Report
ECOENER : Favourable project progression deserves re-rating
We reiterate our Outperform rating on Ecoener and increase our target price to € 5.9 (+20%: 12x implied EV/ EBITDA 2026e, € 0.8m/ MW operating and under-construction asset base in 2026e) to reflect its positive portfolio progression in 2024 (+41% to 787 MW). We believe the group will continue benefiting from its attractive exposure to non-conventional renewable projects (high load factors, higher average selling prices) and its proven technical (multi-technology, vertical integration), commercial (PPA) and financial capacity to develop complex projects in different geographies/technologies under secured remuneration schemes and meet its 2025 target (1 GW).
Underlying
GRUPO ECOENER S.A.
Provider
Oddo BHF
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.
Luis de Toledo Heras
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