Advanced Soltech (Hold, TP: SEK22.00) - Capital still a constraint on growth
Advanced Soltech is continuing to build its pipeline, with contract awards for 35MW and a strategic cooperation for 100MW over five years announced in Q2. In our view, the main obstacle to growth remains capital constraints. For Q2, we forecast EBITDA of SEK49m, and we still consider the main uncertainty to be the impact from Covid-19 lockdowns in China. We reiterate our HOLD, but have cut our target price to SEK22 (32).
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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