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 increased sales by some 12% y/y to €86.7m in Q3 thanks to strong international business. Q3 EBIT growth (+23%) outpaced revenue growth and amounted to €4.9m. Both figures are slightly below our forecasts. In view of a record order backlog (>€230m) and the usual seasonality (strong Q4), we expect 2G to achieve guidance (sales: €360m to €390m, EBIT margin: 8.5% to 10%). We have however slightly dialled back our 2024 forecasts to reflect the lower than expected 9M figures and a slightly more cautious view on Q4. The high order backlog and strong order intake in Q3 underpin our growth forecast for 2025E. An updated DCF model yields an unchanged €34 price target. We reiterate our Buy recommendation.