Berenberg starts Thyssenkrupp Nucera with 'buy', sees strong growth ahead

thyssenkrupp nucera AG & Co KgaA

08/11/2023 10:54

** Berenberg initiates coverage of Thyssenkrupp Nucera
 NCH2.DE  with "buy", expecting the German hydrogen firm's
alkaline water electrolysis (AWE) unit, top-scale projects to
spur strong growth
    ** Expects Nucera to reach breakeven ahead of its peers,
noting its involvement in some of the world's largest hydrogen
projects, such as Saudi Arabia's NEOM
    ** The broker estimates AWE business to reach revenue in the
range of 850-950 million euros ($907.80 mln-1.01 bln) in 2025,
up from just 51 million in 2022
    ** It says the growth is based on its chlor-alkali
technology that offers some material advantages versus other
offerings in the market
    ** In addition, we believe that its partnerships with
strategic shareholders should support its ability to operate at
industrial scale - Berenberg
        ** Nucera partners include Thyssenkrupp  TKAG.DE , which
owns 50.2% in the company and Industrie De Nora  DNR.MI , owning
25.9%, and both provide access construction and service centres
around the world, Berenberg says 
  
    ** Out of 10 analysts that cover Thyssenkrupp Nucera, nine
rate the stock "strong buy" or "buy" ​and one analyst rates
"hold" 

($1 = 0.9363 euros)

 (Reporting by Chiara Holzhaeuser)
 ((Chiara.holzhaeuser@thomsonreuters.com))