ContourGlobal - FY Results Update - Consensus Update
We have added and analysed consensus numbers now that sell-side estimates are available. 2021 was a record (and consensus) beating year for ContourGlobal, with revenue up 53% to $2.152bn and adjusted EBITDA up 17% (15% constant currency) to $842m. As usual this translated well into cash, with Funds from Operations up 16% to $440m. Further, monetisation of the Brazil renewables business is underway, with the hydro business having been sold for 9.7x EV/EBITDA with completion due in Q2 this year. The yield on this fast-growing business is now an impressive 6.8% (in GBP terms) on a 2.8x FCF covered dividend, being produced by a company that enjoys strong inflation & input price protection, in a market experiencing strong energy price tailwinds.ContourGlobal is engaged in developing, acquiring, owning and operating wholesale power generation businesses with expertise across wind, solar, hydro and thermal generation. Co. is organized into two divisions: Thermal and Renewable. The Thermal division consists of plants using conventional fuels, specifically natural gas, coal, fuel oil and diesel. The Renewable division consists of plants using renewable resources of wind, solar and hydropower.
Capital Access Group advises companies on effective engagement with investors. Our experienced team offers market-leading access with hard-to-reach investors, including smaller institutions, pension funds and private client fund managers. These under-serviced investors are located not only in London but across the regions of the UK and Europe. We have an unrivalled knowledge of this extensive audience, to whom our published research is distributed, as well as to larger institutions. We offer this service as part of an integrated investor communications strategy to promote a company’s investment story.
Our clients, ranging from AIM to FTSE 100 companies, benefit from our professional, long-term relationships with investors. Not only do we identify and target investors, we contact them directly and relay their views back to clients with analysis, interpretation and advice. This ensures that our clients are in control of their investor engagement. The objective is to improve the reach and engagement with investors, which in turn strengthens the share price.
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