Voltalia : Sales at end-September slightly higher than our forecasts
>Target price and Buy recommendation maintained - In light of Voltalia's 9M 2018 sales, which came in slightly better than our expectations (€ 129m vs € 122m expected), we are maintaining our Buy rating and € 13.0 target price, based on the average between the DCF at € 12.3 (WACC of 5.12% and perpetual growth of 1.8%, unchanged) and an SOTP at €13.7. The group had already confirmed at the start of September that it had secured its target of 1 GW in 2020 and the outlo...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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