Report
Pierre-Antoine Chazal

VOLTALIA: Voltalia ended 2018 with a sharp rebound in Services activities | BUY | EUR12,5

VOLTALIA - BUY | EUR12,5(+29%)
Voltalia ended 2018 with a sharp rebound in Services activities

Q4 2018 revenues up c. 7% at constant FX
FY 2018 revenue from energy sales up yoy despite a challenging comparable basis in Q4
Better momentum for services activities
Buy recommendation confirmed with stronger growth expected for 2019 and 2020
Underlying
Voltalia

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.

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Pierre-Antoine Chazal

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