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 maintained his EUR 9.00 price target.

According to preliminary figures, H2APEX generated sales of €15.3m in 2023 and thus reached guidance and our forecast. Sales quadrupled compared to the previous year. The company plans to grow strongly in the current year and is guiding towards sales of €35m to €40m. From 2025, the operating cash flow should be positive, and from 2026 H2APEX is aiming for positive adjusted EBITDA. We see the company very well positioned as a developer and future operator of complete hydrogen infrastructure, especially after the EU approval of H2APEX’s IPCEI-funded 100 MW electrolyser project. We confirm our growth forecasts and maintain our Buy recommendation at an unchanged €9.00 price target.