reports
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
ITM Power: H1 prelims, FY25 guidance upgrade
Yesterday, ITM Power revealed preliminary H1 2025 numbers with revenue growing by >70% YoY to GBP15.2m (vs FY25 cons. at GBP21.4m, and BGe at GBP21.6m) and an improving adj. EBITDA loss at GBP17.1m from -GBP21m in H1 2024 (vs cons. at -GBP35.9m and BGe at -GBP37.3m). Measures taken to de-bottlen
ITM Power: 3 directors
A director at ITM Power bought 82,744 shares at 42p and the significance rating of the trade was 66/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing C...
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
ITM Power: FY24 improvements, cautious FY25 outlook
ITM Power has reported FY 2024 numbers with revenue more than tripling YoY to GBP16.5m (-9% vs cons. at GBP18.2m, +2% vs BGe at GBP16.2m) and a better than expected EBITDA loss at GBP30.5m (+30% vs cons. at -GBP44.0m and BGe at -GBP43.7m). Measures taken by Dennis Schulz (CEO) since late 2022, aime
- Paul de Froment
- Thomas Mordelle
ITM Power: gradually becoming leaner
We revise our 2024-2026 cost and capex sequence in order to take into account yesterday's guidance update for FY24 (results due on 15th August). Indeed, ITM Power confirmed that the measures taken in the 12-month priority plan implemented by Dennis Schulz (CEO) just after his arrival in 2022, focus
- Paul de Froment
- Thomas Mordelle
When it rains, it pours
Following the publication of our industry note "H2’oween: Trick or treat in green hydrogen", we have downgraded ITM Power from Buy to Sell and cut our price target from GBp350 to GBp55. While ITM Power has been one of the leading PEM R&D houses in recent years, aggressive communication and pric
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
H2’oween: Trick or treat in green hydrogen
Decarbonisation must ultimately abide by economic laws. In a maturing market with many competing technologies, those with the most efficient power-to-power ratios generating the highest energy returns on investment are the ones that should succeed. This contrasts with the earlier stages of green hy
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
- Liberum Research Team
- Adam Tomlinson
- Ciaran Donnelly
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
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- Edward Maravanyika
LIBERUM: ITM Power - Initiation - Resetting the foundations
Our constructive investment case rests on our belief that the company’s current challenges are surmountable. We do not believe ITM’s core PEM technology is flawed. Rather the main challenge has been the engineering around the technology rather than the technology itself. We see the strategic and operational reset brought about by the arrival from Linde of Dennis Schulz as new CEO will prove positively decisive. He has the proven experience and skill-set to help transition ITM Power from an R&D o...
- Edward Maravanyika
- Sam Wahab
LIBERUM: New Energy Outlook - Picking the winners
Energy security and decarbonisation continue to top the global energy agenda, but high inflation and elevated commodity pricing are not far behind. Today’s new energy growth stocks are tomorrow’s new energy leaders. On this basis we believe it is now time to re-look at the sector, which now represents compelling value against the backdrop of policy tailwinds and technological advances. In this report we pick the new energy winners of tomorrow across electrolysers, fuel cells, batteries, hydrogen...
An unfavourable environment weighs on ITM POWER, which sees a downgrad...
The independent financial analyst theScreener just requalified the general evaluation of ITM POWER (GB), active in the Alternative Fuels industry. As regards its fundamental valuation, the title still shows 0 out of 4 stars and its market behaviour is seen as risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Negative. As of the analysis date February 22, 2022, the closing price was GBp...
ITM Power Plc (ITM) - Power - Deals and Alliances Profile
Summary ITM Power Plc (ITM Power) is a renewable energy company. It designs and manufactures hydrogen energy systems for clean fuel production and energy storage. The company develops equipment to convert renewable energy to a clean fuel that can be stored for use in transport, industrial, and residential applications; and a range of materials and technologies that enables the reduction of hydrogen production cost. Its key products include HFuel and HGas. ITM Power also develops and manufacture...
- Richard Gill
- CFA
Full steam ahead post fund raising
​Since our initiation of coverage in August 2016, renewable energy specialist ITM Power has made good operational progress in its two divisions, with the wider hydrogen energy industry continuing to attract investment from governments and industry across its target markets.
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
- Richard Gill
- CFA
ITM Power - World leading renewable energy specialist
​ITM Power is a renewable energy specialist which manufactures hydrogen energy systems for use in energy storage and the production of clean fuel. Its products are based on PEM (proton exchange membrane) electrolysis, a technology which enables excess electrical energy to be converted into “clean†hydrogen gas. It operates two divisions focused on markets which are experiencing rapid growth. We see a potentially interesting opportunity to invest in ITM Power at the present time given that ...
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