Renewable Weekly – 28 June 2024

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

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).

Deep value

Transaction value ~NOK 65/share. Earnings momentum from Q2'24 - first vessels in operations. Attractive valuation - BUY, TP of NOK 65 (55)

IWS strikes a great deal post close today

Renewable Weekly – 23 May 2024

This week we highlight the tight offshore wind transport and installation (T&I) segment.

Renewable Weekly – 15 May 2024

This week, we take a preliminary look at Vestas' Q2 announced order intake quarter to date.

Down to HOLD after SEK 60 offer

EQT Infrastructure Fund VI offers SEK 60 per share. Conditional on >50% acceptance, ~46% already supportive. Despite a low price, we think the offer will go through, down to HOLD.

Renewable Weekly – 8 May 2024

This week, we look at key takeaways from GWEC's 2024 Global Wind Report.

Renewable Weekly – 29 April 2024

This week, we summarise our Q1 previews for the sector.

Strong sales outlook

Weak Q1, but increased sales pipeline. More transparency on near-term project sales. Reiterate BUY, project sales the key catalyst for re-rating.

Boosting the ongoing sales pipeline

Slow start, but outlook should remain positive

Q1'24 report due on 25 April at 8.00 CET. Q1e: EBIT ~break-even, positive outlook on project sales to remain. Maintain BUY with TP of SEK 100.

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.

Heads-up for report 26 April

Back on the right path

Q1e EBITDA up 9% y-o-y on increased offshore capacity. Fundamentals improving, good growth visibility near-term. P/NAV ~1.03x, but ~35% upside if mgmt . delivers on 2026 targets.

NY pulls 4GW offshore wind on GE turbine downsizing

Underlying performance highlights challenges

Revenues 39% below cons and softer underlying EBITDA. Backlog down 14% y-o-y is not great for a growth case. In need of volumes - HOLD.

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.