reports
- Anthony Dick
- Michael Foundoukidis
ODDO BHF Small & MIDCAP MORNING NEWS - 04/26/2024 Date Performance sin...
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
PROX PROXIMUS SA DE DROIT PUBLIC
SOP SOPRA STERIA GROUP SA
BFIT BASIC-FIT NV
NXI NEXITY SA CLASS A
MF WENDEL SE
SBS STRATEC SE
KORI KORIAN SA
STF STEF
ALCLA CLASQUIN SA
ASY ASSYSTEM SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
SRP SRP GROUPE SA
MTU MANITOU BF SA
FII LISI SA
GBT GUERBET SA
ATE ALTEN SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
SAVE SAVENCIA SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
TIETO TIETOEVRY OYJ
ARCAD ARCADIS NV
SESL SES-IMAGOTAG SA
LIGHT SIGNIFY NV
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CSM CORBION NV
VLTSA VOLTALIA
IBG IBERPAPEL GESTION S.A.
TEC TECHNIPFMC PLC
FTG111 FLATEXDEGIRO AG
BFSA BEFESA SA
SAB BANCO DE SABADELL SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
GRP GREENCOAT RENEWABLES
- Anthony Dick
- Michael Foundoukidis
ODDO BHF Small & MIDCAP MORNING NEWS - 26/04/2024
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
PROX PROXIMUS SA DE DROIT PUBLIC
SOP SOPRA STERIA GROUP SA
BFIT BASIC-FIT NV
NXI NEXITY SA CLASS A
MF WENDEL SE
SBS STRATEC SE
KORI KORIAN SA
STF STEF
ALCLA CLASQUIN SA
ASY ASSYSTEM SA
SWP SWORD GROUP SE
CGM CEGEDIM SA
SRP SRP GROUPE SA
MTU MANITOU BF SA
FII LISI SA
GBT GUERBET SA
ATE ALTEN SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
SAVE SAVENCIA SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
TIETO TIETOEVRY OYJ
ARCAD ARCADIS NV
SESL SES-IMAGOTAG SA
LIGHT SIGNIFY NV
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CSM CORBION NV
VLTSA VOLTALIA
IBG IBERPAPEL GESTION S.A.
TEC TECHNIPFMC PLC
FTG111 FLATEXDEGIRO AG
BFSA BEFESA SA
SAB BANCO DE SABADELL SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
GRP GREENCOAT RENEWABLES
- Anis Zgaya
- Louis Boujard
- CFA
Greencoat Renewables : NAV stable in Q1 and a share buyback programme ...
>NAV at € 1.116, practically stable vs end-December - Net Asset Value (NAV) came to € 1,274m, i.e. € 1.116 per share, in line with our forecast of € 1.11. It was therefore stable compared with end-December (€ 1.121) despite lower short-term power prices, offset by a rising long-term power price curve. Note that net operating cash-flow reached € 72.8m in Q1 despite generation coming out 12% below budget, largely thanks to capacity growth. The group’s net debt stood at...
- Anis Zgaya
- Louis Boujard
- CFA
Greencoat Renewables : NAV au T1 stable et programme de rachats d’acti...
>NAV à 1.116 € pratiquement stable vs fin décembre - La valeur nette des actifs (NAV) ressort à 1 274 M€, soit 1.116 € par action en ligne avec nos attentes à 1.11 €. La NAV ressort ainsi stable par rapport à fin décembre (1.121 €) malgré la baisse des prix de l'électricité à court terme compensée par la hausse de la courbe de l’électricité à long terme. A noter que le cash-flow opérationnel nette au T1 est ressorti à 72.8 M€ malgré une production 12% inférieure au b...
- Toby Thorrington
Greencoat Renewables - Acquisitions generating more green
Greencoat Renewables (GRP) recorded positive FY23 results, with continued strong net cash generation of €196.7m (2022: €215m) underpinning a significantly covered dividend of 2.7x (2022: 3.2x). NAV per share (112.1 cents) decreased marginally from the previous year (112.4 cents) due to a reduction in short-term power prices and an increase in the portfolio discount rate, both largely offset by strong cash generation. GRP is strongly cash generative (reflecting the quality of its assets) and this...
