First Berlin Equity Research has published a research update on H2 Core AG (ISIN: DE000A0H1GY2). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 4.10 price target.

Abstract
H2 Core AG (previously: MARNA Beteiligungen AG) has taken an important step in its corporate development with the registration of a capital increase in kind and the change of its name in the commercial register. H2 Core is Germany’s first listed manufacturer of complete plug & play hydrogen systems. The company recently announced the appointment of a new CFO. Business went very well in the first five months of the year and management remains convinced that our forecast for 2024 (revenue: €13.8m) is achievable. An updated DCF model based on unchanged estimates still yields a €4.10 price target. We confirm our Buy recommendation.