Report
Xavier Regnard

ITM POWER: Average H1 results – contracted volumes continue to increase but value is slightly down | BUY | GBP600(+50%)

ITM POWER - BUY | GBP600(+50%)
Average H1 results – contracted volumes continue to increase but value is slightly down

Contracted backlog is slightly down. Some subtleties to have in mind
FY consensus expectations are achievable but revenue recognition depends on the macro context
Still one of our favourite play on the sector – Buy – TP 600p
Underlying
Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Xavier Regnard

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