Renewable Weekly – 13 Sept 2024

On aggregate, the R&C stocks underperformed (equal weight) the MSCI Nordic by ~1% throughout the reporting season (10 July to today).

Renewable Weekly – 4 Sep 2024

A soft week for renewables: of our basket of 38 stocks, returns were positive for 10 and negative for 28 on the week.

Renewable Weekly – 30 August 2024

A soft week for renewables: of our basket of 38 stocks, returns were positive for 21 and negative for 17 on the week.

Cadeler (Buy, TP: NOK80.00) - Investment case unfolding

Following a neutral Q2 report, we have made small estimate changes. The investment case is about out-year earnings when the full fleet is in operation, and recent contract awards have been at further improved economics, leading us to increase our 2026–2027e EBITDA by 3–5%. Timely delivery of the first newbuild is also important to help de-risk the equity story. The stock is trading at 2026–2027e adj. EV/EBITDAs of 4.7–3.5x, well below the 6–8x at which asset-heavy companies have traded historica...

Progressing as planned

Delivery schedule reiterated, market outlook solid. A-class funding to be signed in H2. Smaller estimate changes; share should be up, not down: BUY.

Q2 first take: mostly as expected

Signed, sealed, and delivered

Renewable Weekly – 19 August 2024

Renewable Weekly – 8 August 2024

This week we provide a summary of news flow and research from our Renewables & Cleantech equity coverage (and related companies) released during the summer break.

Tellurian Inc: 1 director

A director at Tellurian Inc sold 1,000,000 shares at 0.949USD and the significance rating of the trade was 81/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...

Q2 miss on higher opex

Renewable Weekly – 8 July 2024

Wishing you all a good summer

European breakthrough for Chinese OEM

Renewable Weekly – 28 June 2024

This week, we highlight our recent case refresher on CADLR.

Just getting started

The clear no. 1 in a market set for a ~30% volume CAGR. Day rates going to all-time highs as developers rush to reserve capacity. Share could double over next three years – BUY.

Norway: Rebound to continue

Positive or neutral estimate revisions for most companies. Best risk/reward over Q2 in Crayon, Link, NOD. Top picks: Atea, Crayon, Link, Pexip.

Consensus upgrades ahead

Windows 10 end-of-life to drive PC replacement cycle. We are 13% above consensus on '25e EBIT. BUY: 10% '24e FCF yield and cons upgrades ahead.

Renewable Weekly – 14 June 2024

This week, we look at the effect of AI/data centres on power demand.

Renewable Weekly – 6 June 2024

On aggregate, the R&C stocks outperperformed the MSCI Nordic by ~1% throughout the reporting season (16 Apr to 6 Jun).

Cadeler (Buy, TP: NOK80.00) - Minor model adjustments

We have updated our estimates ahead of the Q1 results (due at c08:00 CEST on 28 May). We forecast Q1 EBITDA of EUR-14m (no consensus available). Q1 saw limited operational activity due to planned vessel upgrades and yard stays (now completed), which could lead to one-off items in the quarter. We consider the Q1 results a non-event, with focus on the company’s outlook and guidance (2024 EBITDA of EUR105m–125m guided). Our estimates do not reflect any reimbursable effects related to the three lega...