reports
- Kurthan Atmaca
Naturel Enerji (NATEN TI) - Downgrading after recent rally: Downgradin...
Naturel Enerji posted a net profit of TRY7.8m in 3Q19, higher than our TRY4m net profit estimate. Better-than-expected operational figures and higher-than-expected non-operational income of TRY4.2m led to better-than-expected bottom-line performance. We pencil in minor changes in our estimates, which does not necessitate a revision in our DCF-based TP. The 3Q19 results were better than our expectations, but post the stock’s rally of 56.5% over the last one month (vs BIST-100 of 1%), we find the...
- Kurthan Atmaca
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 la...
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