RECSI’s Q4 figures came in short of our expectations, mostly due to the negative impact of continued high power prices. The most important new information was the EBITDA guidance of USD 100-300m at full capacity, which we have used to backsolve the likely floor/ceiling price levels of the offtake contract. Considering this, the set of outcomes/fair valuation range is now much more defined, and we argue the current entry level represents attractive risk/reward.
