Vers une éclaircie au S2 ? - ACHAT vs NEUTRE - OC 18,2€ (vs 17,5€)
L’impact des incidents survenus au S1 15 s’est traduit par une baisse du taux de disponibilité des centrales biomasses thermiques françaises de 87,6% au S1 14 à 82,9% au S1 15. La marge d’EBITDA est passée de 36% à 30,6% et le RNpdg a fortement chuté (9,5m€ vs 17,7m€, soit -46%). Le S2 15 devrait néanmoins être plus normatif et le groupe a confirmé ses guidances annuels. La mise à jour de notre modèle fait ressortir un relèvement de nos prévisions d’EBITDA et RNpdg 15 qui restent néanmoins sous les guidances basses de la société. Notre objectif passant de 17,5€ à 18,2€, l’évolution récente du cours et l’amélioration progressive du momentum nous incitent à relever notre recommandation de NEUTRE à ACHAT.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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Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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