Hydrogenics: The Least-Hyped Fuel Cell Company With Real Upside Potential
- To price fairly with peers, HYGS needs to rise 70% to $51, to trade in line with peer group.
- Hydrogenics is the closest fuel cell company to profitability after posting EBITDA loss of ~$1M in 2013, versus PLUG and BLDP with losses of over $20M and $10M respectively.
- Hydrogenics is not as well followed as Plug Power and is much less hyped - the company is overlooked given the company is Canadian.
- Near-term catalysts: energy storage and onsite generation to drive strong fundamental business growth.
- Longer term catalysts: wind and solar to make gas fuel reduces Germany’s dependence on politically volatile Russian Natural Gas supply.