Thyssenkrupp Nucera Investment Value Analysis Report

Against the backdrop of Deutsche Bank upgrading Thyssenkrupp Nucera’s stock rating to ‘Buy’, this report conducts a comprehensive analysis of the company’s investment value. Despite the recent weak performance of the stock, considering the huge growth potential of the hydrogen energy market, the company’s technological leadership, and its current low valuation level, we believe the stock has significant investment value.

• Current Stock Price
  : €8.73 (+2.89%, as of December 18, 2025)
• 52-Week Range
  : €6.86 - €11.90
• Market Capitalization
  : €1.1 billion
• Trading Volume
  : 73,608 shares (average 103,398 shares) [0]

From July 2023 data:

• Period Opening Price
  : €20.20
• Period Highest Price
  : €25.28
• Period Lowest Price
  : €6.86
• Cumulative Decline
  : -57.03% [0]

• 20-Day Moving Average
  : €7.85
• 50-Day Moving Average
  : €8.79
• 200-Day Moving Average
  : €9.41
• Recent Performance
  : Up 10.99% in 5 days, showing signs of short-term rebound [0]

Indicator	Value	Assessment
P/E Ratio	62.39x	High, reflecting market expectations for future growth
P/B Ratio	1.46x	Relatively reasonable
Net Profit Margin	1.49%	Low, but consistent with growth company characteristics
ROE	1.79%	Low, needs improvement
Current Ratio	2.48	Healthy liquidity position [0]

• Latest Quarterly Revenue
  : €184 million (August 2025)
• Previous Quarter Revenue
  : €216 million (May 2025)
• Annual Revenue (Last Year)
  : €262 million (December 2024) [0]

Revenue shows a downward trend, consistent with the cyclical characteristics of the hydrogen energy industry.

According to market research data:

• Green Hydrogen Market Size
  : Expected to grow from $2.79 billion in 2025 to $74.81 billion in 2032, with a CAGR of 60.0% [1]
• Electrolyzer Market
  : Expected to grow from $2.08 billion in 2025 to $14.48 billion in 2031, with an annual growth rate of 38.2% [1]
• Overall Hydrogen Market
  : Valued at $173.65 billion in 2024, expected to reach $236.19 billion by 2030, with an annual growth rate of 5.26% [1]

• Global decarbonization initiatives are continuously strengthening
• Government incentives and national hydrogen energy strategies
• Annual electrolyzer capacity is expected to surge from 4.9 GW in 2023 to over 300 GW by 2030 [1]

1. Technological Risk
   : Electrolysis technology is still in a stage of rapid development
2. Execution Risk
   : Challenges in project execution capability and cost control
3. Market Risk
   : Uncertainty in the growth of hydrogen energy demand
4. Competitive Risk
   : Intensified industry competition may affect profit margins

The current stock price is in a historically low range, with a significant pullback from the historical high of €25.28. From a value investment perspective:

• Valuation Level
  : The current P/E ratio is high, but relatively reasonable considering high growth expectations
• Relative Valuation
  : The P/B ratio of 1.46x is in a reasonable range
• Bottom Characteristics
  : The stock price is close to the 52-week low, and technical indicators show an oversold state

Deutsche Bank’s upgrade to ‘Buy’ reflects the following considerations:

1. Market Timing
   : The rating upgrade when the stock price hit a low reflects value discovery
2. Long-Term Outlook
   : Optimistic about the long-term development potential of the hydrogen energy industry
3. Technological Advantages
   : Nucera’s technological leadership in the electrolysis technology field
4. Policy Support
   : Benefiting from the promotion of global clean energy policies

1. High Industry Growth
   : The hydrogen energy industry is expected to maintain high growth
2. Technological Leadership
   : Nucera has competitive advantages in electrolysis technology
3. Policy Support
   : Global clean energy transition provides strong policy support
4. Valuation Advantage
   : The current stock price is at a relatively low historical level

1. Profitability
   : Current net profit margin and ROE levels are low
2. Revenue Volatility
   : Recent revenue shows a downward trend
3. Technological Updates
   : Challenges brought by rapid technological development in the industry
4. Intensified Competition
   : Increased market participants may affect market share

: €12-15 (based on industry growth and valuation repair)

:

1. In the short term, the stock price has approached a technical bottom, with room for rebound
2. In the medium term, it will benefit from hydrogen energy policy promotion and market growth
3. Long-term technological advantages are expected to translate into market share and profitability

: It is recommended to build positions in batches and pay attention to the company’s quarterly performance and project progress

Despite Thyssenkrupp Nucera’s recent weak stock performance, considering the huge growth prospects of the hydrogen energy industry, the company’s technological leadership, and Deutsche Bank’s positive rating, we believe the stock currently has good investment value. Investors should focus on the company’s project execution capability, technological progress, and changes in industry policies. For long-term investors, the current price level provides a good entry opportunity.

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[0] Gilin API Data - Stock prices, financial data, technical indicators
[1] Yahoo Finance - “Green Hydrogen Market worth $74.81 billion by 2032” (https://finance.yahoo.com/news/green-hydrogen-market-worth-74-113000265.html)
[1] Yahoo Finance - “Electrolyzers Market worth $14.48 billion by 2031” (https://finance.yahoo.com/news/electrolyzers-market-worth-14-48-235900048.html)
[1] Yahoo Finance - “Hydrogen Generation Industry Research 2025” (https://finance.yahoo.com/news/hydrogen-generation-industry-research-2025-142200152.html)