Liberum has reaffirmed its ‘buy’ rating on AFC Energy PLC (AIM:AFC, OTC:AFGYF) as the hydrogen fuel cell technology provider enters a "year of delivery”.
The boutique investment bank wrote: “AFC continues its commercialisation roadmap providing customers and partners with the assurance of market-leading fuel cell generator products.
“This year the focus will be on manufacturing and commercial scale-up and delivery of units to fulfil its newly stated £26.6m order book.
“We expect delivery of the company’s first 30kW H-Power Generators to Speedy Hire, its 50kVA H-Power Generator to ACCIONA, and first orders from TAMGO across the Saudi and MENA regions".
Liberum forecasts a top-line compound annual growth rate of 81% between 2025 and 2030, with an EBIT breakeven in 2028.
Shares are a 'buy' with a 68p price target, suggesting a considerable upside against current prices of 17p per share.