(BFM Stock Exchange) – The German bank lowered its advice on the title of “buying” to “keep”, judging the less attractive return -to -risk couple after the increase of more than 30% of the title on the whole of 2025. It estimates that the gross operating margin of the specialist in cryogenic membranes for the transport of liquefied natural gas will reach a peak this year.

Quality value appreciated by investors, GTT (for “Gazetransport & Technigaz”), still signs a year 2025 enviable on the stock market, with an increase of 30% since January 1.

The semi -annual results of the specialist in cryogenic members intended for the transport of liquefied natural gas (LNG), published on July 31, were still greeted by an increase of 3.25% of the title.

“GTT achieved an excellent first half of 2025, with a turnover of 389 million euros (up 32% in annual sliding) and an EBITDA (gross operating result, editor’s note) of 265 million euros (+8% compared to consensus), thanks to the execution of GNL projects and the resilience of margins”, summarizes the independent AlphaValue design office.

“GTT has recorded an impressive performance since the beginning of the year (…) which in our view is explained by the dynamics of new developments in the field of liquefied natural gas (LNG), the increase in margins and the high visibility of profits, abounds Berenberg.

However, the German bank considers that it is time to take its profits on the title. Berenberg lowered his advice to “keep” against “buy” while keeping his target at 180 euros.

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A risk of postponement of orders

The Bank judges that the “return-return” couple is now less attractive in view of the solid course of the action.

Berenberg also believes that GTT orders could, in the second half, know delays, due to the hesitations of ship owners with regard to economic uncertainty.

“An unstable geopolitical environment, customs uncertainty and potential legislation forcing ships beating American flag to buy part of the volumes from American projects arouse a certain hesitation among shipowners regarding the placing of new orders,” said the German bank.

Berenberg underlines that one of the striking points of the company’s half -yearly results were its gross operating margin (EBITDA) which reached 68%, up eight percentage points over one year.

The German bank thinks that this margin will reach a “peak” this year and that profitability should then back down. This is due to the rise in power, in proportion to the company’s income, services, the margins of which are dilutive compared to the company’s heart business activities (the royalties perceived from the midmen, ethaniers).

Recall that the contracts passed by GTT with the shipyards provide that the latter use the group’s technology to build tanks in ships, this for the payment of royalties.

The exposure to the company’s services will also be reinforced by the acquisition for 194 million euros from the Danish group Danelec, specializing in the collection and analysis of maritime security data, and whose acquisition was finalized last week. This group had achieved around 44 million euros in its last full financial year.

On the Paris Stock Exchange, the GTT action fell 1.4% at the end of the session on the Paris Stock Exchange following this change of recommendation from Berenberg.