First Berlin Equity Research has published a research update on tubesolar AG (ISIN: DE000A2PXQD4). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and maintained his EUR 7.80 price target.

tubesolar has successfully completed both a cash capital increase and a capital increase against contribution in kind. The cash capital increase generated gross proceeds of €8m and the capital increase against contribution in kind converted financial liabilities of €13.7m into equity. Both measures increase the number of shares by 5.1m to a total of 18.0m, providing more financial leeway and improving the equity ratio. By the end of the year, the first highly automated production line with a capacity of 20 MW is scheduled to start operation. By the end of 2025, production capacity is to be gradually increased to 250 MW. We published a more comprehensive update on 23 November, following the TÜV certification of the modules, and see the successfully completed financing measures as an important milestone on the way to commercial module production. Based on unchanged forecasts, an updated DCF model still yields a €7.80 price target. We confirm our Buy recommendation.