INITIATION OF COVERAGE

Energy Time is an enterprise operating in the renewable energy sector, with a primary focus on the construction of medium- and large-scale photovoltaic plants. Founded in 2008 in Campobasso (CB), the Company has evolved from a local operator into a D-EPC-OM contractor (Development, Engineering, Procurement, Construction, Operation and Maintenance), standing out for a fully integrated operational model across the entire value chain. The Energy Time Group is active nationwide and operates through the parent company Energy Time SpA and its subsidiaries ET WIND Srl (revamping of small wind turbines and development of solar trackers) and Atena Srl (real estate). These are joined by seven “Agrisolar” SPVs, created to develop and authorize photovoltaic plants, which are subsequently sold once commissioned. The D-EPC-OM model enables the Company to offer turnkey services to IPP, C&I, and agrivoltaic operators, directly managing the stages of scouting, permitting, design, construction, and maintenance. While photovoltaics represent the core component of the business, the Group also serves niche segments such as small wind and solar tracking. To date, Energy Time has installed over 150 MW of capacity and boasts a project backlog of 237 MW with a total value of € 124.00 million. Thanks to its operational vertical integration and a well-established supply chain with major international manufacturers (inverters, modules, structures), Energy Time has built a competitive advantage based on efficiency, speed of execution, and above-average margins. A distinguishing element is the proprietary solar tracker developed by ET WIND, already installed in several plants, which enhances energy yield without significantly increasing overall costs. The backlog includes Ground+Tracker, Agrivoltaic, and traditional Ground-mounted projects, all located in Italy and scheduled for completion by 2027. We conducted the equity value assessment of Energy Time based on the DCF methodology and the market multiples of a selected sample of comparable companies. The DCF method (which prudently includes a specific risk premium of 2.5%) yields an equity value of € 41.5 million. The multiples-based valuation amounts to € 38.2 million. This results in an average equity value of approximately € 39.9 million. The target price is € 5.25, with a BUY rating and MEDIUM risk.

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