Original-Research: MPC Energy Solutions N.V (von NuWays AG): Kaufen
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Original-Research: MPC Energy Solutions N.V - von NuWays AG
Einstufung von NuWays AG zu MPC Energy Solutions N.V
Unternehmen: MPC Energy Solutions N.V
ISIN: NL0015268814
Anlass der Studie: Update
Empfehlung: Kaufen
seit: 10.05.2024
Kursziel: NOK 23.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Christian Sandherr
Strong Q1: First positive group EBITDA as prod. portfolio scales
Topic: Q1 clearly underpins MPCES' operational progress (ramp-up of
production portfolio) and successful cost cutting program. At the same
time, it remains highly attractive with shares trading on a ~65% discount
to the NAV of the company's assets.
Q1 sales grew by 51% yoy to $ 2.5m as the energy output almost doubled to
30 GWh, offsetting the decreased average energy price of 77 $/MWh (-12.5%
yoy). While the latter was the result of a changed PPA mix (new projects
with lower PPA prices), the increase in energy output was driven by the
ramp up of the company's production portfolio, which now stands at 79MW.
The group's Q1 EBITDA increased strongly from $ -0.7m to $ 0.6m (25%
margin) thanks to the positive operating leverage but also the company's
efficiency measures bearing fruit. Compared to last year's Q1, management
was able to cut operating expenses (excl. project opex) significantly by
32%.
FY24e guidance remains unchanged. Management expects significant growth
across all of its KPIs; energy output +44% yoy to 145 GWh, project revenues
+32% yoy and project EBITDA +93% yoy. This is largely in line with our
estimates and is first and foremost driven by the ramp-up of its production
portfolio. Mind you, over the course of FY23, the company finalized two
projects (Los Girasoles in May and Planeta Rica in November), which will
impact the full year of 2024.
Development pipeline remains promising. MPCES has begun construction on a
65MW PV project in Guatemala (Feb. 26th), which should boost the group`s
top-line by some $ 4m p.a. (reflecting the targeted 50% ownership) from mid
2025 onwards. The remaining mature development backlog features additional
225MW of PV assets in the target region.
Valuation remains attractive. Despite the roughly 30% rebound since the
lows in November of last year, MPCES' shares remain strongly undervalued,
in our view. This becomes particularly clear when considering the NAV of
the companies assets as of Q1 2024 (renewable assets usually sell at a
premium to their book value) of 23.5 NOK per share incl. a 30% discount
(see page 2).
Reiterate BUY with an unchanged NOK 23 PT based on a sum-of-the-parts
(SOTP) valuation, separately accounting for the value of its current IPP
portfolio (NPV) and its development backlog (multiple).
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/29657.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
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