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1. Company Snapshot

1.a. Company Description

SFC Energy AG develops, produces, and distributes systems and solutions for stationary and mobile off-grid power supply based on hydrogen and direct methanol fuel cells worldwide.The company operates in two segments, Clean Energy and Clean Power Management.It offers EFOY Hydrogen 2.5 fuel cells for higher power ranges; EFOY Pro fuel cells for on-board power supply in vehicles, as well as off-grid power supply, such as monitoring systems, measuring stations, and oil and gas applications; EFOY fuel cells, which ensures automatic recharge of the batteries; SFC EMILY for military and security applications; SFC JENNY, a portable fuel cell for military applications; and SFC Power Manager 3G, a portable power distributor and battery charger that enables the soldiers to use various energy sources available in the field, such as hybrid batteries, solar panels, and vehicle power and fuel cells to power devices or charge batteries.


The company also provides EFOY ProCube, a mobile and maintenance-free solution for off-grid power supplies; EFOY ProEnergyBox, an off-grid energy solution for weather conditions; EFOY ProEnergyCase, a portable and maintenance-free solution for grid-independent power supplies; EFOY ProCabinet, an insulated outdoor energy solution for remote off-grid power supply; EFOY ProTrailer, a trailer-based energy solution; drives and motor solutions; SCADA and telemetry solutions; and coils and linear drives.In addition, it offers accessories and spare parts, such as fuel cartridges; and mechanical, electronic, and electrical instruments to monitor and control production and logistics processes.The company was formerly known as SFC Smart Fuel Cell AG and changed its name to SFC Energy AG in July 2010.


SFC Energy AG was founded in 2000 and is headquartered in Brunnthal, Germany.

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1.b. Last Insights on F3C

SFC Energy AG's recent performance was driven by record growth and strategic expansions, despite global challenges. The company reported a strong Q4 2024 earnings, highlighting significant growth in profitability. This is supported by a fair value estimate of €16.53, above the current share price. The company's strategic expansions, including potential acquisitions, are expected to further boost growth. With a decent share price growth, SFC Energy AG is poised for continued success.

1.c. Company Highlights

2. Disappointing Q3 Earnings Amidst Challenging Business Environment

The company's Q3 and 9-month financial results reflected a challenging period, with revenue and profitability impacted by a slower growth in core parts of the business. The 9-month revenue was below expectations, with organic growth in the U.S. at 28%, short of the anticipated 40% due to economic uncertainties. The gross margin stood at 40%, slightly below the previous year's 41.7%. The adjusted EBIT margin was 4.9%, significantly lower than the previous year's, mainly due to increased cost of goods sold and other operating costs. The actual EPS came out at '0.13', below estimates of '0.16'.

Publication Date: Nov -30

📋 Highlights
  • Organic Growth Lag:: U.S. organic growth in first 9 months was 28% versus the 40% target, due to economic uncertainties.
  • EBITDA Decline:: Adjusted EBITDA fell to EUR 10.81 million (vs. EUR 24.59 million prior year), driven by exchange losses, IT costs, and R&D expenses.
  • Currency Depreciation Impact:: Negative effects from U.S. dollar, Canadian dollar, and Indian rupee devaluations hurt revenue and margins.
  • Oneberry Acquisition Potential:: 15% stake in Oneberry (with 50% option to acquire majority) could add EUR 100 million in revenue over 5 years.
  • Backlog Reduction:: Backlog dropped to EUR 79 million from a higher prior-year level, but Q4 book-to-bill ratio of 1.2 signals improved order activity.

Operational Challenges and Business Developments

The defense business in India faced postponement of follow-on programs, impacting revenue. However, the company expects a rebound in defense revenue in India in 2026. The U.S. production is slated to start with pilot trials in December and series production in 2026. The acquisition of a 15% stake in Oneberry Technologies in Singapore is a strategic move for regional expansion in Southeast Asia, with plans to increase its holding to a majority. Oneberry's revenue was around EUR 20 million, with profitability above the company's EBIT and EBITDA level.

Cash Flow and Working Capital Management

The company's cash position decreased to EUR 40.8 million from EUR 60.5 million at the end of 2024, mainly due to a significant increase in net working capital. The operating cash flow before changes in net working capital was EUR 10.5 million, down from EUR 18 million in the previous year. The company is focusing on reducing its working capital over the next 6 months, particularly in inventory and accounts receivable.

Valuation and Outlook

With a P/E Ratio of 65.12 and EV/EBITDA of 12.97, the stock appears to be priced for high growth expectations. Analysts estimate next year's revenue growth at 15.9%. The company's guidance for 2026 suggests an organic growth rate of around 10%, driven by a solid growth curve in the repeat part of the business and signs of improvement in India. The acquisition of Oneberry could contribute significantly to growth, with a potential revenue contribution of €100 million in the next 5 years.

