olivLaw · European equity research
Lhyfe ALHYF.PA
France · Euronext Paris · ISIN FR0014009YQ1 · Vertical: Listed companies from France
Lhyfe is a European producer and developer of green hydrogen, building production capacity both onshore and offshore. The company is moving from an integrated model, in which it holds most projects, to a co-development model with partner investors, which could change its long-term financial profile.
At the close of 05 Nov 2026, Lhyfe (ALHYF.PA) stock was 1.59 EUR (−0.13% on the day), with market capitalisation 75.8 m EUR, 52-week range 1.50–2.10 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 44.2
- weak (30–45)
- Bollinger (20, 2)
- 1.46 – 1.70
- in the upper half of the band · %B 0.54 · band width 14.6%
- SMA 50 / 200
- unavailable / unavailable
- MACD (12, 26, 9)
- -0.05 / -0.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.5% | −0.6% | −5.8 pp | — |
| 3 months | unavailable | −4.2% | unavailable | — |
| 6 months | unavailable | +4.3% | unavailable | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | unavailable | +9.9% | unavailable | −8.8% |
| 3 years | unavailable | +49.8% | unavailable | −10.0% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 570.0 k | 1.3 m | 5.1 m |
| Revenue YoY | unavailable | +131.1% | +287.2% |
| Net income | -25.8 m | -33.5 m | -29.1 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.70 | -0.70 | -0.61 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -4,529.6% | -2,542.7% | -570.5% |
| Free cash flow | -23.5 m | -56.7 m | -54.1 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 72.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 71.7 m EUR
- Total assets
- 222.5 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.86x
- ROE
- -33.4%
- ROA
- -13.8%
- FCF margin
- -1,060.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 570.0 k | 1.3 m | 5.1 m | esef· 07 May 2025verified |
| Operating income | -19.2 m | -34.4 m | -29.0 m | esef· 07 May 2025verified |
| Depreciation & amortisation | 1.1 m | 3.3 m | 3.5 m | esef· 07 May 2025verified |
| EBITDA | -18.1 m ≈ | -31.1 m ≈ | -25.5 m ≈ | esef· 07 May 2025derived |
| Pre-tax income | -25.8 m | -32.8 m | -27.8 m | esef· 07 May 2025verified |
| Income tax | 4.0 k | 0 | 0 | esef· 07 May 2025verified |
| Net income | -25.8 m | -33.5 m | -29.1 m | esef· 07 May 2025verified |
| Diluted EPS | -0.70 | -0.70 | -0.61 | esef· 07 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 144.5 m | 114.3 m | 72.1 m | esef· 07 May 2025verified |
| Receivables | 63.0 k | 604.0 k | 2.0 m | esef· 07 May 2025verified |
| Current assets | 149.8 m | 125.8 m | 95.8 m | esef· 07 May 2025verified |
| Property, plant & equipment, net | 12.8 m | 50.3 m | 74.6 m | esef· 07 May 2025verified |
| Total assets | 172.7 m | 200.5 m | 222.5 m | esef· 07 May 2025verified |
| Current liabilities | 10.9 m | 29.3 m | 51.4 m | esef· 07 May 2025verified |
| Total liabilities | 172.7 m | 200.5 m | 222.5 m | esef· 07 May 2025verified |
| Equity | 133.6 m | 102.4 m | 71.7 m | esef· 07 May 2025verified |
| Shares outstanding at year end | 36.9 m | 47.8 m | 47.7 m | esef· 07 May 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -15.1 m | -22.6 m | -27.0 m | esef· 07 May 2025verified |
| Capex | 8.4 m | 34.1 m | 27.1 m | esef· 07 May 2025verified |
| Free cash flow | -23.5 m ≈ | -56.7 m ≈ | -54.1 m ≈ | esef· 07 May 2025derived |
| Investing cash flow | -12.9 m | -44.1 m | -34.6 m | esef· 07 May 2025verified |
| Financing cash flow | 122.6 m | 36.5 m | 19.5 m | esef· 07 May 2025verified |
| Share repurchases | 296.0 k | 113.0 k | 164.0 k | esef· 07 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 75.8 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -570.5% | 5 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.9x | 89 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -71.3% | 0 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | 0.2% | 3 (on a fixed band) | 25% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial89/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial5/100 · 1/3 factors with a value
- Returns· partial3/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
LHYFE (ALHYF.PA). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 5.1 m EUR in 2024; YoY growth 287.2%; net margin -570.5%; ROE -33.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.9x
What contradicts it
- Net margin: -570.5%
- FCF yield: -71.3%
- Shareholder yield (distributions): 0.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| BN.PADanone | 44.1 bn | 21.9 | 11.9% | 7.4% | −0.9% | −11% / +16% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for ALHYF.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Lhyfe is a European producer and developer of green hydrogen, building production capacity both onshore and offshore. The company is moving from an integrated model, in which it holds most projects, to a co-development model with partner investors, which could change its long-term financial profile.
SWOT
Strengths
- Combined onshore and offshore experience in green hydrogen production, supported by the Sealhyfe project 1.
