Update: Strong year-on-year revenue growth
Intelligent Energy Holdings' (IEH) interim results show strong revenue growth, driven by the DP&G division, which provides power asset management services for telecoms tower sites in India. The division has recently announced agreement in principle on a contract that will more than double the number of telecoms towers under management and substantially improve divisional margins. We leave our estimates unchanged and revise our valuation range to reflect a weakening in fuel cell share prices since our April initiation note.LB Shell delivers energy solutions for the distributed energy, diesel replacement, automotive and aerial drone markets. Co. delivers energy solutions for its target markets through the development and manufacture of modular air cooled fuel cell stacks and systems. Co.'s air-cooled systems comprises of the AC64 fuel cell stack and AC10 fuel cell stack. Co. is organized into two business segments of Fuel Cell Technology, focusing on hydrogen fuel cell applications across a range of industries; and Indian Power Management (Essential Energy), which focuses on power management for telecom towers in India. Co. also operates in Japan, India, China, Singapore, and France.
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