- Anis Zgaya
- Louis Boujard
- CFA
ODDO BHF Small & MIDCAP MORNING NEWS - 03/06/2024
We maintain our Outperform rating with an updated (DCF based) price target of €50.5 per share (was €46). The improved (and better than expected) EBITA margin in Building Technology in H2 versus H1 (despite a 3% volume decline) gives us confidence that even with the expected volume headwind in 2024, Aalberts will be able to maintain margins close to the 2023 level with upside if the recovery starts in the latter part of 2024. In Industrial Technology we think Aalberts is overly cautiou...
- Anis Zgaya
- Louis Boujard
- CFA
ODDO BHF Small & MIDCAP MORNING NEWS - 06/03/2024
We maintain our Outperform rating with an updated (DCF based) price target of €50.5 per share (was €46). The improved (and better than expected) EBITA margin in Building Technology in H2 versus H1 (despite a 3% volume decline) gives us confidence that even with the expected volume headwind in 2024, Aalberts will be able to maintain margins close to the 2023 level with upside if the recovery starts in the latter part of 2024. In Industrial Technology we think Aalberts is overly cautiou...
- Anis Zgaya
- Louis Boujard
- CFA
Greencoat Renewables : The NAV discount seems unjustified to us
>Good cash flow generation despite low electricity market prices vs 2022 - Greencoat Renewables published this morning its FY 2023 results. Operational revenue came in up 15% y-o-y, at € 379.2m. Cash flow generated by the installed base (EBITDA proxy) came in up 4% y-o-y, at € 251.2m despite lower electricity prices in 2023 vs the peak reached in 2022 (group benefited in 2022 on ~57% of its Irish portfolio from higher than REFIT market prices). Power price decline wa...
- Anis Zgaya
- Louis Boujard
- CFA
Greencoat Renewables : The NAV discount seems unjustified to us
>Good cash flow generation despite low electricity market prices vs 2022 - Greencoat Renewables published this morning its FY 2023 results. Operational revenue came in up 15% y-o-y, at € 379.2m. Cash flow generated by the installed base (EBITDA proxy) came in up 4% y-o-y, at € 251.2m despite lower electricity prices in 2023 vs the peak reached in 2022 (group benefited in 2022 on ~57% of its Irish portfolio from higher than REFIT market prices). Power price decline wa...
- Nigel Hawkins
Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infra...
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no...
TRIG RENEWABLES INFRASTRUCTURE GROUP LIMITED GBP RED.SHS
NESF NEXTENERGY SOLAR FUND
BSIF BLUEFIELD SOLAR INCOME FUND
JLEN JLEN ENVIRONMENTAL ASSETS GROUP
BBGI BBGI GLOBAL INFRASTRUCTURE
GSF GORE STREET ENERGY STORAGE FUND
HICL HICL INFRASTRUCTURE PLC
3IN 3I INFRASTRUCTURE PLC
AERS AQUILA EUROPEAN RENEWABLES INCOME FUND
GRP GREENCOAT RENEWABLES
GRID GRESHAM HOUSE ENERGY STORAGE FUND
SEQI SEQUOIA ECONOMIC INFRASTRUCTURE INCOME FUND
USFP US SOLAR FUND
ORIT OCTOPUS RENEWABLES INFRASTRUCTURE TRUST
RNEP ECOFIN US RENEWABLES INFRASTRUCTURE TRUST
CORD CORDIANT DIGITAL INFRASTRUCTURE
GSEO VH GLOBAL SUSTAINABLE ENERGY OPPORTUNITIES
DORE DOWNING RENEWABLES & INFRA TST PLC
HGEN HYDROGENONE CAPITAL GROWTH PLC
AEET AQUILA ENERGY EFFICIENCY TRUST PLC
TEEC TRIPLE POINT ENRGY EFF INFRS CO PLC
HEIT HARMONY ENERGY INCOME TRUST PLC
PINT PANTHEON INFRASTRUCTURE PLC
ROOF ATRATO ONSITE ENERGY PLC
DGI9 DIGITAL 9 INFRASTRUCTURE PLC
SEIT SEEIT
FSFLL FORESIGHT SOLAR
INPP INPP
AEIT ASIAN ENERGY IMPACT TRUST
- Juan Ros-Padilla
- Juan Ros-Padilla
- Anis Zgaya
- Louis Boujard
- CFA
Greencoat Renewables : An excellent opportunity to take a position on ...
