First Berlin Equity Research has published a research update on exceet Group SCA (APEX) (ISIN: LU0472835155). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and decreased the price target from EUR 8.70 to EUR 8.40.
exceet/APEX has presented its 9M report. The company increased sales by 24% y/y to €3.7m and, in anticipation of a strong Q4, still expects sales of over €15m for the current year. Higher costs in preparation for the targeted strong growth in the coming years led to EBIT of €-13.6m. The order backlog increased by 35% to €46m in the first nine months. We continue to see exceet/APEX on a clear growth path, but lower our estimates for 2024 and beyond to reflect the overall slower realisation of hydrogen projects. An updated DCF model yields a new price target of €8.40 (previously: €8.70). We continue to see the company as well positioned to benefit from the ramp-up of the hydrogen economy and confirm our Buy recommendation.