Cenergy : Warning, high voltage !
Driven by a doubling of capacity in its submarine cable plant in Greece, its entry into the HVDC cable market, and the opening of its first US cable plant, we expect Cenergy to grow its adjusted group EBITDA in the next three years by 38% to € 488m in 2028e, which also is the key factor why we initiate coverage on Cenergy (listing in Brussels & Athens) with an Outperform.Cenergy Holdings SA is a Belgian holding company. The Company invests in industrial companies, positioned at the forefront of high growth sectors, such as energy transfer, renewables and data transmission. Its portfolio consists of Corinth Pipeworks, that is active in the steel pipe manufacturing for the oil and gas sector and producer of hollow sections for the construction sector, as well as Cablel Hellenic Cables Group, the cable producer in Europe, manufactures power, submarine and telecom cables for various sectors, including oil and gas, renewable energy, energy transmission and distribution, construction and telecommunications. Its both entities have state of the art production facilities, market and product diversification, along with an innovation and strategic investments.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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