Voltalia : S1 2018 sales below forecasts due to eliminations
>Target price of and Buy recommendation maintained - In light of Voltalia's H1 2018 sales, which fell slightly short of our expectations, we are maintaining our Buy rating and € 13.0 target price, based on the average between the DCF at € 13.1 (WACC of 5.62% and perpetual growth of 1.8%, unchanged) and the SOTP at €12.8. Following the 2017 earnings reported on 3 April, which reassured on the group’s capacity to deliver on its 2020 target of 1 GW and with good sales fi...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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