First Berlin – SFC Energy AG Research Update (16/04/2018)

First Berlin Equity Research has published a research update on SFC Energy AG (ISIN: DE0007568578). Analyst Dr. Karsten von Blumenthal reiterated his ADD rating and increased the price target from EUR 8.70 to EUR 9.40.

SFC Energy AG's final figures matched the preliminary numbers. The company reported strong revenue growth (+23%) and significantly improved earnings (EBIT 2017: €-0.9m versus 2016: €-4.9m). SFC generated a small positive free cash flow of €0.4m. For 2018, management is guiding towards sales of €60-64m and significantly improved EBIT. Based on slightly revised forecasts we raise the price target to €9.40 (previously: €8.70). The rating remains Add.