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 31.00 price target.

Abstract
SFC reported very strong Q2 figures which exceeded our forecasts and were well above the prior year numbers. Consequently, management raised the lower end of its 2026 guidance. The main growth and margin driver was the execution of the Ukraine order. SFC shipped ca. €22m of the €43m order. As most of the remainder will be shipped in the current quarter, we expect a similarly strong Q3. Given the record order backlog of €105m, we still feel comfortable with our forecasts close to the upper end of guidance. If SFC succeeds in managing likely supply constraints in Q4, we believe that the company may even top 2026 guidance. An updated DCF model yields an unchanged €31 price target. Given SFC’s excellent opportunities in the high-margin defence business, we see the growth case as fully intact and reiterate our Buy rating (upside: 52%).