Bloom Energy(US:BE)2024-03-06 16:00Investment Rating - The report maintains an "Outperform" rating for Bloom Energy (BE US) with a current price of $8.99 and a target price of $25.00 [4][29]. Core Insights - Bloom Energy is recognized as a key player in the U.S. green hydrogen sector, with differentiated products and technology, although revenue outlooks are slightly below expectations due to product timing [3][8]. - The company has provided guidance for FY24 revenue between $1.4 billion and $1.6 billion, representing a year-over-year increase of 5-20%, which is below the consensus expectation of $1.52 billion [26]. - The report indicates a downward adjustment of 9% per year for FY24-26 earnings forecasts and an 11% reduction in the price target due to recent performance and updated guidance [25][29]. Financial Performance Summary - Revenue projections for FY24 are adjusted down by 17% to reflect recent guidance and limited clarity on previously announced mid-term targets [30]. - The company reported a net income of -$302 million for the previous year, with expectations of turning profitable by FY25 with a projected net income of $31 million [5][34]. - The gross margin is expected to improve from 14.8% in FY23 to 31.1% by FY26, indicating a positive trend in profitability [5][34]. Market Position and Valuation - Bloom Energy's market capitalization stands at $2.02 billion, with an average daily trading volume of $64.64 million [24]. - The stock is currently trading at a projected enterprise value multiple of 1.6 times for FY24, compared to the global peer average of 2.4 times [27].