Last night, Lhyfe unveiled its 2023 annual results, marked by the announcement of a strengthening of its business model, with the aim of boosting its profitability.

The green hydrogen producer, whose sales doubled to 1.3 million euros last year, unveiled a new trajectory focused on accelerating its profitability.

With the addition of a new source of revenue based on asset development and management, with projects financed with one or more partners, the company explains that it intends to rapidly generate development revenues and generate resilient long-term profitability from asset management.

The Nantes-based group is aiming for a fourfold increase in sales in 2024 compared with 2023.

By 2026, it is targeting an operating margin (Ebitda) of 10%, on sales of 100 million euros.

Its Ebitda margin target for 2030 is over 30%, with a 2030 objective of 3 GW of assets under management, of which around 20% will be owned by the company.

Valuation remains difficult to assess, given the company's development plan in a market where the ecosystem is slow to take shape", say Oddo BHF's analysts, whose price target has been reduced from 5.5 to 4.5 euros.

They maintain their 'neutral' opinion on the stock.

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