ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 03/28/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 28/03/2025

ECOENER : Favourable project progression deserves re-rating

We reiterate our Outperform rating on Ecoener and increase our target price to € 5.9 (+20%: 12x implied EV/ EBITDA 2026e, € 0.8m/ MW operating and under-construction asset base in 2026e) to reflect its positive portfolio progression in 2024 (+41% to 787 MW). We believe the group will continue benefiting from its attractive exposure to non-conventional renewable projects (high load factors, higher average selling prices) and its proven technical (multi-technology, vertical integration), commerci...

ODDO BHF Small & MIDCAP MORNING NEWS – 02/28/2025

ODDO BHF Small & MIDCAP MORNING NEWS – 28/02/2025

ECOENER : Softer end of year, portfolio appeal remains intact

ODDO : Iberian Forum – Day 1

We host our 4th ODDO BHF Iberian Forum on the 1st and 2nd of October 2024 virtually. In total, 63 companies will be presenting. In the following note, we provide some initial feedback of the company on day 1. - >Acciona (=) : Confidence in Non-energy business steady, Acciona Energía stake sparks intense scrutiny - Acciona Energia (=/-) : A trajectory beyond 2024 to be explained at the 9 months results - Acerinox (=/-): Softness persists in Europe and US - Amadeus (=/+): sol...

ODDO BHF Small & MIDCAP MORNING NEWS - 27/09/2024

Bystronic est un groupe suisse spécialisé dans les machines de découpe laser et de pliage, avec un business model hybride entre vente d’équipements, services récurrents et logiciels. Alors que ses commandes pâtissent d’un momentum difficile depuis plusieurs trimestres, nous n’anticipons pas d’amélioration au S2 et la visibilité reste réduite pour 2025. En parallèle, le plan de restructuration initié cette année devrait surtout être visible à compter du S1 2025. Dans ce contexte, Bystr...

ODDO BHF Small & MIDCAP MORNING NEWS - 09/27/2024

Bystronic is a Swiss group specialising in laser cutting and bending machines, with a hybrid business model combining equipment sales, recurring services, and software. The group has seen its orders dampened by a challenging environment over the past quarters with no signs of an upsurge in H2, and visibility remains limited over 2025. The restructuring plan initiated this year should really start paying off in H1 2025. Bystronic should nonetheless retain a substantial net cash surplus...

ECOENER : Strong H1 2024 results provide further visibility to mid-ter...

>Stronger results on higher production and resilient margins - Ecoener’s H1 2024 results significantly topped our estimates on higher production volumes (376 GWh, +82% vs H1 2023), resilient average prices (€ 82/Mwh, -19% vs H1 2023 despite wholesale market average prices in Spain declining by -50%) and firm EBITDA margins (47.6%, in line with last year’s levels) as costs were kept under control despite the increase in installed capacity. Solar PV production increased...

ODDO BHF Small & MIDCAP MORNING NEWS - 06/14/2024

Montea held its first Capital Markets Day (“CMD”) last week. We are not changing our estimates, although the event did demonstrate Montea’s conservatism in financial targets and high-quality assets in favourable markets. The CMD underscores our positive view on the stock and we reiterate our Outperform recommendation. - ...

ODDO BHF Small & MIDCAP MORNING NEWS - 14/06/2024

Montea held its first Capital Markets Day (“CMD”) last week. We are not changing our estimates, although the event did demonstrate Montea’s conservatism in financial targets and high-quality assets in favourable markets. The CMD underscores our positive view on the stock and we reiterate our Outperform recommendation. - ...

ECOENER : Slower project execution and weaker prices in Spain curtails...

>Project completion progress slightly below previous expectations - Ecoener will hold its AGM next June 20 and report H1 2024 results in September (the company does not report Q1 results) having disclosed no financial or strategic updates since February. However, we believe the group is progressing slightly slower than previously anticipated towards the addition of 216MW of new capacity in 2024 (22MW of new capacity in the Canary Islands, 74MW in Yolanda Solar PV in G...

ODDO BHF Small & MIDCAP MORNING NEWS - 03/01/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 01/03/2024

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ECOENER : Progressing through the strategic road map

>Operating results slightly above estimates - Ecoener’s FY 2023 results were broadly in line with our estimates (slightly higher at the EBITDA level and for margins) with a significant acceleration in sales in H2 2023 (+19% vs H1 2023 levels) and stronger EBITDA margins (53.3% vs H1 2023 of 44%). Sales reflected the contribution from the start-ups in Colombia (41MW) and Dominican Republic (96MW, contributing up to € 4m to EBITDA in Q4 2023). LatAm accounted for 40% of...

ECOENER : Mastering the elements across unconventional geographies

We initiate coverage of Ecoener on Outperform with a target price of € 5.9 (sum of the parts valuation: € 0.9m/MW in operation and under construction; c.12x EV/EBITDA 2024e, 7.7x 2025e). Ecoener is a multi-technology renewable operator (341 MW) which we believe will be able to bring an additional 215 MW on stream in 2024 (+60%) and sustain annual additions of 200 MW without compromising its execution capability or financial solvency. With its vertical integration, multi-technolog...