2G Energy AG (from First Berlin Equity Research GmbH): Buy

Original research: 2G Energy AG – von First Berlin Equity Research GmbH

10.09.2024 / 14:50 CET/CEST

Veröffentlichung einer Research, übermittelt durch EQS News – ein Service

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For the Inhalt der Mitteilung bzw. Research is only the Herausgeber bzw.

Author of the Study responsible. This notification is not an anlageberatung

or Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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Einstufung of First Berlin Equity Research GmbH at 2G Energy AG

Company: 2G Energy AG

ISIN code: DE000A0HL8N9

Analysis of the study: Update

Recommendation: Buy

date: 10.09.2024

Course price: 34.00 Euro

Course on approval 12 months

by:

Letzte 24.08.2023: Hochstufung von Hinzufügen auf

Rating change: Buy

Analyst: Dr. Karsten von Blumenthal

First Berlin Equity Research has issued a research update for 2G Energy AG (ISIN:

DE000A0HL8N9) clearing light. Analyst Dr. Karsten von Blumenthal bestätigt

signal BUY-Empfehlung and bestätigt signal Kursziel from EUR 34.00.

Summary:

2G Energy reported the best results in the H1 period, lagging EBIT

(EUR4.1 million) at a higher level and no longer at our Schätzung. Trotz once

10% own decline in the totality of the community

EBIT margin fell to 3.1%. That time is in the industry

Production is running in a two-way function. 2G can reduce costs quickly

adapt flexibly and at the Auslastung level. Das Management has davon aus,

third quarter production has evolved and fourth quarter production

have been completely shut down again. It is no longer possible to stop the companies

Guidance (Umsatz: EUR360 million – EUR390 million, EBIT margin: 8.5% to 10%) fest. Wir

Best regards to our current estimate for 2024, see below

a certain Abwärtsriskiko. View other pages with 2G-immer wieder

Gezeigt, welch ausserordentliche Productionsleistung sie in Q4 fulllbringen

can. An overview of the record components can provide an uncertain prognosis

for the upcoming annual festival. See the young Kursrücksetzer as

übertrieben one. The company is working with the action on an undisputed Kursziel von

EUR34 to buy and refer to the attractive 2025E KGV of 12.

First Berlin Equity Research has published a research update on 2G Energy AG

(ISIN: DE000A0HL8N9). Analyst Dr. Karsten von Blumenthal reiterated his BUY

rating and maintained its price target of EUR 34.00.

Abstract:

2G Energy confirmed preliminary H1 revenue. EBIT (EUR 4.1 million) was at previous level.

year level and close to our forecast. Despite a 10% decline in total

output, the company slightly widened its EBIT margin to 3.1%. This shows how

Well, the industrial production process is now working. 2G can adapt

adjust costs quickly and flexibly to the level of capacity utilization. Management

assumes that the dip in production at the end of Q3 will be overcome and

that capacity will be fully utilized again in Q4. The company is therefore

sticking to its forecast (sales: EUR 360 million – EUR 390 million, EBIT margin: 8.5% to 10%).

We confirm our recently lowered 2024 forecast, but see some downside

risk for the sale. On the other hand, 2G has repeatedly shown what a

extraordinary production performance that it can achieve in Q4. Given the

record order portfolio, we maintain our forecasts for the coming years.

We believe the recent share price decline is exaggerated. We

advise to buy the stock at an unchanged target price of EUR 34 and point out the

attractive 2025E price/earnings ratio of 12x.

Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG and dev

Perform a full analysis.

The full analysis can be downloaded here:

http://www.more-ir.de/d/30759.pdf

First Berlin Equity Research GmbH

Mr. Gaurav Tiwari

Phone: +49 (0)30 809 39 686

website: www.firstberlin.com

Email: [email protected]

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1985373 10.09.2024 Central European Time/Central European Time