reports
- Martin Huseby Karlsen
Nel (Sell, TP: NOK1.50) - In hope they trust
Q1 revenue missed consensus by 29% and our estimate by 38%. Despite industry-wide challenges, Nel remains optimistic on new orders – although it last booked a sizeable order in late-2022. On the positive side, cash of NOK2.1bn provides investors with decent time optionality awaiting a better market (we do not expect a liquidity injection), added to which it has a good technology track record and know-how. We reiterate our SELL and NOK1.5 target price.
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- ABGSC Energy Research
- Daniel Vårdal Haugland
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Lhyfe: EUR53m debt financing
Lhyfe yesterday announced that it has secured EUR53m debt financing for a portfolio of four green hydrogen projects. This transaction allows Lhyfe to complete the financing and refinance part of the investment already made in four units in France and Germany, with already operating and under develo
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Nel: poor Q1 results
This morning, Nel has reported Q1 2025 revenue at NOK155m (-63% QoQ, -44% YoY), 37% below cons. at NOK245m. The quarter was impacted by temporary production halts, with a significant slowdown in the alkaline division negatively impacting (-69% YoY) the scale and the revenue mix. EBITDA loss stood a
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
- Martin Huseby Karlsen
Nel (Sell, TP: NOK1.50) - No signs of life on the horizon
With no meaningful orders secured since late 2022, weak backlog coverage for 2025e, production facility shut-ins, an uncertain market outlook, and further uncertainties related to its US expansion plans, challenging times are set to remain. While we are in line with consensus ahead of the Q1 report, our 2025e revenues and EBTIDA are 30% and 52% below consensus, respectively, with weak backlog coverage even on our estimates. Focus ahead should be on maintaining the liquidity runway and any equity...
Availability of the 2024 Annual Report
Availability of the 2024 Annual Report Foussemagne (France), April 25, 2025 – 6:00 pm CEST – McPhy Energy, manufacturer of alkaline electrolyzers, today announces that it has made available to the public and filed with the Autorité des marchés financiers its 2024 annual report (only available in French) for the year ended December 31, 2024. This report can be viewed on the Company's website ), in the "Investors" > "Financial Publications" > "Financial Reports" section, in accordance with legal requirements. ABOUT MCPHY Specialized in hydrogen production equipment, McPhy is contributing t...
McPhy Energy : Mise à disposition du rapport annuel 2024
McPhy Energy : Mise à disposition du rapport annuel 2024 Foussemagne (France), le 25 avril 2025 - 18h00 CEST – McPhy Energy, fabricant d'électrolyseurs alcalins, annonce aujourd’hui avoir mis à disposition du public et déposé auprès de l’Autorité des marchés financiers son rapport annuel 2024 relatif à l’exercice clos le 31 décembre 2024. Ce rapport peut être consulté sur le site de la Société (), dans la rubrique « Investisseurs » > « Publications financières » > « Rapports financiers », conformément aux dispositions légales. À PROPOS DE MCPHY Spécialiste des équipements de production d...
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Lhyfe: EUR149m subsidies confirmed for Green Horizon
Last Thursday during market hours, Lhyfe announced the confirmation of French State support for its 100MW Green Horizon project in Gonfreville-L'Orcher, close to Yara's ammonia facility near Le Havre (France). The public IPCEI support framework contract has been signed with BPI France for up to EUR
- ABGSC Renewable Energy Research
- Åsne Holsen
- Daniel Vårdal Haugland
McPhy Energy: Opening of conciliation proceedings
McPhy Energy: Opening of conciliation proceedings Foussemagne (France), April 14, 2025 – 7:30 am CEST – McPhy Energy, manufacturer of alkaline electrolyzers ("McPhy"), announces the opening, by decision of the President of the Tribunal de Commerce of Belfort dated April 10, 2025, of a conciliation procedure and the appointment of SCP Abitbol & Rousselet, represented by Maître Joanna Rousselet, as conciliator. The opening of these proceedings was driven by the Company's current financial position, with its cash runway at the end of June 20251 and to strengthen its chances of finding a new...
McPhy Energy : Ouverture d’une procédure de conciliation
McPhy Energy : Ouverture d’une procédure de conciliation Foussemagne (France), le 14 avril 2025 – 7h30 CEST – McPhy Energy, fabricant d'électrolyseurs alcalins (« McPhy »), annonce l’ouverture, par décision du Président du Tribunal de Commerce de Belfort en date du 10 avril 2024, d’une procédure de conciliation et la désignation de la SCP Abitbol & Rousselet, représentée par Maître Joanna Rousselet, en qualité de conciliatrice. L’ouverture de cette procédure a été motivée par la situation financière actuelle de la Société, son horizon de trésorerie étant à fin juin 20251, et le souhait d...
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Lhyfe: shortlisted under HAR2 in the UK
Yesterday during market hours, Lhyfe announced that two of its projects in the UK have been shortlisted under the UK government's Hydrogen Allocation Round 2 (HAR2), a public auction system supporting the production of low-carbon and renewable hydrogen. The two projects, Kemsley (80MW) and Wallsend
McPhy Energy: Departure of the Chief Executive Officer
McPhy Energy: Departure of the Chief Executive Officer Foussemagne (France), April 7, 2025 – 7:45 am CEST – McPhy Energy, manufacturer of alkaline electrolyzers (“McPhy”), announces that its Board of Directors, during its meeting of 4 April, took note of the resignation, for personal reasons, of Mr. Jean-Baptiste Lucas as Chief Executive Officer. A search process for a new Chief Executive Officer has been initiated by the Board of Directors, in collaboration with the Appointments and Remuneration Committee. Mr. Jean-Baptiste Lucas will hold his office until the appointment of his success...
McPhy Energy : Départ du Directeur général
McPhy Energy : Départ du Directeur général Foussemagne (France), le 7 avril 2025 – 7h45 CEST – McPhy Energy, fabricant d'électrolyseurs alcalins (« McPhy »), annonce que son Conseil d’administration, lors de sa réunion du 4 avril, a pris acte de la démission, pour des raisons personnelles, de M. Jean-Baptiste Lucas en tant que Directeur général. Un processus de recherche d’un nouveau Directeur général est initié par le Conseil d’administration, en collaboration avec le Comité des Nominations et des Rémunérations. M. Jean-Baptiste Lucas exercera ses fonctions jusqu’à la nomination de son s...
- Roy Külter
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- Jean-François Granjon
- Roy Külter
- Steven Boumans
COV COVIVIO SA
OUT1V OUTOKUMPU OYJ
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
ALDEL DELFINGEN INDUSTRY SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
VRAP VRANKEN-POMMERY MONOPOLE SA
LNA LNA SANTE SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
VRNL VERNEUIL PARTICIPATIONS
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
SLIGR SLIGRO FOOD GROUP N.V.
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MCPHY MCPHY ENERGY SA
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
IBG IBERPAPEL GESTION S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
IMP IMPACT DEVELOPER & CONTRACTOR S.A.
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
S30 SOLUTIONS 30 SE
VK VALLOUREC SA
KTA KNAUS TABBERT
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
IOS IONOS GROUP SE
SHUR SHURGARD SELF STORAGE LIMITED
ACAG AUSTRIACARD HOLDINGS AG
TEN TENARIS S.A.
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