First Berlin Equity Research has published a research update on 2G Energy AG (ISIN: DE000A0HL8N9). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 34.00 price target.

Abstract
2G Energy reported a record order backlog of around €221m at the end of August and subsequently raised the lower end of sales guidance for 2025 from €390m to €410m. We continue to expect 2G to generate sales of €443m in 2025 and see the record order backlog as a very good basis for our forecast. At €131.2m, sales in H1/24 were 3% below the previous year’s figure and 5% below our forecast. This was due to project delays on the customer side, which led to later call orders for 2G CHP systems. As these project delays are likely to continue in H2, we have lowered our forecast for 2024 slightly. An updated DCF model yields an unchanged €34 price target. After the share price decline in recent months, the company is attractively valued for a growth stock with a 2025E P/E ratio of 12. We recommend that investors take advantage of the low price level to Buy the share.