Advanced Soltech (Buy, TP: SEK34.00) - Hit from multiple angles
Advanced Soltech missed our Q4 EBITDA forecast, mainly on lower realised prices (a higher share sold to grid, and mix effects), although production was above our estimates. That said, the share-issue cost was much higher than we had expected, reducing its ability to raise installed capacity by c15MW (with debt financing). We expect consensus EBITDA to come down by c5%, and consider a negative share price reaction as warranted.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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