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Investing.com - Berenberg downgraded SFC Energy AG (ETR:F3CG) (F3C:GR) from Buy to Hold on Tuesday, while significantly reducing its price target to EUR18.00 from EUR27.00.
The research firm cited several factors for the downgrade, including delayed momentum in key growth areas such as slower U.S. market penetration, volatile defense projects, and limited hydrogen investment outside select regions.
Berenberg now forecasts SFC Energy to reach EUR237 million in revenue by 2028, representing a 15% compound annual growth rate from EUR118 million in 2023, with a modest EBITDA margin increase from 12.8% to 13.5% during this period.
These projections fall substantially below SFC Energy’s own mid-term guidance, which targets sales of EUR400-500 million and an EBITDA margin exceeding 15% through 2028.
As a result of these revised expectations, Berenberg lowered its FY25 EPS estimate by 72% and reduced its FY26-27 estimates by high double digits, though the firm noted it remains constructive on SFC Energy’s long-term equity story despite limited near-term upside.
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