SFC Energy AG Maintains Strong Growth and Positive Outlook for 2024

First Berlin Equity Research GmbH has reiterated a "Buy" rating for SFC Energy AG, maintaining a target price of €34.00. This follows SFC Energy’s publication of its 2023 annual report, which confirmed preliminary figures showing significant year-over-year growth.

In 2023, SFC Energy AG experienced a 39% increase in growth and a notable improvement in profitability, with adjusted EBIT rising more than threefold to €9.7 million. The margin also expanded from 3.7% to 8.2%. The company has reinforced its 2024 guidance, projecting sales to range between €142 million and €154 million, indicating a sales growth of approximately 20% to 30% year-over-year. Adjusted EBITDA is expected to increase by 15% to 47% compared to 2023.

The report highlights SFC Energy’s success in broadening its international presence and strengthening its position on the value chain. The company's leading position in the direct methanol fuel-cell market, alongside its developments in innovative hydrogen fuel-cell-based energy solutions, signal a continuation of its profitable growth trajectory. With a strong net cash position of €43.5 million, SFC Energy is well-prepared to finance its ongoing and new growth initiatives.