Altea Green Power S.p.A. /01.02.2022

Ultima Ricerca Altea Green Power S.p.A.

• UPDATE – 08.04.2024

  In the consolidated financial statements as of December 31, 2023, Altea Green Power communicated sales revenues of € 3.40 million, with a value of production of € 17.30 million, marking a 3.5% growth compared to the FY22A result, equal to € 16.70 million. EBITDA for the period came in at € 7.30 million, recording a growth of 18.0% compared to the end of 2022 result of € 6.10 million. EBIT, after depreciation and amortization of € 0.20 million, came in at a positive € 7.10 million, again a significant 17.2% increase compared to the € 6.10 million recorded in FY22A. Net Income was also positive, equal to € 4.90 million, compared to € 4.20 million in the previous year. In light of the results published in the annual report for FY23A, our estimates are unchanged for both the current year and the following years. In particular, we estimate an FY24E value of production of € 31.00 million, and an EBITDA of € 18.75 million, corresponding to a margin of 60.5%. In the following years, we expect the value of production to rise to € 54.40 million (CAGR 23A-26E: 46.4%) in FY26E, with EBITDA equal to € 33.75 million (corresponding to a margin of 62.0%), up from € 7.26 million in FY23A (corresponding to an EBITDA margin of 41.9%). We conducted our valuation of the equity value of Altea Green Power based on the DCF method and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 2.5% in the calculation of the WACC) returned an equity value of € 271.9 million. Using market multiples, the equity value of Altea Green Power is € 223.2 million. The results give an average equity value of € 247.6 million. The target price is € 14.30 (prev. € 14.00). We confirm a BUY rating and MEDIUM risk

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