We downgrade REC to Hold, as the upside to our base case is looking less exciting in light of the risks. Provided that REC meets the product qualification criteria, executes according to plan through next year and is given access to debt financing on similar terms, REC should be worth ~10-15 NOK/sh. What would significantly shift the “fair value”- range to the upside, is a meaningful recovery for polysilicon prices, but little evidence points to such a development in the near term. As 2025 is li ....
