Green Hydrogen Systems A/S (GREENH.CO) | Investment Case

1. Company Snapshot

1.a. Company Description

Green Hydrogen Systems A/S designs and manufactures standardized and modular electrolysers in Europe.The company engages in electrolysis solutions related activities.It also provides related services to produce green hydrogen using renewable electricity.

It serves busses and trucks, refineries, steel production, transportation, aviation, shipping, fertilizer, refueling stations, industrial facilities, and other sectors.The company was incorporated in 2007 and is headquartered in Kolding, Denmark.

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1.b. Last Insights on GREENH

Green Hydrogen Systems A/S faced challenges due to intense competition in the green gas market, with key players like Air Products and Chemicals Inc. and ENGIE dominating the space. The market is expected to grow at a CAGR of 6.20% between 2025 and 2034, but the company's short-term prospects are uncertain. Rising costs and a lack of recent earnings releases may be weighing on investor sentiment. According to Custom Market Insights, the global green gas market is projected to reach $2.81 billion by 2034.

1.c. Company Highlights

Last Price	0.41
Change Percentage	0.00%
Open	0.43
Previous Close	0.41
Market Cap ( Millions)	77
Volume	971104
Year High	8.84
Year Low	0.19
M A 50	0.36
M A 200	2.04

FCF Yield	-724.93%
Dividend Yield	0.00%
ROE	-46.59%
Debt / Equity	138.56%
Net Debt / EBIDTA	-380.75%
Price To Book	0.07
Price Earnings Ratio	-0.16
Price To FCF	-0.14
Price To sales	1.84
EV / EBITDA	-4.08

2. Transcript Summary

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3. NewsRoom

[Latest] Global Green Gas Market Size/Share Worth USD 2.81 Billion by 2034 at a 6.20% CAGR: Custom Market Insights (Analysis, Outlook, Leaders, Report, Trends, Forecast, Segmentation, Growth Rate, Value, SWOT Analysis)

Aug -19

Source:

Green Hydrogen Systems A/S announces adjusted and clarified guidance for 2024

Jan -17

Source:

Green Hydrogen Systems A/S announces the completion of the reduction in the Company’s share capital and the entering into a short-term loan agreement of DKK 80 million

Dec -20

Source:

Green Hydrogen Systems’ extraordinary general meeting on 14 November 2024

Nov -14

Source:

Green Hydrogen Systems: Trading statement Q3

Oct -30

Source:

Green Hydrogen Systems announces appointment of new CEO

Oct -30

Source:

NOTICE OF EXTRAORDINARY GENERAL MEETING 14 NOVEMBER 2024

Oct -23

Source:

Green Hydrogen Systems A/S initiates significant cost-out and restructuring initiatives, adjusts guidance for 2024 and seeks to strengthen its capital base

Oct -09

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.94%)

6. Segments

Power-to-X

Expected Growth: 13.93%

The 13.93% growth of Power-to-X from Green Hydrogen Systems A/S is driven by increasing demand for carbon-neutral energy solutions, government incentives for green hydrogen adoption, and declining renewable energy costs. Additionally, the growing need for energy storage and grid stability, as well as the company's innovative technology and strategic partnerships, contribute to its rapid expansion.

Transportation

Expected Growth: 14.1%

Green Hydrogen Systems A/S's 14.1% growth in transportation is driven by increasing adoption of zero-emission vehicles, government incentives for clean energy, and rising demand for eco-friendly logistics. Additionally, declining renewable energy costs and advancements in hydrogen fuel cell technology are making green hydrogen a viable alternative to fossil fuels, further propelling growth.

7. Detailed Products

HyGreen Electrolyzers

Modular and scalable electrolyzers for efficient hydrogen production from renewable energy sources

HyBalance Hydrogen Generation Systems

Containerized and pre-assembled hydrogen generation systems for easy deployment and operation

HyProvide Hydrogen Supply Systems

Customized hydrogen supply systems for industrial and mobility applications

HyService Maintenance and Support

Comprehensive maintenance and support services for optimal system performance and uptime

HyConsult Engineering and Consulting

Expert engineering and consulting services for hydrogen infrastructure development and integration

8. Green Hydrogen Systems A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Green Hydrogen Systems A/S is medium, as there are alternative energy sources available, but green hydrogen has a unique value proposition.

Bargaining Power Of Customers

The bargaining power of customers for Green Hydrogen Systems A/S is low, as the company is a pioneer in the green hydrogen industry and customers have limited alternatives.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Green Hydrogen Systems A/S is medium, as the company relies on a few key suppliers for critical components, but has some flexibility to negotiate prices.

Threat Of New Entrants

The threat of new entrants for Green Hydrogen Systems A/S is high, as the green hydrogen industry is growing rapidly and new companies are entering the market.

Intensity Of Rivalry

The intensity of rivalry for Green Hydrogen Systems A/S is medium, as the company operates in a competitive industry, but has a strong market position and differentiates itself through its technology and expertise.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	57.94%
Debt Cost	4.31%
Equity Weight	42.06%
Equity Cost	18.56%
WACC	10.30%
Leverage	137.73%

11. Quality Control: Green Hydrogen Systems A/S passed 1 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Enlight Renewable Energy

A-Score: 3.7/10

Value: 2.0

Growth: 3.9

Quality: 4.3

Yield: 0.0

Momentum: 10.0

Volatility: 1.7

1-Year Total Return ->

Ellomay Capital

A-Score: 3.3/10

Value: 3.7

Growth: 4.3

Quality: 1.6

Yield: 0.0

Momentum: 9.0

Volatility: 1.0

1-Year Total Return ->

Voltalia

A-Score: 3.2/10

Value: 7.3

Growth: 5.0

Quality: 2.0

Yield: 0.0

Momentum: 3.0

Volatility: 1.7

1-Year Total Return ->

OX2

A-Score: 2.9/10

Value: 4.6

Growth: 4.2

Quality: 2.8

Yield: 0.0

Momentum: 5.0

Volatility: 0.7

1-Year Total Return ->

Fusion Fuel Green

A-Score: 2.5/10

Value: 6.6

Growth: 4.1

Quality: 4.0

Yield: 0.0

Momentum: 0.5

Volatility: 0.0

1-Year Total Return ->

Green Hydrogen Systems

A-Score: 2.5/10

Value: 8.8

Growth: 3.2

Quality: 2.6

Yield: 0.0

Momentum: 0.5

Volatility: 0.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

15.70%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

10.30%

Green Hydrogen Systems A/S - DK0061540341

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on GREENH

1.c. Company Highlights

More Volatile

Lower Yield

Lower Quality

Revenues Miss

Average Growth

Lower Growth

Weak Momentum

Cheaper

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.94%)

6. Segments

Power-to-X

Expected Growth: 13.93%

Transportation

Expected Growth: 14.1%

7. Detailed Products

HyGreen Electrolyzers

HyBalance Hydrogen Generation Systems

HyProvide Hydrogen Supply Systems

HyService Maintenance and Support

HyConsult Engineering and Consulting

8. Green Hydrogen Systems A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Green Hydrogen Systems A/S passed 1 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

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.41$

Current Price

0.41$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA