reports
- Luis de Toledo Heras
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. - ...
- Luis de Toledo Heras
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. - ...
- Luis de Toledo Heras
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...
- Jean Danjou
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oliver Metzger
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
FR VALEO SE
BON BONDUELLE SCA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
BPOST BPOST SA
EDR EDREAMS ODIGEO SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
LRE LAR ESPANA REAL ESTATE SOCIMI SA
TLGO TALGO SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
CASH PROSEGUR CASH SA
BFSA BEFESA SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
EXN EXCLUSIVE NETWORKS SA
SPM SAIPEM S.P.A.
ENER GRUPO ECOENER S.A.
- Jean Danjou
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oliver Metzger
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
FR VALEO SE
BON BONDUELLE SCA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
BPOST BPOST SA
EDR EDREAMS ODIGEO SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
LRE LAR ESPANA REAL ESTATE SOCIMI SA
TLGO TALGO SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
CASH PROSEGUR CASH SA
BFSA BEFESA SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
EXN EXCLUSIVE NETWORKS SA
SPM SAIPEM S.P.A.
ENER GRUPO ECOENER S.A.
- Luis de Toledo Heras
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...
- Luis de Toledo Heras
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...
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