SRH AlsterResearch AG Update

Wolftank bundles its Hydrogen activities; BUY

Wolftank-Adisa announced that it has bundled its Hydrogen activities in a separate entity, named Wolftank Hydrogen GmbH. In our view, this clearly underscores the company’s core competencies in this field as well as the fact that hydrogen based growth initiatives will remain an important growth pillar for the company in future  years. A back of the envelope calculation allows for additional revenue potential of up to EUR 10m p.a. in Germany alone and hence driving growth at Wolftank that already banks on structural and secular growth trends within its tank refurbishing business as well as water and soil treatment. Consequently, we view the rebound of sales of 45% in 2021 as conservative and highly visible after the Covid-19 induced decline in 2020. However, none of this is currently reflected in the company’s share price, which is why we reiterate our BUY recommendation. Our PT remains unchanged at EUR 31.00

 

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