Voltalia: No significant surprise in H1-2018 metrics; 1GW target for 2020 fully secured
Voltalia: (BUY, Fair Value EUR12,5 (+28%))No significant surprise in H1-2018 metrics; 1GW target for 2020 fully secured
Voltalia unveiled yesterday evening H1-2018 metrics that have been sharply impacted by adverse EUR/BRL evolution, as expected. Energy sales remain strong despite a modest pace of commissioning expected for 2018 while services activities are still suffering from insufficient volumes. Mid-term outlook has been confirmed with the 1GW targeted installed capacity for 2020 being fully secured, notably thanks to a sharp increase in solar capacities. Buy recommendation confirmed.
Voltalia. Voltalia SA is a France-based holding company engaged in the renewable utilities sector. It designs, develops and operates electric power stations in numerous countries, such as France, French Guyana, Brazil, Greece and Morocco. The Company generates electricity using a variety of renewable energy sources. These include wind, water, biomass and solar power. In addition, Voltalia SA specializes in carbon credit trading activities. The Company operates several subsidiaries, including Anelia and Bio-Bar in France, Voltalia Guyane, SIG Kourou, SIG Mana and SIG Cacao in French Guyana, Voltalia Energia do Brasil in Brazil, Thegero in Greece and Alterrya Maroc in Morocco, among others. The Company is owned by Voltalia Investissement SA.
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