacks and additional components, alone offers a sales potential of ca. €30m, which will be realised by YE25. An updated DCF model yields an unchanged €4.10 price target. We reiterate our Buy recommendation.