Encavis Final Q4 21 and Outlook 2022 - Getting ready for more dynamic growth
Revenues, operating EBITDA and net profit in FY 21 slightly ahead of preliminariesOutlook 2022 significantly ahead of RBIe and consensus, not fully unexpected given current power prices and preliminary earnings beat
Management expects sales of EUR > 380 mn, operating EBITDA of EUR > 285 mn, operating cash flow of EUR > 260 mn and operating EPS of EUR 0.51 per share
Dividend proposal as expected at EUR 0.30 per share (scrip dividend option), policy change to annual decision due to dynamic market conditions
500 MW of additional new capacities targeted in 2022
We appreciate the additional growth focus and have a positive take
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