Report
Ekopak Sharing is Multiplying but Uncertainty Persists around Large Projects
Ekopak's FY25 results, while showing tighter cost discipline, were overshadowed by the withdrawal of the EPICO infrastructure fund from the Waterkracht project—creating the risk of significant operational delays or even full project loss. Although a new partnership with an infrastructure fund is intended to finance large WaaS installations through off balance sheet SPVs, the first joint project award is yet to be announced. With Waterkracht removed from our numbers, valuation remains demanding, particularly given the stretched balance sheet. Hold with a €4.6 TP.
Underlying
EKOPAK NV
Provider
KBC Securities
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Kristof Samoy
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