First Berlin Equity Research has published a research update on SFC Energy AG (ISIN: DE0007568578). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 37.00 price target.

SFC Energy’s preliminary H1/22 figures showed strong sales growth (+23% y/y) and slightly lower adjusted EBITDA of €3.1m. The company confirmed full-year guidance (sales: €75m – €83m and adjusted EBITDA of €6.0m – €9.1m). Given the high order backlog of €65m at the end of H1/22 and continued high demand for SFC’s fuel cell-based energy solutions, we see SFC well on track to reach guidance and our full-year forecasts despite the looming recession. An updated DCF model still yields a €37 price target. We confirm our Buy recommendation.