- Hybrid model combining recurring operating revenue with development fees on projects with partner investors 1.
- Staged scaling strategy that reduces the technical risk of building larger units 1.
Weaknesses
- Reliance on external financing and subsidies for site construction, which may limit the pace of projects 1.
- Offshore projects are complex and costly, and practical experience remains limited 1.
- Profitability depends on long-term sales contracts with creditworthy customers, which adds counterparty risk 1.
Opportunities
- A partnership with an investor from the United Arab Emirates could open large-scale projects in Europe 1.
- Repurposing North Sea oil and gas platforms could provide access to existing infrastructure 1.
- Demand for green hydrogen in heavy mobility and industry could grow as decarbonisation policies apply 1.
Risks
- Project financinghigh
Reliance on bank debt and subsidies could delay site construction if credit conditions tighten 1.
- Counterparty riskhigh
Revenues depend on sales contracts with customers, and financial difficulties at those customers could affect cash flows 1.
- Offshore technical riskmedium
Scaling offshore production and connecting it to infrastructure involves technical risks that could generate unforeseen costs 1.
- Power pricesmedium
Fluctuations in renewable electricity prices could affect project profitability, especially if contracts are not aligned 1.
- Regulation and certificationlow
Changes in certification standards and hydrogen legislation could alter market conditions 1.
Investment thesis
What would need to be true (bull case)
- If co-development projects materialise, the company could earn long-term development and management revenue without financing each site in full 1.
- Combined onshore and offshore experience could give the company an edge in future European tenders 1.
- Repurposing offshore infrastructure could lower the cost of access to offshore production 1.
What would break the thesis
- If support tenders are delayed, planned projects could be postponed and growth prospects could weaken 1.
- Dependence on external financing and subsidies could limit the company's ability to fund scaling on its own 1.
- Technical difficulties in offshore projects could lead to higher costs than estimated 1.
What to watch
- Progress of the co-development partnership with the United Arab Emirates investor2025
- Evolution of the 10 MW HOPE project and its hydrogen output2026
- Results of hydrogen support tenders in France and other European countries2025
- Development of financing conditions and subsidies for Lhyfe projectsnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Lhyfe presents itself as an independent developer and producer of green hydrogen that aims to become a European leader in this market. Its model combines project development with site operation, and for projects it owns the company targets recurring long-term revenue from hydrogen sales contracts 1. It is also preparing a co-development model in which partner investors finance and hold the majority of capital, while Lhyfe earns development fees and remuneration for managing the sites 1.
Lhyfe's strategy has two axes: expanding onshore site capacity across Europe in stages, and developing offshore green hydrogen production 1. The company argues that its combined onshore and offshore experience, including the Sealhyfe project, gives it an edge in future tenders 1.
Project financing combines equity, bank debt and subsidies, and the price of renewable power and the length of sales contracts shape borrowing conditions 1. Lhyfe bases its tender participation on an internal rate of return calculation that accounts for counterparty risk 1.
Segments
Bulk, on-site and backbone projects
Bulk projects are backed by a portfolio of diversified customers, with hydrogen sales contracts generally lasting 3 to 5 years and renewable 1. On-site projects rely on a main customer, while backbone projects rest on long-term contracts, generally 10 to 15 years, with industrial users connected to the network 1.
Market context
Lhyfe describes the green hydrogen market as growing rapidly, with demand linked to decarbonising heavy mobility and industry 1. Its development depends on European and national support policies, tenders and the application of renewable energy directives 1.
The market is fragmented and still maturing across the equipment chain, especially electrolyser manufacturers, which could influence the pace at which projects scale 1. Offshore projects benefit from an attractive load factor but require large investment in connection and logistics 1.
Trends
- European public supporttailwind
National and European hydrogen strategies and tender mechanisms could open new markets for green hydrogen producers 1. If these programmes expand, Lhyfe could benefit from larger projects.
- Cost of renewable powermixed
The price of renewable electricity is a major driver of hydrogen cost, and its fluctuations can affect project margins 1. If power prices fall, profitability could improve.
- Repurposing offshore infrastructuretailwind
Oil and gas platforms in the North Sea are due to be decommissioned, opening repurposing opportunities for hydrogen production 1.
- Delays and technical complexityheadwind
Scaling sites and integrating offshore production involve technical and regulatory challenges that can delay projects and raise costs 1.
Competitive position
Lhyfe competes with other European green hydrogen producers and developers, as well as companies in electrolysers and renewable energy. The sources do not provide a detailed competitor list, so the comparison is limited to the differentiating factors the company itself cites 1.
The company's stated advantage is combining onshore and offshore experience with a hybrid development and operation model, which could give it an edge in tenders 1.
- European electrolyser manufacturers
Equipment suppliers on whose supply the pace of Lhyfe's project scaling depends 1.
- European green hydrogen developers
Rivals pursuing the same tenders and sales contracts in European markets 1.
- Offshore wind developers
Players that could become partners or competitors in offshore hydrogen projects 1.
- Industrial and financial investors
Potential partners in the co-development model, whose involvement could change project ownership 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202407 May 2025
- Annual report 202301 May 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Lhyfe · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.