Equity research - plug power: don´t pull the plug just yet

Abstract

This equity research has the objective of valuing the company Plug Power in order to reach a conclusion on what would be an appropriate investment recommendation. The report follows a deep analysis on the company’s fundamentals and the Green Hydrogen sector, as well as on the underlying sectors i.e., the end-users of Plug’s products. After forecasting Plug’s operations, a DCF method was applied, coupled with sensitivity and different scenarios analysis. In the end, a positive outlook on the industry roll-out and Plug’s part in it led us to a final target share price of $12.29 for December 2023, translated into a total expected return of 30.62%