September 1st, 2021 | 11:55 CEST
NEL, dynaCERT, Porsche - Innovative and full of opportunities, why now?
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"[...] 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
The native Rhineland-Palatinate has been a passionate market participant for more than 25 years. After studying business administration in Mannheim, he worked as a journalist, in equity sales and many years in equity research.
NEL ASA - Long way to the profit zone
The NEL share has been under pressure for quite some time. Although the stock has recently started a countermovement, the operating figures and the valuation do not match. In addition, the Norwegians have disappointed on several occasions and caused uncertainty among investors. NEL plays in the top league of hydrogen filling station technology. Numerous cooperations with well-known companies have been concluded, but mainly pilot projects are being implemented.
The Company's coffers are well-filled thanks to several capital increases. That is also necessary for survival, as the Company is still far from the profit zone. In the second quarter, a loss of NOK 149.1 million was achieved on sales of NOK 163.7 million! Analysts forecast sales of NOK 786 million and a loss of NOK 1.1 billion for the current fiscal year. In 2022, according to expert estimates, revenues will double, and the loss should be significantly reduced to around NOK 380. At least, NEL should still have a net cash balance of around NOK 1.7 billion by then.
DYNACERT INC - Innovative bridge technology on the verge of a breakthrough?
The Canadians are hitting the nerve of the time with their solutions. An analysis by the World Energy Council (WEC) confirms that many countries are working intensively on national hydrogen strategies. Several European countries, Australia, China and the Middle East, are particularly advanced. According to the Intergovernmental Panel on Climate Change, to make climate change halfway controllable, global CO2 emissions must be reduced by 40 to 70% by 2050 at the latest. Electromobility is on everyone's lips. But in terms of heavy-duty transport, electromobility is still far from a market breakthrough.
The innovative technology from dynaCERT starts with conventional diesel drives. By injecting a small amount of hydrogen, CO2 emissions can be reduced by a full 19% without any performance loss. Through the mobile electrolyzer called HydraGEN, the small amount of hydrogen required is produced directly in the vehicle on demand. A valuable addition to the solution portfolio is the proprietary telematics solution HydraLYTICA. It enables emissions savings to be documented in compliance with legal requirements. On this basis, digital emission certificates can be generated, which means hard cash.
The proof-of-concept of the dynaCERT solutions has already been provided in the form of several pilot projects. A strategic alliance with Galaxy Power, also based in Canada, was recently announced. Both companies are combining their efforts to develop new technologies based on hydrogen and thus open up new business areas.
On September 30, the Canadians will be inviting shareholders to their annual general meeting. We are curious to see what news the Company will be able to announce at the investor meeting. What is certain is that the Company has a mature technology that can be easily be integrated into existing drive systems and can make a valuable contribution to reducing CO2 emissions. The addressable market is enormous. With a market capitalization of CAD 105 million, this potential is clearly not priced in.
PORSCHE AUTOMOBIL HOLDING SE - P/E ratio of 6
The Holding Company's core investment, controlled by the Porsche and Piëch families, is just over 53% of Volkswagen's ordinary shares. VW was recently awarded the AutomotiveINNOVATIONS Award by the Center of Automotive Management (CAR) in partnership with management consultants PricewaterhouseCoopers (PwC), making it the world's most innovative automaker. Operationally, things are also going well, to the delight of the major shareholder.
Thanks to VW's high profit in the first half of the year, the investment holding Company was able to post a profit of an impressive EUR 2.46 billion in the first six months of the current fiscal year. In the same period of the previous year, a loss of EUR 329 million had to be absorbed due to Corona. Porsche has significantly increased its full-year targets. According to these, the 2021 P/E ratio is only 6.5. According to analysts' forecasts, the ratio for 2022 will drop to 5.7, and in addition, a dividend yield of over 4% beckons. Porsche is currently valued at around EUR 27 billion, while the VW share package alone is worth EUR 44 billion.
Green mobility concepts are a fundamental part of reducing emissions. dynaCERT provides the right answers with its solutions. In addition, the Company is moderately valued. For NEL, it is still a long and rocky road. The question remains when will the commercial breakthrough be achieved. With the Porsche share, investors are investing at a discount in one of the world's largest car manufacturers, which was also recently certified as having a high level of innovative strength.
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