Naturel Enerji (NATEN TI)
With USD78.3m worth of investments, we expect Naturel Enerji’s (Naten) capacity to quadruple, reaching 100 MWp from the current figure of 21.7 MWp by mid-2021. Consequently, we foresee the company’s electricity generation EBITDA grow at a CAGR of 152% over the next three years.
Thanks to a jump in electricity prices, introduction of the net metering scheme and a decline in installation costs, the feasibility of rooftop solar investment for an industrial facility improved significantly in the last 1.5 years. Deriving strength from the jump in rooftop installations, mini YEKA projects and the YEKDEM expiry rush, we expect Naten’s EPC EBITDA to grow at a CAGR of 161% over 2018-21.
We initiate coverage on Naturel Enerji with a BUY rating and TP of TRY11, which offers an attractive 67% upside potential. Also, in terms of P/E and EV/EBITDA multiples, Naturel trades at 64% and 11% discounts, respectively, to its international peers. Considering the expected lucrative growth figures (revenue/EBITDA/net profit CAGRs of 149%/152%/92% over 2018-21) in the next three years, we believe that let alone deserving a discount, the stock should even trade at a premium to peers.
Naturel Yenilenebilir Enerji Ticaret AS. Naturel Yenilenebilir Enerji Ticaret AS is a Turkey-based company engaged in the renewable energy sector. The Company provides services within four business areas: Electricity Generation, offering site preparation surveys and tests, feasibility studies, legal support, project design and engineering, turnkey installation, and plant maintenance, among others, for development of renewable energy systems; Measurement, developing wind, solar and offshore control and measurement stations; New Technologies, focusing on research and development activities within wave power, hydrogen energy, biomass, carbon capture and storage, as well as concentrated solar power systems, and Solutions, supporting the design, engineering and commissioning of power transmission and distribution lines, as well as substations.
TEB Investment equity research analysts and strategist team consists of 8 analysts with an average finance sector experience of 15 years and special focus on international investors.
With our 6 equity research analysts we cover 93 companies across 21 sectors, reflecting 80% of the total market capitalization of all BIST companies and 86% of the BIST100 companies. Our strategy team provides in depth top-down and bottom-up market views with insight on FX and bond markets by publishing sectoral and strategic reports both in English and Turkish.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.