Research that is free to access for all investors. Companies commission these providers to write research about them.
Brokers who write research on their corporate clients and make it available through our main bundle offering.
Research that is paid for directly by asset managers. Only accessible to institutional investors permissioned for access.
Event in Progress:
Discover the latest content that has just been published on Research Tree
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.
Elecnor reported a c.11% yoy decline in Q2 FY20 top-line amidst the COVID-19 related disruption / lockdown restrictions. Order-intake during the period also remained weak. In H2 FY20, management expects a better performance, as its core activities (power generation and transmission, and telecom infrastructure) fall under the essential category and should show some resilience.
Companies: Elecnor S.A.
A weak end to Q1 FY20 for Elecnor, as the top-line slipped into negative territory, impacted by the COVID-19 outbreak. We expect the next quarter to be more challenging, as numerous countries adopt containment measures. The (over) diversified group, however, seems to have sufficient funds (cash + credit lines) in place to navigate through the crisis.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Elecnor S.A.. We currently have 9 research reports from 1 professional analysts.
Strix has released a trading update for the six months to June (H1 24) confirming that trading remains in line with expectations (Zeus FY24e PBT: £24.2m). Cash generation in the period has been strong and follows an exceptional performance in FY23, where management converted over 100% of EBITDA into operating cash flow. Net debt is now comfortably below 2.0x and Zeus forecast it to reach 1.7x by year end. Leverage risk has materially reduced in the last six to eight months and gearing could reac
Companies: Strix Group PLC
Zeus Capital
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target of A$0.75 per share: Diversified and high impact newsflow over the balance of 2024 – ADX has confirmed a very busy programme of activity from September. The overall unrisked value of the programme is ~A$1.70 per share, which represents 17x the current share price. In early September, ADX will drill the Anshof-2A side track. The well is expected to intersect thick Eocene reservoirs similar to that encountere
Companies: EQNR ENI GPRK ADX KAR WDS GALP REP REP EOG PANR TRIN ZPHR CHAR TTE ENI EQNR VAR ATOM GALP TCF
Auctus Advisors
Companies: PEB PEN ELCO EMR HSP CNSL STX HERC
Cavendish
Smith News’ H124 results highlighted the robustness of the underlying business, but also revealed the success that management is achieving in creating long-term shareholder value. For example, 74% of revenue is now contracted until 2029, the recent refinancing saves costs and removes the dividend restriction, and the organic growth initiatives are gaining significant momentum. Furthermore, the revised capital allocation policy raises the possibility that modest, self-funded M&A could add further
Companies: Smiths News PLC
Edison
* A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: None Delistings: None What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to continue to make
Companies: NCYT PEB EMR OBD EMAN VAL IHC
Hybridan
We are encouraged by the H1 trading update. The highlight was the news that the decline in indebtedness/key covenant ratio has triggered a lower interest rate on outstanding debt. The update stated that the net debt/EBITDA ratio had fallen comfortably below the 2x level. We envisage this falling to modestly below 1.7x by the year end and achieving the Group’s target of 1.5x during FY25. Good progress was seen within Kettle Controls and Billi during the period. Shipments of kettle controls are a
Equity Development
eEnergy’s H1 update confirms that trading remains in line with expectations with momentum building at the start H2’24. As previously reported, H1 started slowly as a result of weak market conditions and balance sheet constraints, which were resolved by the sale of the Energy Management (EM) division in Q1. Encouragingly, market conditions have improved and full year revenue guidance has been maintained at £25-26m. We make no changes to our underlying forecasts or fair value of 13p/ share. In o
Companies: eEnergy Group PLC
Judges Scientific is a group focused on acquiring and developing companies in the scientific instrument sector. As alluded to at the time of the AGM in May, subdued order intake, notably in China / Hong Kong, has persisted, with H1 organic order intake decreasing 4% in H1 (against H1-23 +14%). This, along with ‘some significant projects being delayed into H2 or 2025’, has translated to H1 organic revenue growth of -3%, the impact of which results in an estimated H1 YoY decrease in adjusted basic
Companies: Judges Scientific plc
Forterra has indicated that recent industry-wide data showing declines in brick deliveries as a result of lower housebuilding volumes is likely to impact its expected FY23 volumes, leading the group to moderate current year guidance for revenue and PBT. Forterra has responded by outlining further steps to align production with demand, but notes that heightened political focus on increasing housing supply reinforces its long-term confidence.
Companies: Forterra Plc
Progressive Equity Research
SDI Group’s trading update for the year ended 30 April 2024 is in line with current guidance for FY24, with good momentum heading into FY25. This reflects the hands-on approach under the new CEO, addressing short-term issues that had led to underperformance in some businesses. The underlying portfolio performed well in terms of profitability and cash generation, with improved trading in a number of businesses. The increased cashflow in H2 and significant headroom within its banking facilities le
Companies: SDI Group plc
Today’s AGM statement reaffirms Forterra’s FY24E guidance despite a continuation of ‘challenging’ conditions, made worse by record rainfall. The group expects a greater H2 weighting than previously guided, but has seen improved demand for front-end housebuilding materials, including foundations products. This tallies with our belief that housebuilders have re-entered the land market and plan to increase production as early as Q2.
Shore Capital