Märkte & Kurse

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Original-Research: MPC Energy Solutions N.V - von NuWays AG

02.08.2024 / 09:02 CET/CEST
Veröffentlichung einer Research, übermittelt durch EQS News - ein Service
der 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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Einstufung von NuWays AG zu MPC Energy Solutions N.V

     Unternehmen:              MPC Energy Solutions N.V
     ISIN:                     NL0015268814

     Anlass der Studie:        Update
     Empfehlung:               BUY
     seit:                     02.08.2024
     Kursziel:                 NOK 23.00
     Letzte Ratingänderung:
     Analyst:                  Christian Sandherr

Q2 figures marked by scaling operations

Q2 consolidated sales grew by 42% yoy to $ 2.4m as the group's energy output
increased to 29.1 GWh driven by the ramp up of the company's production
portfolio; two projects became operational throughout 2023.

The group's consolidated Q2 EBITDA improved notably from $ -0.3m (Q2 2023)
to $ 1.1m (37% margin) thanks to the positive operating leverage but also
the successfully implemented efficiency measures on the holding level (e.g.
reduced overhead and renegotiated contracts with suppliers). For FY24e, the
company is on track to hit the targeted 30% cost reduction vs previous year.
Still, EBITDA was impacted by negative one-offs to the tune of $ 100k,
related to unforeseen energy purchases.

MPCES' FY24e guidance reiterated. Management continues to expect significant
growth across all of its KPIs; energy output +44% yoy to 145 GWh, project
revenues +32% yoy and project EBITDA +93% yoy. Above all, this should be
carried 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. The
guidance is largely in line with our estimates.

Project development remains on track. The construction of its 65MW PV
project in Guatemala, which begun at the end of February, is progressing as
planned and installation of module substructures is seen to commence in
August. While MPCES has not yet signed a co-investor (49% stake of the
project), we expect this to happen until the end of this year. Importantly,
finding a co-investor has ultimately no impact on the construction timeline
as MPCES has already fully financed the project. Once the project is
completed (eNuW: mid-2025), it is seen to generate annualized sales of some
$8m.

Despite the good year-to-date share price development (~ +25%), we continue
to regard the valuation as attractive. This is particularly evident when
considering that the company trades on a roughly 60% discount to the NAV of
its assets at the end of Q2 (see page 2). At the same time, renewable assets
usually sell at a premium to their book value.

We confirm our BUY rating with an unchanged NOK 23 PT, which is based on
sumof-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/30347.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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1959565 02.08.2024 CET/CEST

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