Oddo BHF maintains its 'underperform' rating on McPhy Energy and reduces its target price from 2.6 to 1.9 euros, in the wake of a downward revision of its earnings guidance for the hydrogen equipment specialist.

The sector environment remains under pressure, and new orders were lower than expected, down 56% to 13 million euros, representing a backlog of 23.8 million, down 22%", noted the analyst after the 2023 results.

However, Oddo BHF highlights as an important element of this publication, the implementation of new financing while cash consumption is sustained (-72.4 million euros in 2023 and anticipates a similar amount in 2024 and 2025).

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