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Greenvolt: the promising pipeline - the path to become a pan-Eeuropean powerhouse
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This Equity Research report initiates coverage of GreenVolt (GVOLT), which
is a Portugal-based developer and independent power producer operating in the
biomass, solar PV, wind, and distributed energy generation segments. Through
a SOTP, we captured the high visibility and steady cashflows on biomass and
distributed generation via DCF and we crystalized solar PV and wind’s value
via EV/MW, where different technologies and pipeline stages were taken into
consideration. We issue a Buy rating, with a Target Price of €9.50/share,
implying an upside of c.17%, over the next 12 months. Macroeconomic and
industry factors are favourable to GreenVolt’s equity story of becoming a
powerhouse in the renewable energy generation market. Risks to the upside
include in-place biomass remuneration schemes extensions. Risks to the
downside include high mortality rate for early-stage projects and management
dependency.
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Renewables Valuation Generation