In Frankfurt Thyssenkrupp Nucera flies after the accounts for the financial year 2023-24
In particular, the operating result was better than expected, although negative. In addition, the group realised revenues of EUR 862 million, an increase of 30%.
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(Il Sole 24 Ore Radiocor) - Thyssenkrupp Nucera soared on the Frankfurt Stock Exchange thanks to the good reception given to its results for the 2023-2024 financial year, with a better-than-expected (albeit negative) operating result. The share price of the electrolysis technology specialist has gained around nine points, while the DAX 40 index is little moved. The group posted revenues of EUR 862 million for the year, up 30%, a negative Ebitda of EUR 8 million (vs. a profit of EUR 30 million), an Ebit of EUR -14 million (from EUR +25 million) and a net profit down 52% to EUR 11 million from EUR 24 million, while benefiting from a financial result of EUR 26 million (from EUR 11 million) 'thanks to higher interest income'. Orders rose by 4% to EUR 636 million.
The fourth quarter accelerated, with turnover up 50% to 250 million, the company's 'best ever quarterly figure', and orders for 114 million (+44%). Ebitda was negative 2 million (from +6 million), Ebit was -3 million (from 5 million), but net profit was up to 10 million from 6 million. "Thyssenkrupp Nucera showed strength and resilience in a market with difficult conditions. As a world-leading technology provider for highly efficient electrolysis plants, the group recorded strong growth in the 2023-2024 financial year in the area of green hydrogen," the statement issued by the company underlined.
The biggest boost to orders actually came from the alkaline electrolysis segment (+73% to EUR 356 million) and the segment's turnover increased by 60% to EUR 524 million. For the alkali chloride electrolysis segment, on the other hand, turnover increased by 2% to 338 million and orders decreased by 31% to 279 million. In terms of profitability, Thyssenkrupp Nucera explains that 'as expected, high research and development expenses and administrative costs to realise the growth strategy and strengthen the organisation' weighed on Ebit. "Thyssenkrupp Nucera's long-term growth prospects remain intact. We have a strong financial base and are in an excellent position to grow in the green hydrogen market thanks to our technology, products and employees," said CEO Werner Ponikwar.
As far as the outlook is concerned, the executive board was cautious, forecasting for the financial year 2024-2025 a turnover of between EUR 850 and 950 million, with EUR 450-550 million coming from the alkaline electrolysis segment, while the chlor-alkali electrolysis segment is expected to generate revenues of between EUR 380 and 420 million. Ebit is also expected to be between -30 million and +5 million, which will depend on the realisation of the current order backlog. Thyssenkrupp Nucera's revenue and earnings results and outlook are broadly in line with expectations, analysts at Rbc Capital Markets said in a note. The operating loss is also better than expected.
The Canadian bank's experts add that Nucera's diversified international presence, together with its large-scale delivery capacity and strong balance sheet, provide a good name for the company. Goldman Sachs analysts maintained their recommendation on Thyssenkrupp Nucera at the 'neutral' level with a price target of EUR 10.50. The operating margin was better than expected, although the electrolysis specialist is not yet profitable, they explained. Thyssenkrupp Nucera has been listed since last year. The company is controlled by Thyssen with 50.2% of the capital. The second largest shareholder is the Italian De Nora with 25.9%, followed by Energy Solutions Company with 6%. The free float is 18%.
