ODDO BHF Small & MIDCAP MORNING NEWS – 12/03/2024

Greencoat Renewables : Q3 in line impacted by the absence of project s...

Greencoat Renewables - Efficient capital allocation and increasing dem...

Greencoat Renewables’ (GRP’s) large and diversified pan-European portfolio of renewable energy assets generated net cash of €113.6m in H124 (H123: €125.5m). This equated to gross dividend cover of 3x at end-H124 and a six-month return of 8.6% on its December 2023 net asset value (NAV). NAV per share remained flat at 112.1c, due to less impactful power price movements in the period and strong cash generation offsetting depreciation and dividend payments. GRP’s weighted average cost of debt reduce...

Greencoat Renewables : Good H1 2024 results despite a less favourable ...

>Resilient H1 Results - Greencoat Renewables published this morning its consolidated H1 2024 interim results. Operational revenue came in at € 223.5m, up 2% y-o-y, thanks to higher generation (1,927 GWh in H1 2024 vs 1,586 GWh in H1 2023) and despite lower power market prices during H1 2024. Operational EBITDA came in at €145.2m slightly below H1 2023 (€149.4m) and net cash generation came in as expected at €113.6m, down 9% y-o-y. Net dividend cover stayed very high...

Greencoat Renewables : Good H1 2024 results despite a less favourable ...

>Resilient H1 Results - Greencoat Renewables published this morning its consolidated H1 2024 interim results. Operational revenue came in at € 223.5m, up 2% y-o-y, thanks to higher generation (1,927 GWh in H1 2024 vs 1,586 GWh in H1 2023) and despite lower power market prices during H1 2024. Operational EBITDA came in at €145.2m slightly below H1 2023 (€149.4m) and net cash generation came in as expected at €113.6m, down 9% y-o-y. Net dividend cover stayed very high...

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. - ...

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. - ...

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...

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...

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...

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...

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...

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...

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...

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...

ODDO BHF Small & MIDCAP MORNING NEWS - 11/01/2023

...

ODDO BHF Small & MIDCAP MORNING NEWS - 01/11/2023

...

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...

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...

ODDO BHF Small & MIDCAP MORNING NEWS - 09/19/2023

...