First Berlin – ITM Power Plc Research Update (02/07/2019)

First Berlin Equity Research has published a research update on ITM Power Plc (ISIN: GB00B0130H42). Analyst Dr Karsten von Blumenthal reiterated his BUY rating and increased the price target from 43.00 to 46.00.

Recent successes in the operating business show that ITM Power is gaining traction in various markets. In Germany, the company celebrated the ground breaking ceremony for its most prestigious project, the 10 MW Refhyne electrolyser at the Shell Rheinland refinery. In the Netherlands, ITM supplied a 1 MW electrolyser for Gasunie's HyStock green hydrogen plant, which was opened a few days ago. In Canada, ITM completed a feasibility study for a 300 MW power-to-gas plant in the Province of British Columbia. An updated DCF model yields a new price target of GBp 46 (previously: GBp 43). We reiterate our Buy rating.