>Target price adjusted to the level of NAV at € 1.13 while the share is still trading well below its NAV... - Greencoat Renewables yesterday reported its NAV at 30 September 2023. NAV§ stands at € 1.13, down a slight 0.2 centimes compared with that reported at the end of June because of lower wind energy production in Q3 (-8% relative to what was expected). This publication leads us to reduce our 2023 NAV estimate to € 1.13 (vs € 1.18 previously), in line with the NAV...
- Anis Zgaya
- Louis Boujard
- CFA
Greencoat Renewables : Une excellente opportunité d’entrer dans un véh...
>OC ajusté au niveau de la NAV à 1.13 € alors que le titre traite toujours bien en dessous de sa NAV… - Greencoat Renewables a publié hier sa NAV au 30 septembre 2023. Celle-ci est ressorti à 1.13 €, en légère baisse de 0.2 centimes par rapport à celle publiée à fin juin à cause d’une plus faible production éolienne au T3 (-8% par rapport au prévu). Cette publication nous amène à réduire nos prévisions de NAV 2023 à 1.13 € vs 1.18 € précédemment), soit en ligne avec l...
- Anis Zgaya
- Louis Boujard
- CFA
- Anis Zgaya
- Louis Boujard
- CFA
- Anis Zgaya
- Louis Boujard
- CFA
Greencoat Renewables : Growth set to continue with or without a capita...
>Very strong cash flow generation driving dividend cover of 3.5x - Greencoat Renewables reported its H1 2023 results yesterday. Operating sales rose by 52% y-o-y to € 218m. Cash flow generated by the installed base is up 39% y-o-y, at € 148m. This good performance can mainly be attributed to the coming on stream of new wind capacity (+153 MW relative to December 2022 and 292 MW vs H1 2022) and the group’s exposure to market prices in Ireland (57% of assets are expos...
- Anis Zgaya
- Louis Boujard
- CFA
Greencoat Renewables : La croissance devrait se poursuivre avec ou san...
>La très forte génération de cash-flow permet une couverture du dividende de 3.5x - Greencoat Renewables a publié hier ses résultats S1 2023. Le CA opérationnel a augmenté de 52% en glissement annuel, à 218 M€. Les flux de trésorerie générés par la base installée sont en hausse de 39% en glissement annuel, à 148 M€. Cette bonne performance est principalement attribuable à la mise en service de nouvelles capacités éoliennes (+153 MW par rapport à décembre 2022 et 292 ...
- Anis Zgaya
- Louis Boujard
- CFA
Greencoat Renewables : Strong cash flow generation in H1 2023 driven b...
>Strong cash generation in H1 thanks to capacity additions and merchant prices - Greencoat Renewables published this morning its consolidated H1 2023 interim results. Operational revenue came in up 52% y-o-y, at € 218m. Cash flow generated by the installed base, "wind farm cash flow", was up 39% y-o-y at € 148m. This good performance is mainly attributable to the commissioning of new wind capacity (+153MW vs Dec. 2022) and group’s exposure to merchant prices in Irel...
- Anis Zgaya
- Louis Boujard
- CFA
Greencoat Renewables : Strong cash flow generation in H1 2023 driven b...
>Strong cash generation in H1 thanks to capacity additions and merchant prices - Greencoat Renewables published this morning its consolidated H1 2023 interim results. Operational revenue came in up 52% y-o-y, at € 218m. Cash flow generated by the installed base, "wind farm cash flow", was up 39% y-o-y at € 148m. This good performance is mainly attributable to the commissioning of new wind capacity (+153MW vs Dec. 2022) and group’s exposure to merchant prices in Irel...
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