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’s order intake almost doubled to €80m in Q3 compared to the prior year quarter. The order backlog thus reached a record level of well over €230m (>+18% y/y), which will ensure full capacity utilisation far into the second half of 2025. This has prompted 2G to increase 2025 revenue guidance. Instead of at least €410m, management now expects at least €430m. This means that 2025 is likely to be the strongest year for sales and earnings in the company’s history. We confirm our forecasts for 2025E (sales: €443m) and reiterate our Buy recommendation with an unchanged €34 price target. With a 2025E P/E ratio of 12x, we consider 2G to be very attractively valued for a growth stock.