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November 24th, 2023 | 13:00 CET

100% upside potential with hydrogen! Siemens Energy, thyssenkrupp and dynaCERT instead of Nel?

  • Hydrogen
  • greenhydrogen
  • Technology
Photo credits: Orsted

Is there about to be a changing of the guard in the hydrogen sector? There are significant doubts that the previous investor favorites, Nel and Plug Power, will get their losses under control. Who could be the new favorites? Siemens Energy and BASF are working on a production plant for CO2-free hydrogen. The partners are now receiving funding from the federal government and the state of Rhineland-Palatinate. dynaCERT is having its technology tested under the toughest conditions. The hydrogen and emissions reduction specialist is equipping a team for the Dakar Classic Rally. Could 2024 bring revenue growth? thyssenkrupp nucera shows that you can also earn money with hydrogen. Analysts see almost 100% share price potential.

time to read: 4 minutes | Author: Fabian Lorenz
ISIN: SIEMENS ENERGY AG NA O.N. | DE000ENER6Y0 , THYSSENKRUPP AG O.N. | DE0007500001 , DYNACERT INC. | CA26780A1084 , NEL ASA NK-_20 | NO0010081235

Table of contents:

    dynaCERT: One of the hydrogen favorites for 2024?

    dynaCERT is pushing the limits to prove the efficiency of its hydrogen technology. The Canadians announced today that they will be equipping a team for the Dakar Classic Rally. A dynaCERT HydraGEN™ HG1 unit will supply the engine of the French team HoleShot Competition's race truck with hydrogen and additional oxygen. The patent-protected HydraGEN™ technology is intended to significantly reduce the emission of environmentally harmful exhaust gases from the French team's MAN race truck with the number 915. HydraGEN will, therefore, have to withstand extreme conditions. The 2024 Dakar Classic Rally has been held in Saudi Arabia since 2020. From January 5, 2024, the rally will cover 5,000 km through the desert on 14 race days.

    Alexandre Lemeray, Team Manager of the HoleShot Competition Team, has already taken part in the Dakar Classic Rally 10 times: "With the support of dynaCERT, we want to show that motorsport can be less harmful to the environment. HydraGEN™ is already used by trucks on the road, so I am delighted that we can use this technology to prove that 'hybridization of diesel engines with hydrogen energy' is possible in truck racing, especially at an event like the Dakar Classic, which takes place in the middle of nature. ASO, the organizer of the Dakar Classic Rally, has been making great efforts for years to reduce the carbon footprint of its events."

    In addition to the product test, dynaCERT will also use this measure to further increase global awareness and hopefully land further orders. Numerous sales successes were reported in the second half of 2023 in particular. Most recently, an order for an AEM electrolyser to produce green hydrogen was announced with partner Cipher Neutron. In conjunction with reversible fuel cells, the production of hydrogen is possible without the use of platinum group metals. According to the partners, Cipher Neutron's AEM electrolysers are among the most cost-effective and sustainable solutions for the commercial production of green hydrogen.

    Based on the orders, dynaCERT's turnover should increase significantly in the coming year. If this happens, the Company, valued at less than CAD 60 million, could be one of the hydrogen favorites in 2024.

    thyssenkrupp nucera: Around 100% upside potential?

    Shortly after the IPO, thyssenkrupp Nucera was promoted to the SDAX. However, there is not yet much for shareholders to celebrate. At EUR 16.77, the share is currently trading below the issue price of EUR 20. The market capitalization is just over EUR 2 billion. From Deutsche Bank's point of view, this is too little. The analysts recommend the share as a "Buy". The target price is EUR 30, almost twice as high as the current share price. The negative news from industry peers like Plug Power provided little insight into nucera's business. The Company confirmed this with initial statements about the fourth quarter and the financial year 22/23. It was reported that an operating profit was achieved in the fourth quarter, and sales growth was significant. This was driven by the high demand for alkaline water electrolysis (AWE). Although incoming orders declined slightly, this was attributed to the usual fluctuations. Concrete figures are to be published on December 18, 2023.

    Siemens Energy is also involved in hydrogen

    While Siemens Energy's figures are currently being massively impacted by the problems in the wind turbine sector, the Company is reporting success in hydrogen with partner BASF. After all, the Company is also active in other areas besides wind power. An innovative water electrolysis plant is to be built jointly at the BASF site in Ludwigshafen. The partners are now also receiving funding from the federal government and the state of Rhineland-Palatinate, amounting to around EUR 160 million. The project to produce CO2-free hydrogen is intended not only to help achieve climate targets but also to drive forward the energy transition. The water electrolysis plant will have a capacity of 54 MW and produce 8,000 tons of hydrogen per year. Commissioning is planned for 2025.

    In the short term, this announcement will have no impact on the share price. Analysts are also cautious at present. Today, DZ Bank and Deutsche Bank have spoken out. DZ Bank rates the Siemens Energy share as "Hold". The target price is EUR 12. The capital market day did not bring any decisive new insights. It will take time for the management to regain the confidence of investors. Deutsche Bank also has a price target of EUR 12 for the Siemens Energy share. This means that it has been raised by at least EUR 2. Although there is no sign of a balance sheet crisis at present, the problems at Gamesa will place a heavy burden on cash flow. The share is, therefore, a "Hold".

    Nel and Plug Power are unsuitable as hydrogen favorites due to their sustained loss-making business models and still sporty valuations. It remains to be seen whether thyssenkrupp nucera can take this place. dynaCERT is still in its infancy, but the order intake in the current year gives hope. If sales growth follows in the coming year, the Company could at least become a hot stock. As DZ Bank correctly assesses, it will take time for Siemens Energy to regain confidence.

    Conflict of interest

    Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as "Relevant Persons") may hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a "Transaction"). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company.

    In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual relationships.

    For this reason, there is a concrete conflict of interest.

    The above information on existing conflicts of interest applies to all types and forms of publication used by Apaton Finance GmbH for publications on companies.

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    Der Autor

    Fabian Lorenz

    For more than twenty years, the Cologne native has been intensively involved with the stock market, both professionally and privately. He is particularly passionate about national and international small and micro caps.

    About the author

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