First Berlin – SFC Energy AG Research Update (11/05/2021)

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 44.00 price target.

SFC Energy has reported preliminary Q1 KPIs, which were ahead of the prior year figures and our forecasts. Q1/21 was the best Q1 result in the company's history. Management confirmed 2021 sales guidance (€61-70m) and raised the lower end of adjusted EBITDA guidance from €3.5m to €4.75m, and the lower end of the adjusted EBIT guidance from €-0.9m to €0.35m. The very good Q1 figures support our positive view on SFC. With its clean energy solutions based on direct methanol & hydrogen fuel cells as well as its power management systems, SFC is excellently positioned to benefit from the global trend to distributed clean and reliable energy solutions. We confirm our 2021 sales and EBIT forecasts. An updated DCF model still yields a €44 price target. The rating remains Buy.