Liberum's analysts hailed a steady operational year for AFC Energy PLC (AIM:AFC, OTC:AFGYF), marked by the successful deployment of ten first-generation 10kW H-Power Towers to customer sites in the construction sector.
AFC Energy reported a £27 million order book for its 30kW S Series H-Power Generators and a strong cash position of £27.4 million, exceeding Liberum's forecast of £23.8 million.
"AFC continues its commercialisation roadmap providing customers and partners such as Speedy Hire and Acciona with the assurance of a fuel cell generator product that is compliant with requisite laws and standards," Liberum said.
Liberum projects an 84% compound annual growth rate (CAGR) in revenue from 2025 to 2030, with the company expected to reach EBIT breakeven by 2027.
“Our growth forecasts are driven by our view that AFC’s hydrogen generators and ammonia cracker technology will make commercial headway in the niche segments of its three 3 main markets –construction, EV charging and maritime,” said analysts.
With a price target of 85p, Liberum maintains a ‘buy’ rating for AFC Energy.