Original-Research: 2G Energy AG (von Parmantier & Cie. GmbH): Sell - T-Online
Original-Research: 2G Energy AG - from Parmantier & Cie. GmbH
The issuer is solely responsible for the content of this research. The
invitation to conclude certain stock exchange transactions.
Classification of Parmantier & Cie. GmbH to 2G Energy AG
Reason for the research: 1. Update following the initial coverage
2G Energy AG: Booked Is Not Banked - PARMANTIER & CIE. Research Reiterates
order from Energy Vault Holdings, Inc. for containerised power generation
systems for AI and data centre customers in the US; the shares rose 9.5% on
the news. In its research update dated September 25, 2026, PARMANTIER & CIE.
target of EUR39.00, around 40% below the closing price of September 23, 2026.
2028. It adds nothing to 2026 revenue or cash flow, however, as deliveries
are only scheduled between Q4 2027 and Q3 2028. According to Energy Vault's
reservation. The only disclosed payment, USD 17.0 million in reservation
fees, equals about 5% of the estimated contract value. 2G has not published
payment terms, advances or any cancellation compensation.
* No signed end customer: Energy Vault's largest customer contract (1.25
EUR170.3 million), EBIT around break-even
* Capital increase expected: bank balances net of overdrafts of EUR0.04
* Valuation unchanged: order worth EUR0.6-0.9 per share in the DCF, price
on October 15, 2026. The key question is whether the advance payments from
Vault. The expectation of a capital increase is PARMANTIER & CIE. Research's
assessment; the company has not announced any capital measure.
For investors: order intake is not revenue, and revenue is not cash flow.
CIE. Research believes the current share price discounts a bull case. At the
time of publication, Parmantier & Cie. Research holds neither long nor short
positions in the shares of 2G Energy AG.
Online: https://www.parmantiercie.com/research
PARMANTIER & CIE. is a modern merchant bank based in Frankfurt am Main. The
private companies. PARMANTIER & CIE. stands for integrity, foresight, and
tailor-made financing solutions with entrepreneurial alignment.
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