Ormat's product margins normalize, but there is still room for electricity margin improvement.
We are reaffirming our $54 fair value estimate for Ormat Technologies after the company reported full-year adjusted EBITDA of $343.8 million, up from $323.8 million the year before and consistent with our $340 million estimate. Management initiated 2018 revenue guidance of $688 million-$712 million and adjusted EBITDA expectations of $355 million-$365 million. Both of these estimates are below our and consensus estimates. Management also delayed its 10-K filing to mid-March as a result of contro...Ormat Technologies is a holding company. Through its subsidiaries, the company is engaged in the geothermal and recovered energy business. The company's segments include: Electricity, which develops, builds, owns and operates geothermal and recovered energy-based power plants in the U.S. and geothermal power plants in other countries and sells the electricity it generates; and Product, which designs, manufactures and sells equipment for geothermal and recovered energy-based electricity generation and remote power units and provides services relating to the engineering, procurement, construction, operation and maintenance of geothermal, Solar photovoltaic and recovered energy-based power plants.
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