Analyst Group

Equity Research Report on HydrogenPro - Waiting for the Tide to Turn

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Neutral

Sammanfattning

En analysrapport från Analyst Group belyser HydrogenPros ledande teknik inom grön vätgas och förbättrad energieffektivitet. Rapporten presenterar dock en potentiell aktievärdering om 4,9 NOK per aktie för 2029, vilket är lägre än tidigare angivet.

Analys

Rapporten framhäver HydrogenPros teknologiska fördelar, inklusive en energieffektivitet på över 12-14% som sätter en ny branschstandard. Bolaget har etablerat starka globala partnerskap och har bevisat sin leveransförmåga i stora vätgasprojekt. Trots dessa positiva operativa aspekter, indikerar analysen en potentiell nuvärdering på 4,9 NOK per aktie i ett basscenario, vilket är en nedjustering från den tidigare angivna nivån på 5,2 NOK. Denna värdering baseras på en uppskattad intäkt om 621 MSEK år 2029 med en P/S-multipel om 1,25x och en diskonteringsränta på 15%. Det bör noteras att Analyst Group har mottagit ersättning för rapporten, vilket kan påverka objektiviteten.

Nyckeltal

Förbättrad energieffektivitet
>12-14%
Uppskattad intäkt 2029
NOK 621m
Potentiellt nuvärde per aktie (Bas-scenario)
NOK 4.9 (5.2)

Insikter

  • • Rapporten bekräftar bolagets starka tekniska position och marknadspotential.
  • • Den sänkta värderingsprognosen från en extern analysfirma kan påverka marknadens syn på aktien.
  • • Framtida tillväxt är beroende av den bredare utvecklingen för grön vätgas.

HydrogenPro (“HydrogenPro” or “the Company”) is a leader in the green hydrogen space with the world’s largest single- stack high-pressure alkaline electrolyzer, which is used to produce green hydrogen. Electrolyzers are evaluated based on energy efficiency, where HydrogenPro’s tests confirms a substantial improvement in efficiency with >12-14%, setting a new industry benchmark. The Company has strong global partners and has a proof of concept by delivering electrolyzers to some of the largest hydrogen projects to date. HydrogenPro is well-positioned to capitalize on expected market growth during the forecast period 2026-2029. With an estimated revenue in 2029 of NOK 621m, and by applying a P/S multiple of 1.25x, with a discount rate of 15%, this presents a potential present value of NOK 4.9 (5.2) per share in a Base scenario.

HydrogenPro (“HydrogenPro” or “the Company”) is a leader in the green hydrogen space with the world’s largest single- stack high-pressure alkaline electrolyzer, which is used to produce green hydrogen. Electrolyzers are evaluated based on energy efficiency, where HydrogenPro’s tests confirms a substantial improvement in efficiency with >12-14%, setting a new industry benchmark. The Company has strong global partners and has a proof of concept by delivering electrolyzers to some of the largest hydrogen projects to date. HydrogenPro is well-positioned to capitalize on expected market growth during the forecast period 2026-2029. With an estimated revenue in 2029 of NOK 621m, and by applying a P/S multiple of 1.25x, with a discount rate of 15%, this presents a potential present value of NOK 4.9 (5.2) per share in a Base scenario.

Read the equity research report here

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This is a press release from Analyst Group regarding the publication of an analysis on HydrogenPro. Readers may assume that Analyst Group has received compensation for making the commentary. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation or anything else that could be considered a subjective assessment.