The company announced on Monday that earnings before interest and taxes (EBIT) rose to seven million euros from the previous four million euros in the third quarter of the 2022/23 financial year (as of the end of September). nucera was able to almost double sales to 187 million euros from 99 million euros a year ago. This was mainly due to the area of alkaline water electrolysis.
The company, which has been listed on the stock exchange since July, expects strong sales growth for the current financial year. Expenses to serve the increasing demand would probably weigh on the EBIT margin. This fell to 3.7 percent in the third quarter from 4.4 percent in the same period of the previous year. The number of employees has grown from September 2022 to June of this year to 628 from 489. The management confirmed its medium and long-term goals, according to which sales in the alkaline water electrolysis sector should increase to EUR 600 to 700 million in the 2023/24 financial year.
Proceeds from IPO to drive growth
thyssenkrupp took nucera public in July, but retained the majority. The issue brought in 605 million euros. More than 500 million of this went to nucera itself. “With the gratifyingly high inflow of funds from the IPO, we are well prepared for the consistent and rapid implementation of the next steps in our growth strategy,” said CFO Arno Pfannschmidt.
nucera wants to invest in growth
The listed Thyssenkrupp hydrogen subsidiary Nucera wants to drive its growth course by expanding the production facilities and the number of employees.
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“Further strong global personnel expansion is planned and necessary in order to achieve our growth targets,” said CEO Werner Ponikwar on Monday at a conference call with journalists. From September 2022 to June of this year alone, the number of employees rose to 628 from 489. Further locations, for example in India, are to be opened. The Dortmund-based company manufactures plants for the production of hydrogen, which plays a key role in the energy transition and is in high demand worldwide.
In the third quarter of the 2022/23 financial year (as of the end of September), Nucera was able to increase earnings before interest and taxes (EBIT) to seven million euros from the previous four million. Sales climbed to 187 million euros from 99 million euros a year ago. This was mainly due to the area of alkaline water electrolysis. It went down well on the stock market. At times, Nucera shares rose by more than four percent.
MEDIUM AND LONG-TERM GOALS CONFIRMED
The company expects strong sales growth for the current financial year. However, expenses to meet the increasing demand, such as for new production facilities and supply chains, would weigh on the EBIT margin. This fell to 3.7 percent in the third quarter from 4.4 percent in the same period of the previous year. A negative value is even expected in the fourth quarter, but this is planned. According to CFO Arno Pfannschmidt, both the operating result and the net result will be positive in the current year. As already mentioned in the stock exchange prospectus, the payment of a dividend is not planned for the foreseeable future. “We want to invest all the resources that we have here in growth,” said the manager.
Thyssenkrupp had taken Nucera public in July, but retained the majority of the shares. The issue brought in 605 million euros. More than 500 million of these went to Nucera itself. The management confirmed its medium and long-term goals, according to which sales in the alkaline water electrolysis sector should increase to 600 to 700 million euros in the 2023/24 financial year.
Deutsche Bank leaves nucera price target at 30 euros
Deutsche Bank Research has left the rating for nucera by the numbers at “Buy” with a price target of EUR 30. The hydrogen subsidiary of thyssenkrupp presented quarterly figures for the first time after its IPO and all key indicators seemed to be strong, analyst Michael Kuhn wrote in a study available on Monday. His and the consensus estimates were significantly exceeded, which is solely due to the AWE segment (alkaline water electrolysis for the production of green hydrogen).
In XETRA trading, the nucera share finally rose 1.12 percent to EUR 21.60.
Dusseldorf (Reuters) /
FRANKFURT (dpa-AFX Broker)
Image source: thyssenkrupp nucera