Advanced Soltech (Hold, TP: SEK22.00) - Help from Chinese authorities
Q2 was another quarter with an EBITDA miss versus our estimate on lower realised prices and higher costs. On the positive side, FCF was boosted by Chinese authorities paying a large part of Advanced Soltech’s VAT receivable to stimulate the economy, which released some liquidity. In the coming months, we believe the focus will be on the ongoing refinancing of its bonds, on which it has made some progress, before we enter seasonally soft quarters in Q4–Q1. We reiterate our HOLD and SEK22 target price.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.