Close menu

May 2nd, 2023 | 09:25 CEST

Analysts in full swing - Nel ASA, dynaCERT, Enphase Energy

  • Hydrogen
  • greenhydrogen
  • Energy
Photo credits:

Technology companies, in particular, had their turn last week to present their first-quarter figures to the broad investor community. The Facebook group Meta exceeded its profit forecasts, and the technology giant Microsoft also impressed with its profit and turnover. In contrast, the picture in the second tier was mixed. The battery manufacturer Varta recorded significant losses. Another stock from the renewable energy segment experienced a massive sell-off, and analysts reacted promptly.

time to read: 3 minutes | Author: Stefan Feulner
ISIN: NEL ASA NK-_20 | NO0010081235 , DYNACERT INC. | CA26780A1084 , ENPHASE ENERGY INC.DL-_01 | US29355A1079

Table of contents:

    Dirk Graszt, CEO, Clean Logistics SE
    "[...] We can convert buses and trucks to be completely climate neutral. In doing so, we take a modular and incremental approach. That means we can work with all current vehicle types and respond to new technology and innovation [...]" Dirk Graszt, CEO, Clean Logistics SE

    Full interview


    Enphase Energy - Downgrades after sell-off

    The producer of solar micro-inverter systems had to cope with a real sell-off after the announcement of the figures for the first quarter and further disappointing forecasts for the full year. The share price fell by more than 30% to USD 164.20 within 2 days. In the process, the price broke through the upward trend formed since March 2020 at USD 172.17.

    Although revenue of USD 726 million grew significantly by 64.6% compared to the first quarter of 2022, revenue stagnated compared to the fourth quarter of 2022, when it was USD 725 million. Enphase's net income of USD 146.9 million was down 4.5% from the final quarter of the previous financial year. In addition, the disappointing revenue forecast for the next quarter caused several analysts to lower their price targets.

    The British bank Barclays lowered its target for Enphase Energy from USD 257.00 to USD 248.00 and downgraded the share to "equal weight". Citigroup rated the solar company as "sell" and lowered the price target from USD 285 to USD 267. Deutsche Bank also turned away from its original target of USD 280 and currently sees room for up to USD 240. In relation to the current share price, which is quoted at USD 164.20, there would still be a price potential of around 46% despite the downgrade.

    dynaCERT - Still on the green track

    One of the biggest obstacles for green hydrogen to establish itself in the mass market has been the high production costs of the gas. The technology developed by dynaCERT and its joint venture partner Cipher Neutron could put this problem to rest in the near future. The research and development goals of the two partners focus on cost efficiency and reducing the material costs of electrolyzers for green hydrogen.

    The 5 KW AAM electrolyzer already developed has a much higher current density of 2 amperes per square cm than a conventional alkali electrolyzer with 0.07 amperes per square cm. This means that each cell of the 5 KW anion exchange membrane electrolyzer produces 28 times more hydrogen gas than a classic alkali cell of the same size. Market readiness for the small product line of the 5 KW AAM electrolyzer is already planned for the current year. On a larger scale, the production of a 250 KW electrolyzer, which will be suitable for future large-scale infrastructure projects, is under development.

    A Memorandum of Understanding has now been signed with the Chilean company Molymet, a world leader in molybdenum and rhenium products, whereby dynaCERT and Cipher Neutron will work on the development, production and marketing of advanced hydrogen technologies, including AAM electrolysis technology, specifically designed to produce green hydrogen for Molymet's operating plants. In addition, the rhenium products developed by Molymet will be analyzed for use in hydrogen electrolyzers and other H2 technologies in order to develop better and more efficient electrolyzers and produce more cost-effective green hydrogen for industrial applications and the storage and generation of environmentally friendly energy.

    Nel ASA - Analysts excited

    While Enphase Energy suffered several downgrades, the financial experts are more positive about the Norwegian hydrogen specialist Nel ASA after the publication of the figures for the first quarter. The US investment bank Goldman Sachs raised the price target from NOK 20.60 to NOK 21. The investment rating remains "buy". The hydrogen company has exceeded expectations. In particular, the record order backlog and a significant increase in margins stand out. According to analyst Michele della Vigna, the recent price correction offers a good entry opportunity.

