Edison Investment Research - Ellomay Capital (ELLO) 2017 off to a strong start

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Edison Investment Research

2017 off to a strong start

Ellomay’s Q117 results reflected an improvement in solar radiation levels and higher spot power prices in Italy. Gross profit improved by 37% (Q117 vs Q116) and sequentially by 44% (Q117 vs Q416), although G&A costs increased by 26% as new project costs increased, so operating profit was down 12%. Ellomay continued to invest in the development of new projects in Israel, the Netherlands and Spain, with further newsflow expected on their development over the course of the year. Also of note was the strong cash generation over the quarter. We maintain our earnings forecasts and fair value per share at $10.93, which offers 25% upside to current levels.

03/07/2017 4 EN

Underlying

Ellomay Capital

Ellomay Capital is a holding company. Through its subsidiaries, Co. is involved in the energy and energy infrastructure industry, mainly the production of renewable and clean energy. Co. also looks to identify and evaluate additional business opportunities in the energy and infrastructure fields, including in the renewable energy field, through the direct or indirect investment in energy manufacturing plants, acuiring an existing business or pursuing business combinations. As of Dec 31 2016, Co. owned 12 photovoltaic plants in Italy with an aggregate installed capacity of approx. 22.6 MWp and four photovoltaic plants in Spain with an aggregate installed capacity of approx. 7.9 MWp.

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IL0010826357 Tel-Aviv Stock Exchange Israel

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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2017 off to a strong start

Ellomay Capital - Company guidance for FY18 confirmed at Q1

Ellomay Capital - Reaping the benefits of 2017 investments

Ellomay Capital - 2018 a key year for growth delivery

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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