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1 Feb 2022

Altea Green Power S.p.A. /01.02.2022

On 28 January 2022, Altea Green Power S.p.A. announces that it has received today from Borsa Italiana the order for the admission of the Company’s Ordinary Shares and Warrants on “Euronext Growth Milan”, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 01 February 2022.

The total equivalent of the resources collected through the placement is equal to Euro 4,993,220.

The enterprise Altea Green Power S.p.A. is a company active in the development and construction of plants for the production of energy in respect of the environment and as a “service integrator”, targeting its capabilities to individuals, companies, entities, and investors who want complete assistance during all phases of construction and management for a wide range of plant types, in particular in the photovoltaic, wind, cogeneration, biomass, storage and energy efficiency sectors, thus contributing to the reduction of pollution.

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  • UPDATE – 04.10.2022

    Altea recorded value of production of € 7.50 mln, +181.0% compared to the value of  € 2.67 mln in the first half of 2021, due to the start of activities related to Co-development projects. EPC and Energy Efficiency activities, on the other hand, slow down to prioritize projects with higher margins. EBITDA as of 1H22A is equal to € 1.78 mln, registering 100.0% growth compared to 1H21, when it amounted to € 0.89 mln. EBITDA margin decreased to 23.7% (vs. 33.3% at 1H21A) due to higher service costs and the closure of some projects. Net income is positive and equal to € 1.17 mln.

    In light of the results published in the half-yearly report for 1H22A, we confirm almost entirely our estimates for both the current year and the coming years. In particular, we estimate FY22A value of production equal to € 16.50 million and EBITDA of € 6.00 million, corresponding to a marginality of 36.4%. For subsequent years, we expect the value of production to increase up to € 36.50 million (CAGR FY21A – FY26E: 42.5%) in FY26E, with EBITDA of € 13.50 million (corresponding to an EBITDA margin of 37.0%), up from € 2.15 million in FY21A (corresponding to an EBITDA margin of 34.5%).

    We have conducted the valuation of Altea equity value based on the DCF methodology and market multiples of a comparable companies sample. The DCF method (which in the calculation of the WACC includes for prudential purposes a specific risk of 2.5%) provides an equity value of € 98.9 million. The equity value of Altea using market multiples is equal to € 62.6 million (with a 10% discount). The result is an average equity value of € 80.8 million. The target price is € 5.00 (prev. € 5.40), BUY rating and MEDIUM risk.

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