Renewable Weekly – 22 April 2024

This week, we're taking a closer look at Ørsted. Despite challenges in the last few years, we now argue Ørsted is back on the right path. We rate the stock a BUY, and set a 12-month TP of DKK 450/sh.

Renewable Weekly – 12 April 2024

This week , we provide some insight into the marginal pricing of electricity markets in Europe, as well as calculation details and a simple calculator where investors can enter their own assumptions.

Still room for more

Q1e: ~11% above Bloomberg cons. Set for moderate growth & asset sales to deleverage. P/core NAV 1.09x, but upside to growth & transaction pricing - BUY.

Renewable Weekly – 4 April 2024

This week, we take a look at cost developments in the offshore wind supply chain.

Renewable Weekly – 27 March 2024

Of our basket of 41 stocks, returns were positive for 33 and negative for 8 over the week. Median performance 4.1%, average 9.9%. Sub-sectors: Wind (3%), Solar (7%), Hydrogen (7%), Cleantech/other (2%).

Renewable Weekly - ​21 March 2024

This week we highlight the offshore wind auction for Sørlige Nordsjø II (SNII). The winning bid was from the consortium Ventyr (Parkwind and Ingka Investments) at a price of NOK 1.15/kWh.

Encavis bid illustrates upside potential

Renewable Weekly – 11 March 2024

This week, we take a look at the new rules for deposit return systems in EU, following a provisional political agreement between the European Council and European Parliament representatives last week.

Renewable Weekly – 4 March 2024

On aggregate, the R&Ct stocks underperformed MSCI Nordic by ~13% throughout the season (26 Jan to 4 Mar)

Renewable Weekly – 27 February 2024

This week, we would like to highlight one of our key long ideas in the sector: Volue (BUY, TP 31.5), which is a Norwegian technology company.

Renewable Weekly – 19 February 2024

This week, we summarise the key takeaways from the Nordic Renewables & Cleantech companies that have reported Q4 figures so far.

Q4 first take: better than feared

Estimates look a bit high into Q4e

Q4e: proportionate EBITDA of NOK 664m, -4% vs Bbg cons. We cut estimates for 2024e on lower D&C expectations. P/core-NAV of 1.0x, '24e EV/EBITDA of 8.9x.

Renewable Weekly – 10 December 2023

Of our basket of 42 stocks, returns were positive for 27 and negative for 15 for the week. Median performance +2.7%, average +3.5%. Sub-sectors: Wind (+4%), Solar (+2%), Hydrogen (+4%), Cleantech/other (+4%).

Renewable Weekly – 3 December 2023

Of our basket of 42 stocks, returns were positive for 27 and negative for 15 for the week. Median performance +0.8%, average +2.2%. Sub-sectors: Wind (+1%), Solar (+6%), Hydrogen (+2%), Cleantech/other (+1%).

Renewable Weekly – 26 November 2023

This week we focus on the rapid development of wind turbine size.

Renewable Weekly – 19 November 2023

On aggregate, the R&Ct stocks underperformed MSCI Nordic by ~9% throughout the season (10 Jul to 29 Aug), i.e. before the Orsted warning.

Renewable Weekly – 12 November 2023

This week, we highlight our upgrade of the Bonheur share to BUY (Hold) from Monday.

Renewable Weekly – 3 November 2023

This week, we highlight our upgrade of the Bonheur share to BUY (Hold) from Monday.

Doing the right things

Self-funded on the new growth plan. Smaller proportionate estimate changes (-1 to 0%). Reiterate BUY, TP of NOK 80.