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 31.00 price target.
2G Energy has reported preliminary 2022 revenue of €313m, slightly above guidance of €290m – €310m, and 3% above our estimate of €305m. 2G will announce preliminary 2022 results on 30 March. EBIT margin guidance is 6% – 8%. For 2023, 2G has already provided revenue guidance of
€310m – €350m. The upper end of this guidance corresponds to growth of 12% y/y. We expect the company to announce EBIT margin guidance for 2023 at the end of March. For 2024 2G expects sales of up to €390m. We have increased our forecasts for 2022 and expect double-digit sales growth at a higher EBIT margin in 2023. An updated DCF model yields an unchanged price target of €31. We reiterate our Buy recommendation.