First Berlin – TubeSolar AG Research Update (01/04/2021)

First Berlin Equity Research has published a research update on TubeSolar AG (ISIN: DE000A2PXQD4). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 9.40 price target.

Abstract
TubeSolar has placed one million shares at €6.50 per share, generating gross proceeds of €6.5m. The funds will be used to further finance the development of the highly automated production of TubeSolar PV modules and additional company growth. In our model, we have assumed capital increases totalling 1.5m shares for 2021. After the placement in December 2020 (1m shares at €6.00), TubeSolar has once again proven its attractiveness to the capital markets. An updated DCF model still yields a €9.40 price target. We confirm our Buy recommendation.