Accélération des mises en service et hausse du pipe - ACHAT - OC 11,7€
Depuis la publication des résultats annuels Voltalia poursuit son développement à un rythme toujours aussi soutenu. Il y a un mois la société avait annoncé une avance significative sur la construction de son parc de Vamcruz (93MW), elle a annoncé début juillet la signature d’un contrat d’achat de turbines pour son parc de Vila Para (99MW) dont la mise en production se fera avec un an et demi d’avance sur notre planning. Elle vient par ailleurs d’acquérir un portefeuille de projets éoliens français de 379MW qui a l’avantage de rééquilibrer géographiquement les développements. Malgré ce newsflow particulièrement favorable, le cours est passé de 10,8€ fin mars à 8,9€. Ce niveau constitue, selon nous, un bon point d’entrée, d’autant que l’impact de nos révisions se traduit par une hausse de nos BNA 17 de +6,5%. Nous réitérons notre opinion d’ACHAT et notre objectif de 11,7€ (+32%).Voltalia. Voltalia SA is a France-based holding company engaged in the renewable utilities sector. It designs, develops and operates electric power stations in numerous countries, such as France, French Guyana, Brazil, Greece and Morocco. The Company generates electricity using a variety of renewable energy sources. These include wind, water, biomass and solar power. In addition, Voltalia SA specializes in carbon credit trading activities. The Company operates several subsidiaries, including Anelia and Bio-Bar in France, Voltalia Guyane, SIG Kourou, SIG Mana and SIG Cacao in French Guyana, Voltalia Energia do Brasil in Brazil, Thegero in Greece and Alterrya Maroc in Morocco, among others. The Company is owned by Voltalia Investissement SA.
Since 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
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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