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Elecnor has sold its wind and solar subsidiary Enerfín to Statkraft for an enterprise value of €1.8bn. Given that the cash consideration is almost equivalent to the current market cap of €1.46bn, this is a significant deal for the company. The share price isup by >7% (at the time of writing). We will incorporate the deal into our estimates, with our model currently under review.
Companies: Elecnor (ENO:BME)Elecnor S.A. (ENO:MCE)
AlphaValue
Elecnor reported 9M 2023 results largely in line with the street and our expectations. Sales were driven up by robust demand for renewable energy, where Elecnor is involved in the construction of wind and solar farms in international markets. Net income improved marginally while the order backlog reduced slightly vs the H1 2023. The management reiterated the full year outlook hence the share price reaction was muted (+2.6% at the time of writing). We will incorporate the results into our model b
Elecnor reported H123 results ahead of the street’s and our expectations. Sales and EBITDA reported double-digit growth driven by a strong showing in both the domestic and international markets. However, Enerfin (wind subsidiary for which the management is looking for a financial partner) reported a decline in revenue due to the tough comparable base. The share price reaction remained muted (+2.14% at the time of writing). We will increase our estimates to incorporate these results.
Elecnor reported Q1 FY23 results largely in line with our expectations. Revenue grew by 15% yoy, with the strong growth in the Services and Projects business offsetting the softness in the wind energy business (Enerfin); the latter was impacted by lower energy prices in Spain. The order backlog remained broadly stable at €2.5bn vs Q4 FY22. The management confirmed the outlook for 2023 with sales and profit expected to exceed the 2022 levels, underpinned by the execution of the robust order backl
Elecnor reported FY22 results ahead of the street and our expectations. Sales grew by 16% yoy driven by robust growth across the domestic and international markets. The order book grew by 5% yoy supported by the signature of renewable energy projects. For FY23, the management expects sales and profit to be higher vs the previous year. We will increase our estimates to incorporate the strong FY22 performance but are likely to maintain our cautious view on the stock.
Elecnor reported mixed 9M FY22 results with a beat on revenue but a miss on profitability. While revenue and net income grew 21% and 16% yoy, respectively, the net margin fell by 10bp to 2.8%. The order backlog of €2.4bn was slightly down from €2.5bn a year ago, but flat vs H1 FY22. The management reiterated the FY22 outlook of a business performance exceeding last year’s levels. We maintain our cautious stance on the stock.
Elecnor reported H1 22 numbers ahead of our estimates, registering double-digit growth across sales, EBITDA and net profit. Elecnor also recorded healthy commercial contract wins as the order backlog increased 4.3% vs H2 21. Management reiterated the FY22 objective to exceed the results achieved in 2021. We will slightly increase our estimates, but are likely to maintain our cautious stance on the stock.
Elecnor reported Q1 22 results ahead of our expectations. The group continues its show of strong sales and order development, with double-digit growth across both segments and geographies. Moreover, the energy crisis in the EU due to the war in Ukraine has accelerated trends for decarbonisation of the energy grid, thereby providing mid-to-long-term tailwinds to the group. No surprise management has reaffirmed its growth outlook for 2022.
Elecnor reported mixed FY21 results with beats in revenue and EBIT, but a miss on net income due to higher interest expense. Order-book increased 10% yoy, driven by the signing of major power generation and transmission construction contracts in Australia, the US and Brazil. For 2022, management expects growth to be underpinned by increased government spending under stimulus packages promoted by the EU and the US. We maintain our positive stance on the stock’s valuation.
Elecnor reported its 9M FY2021 results, with headline figures coming in ahead of our expectations. Revenue was up c.29% yoy to €2.1bn vs. €1.61bn in 9M FY2020. The group’s net income also improved to €60.9m (9M FY2020: €55.9m). Order backlog stood at €2.5bn, slightly down from €2.6bn at the end of H1. Management re-affirmed its FY2021 outlook, to surpass last year’s levels. We will revise upwards our estimates and target price; we maintain our positive stock recommendation.
Elecnor reported strong H1 FY2021 results, ahead of our expectations. The group recorded a revenue growth of >30% yoy, on the back of higher construction activity and project start-ups/ramp-ups across the home and international markets. Elecnor also recorded healthy commercial contract wins as the order backlog increased c.4% vs end Q1. We will incorporate the results into our estimates but maintain the positive stock recommendation.
