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 increased the price target from EUR 31.00 to EUR 32.00.

Abstract
2G Energy has presented its 2022 annual report, which confirmed the previously reported figures. Net income of €16.4m was above our €14.8m forecast due to an extraordinary gain of €1.8m. As we expected, the management and supervisory boards are proposing a 12% increase in the dividend to €0.14 per share. 2G had an excellent Q1/23 with revenue growth of ca. 40% y/y to ca. €68m. We see the strong Q1 sales figure and the significant increase in order intake in March as confirmation of our revenue forecast of €345m, which is close to the upper end of guidance (€350m). 2G has reconfirmed 2023 guidance (sales: €310 – 350m, EBIT margin: 6.5% – 8.5%). An updated DCF model yields a slightly higher price target of €32 (previously: €31). We reiterate our Buy recommendation.