ITM

Itm Power PLC

Energy First-pass screen £1.1bn

280/1000 Overall fit

AI beneficiary 35% 20

Operating leverage 25% 25

Valuation 25% 30

Downside protection 15% 50

First-pass take

ITM Power manufactures green hydrogen electrolysers with zero AI/ML exposure. While £283m net cash provides downside protection, massive gross losses (£79m), £42.6m contract-loss provisions, and project execution risks alongside negative operating leverage make this unsuitable for the stockemon AI-focused strategy.

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