    The private bank Berenberg also reiterated its "buy" rating. The specialists for hydrogen electrolysis had a solid start to the year. As a result, the price target was raised from NOK 18 to NOK 19. On the other hand, the Canadian bank RBC reiterated its price target of NOK 22 and continues to see the Norwegians as an outperformer.

    Nel ASA posted a 68% YOY increase in revenues to NOK 359 million in the first 3 months of 2023. Analysts' consensus was for revenues of NOK 323 million. The loss of NOK 121 also beat analysts' forecasts, which had expected a loss of NOK 190 million. The main positive was the increase in order intake by more than 100% to NOK 580 million.

    While analysts lowered their thumbs in rows after Enphase Energy's figures, Nel ASA had several target price increases. The letter of intent with Molymet, a world leader in molybdenum and rhenium products, brings dynaCERT and Cipher Neutron one step closer to securing an important role in the hydrogen economy.

    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.

    Risk notice

    Apaton Finance GmbH offers editors, agencies and companies the opportunity to publish commentaries, interviews, summaries, news and the like on These contents are exclusively for the information of the readers and do not represent any call to action or recommendations, neither explicitly nor implicitly they are to be understood as an assurance of possible price developments. The contents do not replace individual expert investment advice and do not constitute an offer to sell the discussed share(s) or other financial instruments, nor an invitation to buy or sell such.

    The content is expressly not a financial analysis, but a journalistic or advertising text. Readers or users who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. No contractual relationship is established between Apaton Finance GmbH and its readers or the users of its offers, as our information only refers to the company and not to the investment decision of the reader or user.

    The acquisition of financial instruments involves high risks, which can lead to the total loss of the invested capital. The information published by Apaton Finance GmbH and its authors is based on careful research. Nevertheless, no liability is assumed for financial losses or a content-related guarantee for the topicality, correctness, appropriateness and completeness of the content provided here. Please also note our Terms of use.

    Der Autor

    Stefan Feulner

    The native Franconian has more than 20 years of stock exchange experience and a broadly diversified network.
    He is passionate about analyzing a wide variety of business models and investigating new trends.

    About the author

    Related comments:

    Commented by Armin Schulz on June 1st, 2023 | 08:30 CEST

    Nel ASA, First Hydrogen, Plug Power - Paving the way for hydrogen technology

    • Hydrogen
    • greenhydrogen
    • GreenTech
    • renewableenergies

    Germany has shut down its nuclear power plants, and now the expansion of renewable energies is to be accelerated. But what happens to the surplus electricity when the sun shines all day? In order not to overload the grids, the energy is given away to neighbouring countries. In the future, it will be turned into green hydrogen that can cover the energy needs of industry and the transport sector. On May 25, the Federal Cabinet passed an amendment to the Energy Industry Act that defines the legal framework for a future hydrogen core network in Germany. Hydrogen technology will not only prevail in Germany. We, therefore, take a look at three international hydrogen companies.


    Commented by Nico Popp on May 31st, 2023 | 09:00 CEST

    Electrification wave! How investors can benefit: Siemens Energy, Vonovia, Defiance Silver

    • Mining
    • Silver
    • Energy
    • renewableenergies
    • RealEstate

    The electricity supply in Germany is a hot topic. Now even the German Trade Union Federation is calling for a guaranteed maximum price for industrial electricity. Critics fear that this would provide too little incentive for industrial companies to adapt to the new conditions - if electricity is cheap, there is no need to save, so the argument goes. We present three stocks related to the energy transition and shed light on their medium-term prospects.


    Commented by Nico Popp on May 30th, 2023 | 08:30 CEST

    Hydrogen drumbeat - where things can move quickly now: Plug Power, NEL, dynaCERT

    • Hydrogen
    • greenhydrogen
    • renewableenergies

    Green hydrogen is becoming a key technology for the industry in the fight against climate change. Wirtschaftswoche reports that by 2030, a whopping 13 million tons of hydrogen will be produced annually in Europe. But the necessary investments are still lacking. In the US, USD 10 billion have already been invested in hydrogen projects, while in Europe, only 7. In order for Europe to reach its goals, it must move faster. But this much already seems certain: companies in the hydrogen sector are facing an exciting phase - we take a closer look at three stocks.