3. NewsRoom

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SFC Energy Publishes Its First Audited VSME ESG Report, underscoring Commitment to Transparency and Responsible Growth

Nov -25

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Are SFC Energy AG (ETR:F3C) Investors Paying Above The Intrinsic Value?

Nov -24

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SFC Energy AG (SSMFF) Q3 2025 Earnings Call Highlights: Strategic Expansions and Challenges in ...

Nov -20

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SFC Energy AG's (ETR:F3C) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?

Nov -02

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Investors in SFC Energy (ETR:F3C) have unfortunately lost 15% over the last year

Sep -30

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SFC Energy Presents the Next Generation of Tactical Fuel Cell Systems With Higher Power Ranges for Defence Applications at DSEI in London

Sep -10

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Investors Can Find Comfort In SFC Energy's (ETR:F3C) Earnings Quality

Sep -01

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SFC Energy AG (FRA:F3C) Q2 2025 Earnings Call Highlights: Navigating Challenges with Strategic ...

Aug -27

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.30%)

6. Segments

Clean Energy

Expected Growth: 10.5%

SFC Energy AG's 10.5% growth in Clean Energy is driven by increasing adoption of renewable energy sources, government incentives for clean tech, and rising demand for off-grid power solutions. Additionally, the company's focus on innovation, expanding product portfolio, and strategic partnerships contribute to its growth momentum.

Clean Power Management

Expected Growth: 9.9%

SFC Energy AG's Clean Power Management segment growth is driven by increasing demand for emission-reducing power solutions, expansion into new markets, and strategic partnerships. The company's innovative fuel cell technology and energy storage systems cater to the growing need for clean energy, particularly in the industrial and transportation sectors, contributing to its 9.9% growth.

7. Detailed Products

EFOY Pro

A portable and compact fuel cell system designed for outdoor use, providing reliable and quiet power for various applications.

EFOY Pro 2400 Duo

A high-performance fuel cell system for demanding applications, offering high power output and long runtime.

EFOY ProCube

A compact and lightweight fuel cell system for indoor and outdoor use, providing reliable power for various applications.

EFOY JENNY

A portable and compact fuel cell system designed for outdoor use, providing reliable power for various applications.

EFOY PowerManager

A remote monitoring and control system for fuel cell systems, providing real-time monitoring and control capabilities.

EFOY Fuel Cells

A range of fuel cell systems designed for various applications, providing reliable and efficient power solutions.

8. SFC Energy AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for SFC Energy AG is moderate due to the availability of alternative energy sources such as solar and wind power.

Bargaining Power Of Customers

The bargaining power of customers for SFC Energy AG is low due to the company's strong brand reputation and diversified customer base.

Bargaining Power Of Suppliers

The bargaining power of suppliers for SFC Energy AG is moderate due to the company's dependence on a few key suppliers for raw materials.

Threat Of New Entrants

The threat of new entrants for SFC Energy AG is high due to the growing demand for clean energy solutions and the relatively low barriers to entry in the industry.

Intensity Of Rivalry

The intensity of rivalry for SFC Energy AG is high due to the competitive nature of the clean energy industry and the presence of several established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 11.32%
Debt Cost 3.95%
Equity Weight 88.68%
Equity Cost 9.35%
WACC 8.74%
Leverage 12.76%

11. Quality Control: SFC Energy AG passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Grenergy Renovables

A-Score: 5.0/10

Value: 4.2

Growth: 9.9

Quality: 4.3

Yield: 0.0

Momentum: 9.5

Volatility: 2.0

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PVA TePla

A-Score: 4.6/10

Value: 2.6

Growth: 8.4

Quality: 5.9

Yield: 0.0

Momentum: 9.5

Volatility: 1.3

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Bystronic

A-Score: 3.7/10

Value: 7.0

Growth: 0.6

Quality: 2.8

Yield: 5.0

Momentum: 4.0

Volatility: 3.0

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SFC Energy

A-Score: 3.6/10

Value: 4.0

Growth: 8.2

Quality: 5.6

Yield: 0.0

Momentum: 2.5

Volatility: 1.0

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Absolent Air Care

A-Score: 3.3/10

Value: 2.6

Growth: 6.6

Quality: 5.6

Yield: 1.2

Momentum: 2.0

Volatility: 2.0

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Feintool

A-Score: 2.3/10

Value: 6.2

Growth: 1.1

Quality: 1.9

Yield: 1.2

Momentum: 0.0

Volatility: 3.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

12.3$

Current Price

12.3$

Potential

-0.00%

Expected Cash-Flows