Flash note: Business on track to meet targets
Albioma has confirmed its targets for EBITDA of €123-126m (2014) and €160-163m (2016), and net income of €33-35m (2014) and €40-42m (2016). We believe Albioma is well placed to meet its 2014 targets. In the longer term, underpinned by the forward sale of Brazilian power at advantageous prices and the potential for new generation assets to come on stream, we believe the forecasts for net income appear achievable. Our DCF and peer group analysis produces an average valuation figure of €22.5/share.Albioma is an independent energy producer that develops projects in the thermal biomass, solar power, and anaerobic digestion sectors. Co. provides industrial partners with expertise in energy production via hybrid combustion of biomass. In addition, Co. produces biogas by biological decomposition of organic matter in a confined oxygen-free medium, which it either converts into electricity and heat or purifies and then injects into the gas transmission network. It operates facilities on Reunion Island, Mayotte, Guadeloupe, Martinique, and French Guyana, mainland France and Southern Europe. Co. divides its operation into three segments: Thermal Biomass, Solar Power, and Anaerobic Digestion.
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