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.

According to preliminary figures, 2G Energy increased sales by 17% y/y to €365m in 2023, exceeding our forecast of €355m and the upper end of guidance (€350m). We have thus raised our 2023 estimates. Following a very successful 2023 and a significant increase in incoming orders in H2/23, we confirm our growth forecasts for 2024 and continue to expect sales of €398m (guidance: up to €390m) at an EBIT margin of 9.3%. In view of the continued good growth prospects and the expected margin expansion, we reiterate our Buy recommendation at an unchanged €34 price target.