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Ecoener is a player in international renewable energy generation, vertically-integrated and multi-technological, with 141 MW in operation (as of March’21) and a target of reaching 1,506 MW by 2028, underpinned by an asset portfolio totaling ~1,800 MW (65% early stage). Its strategy of internationalisation (~60% of target capacity in 2024) is based on less obvious locations (emerging markets), but with higher theoretical yields. Our estimates assume 79% of the target’24 (53% in 2028), meaning increasing its 2020 capacity five-fold. We initiate coverage with a BUY recommendation and a T.P. of € 7.50/sh., yielding around +40% upside and implied ratios of 9.0x EV/EBITDA and 11.9x P/E (vs. 12.4x and 32.8x peers).
ECOENER: A DIFFERENT ALTERNATIVE IN RENEWABLES (ANÁLISIS BANCO SABADELL)
A different alternative in renewable energies. We initiate coverage with a T.P. of € 7.50/sh. BUYEcoener is a player in international renewable energy generation, vertically-integrated and multi-technological, with 141 MW in operation (as of March’21) and a target of reaching 1,506 MW by 2028, underpinned by an asset portfolio totaling ~1,800 MW (65% early stage). Its strategy of internationalisation (~60% of target capacity in 2024) is based on less obvious locations (emerging markets), but with higher theoretical yields. Our estimates assume 79% of the target’24 (53% in 2028), meaning increasing its 2020 capacity five-fold. We initiate coverage with a BUY recommendation and a T.P. of € 7.50/sh., yielding around +40% upside and implied ratios of 9.0x EV/EBITDA and 11.9x P/E (vs. 12.4x and 32.8x peers).
Underlying
Ecoener
Provider
Sabadell
Alfredo del Cerro
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