![]() ![]() ![]() With this article I want to present to readers a potential beneficiary of the ongoing energy transformation that is (unadjusted!) EBITDA positive in its core business and a well-established organisation: Norwegian Hexagon Composites, ASA ( OTCPK:HXGCF) – by the way, not to be confused with Swedish Hexagon AB ( OTCPK:HXGBF). Or the handful of massively hyped European electrolyser manufacturers like Norwegian Nel Asa ( OTCPK:NLLSF ) or British ITM Power Plc ( OTCPK:ITMPF ) – the latter being an example that you can easily find an industrial company in the space that grows revenues by 10% YoY, produces a TTM negative EBITDA of more than 7-times TTM revenue, and yet trades at an EV/Sales ratio of 46. But the hype goes further, take Plug Power ( PLUG) for example, a green hydrogen company with a strong history of share issuing and not so strong margins, nonetheless currently trading at an EV/sales ratio of about 16. Arguably by now a well-established business and brand, but still carrying an ambitious valuation. Tesla ( TSLA), the battery electric car maker, comes to mind. ![]() It goes without saying that with such a key change a lot of money will be made by those betting on the right horse today.Ĭonsequently, there is a lot of excitement about the potential winners. the fundament of pretty much any personal or commercial activity. This means nothing less than a transformation of a very substantial share of how we humans generate, store, transport and use energy – i.e. Mankind must reduce the burning of fossil fuels in order to avoid unpredictably adverse (and thus expensive) consequences of further man-made climate change.
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