Edison Issues Outlook on Intelligent Energy Holdings (IEH)

Intelligent Energy (IEH) has developed a high power density fuel cell technology suitable for use in multiple sectors. The group has an excellent record of providing technology for automotive companies, most notably for the Suzuki Burgman electric scooter. Under its revised strategy, it is focusing on near-term opportunities to deliver products for deployment in distributed power generation, UAV and consumer electronics applications to drive revenue growth during the years before mainstream adoption of fuel cell vehicles. We reintroduce our estimates to reflect the new strategy.

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Our analysis indicates that IEH is trading on a prospective EV/sales multiples that is towards the lower end of the range of its peers. We believe the successful execution of the revised strategy, resulting in meaningful product sales during FY17, will be a key catalyst for future share price performance.

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Anne Margaret Crow
Edison Investment Research
+44 (0)20-3077-5700
Roger Johnston
Edison Investment Research

+44 (0)20-3077-5722
[email protected]

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SOURCE Edison Investment Research