First Berlin Equity Research has published a research update on H2APEX Group SCA (ISIN: LU0472835155). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and decreased the price target from EUR 2.70 to EUR 2.00.

Abstract
While H2APEX’s Q2 figures showed a 63% revenue increase y/y to €3.5m, the operating loss widened to €-8.3m, missing our forecast of €-6.3m. The company confirmed revenue guidance of €14m- €16m?a target that appears readily achievable given H1 revenue of €7.0m and the fact that a large portion of projected revenue is already contractually secured. Following the weaker-than-expected Q2 results, we have lowered our earnings estimates for the current year. In light of the persistently challenging environment for green hydrogen, we have also adjusted our medium-term forecasts and now model a slower ramp-up of the company’s own hydrogen production. An updated DCF model yields a new price target of €2.00 (previously €2.70). We reiterate our Buy recommendation (upside: 63%).