Update shared on26 Aug 2025
Fair value Increased 8.12%The analyst price target for ITM Power has increased, primarily reflecting a higher future P/E multiple rather than any meaningful change in revenue growth forecasts, with the new fair value now at £0.945.
What's in the News
- ITM Power expects fiscal 2026 revenue of £35–40 million, representing approximately 50% year-on-year growth and over 600% increase in three years, predominantly from its contracted order backlog.
- Signed a supply agreement and long-term services agreement with MorGen Energy for the 20MW West Wales Hydrogen project, with the POSEIDON platform, advancing a major UK-funded green hydrogen initiative nearing final investment decision and construction.
- Launched Hydropulse GmbH in Berlin to build, own, and operate decentralised green hydrogen plants for industrial clients in Europe under long-term offtake agreements, leveraging NEPTUNE technology and an asset-light, service-based model.
- Signed a FEED contract for Uniper’s 120MW Humber H2ub project, deploying six 20MW POSEIDON modules, with operations targeted for 2029, pending final investment decision.
- Selected as electrolyser supplier for two additional UK green hydrogen projects under the government’s Hydrogen Allocation Round 2, using POSEIDON modules, both subject to final investment decisions.
Valuation Changes
Summary of Valuation Changes for ITM Power
- The Consensus Analyst Price Target has risen from £0.874 to £0.945.
- The Future P/E for ITM Power has risen from 122.90x to 135.16x.
- The Consensus Revenue Growth forecasts for ITM Power remained effectively unchanged, moving only marginally from 54.3% per annum to 54.5% per annum.
Disclaimer
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