Stock Analysis & Valuation Clean Logistics SE (SD1.DE)

• Previous Close: €0.27
• Sector Valuation Confidence Level: Moderate

Valuation method	Value, €	Upside, %
Artificial intelligence (AI)	n/a	n/a
Intrinsic value (DCF)		n/a
Graham-Dodd Method		n/a
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Strategic Investment Analysis

Company Overview

Clean Logistics SE (SD1.DE) is a pioneering German company specializing in the conversion of diesel-powered heavy-duty trucks and passenger buses into hydrogen-powered vehicles. Headquartered in Hamburg, the company operates in the Auto - Parts sector, focusing on sustainable transport solutions. Clean Logistics SE, formerly known as SendR SE, rebranded in August 2021 to reflect its commitment to clean energy. The company also offers funding advisory and financing services, positioning itself as a key player in the hydrogen mobility revolution. With increasing global emphasis on decarbonization, Clean Logistics SE is strategically positioned to capitalize on the growing demand for zero-emission commercial vehicles. The company’s innovative approach aligns with Europe’s aggressive green energy policies, making it a relevant contender in the hydrogen-powered transport niche.

Investment Summary

Clean Logistics SE presents a high-risk, high-reward investment opportunity in the emerging hydrogen mobility sector. The company’s focus on retrofitting diesel vehicles to hydrogen power aligns with global decarbonization trends, but its financials reveal significant challenges. In FY 2021, the company reported a net loss of €2.87 million and negative operating cash flow of €1.54 million, indicating substantial cash burn. However, with a market cap of just €4.55 million and a beta of 0.052, the stock is highly speculative but could benefit from policy tailwinds in hydrogen infrastructure. Investors should weigh the potential for long-term growth against the company’s current unprofitability and capital-intensive business model.

Competitive Analysis

Clean Logistics SE operates in a niche but rapidly evolving market, competing with both traditional auto parts manufacturers and emerging hydrogen technology firms. The company’s primary competitive advantage lies in its specialization in retrofitting existing diesel vehicles, offering a cost-effective alternative to purchasing new hydrogen-powered fleets. However, its small scale and limited revenue (€106,803 in FY 2021) pose challenges against larger competitors with established R&D budgets. The hydrogen mobility sector is still in its infancy, and Clean Logistics must navigate technological uncertainties, infrastructure gaps, and competition from electric vehicle (EV) alternatives. Its ability to secure partnerships with logistics firms and government grants will be critical in establishing market credibility. While the company’s focus on heavy-duty vehicles differentiates it from passenger EV makers, it faces direct competition from firms developing new hydrogen trucks and buses from the ground up.

Major Competitors

• Ballard Power Systems (BLDP): Ballard Power Systems is a global leader in hydrogen fuel cell technology, providing solutions for buses, trucks, and other heavy-duty vehicles. Unlike Clean Logistics, Ballard focuses on manufacturing new fuel cell systems rather than retrofitting existing vehicles. Its strong R&D capabilities and established partnerships with major automakers give it a competitive edge, but its high-cost structure may limit adoption in price-sensitive markets.
• Plug Power Inc. (PLUG): Plug Power is a key player in hydrogen fuel cell systems, particularly for material handling and logistics vehicles. The company has a broader product portfolio and greater financial scale compared to Clean Logistics, but its focus on North America may leave room for European-focused firms like Clean Logistics to capture regional demand.
• Nel ASA (NEL.OL): Nel ASA specializes in hydrogen production and fueling solutions, complementing Clean Logistics’ retrofitting business. While Nel does not directly compete in vehicle conversion, its infrastructure expertise could pose a threat if it vertically integrates into the mobility sector. Its strong balance sheet and government backing make it a formidable player in the hydrogen ecosystem.
• HydrogenOne Capital Growth plc (HYDR.ME): HydrogenOne is an investment firm focused on hydrogen energy, providing funding to companies like Clean Logistics. While not a direct competitor, its capital allocation decisions could influence the competitive landscape by backing rival startups or technologies.