HydrogenPro is Pareto´s top hydrogen exposure idea

HydrogenPro booking its first revenues from the USD >50m Mitsubishi order.

1000% revenue growth in 2023 – Pareto estimates 2023 revenues at 64 mln USD vs last year 6 mil USD. In H2’23 FID is expected regarding the DG Fuels project and expansion announcements as further triggers.

HydrogenPro trades at 2x/1x EV/sales on our 23E/24E, vs hydrogen peers at 12x/7x, and EV/Backlog of 2x vs electrolyser peers at 8-9x.

I found Pareto research summary at this link:

https://fitinvestmentideas.com/2023/02/15/hydrogenpro-1000-revenue-growth-in-2023-while-trading-at-2x-ev-sales23/