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SOLARIA: 1Q’22 RESULTS PREVIEW (ANÁLISIS BANCO SABADELL)
SLR will release its 1Q’22 results on Monday, 30 May (conference call at 18:00 CET), where it will also update its 2022-25 Strategic Plan. We do not expect a significant amount of MW to have been installed, and thus we expect sales to come in at €~31 M in 1Q’22 (+36% vs. 1Q’21) and EBITDA to be near €~22 M (+12% vs. 1Q’21). Another key will be to see the impact from the macroeconomic scenario. Beyond this, in the update to its Strategic Plan’22-25 we expect SLR to provide greater visibility. Following the stock’s rally on the year (+31% in absolute terms; +30% vs. IBEX and +38% vs. sector) and since the Ukraine war broke out (+72% in absolute terms; +69% vs. IBEX and +61% vs. sector), we keep our T.P. Under Revision (vs. the previous € 21.70/sh.), awaiting higher visibility. To reach an upside potential higher than +20%, we would have to assume at least 2,500 MW of new installed capacity in our model going forward (21% of the 12,000 MW from the Plan through 2030) and an increase of only +10% in Capex/MW from 2022 on (€ 0.44 M/MW vs. € 0.4 M/MW currently and BS(e)).
Underlying
Solaria Energia y Medio Ambiente S.A.
Solaria Energia y Medio Ambiente manufactures both solar and thermal cells and panels, rolls out turnkey projects for large installations, operates solar plants and generates electricity through its owned plants.
Provider
Sabadell
Rafael Bonardell
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