Report
Michiel Declercq ...
  • Olivier Vandewoude

The Belgian North Sea as green power plant A recap and valuation of the Belgian offshore wind farms

Following the DEME IPO and recent announcement that Colruyt & Korys are considering their strategic options for Parkwind, we had a closer look at the Belgian offshore wind landscape. Colruyt, CFE and DEME are three companies within our coverage that have invested in offshore wind farms at our Belgian coast. Overall, we come to the conclussion that there is hidden value captured in each of them. After making a DCF valuation for each wind farm seperately, we estimate the total value of Parkwind (100%) at € 991m, compared to Colruyt's own estimate of € 674m and book value (historic cost) of € 372m end-2019, the value of DEME's wind assets at €217m (book value of €38m), and value of CFE's wind assets at €62m (book value of €13m).
Underlyings
Compagnie d'Entreprises CFE SA

CFE is engaged in civil engineering, buildings and industrial construction, dredging works and electrical installations. Co. is also engaged in property development, environmental protection and building management. Co.'s works carried on by Co.'s civil engineering group includes the following: hydraulic engineering, harbor works, bridges, and other engineering works, tunnels, road construction, dams, storage tanks, piping and drainage and caissons sunken soft soil. Co.'s buildings and industrial construction sector is active in the following fields: administrative buildings, industrial construction, public utility buildings, redevelopment, and residential buildings.

DEME GROUP NV

Etablissementen Franz Colruyt N.V.

Etablissements FR Colruyt is engaged in wholesale, food service, distribution of fuels, production of electricity and digital printing. Co. has three operating segments: retail, which relates to stores under Co.'s own management which directly sell to retail customers and bulk consumers; wholesale and foodservice, which supplies to wholesalers, commercial customers and affiliated independent merchants; and other activities, which operates gas stations, engaged in printing and document management and provides alternative energy.

Provider
KBC Securities
KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

 

Analysts
Michiel Declercq

Olivier Vandewoude

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