Voltalia : A reassuring message on the sector and its trends
>Neutral recommendation and target price maintained - We organised a road show on Germany and Switzerland. We confirm our Neutral recommendation and our target price of € 21.0. It is based on a DCF with medium-term growth of 400 MW p.a. beyond 2023 (€ 19.5) and an SOTP (€ 22.4) factoring in the 2.6 GW of the strategic trajectory. At the current share price, the EV/EBITDA ratio at the strategic target of 2.6 GW in 2023e discounted to 2021e is 16.4x, a level above the a...Voltalia. Voltalia SA is a France-based holding company engaged in the renewable utilities sector. It designs, develops and operates electric power stations in numerous countries, such as France, French Guyana, Brazil, Greece and Morocco. The Company generates electricity using a variety of renewable energy sources. These include wind, water, biomass and solar power. In addition, Voltalia SA specializes in carbon credit trading activities. The Company operates several subsidiaries, including Anelia and Bio-Bar in France, Voltalia Guyane, SIG Kourou, SIG Mana and SIG Cacao in French Guyana, Voltalia Energia do Brasil in Brazil, Thegero in Greece and Alterrya Maroc in Morocco, among others. The Company is owned by Voltalia Investissement SA.
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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