The green hydrogen market is moving from a proof-of-concept stage to commercial implementation, accompanied by strong growth in equipment sales. According to BloombergNEF (BNEF), electrolyser sales are projected to at least quadruple in 2022, from c.460 MW in 2021 to 1.8-2.5 GW in 2022, depending on the scenario HydrogenPro initiation of coverage Buy – Tprice NOK50/share Ceres Power Still one of our favourite stocks in the sector ITM Power Struggling to deliver on time McPhy Heading ...
NEL - SELL | NOK10 Record order for 200 MW of alkaline electrolyser Nel’s largest purchase order to date Strong improvement in cost competitiveness Good news but probably no consensus upward adjustment as expectations were already ambitious
NEL - SELL | NOK10 (-28%) Good top-line but we struggle to see further acceleration as order backlog is slightly down Finally a good top-line growth… …but second quarter in a row of decreasing order backlog Sell rating confirmed, TP NOK10
NEL - BUY | NOK23 VS. NOK33 (+64%) Still waiting for the take-off. TP adjusted from NOK33 to NOK23 Q2 below expectations Buy rating maintained but TP adjusted from NOK33 to NOK23 We continue to strongly believe in green hydrogen but prefer to invest on critical components of the supply chain
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
NEL | BUY | NOK33 Best quarter ever in terms of revenue despite challenging macro environment Strong top-line growth ; significantly above expectations Solid order intake promise an acceleration Negative fair value adjustment on Nikola largely offset by positive contribution of Everfuel Positive stance confirmed. Buy rating, TP NOK 33
NEL - BUY | NOK33(-1%) CMD : attractive roadmap in terms of product development and cost reduction $1.5/kg by 2025 - achievable but under specific conditions Increasing production capacity to cut costs by >40% Further product development to improve the efficiency of the systems Ready to acquire new technologies Positive stance confirmed. Buy rating, TP NOK33
NEL - BUY | NOK33 20 MW with Iberdrola: significant, but just a first step Big contract with Iberdrola for a 20 MW electrolyser Collaboration with Iberdrola is starting to deliver - and it could be big Continued momentum for large electrolysers projects Valuation is demanding, but we confirm our positive stance
Cleantech & Energy transition | Welcome to the age of hydrogen ! Given the urgent nature of climate change and in view of the various objectives of the energy transition, hydrogen is experiencing a new wave of strong interest. Awareness is growing over the fact that hydrogen can complement and decarbonise the energy mix, as well as improve its resilience. • We are initiating coverage of: i/ Nel (Buy | TP NOK 28), ii/ ITM Power (Buy | TP 450p), and iii/ Ceres Power (Conviction Buy | TP 1250p).
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