International activities will drive growth - BUY - TP 5,8€ (vs 6€)
Even if GEP’s 2016 results (revenues -20.3% but EBIT +5.2%) were still affected by the low number of projects that the group can launch at the same time, the signing of a first major international contract bolsters our confidence in the group’s ability to deliver very strong growth. This is being made possible by the transformation that GEP began in 2014 and its acquisition of Sénergie. Our new valuation equals €5.8 per share (vs. €6.0 previously), giving upside potential of +71%. We are maintaining our BUY rating, with the expected result of the bid tender in Mauritania (estimated potential revenues of €100m) giving the stock additional speculative appeal.Global EcoPower. Global Ecopower SA, formerly Energeo Environnement SA, is a France-based company specializing in building power stations and producing electricity from photovoltaic energy. The Company covers all development stages to electricity production, including land prospecting, drafting and signature of leases, technical studies, modeling, technical and financial optimization, impact studies, administrative requirements, search for suppliers, organization, piloting and coordination, reception, industrial commissioning, financing and client prospection. The Company operates through subsidiaries, including Solar EcoPower, BTP Consult, Global Ecopower Construction, AT Farming and AT Solaire. It operates through Mse Le Haut Des Epinettes SAS.
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