Renewable Weekly – 11 November 2024

Renewable Weekly – 1 November 2024

This week, we summarise this week's most important newsflow on the companies under our coverage.

Bonheur (Buy, TP: NOK310.00) - Another solid quarter

The Q3 results surprised on the upside, driven by higher realised power prices in Renewable Energy and a greater contribution from Wind Service. We have raised our 2024e EBITDA by 4% on the strong Q3 results, and 2025e by 12% on the new FOWIC vessel reservation agreement and expected further rebound in the cruise market. We reiterate our BUY and have raised our target price to NOK310 (300), seeing the stock trading attractively at 0.8x P/NAV, below other renewable energy names.

Going higher

Renewable Weekly – 25 October 2024

This week, we summarise this week's most important newsflow on the companies under our coverage.

Q3 first take: another big beat

Bonheur (Buy, TP: NOK300.00) - Slightly below consensus for Q3e

We forecast Q3 EBITDA of NOK740m, 5% below Bloomberg consensus on lower contributions from Renewable Energy and Wind Service, with lower wind speeds than normal and some idle vessel capacity towards the end of the quarter. We reiterate our BUY, but have raised our target price to NOK300 (275) after adding two new onshore wind projects to our NAV and increasing the contribution from FOWIC slightly.

Renewable Weekly – 17 October 2024

This week, we summarise our Q3 previews for the sector.

Energy Morning - 11 October 2024

Renewable Weekly – 8 Oct 2024

This week, we highlight the Norwegian Water Resources and Energy Directorate updated LCOE estimates.

The value case stands

Renewable Weekly – 24 Sept 2024

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.

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.

Cashing in early

Q2 better than expected across all segments. Cash boost from extra fees in Wind Service. P/core NAV 0.85x, lowest in our coverage – BUY.

Bonheur (Buy, TP: NOK275.00) - Solid underlying operations

Bonheur’s strong Q2 was helped by one-off cancellation fees, but also saw solid underlying results. The Cruise segment reported another strong quarter, with occupancy on a par with pre-covid levels. Based on the timing of the cancellation fees and the strong rebound in cruise, we have raised our 2024e EBITDA by 20%, partly offset by a 16% lowered 2025e EBITDA. We reiterate our BUY and NOK275 target price.

Q2 first take: solid across the board