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November 25th, 2021 | 12:58 CET

Nel ASA, Enapter, Plug Power, ThyssenKrupp - Hydrogen now or never!

  • Hydrogen
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It sounds crazy, yet we have arrived at the times when billionaires ask social platforms if they can flog a part of their shares to flush some money into the empty state coffers. In an age of powerful wealth shifts in favor of stock owners, this is perhaps legitimate, or nice, as it is sometimes referred to in the press. But appearances are deceptive. Behind a generally formulated question about whether one should sell shares lies the precise calculation of shifting blame if the announced sale causes a significant price loss. What then happens is a self-fulfilling prophecy with one small difference: the intention to sell was previously legitimized, so to speak, by public vote.

time to read: 5 minutes | Author: André Will-Laudien
ISIN: NEL ASA NK-_20 | NO0010081235 , ENAPTER AG INH O.N. | DE000A255G02 , PLUG POWER INC. DL-_01 | US72919P2020 , THYSSENKRUPP AG O.N. | DE0007500001

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


    Nel ASA - The next opportunity is missed

    Nel ASA had recently set out to leave the EUR 2 mark behind. This project failed in the short term because the price bounced off technically a few days ago and landed today again on the support line at EUR 1.70, the high from January at EUR 3.40 is moving back into the distance.

    The experts at Liberum Capital were unimpressed by the chart in a study published yesterday. In addition to ITM Power and McPhy, the investment bank recommends the Norwegian hydrogen specialist Nel as a buy. The analyst in charge, Adam Collins, assumes that hydrogen orders will pick up again in 2022. In the study, one can also read that the expected supply and demand volumes will be close to each other until 2030. However, total capacity excluding China is only about half of what would be needed to meet national hydrogen targets, according to Liberum Capital. The target price for the "buy" vote is NOK 23.10 - the equivalent of EUR 2.30, representing a potential upside of 35%.

    We can imagine a similar dynamic when the H2 train starts moving again. However, before the technical upward movement at Nel begins again, the resistance at EUR 1.85 would have to be overcome. Wait and see and stop stocks at EUR 1.60!

    Enapter AG - German engineers go full steam ahead

    Hydrogen is receiving renewed attention with every facet of the current climate protection discussion, even if a few more years of development are likely to be needed for tangible industrial mass solutions. But the start has been made because green hydrogen is seen as the missing piece of the puzzle for achieving the targeted climate goals.

    Enapter AG, based in Saerbeck in North Rhine-Westphalia, is one of the few conspicuous figures in the H2 segment in Germany. The Company stands for measures for rapid CO2 reduction, and the growing global energy demand thus clearly plays into its growth targets. The Company is currently the technology leader in innovative Anion Exchange Membrane (AEM) electrolysis, efficiently producing green hydrogen. The technology enables the construction of cost-effective and standardized electrolyzers and stacks. These can be scaled up to larger units according to modularity principles.

    In the long term, Enapter has its sights set on all fossil combustion processes. Currently, Enapter technology has already been installed in 20 countries around the world, and the systems are currently securing local power supplies or being installed on a trial basis in modern vehicles and even aircraft. In terms of water use, the technology also makes do with the less purified base material for the AEM electrolyzer. That is especially important for countries that have a natural deficit of freshwater.

    The revenue projection for this year of EUR 9 million is not yet a benchmark, as it will already be EUR 44.8 million in 2022, according to research by First Berlin, with still slightly negative operating results. Enapter received the prestigious Earthshot award in the "Fix our Climate" category, with prize money of GBP 1 million. A huge motivation for the whole team around CEO Sebastian-Justus Schmidt. The share is running in tight circles between EUR 22 and 27. Technically, the way up is clear if the EUR 30 mark falls.

    Plug Power - Equipped with a lot of tailwind on the way up

    The Plug Power rocket has ignited again! The CEO recently stepped up to the microphone and wants to make hydrogen solutions "socially acceptable". Convinced of its strength, Plug Power intends to secure a big piece of the coming growth market.

    Looking at the industry from a bird's eye view, one notices that Plug Power is currently delivering consistently. This involves ambitious production targets for the troublesome US infrastructure and major European projects with Renault and Acciona. The European headquarters is currently being built in North Rhine-Westphalia, and the start-up in Asia with the SK Group was just 4 weeks ago. In addition to the deepened partnerships with Phillips 66 and Airbus, the go-ahead was given for a 2 GW electrolyzer plant in a JV with Fortescue in Australia. And yesterday, a 100 MW electrolyzer plant for the production of green ammonia was ordered from Egypt. This order could be Plug Power's breakthrough in the Middle East, where Abu Dhabi, Dubai and Saudi Arabia are racing to be the "biggest producer" of green hydrogen.

    With USD 24 billion in market capitalization, the P/S ratio is currently a hefty 35, and analysts say a measurable P/E ratio is still a long way off until after 2024! A stock for strong nerves.

    ThyssenKrupp - The "green transformation" is within reach

    The industrial and steel Group ThyssenKrupp has probably bottomed out and closed the past fiscal year, significantly improving sales and earnings. However, major challenges remained, mainly due to the persistent semiconductor shortage and the restrictions imposed by the pandemic. Management is now focusing on the so-called "green transformation" of the Group.

    This view is reflected in approaches to retread steel production, which is also fueling hopes in Berlin that it will make a significant contribution to reducing climate-damaging emissions. Politicians would rejoice because, on the one hand, important parts of German industry would remain competitive and, on the other, the government can only achieve its climate targets through technology. The plans, therefore, meet with broad approval.

    When it comes to renewable energy generation, electromobility or climate-neutral hydrogen, the Duisburg-based Company has already taken several steps and describes itself as "very well positioned." ThyssenKrupp is now the world market leader in slewing bearings, which are used in wind turbines, among other things. It also plays an important role in hydrogen. With technologies for water electrolysis and the production of "green" chemicals, ThyssenKrupp has a good competitive position. Despite sales by major investor Cevian, breaking the EUR 10 mark should now provide a sound basis for further share price increases.

    The hydrogen stocks are entering the next round. The technology is now advancing strongly, and the alliance with politicians has been concluded. If subsidies were to flow now, the right impetus would be given. Enapter is well on the way to becoming the German H2 powerhouse.

    Conflict of interest

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    Der Autor

    André Will-Laudien

    Born in Munich, he first studied economics and graduated in business administration at the Ludwig-Maximilians-University in 1995. As he was involved with the stock market at a very early stage, he now has more than 30 years of experience in the capital markets.

    About the author

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