Edison Investment Research - Ellomay Capital (ELLO) - Reinvestment in asset growth

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Edison Investment Research

- Reinvestment in asset growth

Ellomay Capital is a renewable power asset owner, operator and developer. Currently, most of its operating cash flows come from 30.5MW of solar power plants in Italy and Spain (at a cash yield of 10% pa). A 9.375% stake in the gas-fired Dorad Power Plant in Israel also contributes to EBIT. The company has just completed the acquisition of a 9MW solar plant in Israel in October 2017. In 2018, management seeks to generate additional revenue streams with the completion of two waste-to-energy plants in the Netherlands. Our updated fair value per share of $11.3 takes into account existing and new revenue streams, a higher level of leverage required to fund its growth and a 20% discount due to the limited free float.

30/10/2017 15 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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- Reinvestment in asset growth

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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