Elecnor’s Q1 FY2021 results came in slightly ahead of our expectations. Revenue grew c.8% yoy thanks to projects in both domestic and international markets. The group’s order backlog increased by c.10% from Q4 FY2020 levels with contract wins across geographies — international operations accounted for c.73% of the backlog mix. Management re-affirmed its outlook for 2021 performance to exceed the 2020 levels, underpinned by the robust order backlog along with the essential and strategic nature of
Elecnor reported a flat FY2020 top line, on the back of the recovery in core operations such as energy generation and transmission, and telecom infrastructure during the second half of the year. The group’s order-book (€2.27bn) improved marginally from last year with c.73% of contracts related to international markets. Looking ahead, management expects a better performance in FY 2021 supported by a strong order pipeline, the strategic nature of operations, and geographic diversification.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Elecnor. We currently have 13 research reports from 1 professional analysts.
Strix has reported FY23 results to 31 December 2023 with adjusted PAT of £20.1m, in line with our updated forecast and company guidance provided in January. Revenue grew 35.2% to £144.6m, benefitting from the full year inclusion of the Billi acquisition, albeit slightly below our forecast of £151.0m. Its core Kettle Controls division also performed robustly, growing 2.7%, ahead of the broader market and indicating market share gain. Recent acquisitions have noticeably improved the Group’s growth
Companies: Strix Group PLC
Zeus Capital
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Liberum
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Cavendish
Cohort announces that its subsidiary SEA (Systems Engineering and Assessment Ltd.) has been awarded a major contract by the UK’s Ministry of Defence to provide Electronic Warfare Counter Measures (Increment 1a) (EWCM 1a) to the Royal Navy with a total value of at least £135m. This includes provision and support of SEA’s Trainable Decoy Launcher System, Ancilia. At the FY 24 interim results Cohort had commented on an overall “increased tempo” of order intake. The Group reported a closing order b
Companies: Cohort plc
Equity Development
Positives emerged, particularly in H2, as the recovery commenced within the kettle controls market. Billi was the architect of the revenue improvement, with LAICA also delivering a double-digit increase in the top line. Margins improved, notwithstanding a change in the mix. Encouragingly, investor concerns on debt were allayed with the careful management of cash, and latterly as bankers raised the net debt/EBITDA covenant to 2.75x. With further emphasis on costs and cash conservation and a lik
Companies: Luceco PLC
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
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Hardman & Co
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Quadrise continues to advance towards commercial revenues for its innovative fuel and biofuel technologies, with each of its projects approaching key milestones in 2024. Preparatory steps for the MSC Shipmanagement (MSC) fuel trials are now complete and fuel supply agreements are nearing finalisation. Quadrise will achieve its first licensing revenues on the successful completion of Valkor’s project financing (timing uncertain). Quadrise also successfully concluded its Morocco trial, paving the
Companies: Quadrise PLC
Edison
Judges Scientific is a group involved in the buy and build of scientific instrumentation businesses. Testament to the strength of its highly engineered offer and global diversified customer base, total revenue increased an impressive 20.2% to £136.1m (organic +15%), with adj. PBT +7.5% to £31.7m (FY2022: £28.3m), 3.1% ahead of our estimate of £30.5m. Fully diluted (FD) adjusted EPS increased a more muted 2.6% (impacted by anticipated tax headwinds) to 368.5p (basic adj EPS 374.5p), 3.4% ahead of
Companies: Judges Scientific plc
WHIreland
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Canaccord Genuity
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Gelion has reported in line H1 FY24 results that demonstrate continued strong cash management and steady progress in its pursuit of next generation lithium-sulphur battery technologies. Encouraging early test results justify last year’s IP acquisitions and validate Gelion’s Li-S battery technology plan, with additional progress expected to be reported in H2 alongside its pursuit of a strategic partner for its planned Advanced Commercial Prototyping Centre (ACPC) facility in Australia. There is a
Companies: Gelion PLC
Forterra’s FY23 (to 31 December) earnings were slightly higher than guidance, which was raised in January, with resilient pricing partly offsetting a steep fall in demand among its main end users, large housebuilders. Our estimates are broadly unchanged, other than reflecting a more conservative stance on the final dividend. Despite a cautious tone in the outlook statement, we believe the largest housebuilders may now rebound more strongly than smaller peers.
Companies: Forterra Plc
Progressive Equity Research
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